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PROPERTY, PLANT, AND EQUIPMENT
 3 Months Ended
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.