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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2023
Mar. 31, 2022
Current assets:    
Cash and cash equivalents (note 4) $ 6,952 $ 6,010
Time deposits 1,075
Accounts receivable, net (note 5) 1,886 2,260
Inventories, net (note 6) 1,413 2,350
Prepaid expenses and other current assets (note 7) 406 620
Income tax recoverable 3 7
Total current assets 10,660 12,322
Goodwill, net
Property, plant and equipment, net (note 8) 401 643
Operating lease right-of-use assets (note 11) 2,514 1,799
Long-term deposits 213
Long-term loan receivable (note 13) 95 95
Investments in equity method investees (note 9)
TOTAL ASSETS 13,883 14,859
Current liabilities:    
Accounts payable 928 828
Operating lease liabilities, current (note 11) 573 933
Accrued expenses and other current liabilities (note 10) 1,991 2,599
Income tax payable 568 620
Dividend payable 1 202
Total current liabilities 4,061 5,182
Operating lease liabilities, non-current (note 11) 1,482 268
Deferred income taxes (note 3) 107 140
Long term accrued expenses 17
Total liabilities 5,667 5,590
Commitments and contingencies (note 14)
Shareholders’ equity:    
Preferred shares, $0.01 par value (Authorized: 20,000 shares; no shares issued and outstanding as of March 31, 2022 and 2023)
Common shares, $0.01 par value (Authorized: 20,000,000 shares; 4,036,825 shares as of March 31, 2022 and 4,086,825 shares as of March 31, 2023 issued and outstanding) 41 40
Additional paid-in capital 12,003 11,816
Accumulated deficit (3,396) (2,284)
Accumulated other comprehensive loss (444) (303)
Total Highway Holdings shareholder’s equity 8,204 9,269
Non-controlling interests 12
Total Equity 8,216 9,269
TOTAL LIABILITIES AND EQUITY $ 13,883 $ 14,859