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PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Mar. 31, 2023

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, 2023 ($)				As of March 31, 2022 ($)
Land		N/A				4,100				4,438
Buildings and facilities		25				2,298				2,810
Plant and machinery		5-20				3,335				4,593
Computer equipment’s		3				138				241
Office equipment’s		3-5				84				145
Furniture and fixtures		5				92				141
Vehicles		5				102				163
Construction in progress		N/A				-				108
Total gross value						10,149				12,639
Less: Accumulated depreciation						(1,936	)			(3,220	)
Total property, plant and equipment, net						8,213				9,419

The depreciation expense in Fiscal 2023 and 2022 amounted to approximately $600 thousand and $627 thousand, respectively. The net decrease in total property, plant, and equipment (net) is primarily due to depreciation and foreign exchange translations because of a decrease in value of foreign currencies. In addition, Fiscal 2023, the Company disposed of fully depreciated assets in the amount of approximately $1.6 million from its subsidiaries. This resulted in a reduction in the value of total gross assets but did not affect the net value of assets as the disposed assets had previously been fully depreciated. The Company sold a property in Puerto Rico for net proceeds of approximately $485 thousand (acquired for approximately $480 thousand) and accounted for a profit of approximately $5 thousand in other income. 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.