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LEASES | 6 Months Ended
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Sep. 30, 2022
Disclosure Text Block [Abstract] |
Lessee, Operating Leases [Text Block] | NOTE 9 – LEASES The Company has short-term leases primarily consisting of spaces with the remaining lease term being less than or equal to 12 months. The total short-term lease expense and cash paid for the six months ended September 30, 2022, and 2021 are approximately $89 thousand and $82 thousand, respectively. The Company also has four operating leases as of September 30, 2022. America: The Company has entered into a lease agreement for approximately five years, expiring in 2025. The annual lease expense is approximately $122 thousand. The lease contract does not contain any material residual value guarantees or material restrictive covenants. The remaining lease term for the operating lease is 3.2 years with a discount rate of 7%. The lease does not provide a readily determinable implicit rate. Therefore, the Company discounts lease payments based on an estimate of its incremental borrowing rate. Asia: The Company has three lease agreements for three to four years, expiring between 2023 and 2024. The total annual lease expense is approximately $6 thousand. The lease contracts do not contain any material residual value guarantees or material restrictive covenants. The remaining lease term for the operating leases is between 1.75-2.5 years with a discount rate of 7%. The lease does not provide a readily determinable implicit rate. Therefore, the Company discounts lease payments based on an estimate of its incremental borrowing rate.
|  | (in thousands) Three months ended September 30, 2022 ($) |  |  | (in thousands) Three months ended September 30, 2021 ($) |  |  | (in thousands) Six months ended September 30, 2022 ($) |  |  | (in thousands) Six months ended September 30, 2021 ($) |
Operating lease costs |  |  | 37 |  |  |  | 38 |  |  |  | 74 |  |  |  | 75 |
Short term lease costs |  |  | 44 |  |  |  | 52 |  |  |  | 89 |  |  |  | 82 |
Total lease costs |  |  | 81 |  |  |  | 90 |  |  |  | 163 |  |  |  | 157 |
Right of use assets and lease liabilities for our operating leases were recorded in the consolidated balance sheet as follows:
|  | (in thousands) |  |  | (in thousands) |
|  | As of September 30, 2022 ($) |  |  | As of March 31, 2022 ($) |
Assets |  |  |  |  |  |  |  |
Operating lease asset |  |  | 387 |  |  |  | 450 |
Total lease assets |  |  | 387 |  |  |  | 450 |
Liabilities |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Accrued liabilities and others (current portion-operating lease liability) |  |  | 128 |  |  |  | 123 |
Noncurrent liabilities: |  |  |  |  |  |  |  |
Operating lease liability (non-current portion-operating lease liability) |  |  | 275 |  |  |  | 341 |
Total lease liability |  |  | 403 |  |  |  | 464 |
|  | (in thousands) As of September 30, 2022 ($) |
Supplemental cash flow and non-cash information related to leases is as follows: |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
–Operating cash flows from operating leases |  |  | 54 |
Right-of-use assets obtained in exchange for operating lease obligations |  |  | 387 |
As of September 30, 2022, the following table summarizes the maturity of our lease liabilities: |  |  |  |
Sep-23 |  |  | 149 |
Sep-24 |  |  | 146 |
Sep-25 |  |  | 131 |
Sep-26 |  |  | 22 |
Sep-27 |  |  | - |
Less: Present value discount |  |  | (45 | )
Total lease liabilities |  |  | 403 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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