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SEGMENT INFORMATION
 12 Months Ended
Mar. 31, 2024
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 and 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) Life Sciences segment and (ii) Infrastructure 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) Life Sciences segment and (b) Infrastructure 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 segments:

 

Product & Service

 

   

(in thousands)

  

Segments

  

Fiscal 2024

($)

    

Percentage of

Total Revenue

(%)

  
                 

Infrastructure segment

     164       12 %

Life Sciences segment

     1,181       88 %

Total

     1,345       100 %

 

   

(in thousands)

  

Segments

  

Fiscal 2023

($)

    

Percentage of

Total Revenue

(%)

  
                 

Infrastructure segment

     113       12 %

Life Sciences segment

     798       88 %

Total

     911       100 %

 

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

 

2) The table below shows the attributes 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 2024

($)

    

Percentage of

Total Revenue

(%)

  
                     

Asia

  

India

     164       12 %

America

  

U.S.

     1,179       87 %
   

Colombia

     2       1 %

Total

     1,345       100 %

 

       

(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 %

 

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, 2024

($)

  

Intangible assets, net

     1,616       -       1,616  

Property, plant and equipment, net

     3,620       75       3,695  

Claims and advances

     410       278       688  

Operating lease asset

     193       5       198  

Total non-current assets

     5,839       358       6,197  

 

   

(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