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PROPERTY, PLANT, AND EQUIPMENT
 9 Months Ended
Dec. 31, 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
December 31,
2024

($)

  

As of

March 31,
2024

($)

 
Buildings and facilities  25    2,331    2,303 
Plant and machinery  5-20    3,107    3,334 
Computer equipment  3    179    166 
Office equipment  3-5    132    140 
Furniture and fixtures  5    99    93 
Vehicles  5    101    101 
Total gross value       5,949    6,137 
Less: Accumulated depreciation       (2,601)   (2,442)
Total property, plant, and equipment, net       3,348    3,695 

The depreciation expense in the three months ended December 31, 2024, and 2023 amounted to approximately $144 thousand and $140 thousand, respectively. The depreciation expense in the nine months ended December 31, 2024, and 2023 amounted to approximately $431 thousand and $417 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 nine months ended December 31, 2024, the Company entered into an agreement with the buyer to sell the said land for a net realizable value of approximately $701 thousand. The agreement is subject to the final registration and execution. The Company received a net of approximately $344 thousand as a deposit. The Company holds the ownership and possession of the said land.