Note 15 - Paycheck Protection Program and Employment Support Scheme

12 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Government Assistance [Text Block]

NOTE 15 — PAYCHECK PROTECTION PROGRAM AND EMPLOYMENT SUPPORT SCHEME:

In 2020, the government of Hong Kong implemented the Employment Support Scheme ("ESS") program. The ESS program provided grants to companies who retained their employees during the COVID-19 outbreak. The Company’s Hong Kong subsidiary applied for and was granted approximately $34,000 during fiscal 2023 and nil during fiscal 2022.

On July 5, 2021, the Company’s PPP loan of approximately $204,400 plus accrued interest of $2,400 was completely forgiven by the Small Business Administration. The Company recorded the impact of its PPP loan forgiveness as other income during fiscal 2022.  

The income realized from the PPP loan forgiveness and the amount granted under the ESS program are presented as Other Income under the description called “Income from governmental assistance programs” in the Consolidated Statements of Operations.