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PROPERTY, PLANT AND EQUIPMENT

9 Months Ended

Dec. 31, 2022

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 December 31, 2022 ($)				As of March 31, 2022 ($)
Land		N/A				4,071				4,438
Buildings and facilities		25				2,310				2,810
Plant and machinery		5-20				3,308				4,593
Computer equipment		3				134				241
Office equipment		3-5				82				145
Furniture and fixtures		5				91				141
Vehicles		5				101				163
Construction in progress		N/A				-				108
Total gross value						10,097				12,639
Less: Accumulated depreciation						(1,788	)			(3,220	)
Total property, plant, and equipment, net						8,309				9,419

The depreciation expense in the three months ended December 31, 2022, and 2021 amounted to approximately $158 thousand and $117 thousand, respectively. The depreciation expense in the nine months ended December 31, 2022, and 2021 amounted to approximately $466 thousand and $427 thousand, respectively. The net decrease in total Property, Plant, and Equipment is primarily due to depreciation and foreign exchange translations of an increase in the value of foreign currencies. As of December 31, 2022, 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. In addition, 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 16 – “Segment Information” for the non-current assets other than financial instruments held in the country of domicile and foreign countries.