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NON-CONTROLLING INTEREST
 9 Months Ended
Dec. 31, 2022
Non-controlling Interest  
NON-CONTROLLING INTEREST

NOTE 21. NON-CONTROLLING INTEREST

 

               
(In thousands)  iOx  Saugatuck
and subsidiary		  Total
Non-controlling interest as of April 1, 2022  $44,701   $(472)  $44,229 
Net income (loss) attributable to non-controlling interest   123    (171)   (48)
Purchase of non-controlling interest pursuant to Share Exchange Agreement   (44,824)   –    (44,824)
Non-controlling interest as of December 31, 2022  $–   $(643)  $(643)

 

(In thousands)  iOx  Saugatuck  Total
Non-controlling interest as of April 1, 2021  $46,173   $(20)  $46,153 
Share-based compensation expense   191    –    191 
Exchange of notes payable, accrued interest and warrants for iOx shares   184    –    184 
Net (loss) attributable to non-controlling interest   (436)   (317)   (753)
Non-controlling interest as of December 31, 2021  $46,112   $(337)  $45,775 

 

On September 8, 2021, the Company, through SalvaRx, completed a settlement of loans (including interest) to and receivables from iOx for services rendered in exchange for 23,772 ordinary shares of iOx at a price of £162. On July 18, 2022, the Company completed the acquisition of the remaining non-controlling interest in iOx, by issuing 1,070,000 shares of its ordinary shares and assuming certain milestone obligations. See Note 11, “Unsecured Notes Payable – iOx Unsecured Notes Payable,” and Note 18, “Related Party Transactions – Share Exchange Agreement – iOx,” for further discussions.

 

Saugatuck and subsidiary includes Saugatuck and its wholly-owned subsidiary, Saugatuck Rx LLC.