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INCOME TAXES (Tables) | 9 Months Ended
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Dec. 31, 2022
Income Taxes |
Schedule of income taxes benefit |
Schedule of income taxes benefit |  |  |  |  |  |  |  |
|  | For the Nine Months Ended December 31,
(In thousands) |  | 2022 |  | 2021
Current: |  |  |  |  |  |  |  |
Federal |  | $ | – |  |  | $ | – |
State and local |  |  | (16 | ) |  |  | – |
Foreign |  |  | (8 | ) |  |  | 21 |
Total current |  |  | (24 | ) |  |  | 21 |
Deferred: |  |  |  |  |  |  |  |
Federal |  |  | – |  |  |  | – |
State and local |  |  | – |  |  |  | – |
Foreign |  |  | 2,930 |  |  |  | 444 |
Total deferred |  |  | 2,930 |  |  |  | 444 |
Benefit from income taxes |  | $ | 2,906 |  |  | $ | 465 |
Schedule of reconciliation income tax rates |
Schedule of reconciliation income tax rates |  |  |  |  |  |  |  |
|  | Nine Months Ended December 31,
|  | 2022 |  | 2021
Income (loss) on ordinary activities before tax |  | $ | (1,230 | ) |  | $ | (1,535 | )
Statutory U.S. income tax rate |  |  | 21.0 | % |  |  | 21.0 | %
Income tax benefit at statutory income tax rate |  |  | 258 |  |  |  | 322 |
Losses recognized (unrecognized) |  |  | (282 | ) |  |  | (322 | )
Income tax expense |  | $ | (24 | ) |  | $ | – |
Schedule of effective income tax rates |
Schedule of effective income tax rates |  |  |  |  |  |  |  |
|  | Nine Months Ended December 31,
|  | 2022 |  | 2021
Loss on ordinary activities before tax |  | $ | 4,567 |  |  | $ | 2,434 |
Statutory U.K. income tax rate |  |  | 19.0 | % |  |  | 19.0 | %
Loss at statutory income tax rate |  |  | 868 |  |  |  | 462 |
Change (increase) in deferred income tax rate |  |  | 274 |  |  |  | – |
Foreign currency effect |  |  | 1,788 |  |  |  | 444 |
Research and development credit |  |  | – |  |  |  | 21 |
Losses (unrecognized) |  |  | – |  |  |  | (462 | )
Income tax benefit |  | $ | 2,930 |  |  | $ | 465 |
Schedule of reconciliation of financial statement loss to tax basis loss |
Schedule of reconciliation of financial statement loss to tax basis loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Nine Months Ended December 31, 2022 |  | Nine Months Ended December 31, 2021
|  | United States |  | BVI |  | United Kingdom |  | Total |  | United States |  | BVI |  | Foreign |  | Total
Pre-tax loss |  | $ | (1,230 | ) |  | $ | (7,320 | ) |  | $ | (4,567 | ) |  | $ | (13,117 | ) |  | $ | (1,535 | ) |  | $ | (6,802 | ) |  | $ | (2,434 | ) |  | $ | (10,771 | )
Loss for which no benefit was taken |  |  | 1,622 |  |  |  | – |  |  |  | – |  |  |  | 1,622 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Losses not subject to tax |  |  | – |  |  |  | 7,320 |  |  |  | – |  |  |  | 7,320 |  |  |  | – |  |  |  | 6,802 |  |  |  | – |  |  |  | 6,802 |
Utilization of losses not previously benefitted |  |  | (314 | ) |  |  | – |  |  |  | – |  |  |  | (314 | ) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Taxable income (loss) |  | $ | 78 |  |  | $ | – |  |  | $ | (4,567 | ) |  | $ | (4,489 | ) |  | $ | (1,535 | ) |  | $ | – |  |  | $ | (2,434 | ) |  | $ | (3,969 | )
Schedule of deferred tax assets and liabilities |
Schedule of deferred tax assets and liabilities |  |  |  |  |  |  |  |
|  | As of December 31, |  | As of March 31,
|  | 2022 |  | 2022
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating loss |  | $ | (4,394 | ) |  | $ | (3,253 | )
Deferred tax asset (unrecognized) |  |  | 1,500 |  |  |  | 1,500 |
Deferred tax asset |  |  | (2,894 | ) |  |  | (1,753 | )
Deferred tax liabilities: |  |  |  |  |  |  |  |
In-process research and development |  |  | 28,409 |  |  |  | 30,198 |
Deferred tax liability |  |  | 28,409 |  |  |  | 30,198 |
Net deferred tax liability |  | $ | 25,515 |  |  | $ | 28,445 |

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