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PROPERTY, PLANT, AND EQUIPMENT | 3 Months Ended
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Jun. 30, 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 June 30, 2024 ($) |  |  | As of March 31, 2024 ($) |
Land |  | N/A |  |  |  | - |  |  |  | - |
Buildings and facilities |  | 25 |  |  |  | 2,305 |  |  |  | 2,303 |
Plant and machinery |  | 5-20 |  |  |  | 3,368 |  |  |  | 3,334 |
Computer equipment |  | 3 |  |  |  | 166 |  |  |  | 166 |
Office equipment |  | 3-5 |  |  |  | 136 |  |  |  | 140 |
Furniture and fixtures |  | 5 |  |  |  | 92 |  |  |  | 93 |
Vehicles |  | 5 |  |  |  | 101 |  |  |  | 101 |
Total gross value |  |  |  |  |  | 6,168 |  |  |  | 6,137 |
Less: Accumulated depreciation |  |  |  |  |  | (2,582 | ) |  |  | (2,442 | )
Total property, plant, and equipment, net |  |  |  |  |  | 3,586 |  |  |  | 3,695 |
The depreciation expense in the three months ended June 30, 2024, and 2023 amounted to approximately $142 thousand and $137 thousand, respectively. For more information, please refer to Note 16 – “Segment Information” for the non-current assets other than financial instruments held in the country of domicile and foreign countries. Asset Held For Sale During Fiscal 2024, the Company focused on liquidating all non-operating assets to reduce costs and generate cash. As a result, the Company impaired the land situated in Nagpur, India, by approximately $3.3 million to $720 thousand from $4.1 million to bring it closer to the fair market value. 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. During the three months ended June 30, 2024, the Company started negotiating with an interested buyer and received approximately $180 thousand as a deposit. In the month of July 2024, the Company entered into an agreement with the buyer to sell the said land for a net realizable value of approximately $717 thousand. The agreement is subject to the final registration and execution. As of June 30, 2024, the Company holds the ownership and possession of the said land.

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