LEASES (Tables)

9 Months Ended

Dec. 31, 2020

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