XML 25 R12.htm IDEA: XBRL DOCUMENT v3.22.2
PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
Mar. 31, 2022
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 6 – PROPERTY, PLANT, AND EQUIPMENT

 

   

(in thousands, except useful life)

  
   

Useful Life (years)

    

As of

March 31, 2022

($)

    

As of

March 31, 2021

($)

  

Land

     N/A       4,438       4,606  

Buildings & facilities

     25       2,810       3,817  

Plant and machinery

     5-20       4,594       4,579  

Computer equipment

     3       241       216  

Office equipment

     3-5       145       111  

Furniture and fixtures

     5       141       130  

Vehicles

     5       163       165  

Construction in progress

     N/A       108       50  

Total gross value

             12,639       13,674  

Less: accumulated depreciation

             (3,220 )     (2,834 )

Total property, plant and equipment, net

             9,419       10,840  

 

The depreciation expense in Fiscal 2022 and 2021, amounted to approximately $627 thousand and $462 thousand, respectively. The net decrease in total Property, Plant & Equipment is primarily due to depreciation and foreign exchange translations because of a decrease in value of foreign currencies. In fiscal 2022, Company found cost efficient and advance facility outside the US, so it decided to impair facility worth of $833 thousand. The construction in progress relates to the Maryland office extension. For more information, please refer to Note 18, “Segment Information” for the non-current assets other than financial instruments held in the country of domicile and foreign countries.