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REVENUE RECOGNITION
 12 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block]

NOTE 17 – REVENUE RECOGNITION

 

Revenue in the Infrastructure segment is recognized for the renting business when the equipment is rented, and the terms of the agreement have been fulfilled during the period. Revenue from the execution of infrastructure contracts is recognized on the basis of the output method as and when part of the performance obligation has been completed and approval from the contracting agency has been obtained after survey of the performance completion as of that date. In the Life Sciences segment, the revenue from the wellness and lifestyle business is recognized once goods have been sold to the customer and the performance obligation has been completed. In retail sales, we offer consumer products through our online stores. Revenue is recognized when control of the goods is transferred to the customer. This generally occurs upon our delivery to a third-party carrier or to the customer directly. Revenue from white label services is recognized when the performance obligation has been completed and output material has been transferred to the customer.

 

Net sales disaggregated by significant products and services for Fiscal 2023 and 2022 are as follows:

 

   

(in thousands)

Year ended March 31,

  
   

2023

($)		    

2022

($)		  

Infrastructure segment

                

Rental income (1)

     37       23  

Construction contracts (2)

     76       15  
                 
                 

Life Sciences segment

                

Wellness and lifestyle (3)

     416       316  

White labeling services (4)

     382       43  

Total

     911       397  

 

(1) Rental income consists of income from rental of heavy construction equipment.

(2) Construction income consists of the execution of contracts directly or through subcontractors.

(3) Revenue from wellness and lifestyle consists of sale of products such as gummies, hand sanitizers, bath bombs, lotions, beverages, hemp crude extract, hemp isolate, and hemp distillate.

(4) Revenue from white label services consists of rebranding our formulations or the customer’s products as per customer’s requirement.