XML 47 R22.htm IDEA: XBRL DOCUMENT
v3.24.1.1.u2

INCOME TAXES | 12 Months Ended
--- | ---
Mar. 31, 2024
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] | NOTE 16 – INCOME TAXES The Company calculates its provision for foreign and U.S. federal income taxes based on the current tax law. As the Company maintains a full valuation allowance against its deferred tax assets, there is no income tax expense recorded related to this change other than the Federal AMT credit which are refundable due to the passage of tax reform. Due to the Company’s history of losses and uncertainty of future taxable income, a valuation allowance sufficient to fully offset net operating losses and other deferred tax assets has been established. The valuation allowance will be maintained until sufficient positive evidence exists to support a conclusion that a valuation allowance is not necessary. Income tax expense/(benefit) for each of the years ended March 31 consists of the following:
|  | Year Ended March 31, (in thousands) |
Income Tax Expense |  |  |  |  |  |  |  |
|  | 2024 ($) |  |  | 2023 ($) |
Net income loss before tax |  |  | (13,000 | ) |  |  | (11,506 | )
Tax rate |  |  | 21 | % |  |  | 21 | %
Expected income tax recovery |  |  | (2,730 | ) |  |  | (2,416 | )
Impact of tax rate differences in foreign jurisdictions |  |  | (151 | ) |  |  | (7 | )
Tax rate changes and other adjustments |  |  | 1,475 |  |  |  | (667 | )
Permanent differences |  |  | - |  |  |  | 88 |
Change in valuation allowance |  |  | 1,406 |  |  |  | 3,002 |
|  |  | - |  |  |  | - |
The significant components of deferred income tax expense/(benefit) from operations before non-controlling interest for each of the years ended March 31 are approximated as following:
|  | Year Ended March 31, (in thousands) |
Deferred income taxes |  |  |  |  |  |  |  |
|  | 2024 ($) |  |  | 2023 ($) |
Net operating loss carry-forwards foreign |  |  | 287 |  |  |  | 137 |
Non-capital loss carry-forwards – U.S. |  |  | 14,272 |  |  |  | 12,888 |
Temporary differences |  |  | 418 |  |  |  | 548 |
Net deferred tax asset |  |  | 14,977 |  |  |  | 13,573 |
Valuation allowance |  |  | (14,977 | ) |  |  | (13,573 | )
|  |  | - |  |  |  | - |
The table below sets forth the details of expiration of the non-financial carried forward losses of the Company as of March 31, 2024, as under:
Year |  | Amount (in thousands) ($) |
2024 |  |  | 43 |
2025 |  |  | - |
2026 |  |  | - |
2027 |  |  | 10 |
2028 |  |  | 9 |
2029 |  |  | - |
2030 |  |  | 37 |
2031 |  |  | 3,082 |
2032 |  |  | 5,140 |
2033 |  |  | 627 |
2034 |  |  | 1,269 |
2035 |  |  | 1,735 |
2036 |  |  | 1,175 |
2037 |  |  | 819 |
2038 |  |  | 1,256 |
2039 |  |  | 4,131 |
2040 |  |  | 7,932 |
2041 |  |  | 8,841 |
2042 |  |  | 14,966 |
2043 |  |  | 8,552 |
2044 |  |  | 9,396 |
No expiry |  |  | 78 |
Total |  |  | 69,101 |
Realization of deferred tax assets, including those related to net operating loss carryforwards, are dependent upon future earnings, if any, of which the timing and amount are uncertain. Accordingly, the net deferred tax assets have been fully offset by a valuation allowance. Based upon the Company’s current operating results management cannot conclude that it is more likely than not that such assets will be realized. The Company files income tax returns in India, Colombia, and the U.S. The Company has a carry-forward R&D tax credit of approximately $4,542 thousand

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income tax. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477891/740-270-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-13 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/740/tableOfContent Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-14 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-21 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-17 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration