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SEGMENT INFORMATION
 12 Months Ended
Mar. 31, 2025
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. 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.

 

During fiscal 2025, the Company reassessed its reportable segment structure in connection with its strategic realignment toward Life Sciences. As a result, management determined that the Company operates as a single reportable segment. Historically, the Company reported two operating segments: Life Sciences and Infrastructure. While the Infrastructure segment generated revenues in fiscal 2024, it did not generate any revenues in fiscal 2025 and is no longer actively managed or evaluated as a discrete operating segment by the Company’s Chief Operating Decision Maker.

 

Management has not made a formal decision to dispose of or exit the Infrastructure business, and therefore, the Infrastructure operations have not been classified as discontinued operations. The results of the Infrastructure activities have been aggregated into the single reportable segment presentation for all periods presented in this Annual Report on Form 10-K. This change in segment reporting has no impact on the Company’s previously reported consolidated financial position, results of operations, or cash flows.

 

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 2025
($)		   Fiscal 2024
($)		 
         
Life Sciences segment   1,271    1,345 
Total   1,271    1345 

In Fiscal 2024, $164 thousand belongs to the previously reported Infrastructure Segment. 

 

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 2025
($)		   Percentage of
Total
Revenue
(%)		 
            
Asia  India   -    -%
America  U.S.   1,269    99.8%
   Colombia   2    0.2%
Total      1,271    100%

 

      (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%

 

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)
($)		   Foreign
Countries
(India and
Colombia)
($)		   Total as of
March 31,
2025
($)		 
Intangible assets, net   1,852    -    1,852 
Property, plant, and equipment, net   3,171    49    3,220 
Claims and advances   410    271    681 
Operating lease asset   80    18    98 
Total non-current assets   5,513    338    5,851 
   (in thousands) 
Nature of Assets  U.S.
(Country of
Domicile)
($)		   Foreign
Countries
(India 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