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LOANS AND OTHER LIABILITIES

12 Months Ended

Mar. 31, 2022

Loans and Other Liabilities [Abstract]

Loans and Other Liabilities [Text Block]

NOTE 11 – LOANS AND OTHER LIABILITIES

Forgiveness of Paycheck Protection Program Promissory Note:

On May 3, 2020, the Company signed the Paycheck Protection Program Promissory Note (the “PPP Note”) for a loan of approximately $430 thousand. The PPP Note was to mature after 2 years on May 3, 2022, with monthly repayments of approximately $18 thousand commencing November 1, 2020, and interest accrued on the outstanding principal balance at an annual fixed rate of 1.00%. On June 10, 2021, the Company received forgiveness for the full amount borrowed of approximately $430 thousand. This is accounted in the company’s consolidated statements of operations and comprehensive loss for Fiscal 2022, as other income, net.

Loan as of March 31, 2022:

On June 11, 2020, the Company received an Economic Injury Disaster Loan (“EIDL”) for approximately $150 thousand at an annual interest rate of 3.75%. The Company must pay principal and interest payments of $731 every month beginning June 5, 2021. The SBA will apply each installment payment first to pay interest accrued to the day SBA receives the payment and will then apply any remaining balance to reduce principal. All remaining principal and accrued interest is due and payable in 30 years from the date of the loan. For Fiscal 2022, the interest expense and principal payment for the EIDL was approximately $5 thousand and $3 thousand, respectively. As of March 31, 2022, approximately $144 thousand of the loan is classified as Long-term loans and approximately $3 thousand as Short-term loans.

Other Liability:

	*(in thousands)*
	As of March 31,
	2022 ($)		2021 ($)
Statutory reserve		16		15
Total		16		15

The statutory reserve is a gratuity reserve for employees in our subsidiaries in India.