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LOANS AND OTHER LIABILITIES

9 Months Ended

Dec. 31, 2022

Loans And Other Liabilities Abstract

Loans and Other Liabilities [Text Block]

NOTE 11 – LOANS AND OTHER LIABILITIES

Loan as of December 31, 2022:

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. For each installment payment, the U.S. Small Business Administration (“SBA”) will apply the payment first to pay interest accrued to the day SBA receives the payment then to any remaining balance to reduce principal. All remaining principal and accrued interest are due and payable 30 years from the loan date. For the nine months ended December 31, 2022, the interest expense and principal payment for the EIDL were approximately $4.1 thousand and $2 thousand, respectively. For the nine months ended December 31, 2021, the interest expense and principal payment for the EIDL were approximately $3.2 thousand and $2 thousand, respectively. As of December 31, 2022, 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
	December 31, 2022 ($)		March 31, 2022 ($)
Statutory reserve		15		16
Total		15		16

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