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13. GOVERNMENT AGREEMENTS
 6 Months Ended
Sep. 30, 2023
GOVERNMENT AGREEMENTS  
NOTE 13 - GOVERNMENT AGREEMENTS

NOTE 13—GOVERNMENT AGREEMENTS

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In June 2023, the Company entered into a prototype agreement with the Space Development Agency for the development of a Next-Generation Associative Processing Unit-2 for Enhanced Space-Based Capabilities (“Prototype Agreement”). Under the Prototype Agreement, the Company will receive an award funded by the Small Business Innovation Research program. Pursuant to an agreed-upon schedule, the Company will receive milestone payments totaling an estimated $1.25 million upon successful completion of each milestone. The Prototype Agreement is unrelated to the Company’s ordinary business activities. The Company has discretion in managing the activities under the Prototype Agreement and retains all developed intellectual property. The Company applies IAS 20, by analogy, and recognizes the award as a reduction of research and development expenses based on a cost incurred method.

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During the three and six months ended September 30, 2023, the Company recognized $260,000 as a reduction to research and development expense in the Condensed Consolidated Statements of Operations. As of September 30, 2023, the Company had received total milestone payments of $297,000 under the Prototype Agreement.