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INVENTORY

3 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

NOTE 3 – INVENTORY

		*(in thousands)*
		As of June 30, 2021 ($)				As of March 31, 2021 ($)
Raw materials			2,329				2,294
Work-in-Progress			2,199				2,199
Finished goods			948				985
Total			5,476				5,478

Inventory in the form of work-in-progress as of June 30, 2021, is comprised of, but not limited to, various hemp-based extracts such as crude oil, hemp distillate, and hemp isolate. Inventory also includes cost related to growing crops like seeds, fertilizer, other raw materials, labor, farm related overheads and the depreciation of farming equipment, hand sanitizers, gummies, lotions, beverages, and personal protection equipment, among others.

During the three months ended June 30, 2021, there was write down of inventory of approximately $60 thousand. Write downs are due to abnormal amounts of idle facility expense, freight, handling costs, scrap, and wasted material (spoilage). This charge was recorded in Selling, General and Administrative expenses.

As previously reported, one of our vendors holding $1.74 million of our inventory had reported a theft at their facility. The vendor has filed an insurance claim. The Company moved the amount associated with the stolen inventory to Deposits and Advances. The Company continues to pursue the vendor for compensation.