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LOANS AND OTHER LIABILITIES

12 Months Ended

Mar. 31, 2023

Loans And Other Liabilities Abstract

Loans and Other Liabilities [Text Block]

NOTE 11 – LOANS AND OTHER LIABILITIES

Loan as of March 31, 2023:

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 are due and payable 30 years from the date of the loan. For Fiscal 2023, the interest expense and principal payment for the EIDL were approximately $5 thousand and $3 thousand, respectively. As of March 31, 2023, approximately $141 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,
	2023 ($)		2022 ($)
Statutory reserve		21		16
Total		21		16

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