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SEGMENT INFORMATION
 3 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]

NOTE 16 – SEGMENT INFORMATION

 

FASB ASC 280, “Segment Reporting” establishes standards for reporting information about reportable segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group (“CODM”), in deciding how to allocate resources and in assessing performance. The CODM evaluates revenues and gross profits based on product lines and routes to market. Based on our integration and Management strategies, we operate in two reportable segments: (i) Infrastructure segment and (ii) Life Sciences segment.

 

The Company’s CODM is the Company’s chief executive officer (“CEO”). The CEO reviews financial information presented on an operating segment basis for purposes of making operating decisions and assessing financial performance. Therefore, and before our Life Sciences segment started, the Company had determined that it operated in a single operating and reportable segment. As of the date of this report and in preparation for the new and different source of revenue, the Company has determined that it operates in two operating and reportable segments: (a) Infrastructure Business and (b) Life Sciences segment. The Company does not include intercompany transfers between segments for Management reporting purposes.

 

The following provides information required by ASC 280-10-50-38 “Entity-wide Information”:

 

1)     The table below shows revenue reported by segment:

 

Product & Service

 

   

(in thousands)

  

Segments

  

Three months ended

June 30, 2021

($)

    

Percentage of

Total Revenue

(%)

  
                 

Infrastructure segment

     15       19

%

Life Sciences segment

     62       81

%

Total

     77       100

%

 

   

(in thousands)

  

Segments

  

Three months ended

June 30, 2020

($)

    

Percentage of

Total Revenue

(%)

  
                 

Infrastructure segment

     -       -

%

Life Sciences segment

     584       100

%

Total

     584       100

%

 

For information for revenue by product and service, refer Note 2, “Summary of Significant Accounting Policies”.

 

2)     The table below shows the revenue attributed to the country of domicile (U.S.) and foreign countries. Revenue is generally attributed to the geographic location of customers: 

 

       

(in thousands)

  

Segments

  

Country

  

Three months ended

June 30, 2021

($)

    

Percentage of

Total Revenue

(%)

  
                     

Asia

  

(1) India

     17       22

%
   

(2) Hong Kong

     -       -

%

America

  

U.S. and Colombia

     60       78

%

Total

     77       100

%

 

       

(in thousands)

  

Segments

  

Country

  

Three months ended

June 30, 2020

($)

    

Percentage of

Total Revenue

(%)

  
                     

Asia

  

(1) India

     -       -

%
   

(2) Hong Kong

     -       -

%

America

  

U.S. and Colombia

     584       100

%

Total

     584       100

%

 

3) The table below shows the non-current assets other than financial instruments held in the country of domicile and foreign countries.

 

   

(in thousands)

  

Nature of assets

  

USA

(Country of Domicile)

($)

    

Foreign Countries

(India, Hong Kong, and Colombia)

($)

    

Total as of

June 30, 2021

($)

  

Intangible assets, net

     405       -       405  

Property, plant and equipment, net

     6,168       4,536       10,704  

Non-marketable securities

     -       11       11  

Claims and advances

     200       396       596  

Operating lease asset

     466       72       538  

Total non-current assets

     7,239       5,015       12,254  

 

   

(in thousands)

  

Nature of assets

  

USA

(Country of Domicile)

($)

    

Foreign Countries

(India, Hong Kong, and Colombia)

($)

    

Total as of March 31, 2021

($)

  

Intangible assets, net

     407       -       407  

Property, plant and equipment, net

     6,228       4,612       10,840  

Non-marketable securities

     -       12       12  

Claims and advances

     200       403       603  

Operating lease asset

     488       -       488  

Total non-current assets

     7,323       5,027       12,350