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LEASES | 12 Months Ended
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Mar. 31, 2023
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 Fiscal 2023 and 2022 are approximately $178 thousand. The Company also has four operating leases as of March 31, 2023. America: In November 2019, the Company entered into a lease agreement with a lease term of less than 12 months. This lease was amended in March 2020, with a new lease term from March 1, 2020, to November 30, 2025. The annual lease expense is approximately $123 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 2.7 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 renewed three lease agreements for terms between three to four years, expiring between 2023 and 2024. The total annual lease expense is approximately $25 thousand. The lease contracts do not contain any material residual value guarantees or material restrictive covenants. The remaining lease term for the operating leases is between 1 - 1.7 years with a discount rate of 7%. The lease does not provide a readily determinable implicit rate. Therefore, the Company discounts lease payments based on an estimate of its incremental borrowing rate.
|  | (in thousands) Year Ended March 31, 2023 ($) |  |  | (in thousands) Year Ended March 31, 2022 ($) |
Operating lease costs |  |  | 148 |  |  |  | 149 |
Short term lease costs |  |  | 178 |  |  |  | 178 |
Total lease costs |  |  | 326 |  |  |  | 327 |
Right of use assets and lease liabilities for our operating leases were recorded in the consolidated balance sheet as follows:
|  | (in thousands) |  |  | (in thousands) |
|  | Year Ended March 31, 2023 ($) |  |  | Year Ended March 31, 2022 ($) |
Assets |  |  |  |  |  |  |  |
Operating lease asset |  |  | 326 |  |  |  | 450 |
Total lease assets |  |  | 326 |  |  |  | 450 |
Liabilities |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Accrued liabilities and others (current portion – operating lease liability) |  |  | 133 |  |  |  | 123 |
Noncurrent liabilities: |  |  |  |  |  |  |  |
Operating lease liability (non-current portion – operating lease liability) |  |  | 207 |  |  |  | 341 |
Total lease liability |  |  | 340 |  |  |  | 464 |
Supplemental cash flow and non-cash information related to leases is as follows: |  | (in thousands) Year Ended March 31, 2023 ($) |  |  | (in thousands) Year Ended March 31, 2022 ($) |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |  |  |
–Operating cash flows from operating leases |  |  | 118 |  |  |  | 109 |
Right-of-use assets obtained in exchange for operating lease obligations |  |  | 326 |  |  |  | 450 |
As of March 31, 2023, the following table summarizes the maturity of our lease liabilities: |
Mar-24 |  |  | 151 |
Mar-25 |  |  | 133 |
Mar-26 |  |  | 87 |
Mar-27 |  |  | - |
Less: Present value discount |  |  | (31 | )
Total Lease liabilities |  |  | 340 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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