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RELATED PARTY TRANSACTIONS
 12 Months Ended
Mar. 31, 2025
Related Party Transactions  
RELATED PARTY TRANSACTIONS

15. RELATED PARTY TRANSACTIONS

 

Two directors of the Company provided consulting and advisory services for the Company totaling $185 and $324 for the years ended March 31, 2025 and 2024, respectively, and are included in selling, general and administrative expenses on the accompanying consolidated statement of operations and comprehensive loss. As of March 31, 2025 and 2024, there were no amounts owed to either director.

 

Our trade finance facility (see Note 8) was secured by a standby documentary credit for $1,000, which was secured by a guarantee from a company controlled by the Chairman of our board of directors (the “Chairman”) from June 2023 through January 2024. The guarantee accrued interest of 8% per annum from June 2023 through November 2023 and interest of 10.0% from November 2023 through January 2024, payable by the Company. Interest expense for the year ended March 31, 2024 was $56.

 

The Chairman has provided a $4,000 personal guarantee for the Company’s trade finance facility. The guarantee is a pay-on-demand guarantee securing the Company’s obligations under the trade finance facility, including interest and bank costs, fees and expenses, up to $4,000. The Chairman does not receive consideration in exchange for the personal guarantee.

 

In March 2025, the Company entered into securities purchase agreements with a company controlled by the Chairman whereby the Company issued 344,797 shares of Series AA Preferred Stock at an original issue price of $5.8005 per share for gross proceeds of $2,000.