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SEGMENT INFORMATION
 12 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]

NOTE 18 – SEGMENT INFORMATION

 

FASB ASC 280, “Segment Reporting” establishes standards for reporting information about reportable segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group (CODM), in deciding how to allocate resources and in assessing performance. The CODM evaluates revenues and gross profits based on product lines and routes to market. Based on our integration and Management strategies, we operate in two reportable segments: (i) Infrastructure segment and (ii) Life Sciences segment.

 

The Company’s CODM is the Company’s Chief Executive Officer (CEO). The CEO reviews financial information presented on an operating segment basis for the purposes of making operating decisions and assessing financial performance. Therefore, and before our Life Sciences segment started, the Company had determined that it operated in a single operating and reportable segment. As of the date of this report and in preparation for the new and different source of revenue, the Company has determined that it operates in two operating and reportable segments: (a) Infrastructure segment and (b) Life Sciences segment. The Company does not include intercompany transfers between segments for Management reporting purposes.

 

The following provides information required by ASC 280-10-50-38 “Entity-wide Information”:

 

1) The table below shows revenue reported by segment:

 

Product & Service

 

   

(in thousands)

  

Segments

  

Fiscal 2023

($)

    

Percentage of

Total Revenue

(%)

  
                 

Infrastructure segment

     113       12

%

Life Sciences segment

     798       88

%

Total

     911       100

%

 

   

(in thousands)

  

Segments

  

Fiscal 2022

($)

    

Percentage of

Total Revenue

(%)

  
                 

Infrastructure segment

     38       9

%

Life Sciences segment

     359       91

%

Total

     397       100

%

 

For information for revenue by product and service, refer Note 17, “Revenue Recognition.”

 

2) The table below shows the attributed to the country of domicile (U.S.) and foreign countries. Revenue is generally attributed to the geographic location of customers:

 

 

 

 

 

(in thousands)

 

Segments

 

Country

 

Fiscal 2023

($)

 

 

Percentage of

Total Revenue

(%)

 

 

 

 

 

 

 

 

 

 

 

 

Asia

 

India

 

 

113

 

 

 

12

%

America

 

U.S.

 

 

777

 

 

 

86

%
   

Colombia

    

21

      

2

 %

Total

 

 

911

 

 

 

100

%

 

 

 

 

 

(in thousands)

 

Segments

 

Country

 

Fiscal 2022

($)

 

 

Percentage of

Total Revenue

(%)

 

 

 

 

 

 

 

 

 

 

 

 

Asia

 

India

 

 

68

 

 

 

17

%

America

 

U.S.

 

 

329

 

 

 

83

%

Total

 

 

397

 

 

 

100

%

 

3) The table below shows the non-current assets other than financial instruments held in the country of domicile and foreign countries.

 

   

(in thousands)

  

Nature of Assets

  

U.S.

(Country of Domicile)

($)

    

Foreign Countries

(India, Hong Kong, and Colombia)

($)

    

Total as of March 31, 2023

($)

  

Intangible assets, net

     1,170       -       1,170  

Property, plant and equipment, net

     4,074       4,139       8,213  

Claims and advances

     585       418       1,003  

Operating lease asset

     298       28       326  

Total non-current assets

     6,127       4,585       10,712  

 

   

(in thousands)

  

Nature of Assets

  

U.S.

(Country of Domicile)

($)

    

Foreign Countries

(India Hong Kong and Colombia)

($)

    

Total as of March 31, 2022

($)

  

Intangible assets, net

     436       481       917  

Property, plant and equipment, net

     4,978       4,441       9,419  

Claims and advances

     550       387       937  

Operating lease asset

     396       54       450  

Total non-current assets

     6,360       5,363       11,723