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PROPERTY, PLANT, AND EQUIPMENT

12 Months Ended

Mar. 31, 2024

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 March 31, 2024 ($)				As of March 31, 2023 ($)
Land		N/A				-				4,100
Buildings and facilities		25				2,303				2,298
Plant and machinery		5-20				3,334				3,335
Computer equipment’s		3				166				138
Office equipment’s		3-5				140				84
Furniture and fixtures		5				93				92
Vehicles		5				101				102
Construction in progress		N/A				-				-
Total gross value						6,137				10,149
Less: Accumulated depreciation						(2,442	)			(1,936	)
Total property, plant, and equipment, net						3,695				8,213

The depreciation expense in Fiscal 2024 and 2023 amounted to approximately $563 thousand and $417 thousand, respectively. The net decrease in total property, plant, and equipment is primarily due to the impairment of land by approximately $3.3 million. During Fiscal 2024, the Company focused on liquidating all non-operating assets to reduce costs and generate cash. As a result, the Company sold a fully depreciated property in India for net proceeds of approximately $43 thousand and accounted for the same in other income, and impaired the land situated in Nagpur, India, by approximately $3.3 million to $720 thousand from $4.1 million. The company believes it can sell the above-said non-operating land as it is without any improvement. Selling this land will give immediate cash, which the company can use in its operating segments. For more information, please refer to Note 18, “Segment Information,” for the non-current assets other than financial instruments held in the country of domicile and foreign countries.