Note 14 - Leases

12 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Lessee Lease Disclosure [Text Block]

NOTE 14 — LEASES

The Company leases office space in the U.S. and in Hong Kong as well as a copier in the U.S. These leases have remaining non-cancellable lease terms of three to fifty-seven months. The Company has elected not to separate lease and non-lease components for all leased assets. The Company did not identify any events or conditions during fiscal 2024 to indicate that a reassessment or re-measurement of the Company’s existing leases was required. There were also no impairment indicators identified during fiscal 2024 that required an impairment test for the Company’s right-of-use assets or other long-lived assets in accordance with ASC 360-10, "Impairment and Disposal of Long-Lived Assets”.

As of March 31, 2024, the Company’s current operating and finance lease liabilities were approximately $93,000 and $300, respectively, and its non-current operating and finance lease liabilities were approximately $198,000 and nil, respectively. The Company’s operating and finance lease right-of-use asset balances are presented in non-current assets. The net balance of the Company’s operating and finance lease right-of-use assets as of March 31, 2024 were approximately $282,000 and $200, respectively.

As disclosed in "Note 3 - Related Party Transactions", the Company's Hong Kong office space is being leased from Vigers Appraisal and Consulting Ltd (“VACL”), which is a company related to the Company’s Chairman of the Board. As of March 31, 2024, the current operating liability of this lease is approximately $62,000 and its non-current liability is nil. Its right-of-use asset value is approximately $61,000, as of March 31, 2024.

In  January 2023, the Company relocated its corporate headquarters to a temporary office space, while its new landlord built out the agreed-upon space. The Company was not obligated to pay rent while it resided in the temporary office space. The Company took possession of the completed space on July 1, 2023, which became the commencement date of a 66 month lease. The right-of-use asset value of this operating lease is approximately $248,000.

The components of lease costs, which were included in operating expenses in the Company’s condensed consolidated statements of operations, were as follows:

	Twelve Months Ended March 31,
	2024		2023
	(in thousands)
Lease cost
Operating lease cost	$	196	$	229
The supplemental cash flow information related to leases are as follows:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		167		232
Right-of-use assets obtained in exchange for lease obligations:
Operating leases		248		—
Finance leases		—		—

Information relating to the lease term and discount rate are as follows:

Weighted average remaining lease term (in months)	As of March 31, 2024			As of March 31, 2023
Operating leases		45.8			16.5
Finance leases		2.2			14.2
Weighted average discount rate
Operating leases		9.76	%		7.50	%
Finance leases		7.50	%		7.50	%

As of  March 31, 2024 the maturities of lease liabilities were as follows:

(in thousands)	Operating Leases			Finance Leases
2025	$	116		$	-
2026		54			—
2027		66			—
2028		67			—
2029		52			—
Total lease payments	$	355		$	-
Less: Imputed interest		(64	)		—
Total	$	291		$	-