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INCOME TAXES | 12 Months Ended
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Mar. 31, 2022
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] | NOTE 16 – INCOME TAXES The Company calculates its provision for foreign and U.S. federal income taxes based on the current tax law. As the Company maintains a full valuation allowance against its deferred tax assets, there is no income tax expense recorded related to this change other than the Federal AMT credit which are refundable due to the passage of tax reform. Due to the Company’s history of losses and uncertainty of future taxable income, a valuation allowance sufficient to fully offset net operating losses and other deferred tax assets has been established. The valuation allowance will be maintained until sufficient positive evidence exists to support a conclusion that a valuation allowance is not necessary. Income tax expense/(benefit) for each of the years ended March 31 consists of the following:
|  | Year Ended March 31, (in thousands) |
Income Tax Expense |  |  |  |  |  |  |  |
|  | 2022 ($) |  |  | 2021 ($) |
Net income loss before tax |  |  | (15,016 | ) |  |  | (8,811 | )
Tax rate |  |  | 21 | % |  |  | 21 | %
Expected income tax recovery |  |  | (3,153 | ) |  |  | (1,850 | )
Impact of tax rate differences in foreign jurisdictions |  |  | - |  |  |  | (33 | )
Tax rate changes and other adjustments |  |  | (385 | ) |  |  | (78 | )
Permanent differences |  |  | 50 |  |  |  | 19 |
Change in valuation allowance |  |  | 3,488 |  |  |  | 1,942 |
|  |  | - |  |  |  | - |
The significant components of deferred income tax expense/(benefit) from operations before non-controlling interest for each of the years ended March 31 are approximated as following:
|  | Year Ended March 31, (in thousands) |
Deferred income taxes |  |  |  |  |  |  |  |
|  | 2022 ($) |  |  | 2021 ($) |
Net operating loss carry-forwards foreign |  |  | 149 |  |  |  | 536 |
Non-capital loss carry-forwards – U.S. |  |  | 10,487 |  |  |  | 7,373 |
Temporary differences |  |  | (66 | ) |  |  | (827 | )
Net deferred tax asset |  |  | 10,570 |  |  |  | 7,082 |
Valuation allowance |  |  | (10,570 | ) |  |  | (7,082 | )
|  |  | - |  |  |  | - |
The table below sets forth the details of expiration of the non-financial carried forward losses of the Company as of March 31, 2022, as under:
Year |  | Amount (in thousands) ($) |
2023 |  |  | 52 |
2024 |  |  | 343 |
2025 |  |  | 4 |
2026 |  |  | 14 |
2027 |  |  | 34 |
2028 |  |  | 16 |
2029 |  |  | 28 |
2030 |  |  | 210 |
2031 |  |  | 3,081 |
2032 |  |  | 4,141 |
2033 |  |  | 627 |
2034 |  |  | 1,269 |
2035 |  |  | 1,735 |
2036 |  |  | 1,176 |
2037 |  |  | 819 |
2038 |  |  | 1,256 |
2039 |  |  | 4,132 |
2040 |  |  | 7,932 |
2041 |  |  | 8,841 |
2042 |  |  | 14,897 |
Total |  |  | 50,607 |
Realization of deferred tax assets, including those related to net operating loss carryforwards, are dependent upon future earnings, if any, of which the timing and amount are uncertain. Accordingly, the net deferred tax assets have been fully offset by a valuation allowance. Based upon the Company’s current operating results management cannot conclude that it is more likely than not that such assets will be realized. The Company files income tax returns in India, Hong Kong, Colombia, and the U.S.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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