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LOANS AND OTHER LIABILITIES

3 Months Ended

Jun. 30, 2022

Loans and Other Liabilities [Abstract]

Loans and Other Liabilities [Text Block]

NOTE 11 – LOANS AND OTHER LIABILITIES

Loan as of June 30, 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 30 years from the date of the loan. For the three months ended June 30, 2022, the interest expense and principal payment for the EIDL was approximately $1 thousand and $1 thousand respectively and for the three months ended June 30, 2021, the interest expense was approximately $469. As of June 30, 2022, approximately $143 thousand of the loan is classified as Long-term loans and approximately $3 thousand as Short-term loans.

Other Liability:

	*(in thousands)*
	As of
	June 30, 2022 ($)		March 31, 2022 ($)
Statutory reserve		16		16
Total		16		16

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