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LOANS AND OTHER LIABILITIES | 9 Months Ended
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Dec. 31, 2023
Loans And Other Liabilities Abstract |
Loans and Other Liabilities [Text Block] | NOTE 11 – LOANS AND OTHER LIABILITIES Loan as of December 31, 2023: 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. The SBA will apply each installment payment first to pay interest accrued to the day the SBA receives the payment and will then apply any remaining balance to reduce the principal. All remaining principal and accrued interest is due and payable 30 years from the date of the loan. For the nine months ended December 31, 2023, the interest expense and principal payment for the EIDL were approximately $4 thousand and $2 thousand, respectively. 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. As of December 31, 2023, approximately $138 thousand of the loan is classified as Long-term loans and approximately $3 thousand as Short-term loans. On June 30, 2023, the Company entered into a Master Loan and Security Agreement with O-Bank, CO., LTD. (the “Credit Agreement”), pursuant to which the Company may borrow up to $12 million, which will be used to fulfill liquidity requirements and ensure the Company’s ability to sustain its operations. The Credit Agreement matures June 30, 2024, with an option to renew. Interest on borrowings will be calculated according to the interest rate stated in the Certificate of Deposit (as defined in the Credit Agreement), plus an applicable margin of 1%, and the Company will bear the tax. The Company must pay the interest in full on the last business day of each interest period. As of December 31, 2023, the Company has not yet used any of the $12 million available under the Credit Agreement. Other Liability:
|  | (in thousands) |
|  | As of |
|  | December 31, 2023 ($) |  |  | March 31, 2023 ($) |
Statutory reserve |  |  | 17 |  |  |  | 21 |
Total |  |  | 17 |  |  |  | 21 |
The statutory reserve is a gratuity reserve for employees in our subsidiaries in India.

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