LEASES

9 Months Ended

Dec. 31, 2022

Disclosure Text Block [Abstract]

Lessee, Operating Leases [Text Block]

NOTE 9 – LEASES

The Company has short-term leases primarily consisting of spaces with the remaining lease term being less than or equal to 12 months. The total short-term lease expense and cash paid for the nine months ended December 31, 2022, and 2021 are approximately $134 thousand and $131 thousand, respectively. The Company also has four operating leases as of December 31, 2022.

America: The Company has entered into a lease agreement for approximately five years, expiring in 2025. The annual lease expense is approximately $122 thousand. The lease contract does not contain any material residual value guarantees or material restrictive covenants. The remaining lease term for the operating lease is 2.9 years with a discount rate of 7%. The lease does not provide a readily determinable implicit rate. Therefore, the Company discounts lease payments based on an estimate of its incremental borrowing rate.

Asia: The Company has three lease agreements for three to four years, expiring between 2023 and 2024. The total annual lease expense is approximately $6 thousand. The lease contracts do not contain any material residual value guarantees or material restrictive covenants. The remaining lease term for the operating leases is between 2-1.4 years with a discount rate of 7%. The lease does not provide a readily determinable implicit rate. Therefore, the Company discounts lease payments based on an estimate of its incremental borrowing rate.

	(in thousands) Three months ended December 31, 2022 ($)		(in thousands) Three months ended December 31, 2021 ($)		(in thousands) Nine months ended December 31, 2022 ($)		(in thousands) Nine months ended December 31, 2021 ($)
Operating lease costs		38		37		111		112
Short term lease costs		42		49		134		131
Total lease costs		80		86		245		243

Right of use assets and lease liabilities for our operating leases were recorded in the consolidated balance sheet as follows:

	(in thousands)		(in thousands)
	As of December 31, 2022 ($)		As of March 31, 2022 ($)
Assets
Operating lease asset		357		450
Total lease assets		357		450
Liabilities
Current liabilities:
Accrued liabilities and others (current portion-operating lease liability)		130		123
Noncurrent liabilities:
Operating lease liability (non-current portion-operating lease liability)		241		341
Total lease liability		371		464

	(in thousands) As of December 31, 2022 ($)
Supplemental cash flow and non-cash information related to leases is as follows:
Cash paid for amounts included in the measurement of lease liabilities
–Operating cash flows from operating leases		87
Right-of-use assets obtained in exchange for operating lease obligations		357

As of December 31, 2022, the following table summarizes the maturity of our lease liabilities:
Dec-23	150
Dec-24	139
Dec-25	22
Dec-26	-
Dec-27	-
Less: Present value discount	60
Total lease liabilities	371