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LEASES (Tables) | 9 Months Ended
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Dec. 31, 2020
Disclosure Text Block [Abstract] |
Lease, Cost [Table Text Block] | In November 2019, the Company entered into an office lease agreement with a lease term of less than 12 months. This lease was amended in March 2020, with a new lease term from March 1, 2020 to November 30, 2025. The annual lease expense is approximately $128 thousand. The lease contract does not contain any material residual value guarantees or material restrictive covenants. The remaining lease term for the operating lease is 4.9 years with a discount rate of 7%. The lease does not provide a readily determinable implicit rate. Therefore, the Company discounts lease payments based on an estimate of its incremental borrowing rate.
|  | (in thousands) Three months ended December 31, 2020 ($) |  |  | (in thousands) Nine months ended December 31, 2020 ($) |
Operating lease costs |  |  | 31 |  |  |  | 93 |
Short term lease costs |  |  | 68 |  |  |  | 197 |
Variable lease costs |  |  | - |  |  |  | - |
Total lease costs |  |  | 99 |  |  |  | 290 |
Lessee, Operating Lease, Disclosure [Table Text Block] |
|  | (in thousands) |
|  | As of December 31, 2020 ($) |
Assets |  |  |  |
Operating lease asset |  |  | 510 |
Total lease assets |  |  | 510 |
Liabilities |  |  |  |
Current liabilities: |  |  |  |
Accrued liabilities and others (current portion – operating lease liability) |  |  | 88 |
Noncurrent liabilities: |  |  |  |
Operating lease liability (non-current portion – operating lease liability) |  |  | 428 |
Total lease liability |  |  | 516 |
|  | (in thousands) As of December 31, 2020 ($) |
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 |  |  | 20 |
Right-of-use assets obtained in exchange for operating lease obligations |  |  | 510 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] |
As of December 31, 2020, the following table summarizes the maturity of our lease liabilities: |
Dec-21 |  |  | 118 |
Dec-22 |  |  | 121 |
Dec-23 |  |  | 124 |
Dec-24 |  |  | 127 |
Dec-25 |  |  | 119 |
Dec-26 |  |  | - |
Less: Present value discount |  |  | (93 | )
Total Lease liabilities |  |  | 516 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure for lessee's operating leases. Includes, but is not limited to, description of lessee's operating lease, existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 1,3) -URI http://asc.fasb.org/extlink&oid=121580752&loc=d3e38371-112697 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121573735&loc=d3e41499-112717 Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121555522&loc=d3e12069-110248 Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121573735&loc=d3e41502-112717 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121549808&loc=d3e36991-112694 + Details
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