v3.25.1
Income Taxes (Tables)
9 Months Ended 12 Months Ended
Dec. 31, 2024
Mar. 31, 2024
Income Taxes [Abstract]    
Schedule of Components of (Loss)/Gain Before Income Taxes

The components of (loss)/gain before income taxes consist of the following:

 

   Three months ended
December 31,
   Nine months ended
December 31,
 
(In USD)  2024   2023   2024   2023 
Domestic  $(5,889,163)  $19,809,584   $(8,072,027)  $(11,367,084)
Foreign   (2,032,900)   (5,384,145)   (5,733,590)   (15,390,894)
Profit/(Loss) before income taxes  $(7,922,063)  $14,425,439   $(13,805,617)  $(26,757,978)

The components of loss before income taxes consist of the following:

 

(In USD)        
   March 31,
2024
   March 31,
2023
 
Domestic  $(11,618,649)  $(28,261,210)
Foreign   (22,658,603)   (33,770,866)
Income/(Loss) before income taxes  $(34,277,252)  $(62,032,076)

 

The components of the provision for income taxes were as follows:

 

(In USD)          
Period ended   March 31,
2024
    March 31,
2023
 
Current Taxes          
U.S. federal  $-   $- 
U.S. state and local   -    - 
Foreign   -    - 
Current taxes  $-   $- 
           
Deferred Taxes          
U.S. federal  $-   $- 
U.S. state and local   -    - 
Foreign   -    - 
Deferred Taxes  $-   $- 
Provision for income taxes  $-   $- 
Schedule of Reconciliation of the Statutory Federal Income Tax Rate  

The following is a reconciliation of the statutory federal income tax rate to our effective tax rate

 

   March 31,
2024
   March 31,
2023
 
Accounting profit/(loss) before tax  $(34,277,252)  $(62,032,076)
Tax using the Company’s domestic tax rate   (7,198,223)   (13,026,736)
           
Federal statutory income tax rate   21.0%   21.0%
Tax impact of :          
U.S. state and local taxes   1.5%   2.1%
Federal benefit for state taxes   -1.5%   -2.1%
Valuation allowance   -23.6%   -23.1%
Difference in tax rates   2.6%   2.1%
Effective tax rate   0.0%   0.0%
Current Tax expense   -    - 
Deferred Tax expense   -    - 
Income tax expense reported in the Statement of profit and loss/Effective Tax Rate   -    - 
Schedule of Deferred Income Tax Assets and Liabilities   The Company’s deferred income tax assets and liabilities as of March 31, 2024 and 2023 consisted of the following
Year ended  March 31,
2024
   March 31, 2023 
Deferred tax assets:        
Net operating loss carryforwards   44,873,459    35,315,394 
Lease liability   149,905    431,669 
Total deferred tax assets   45,023,364    35,747,063 
Less: Valuation allowance   (43,709,941)   (34,877,803)
Deferred tax assets, net of valuation allowance  $1,313,423   $869,260 
Deferred tax liabilities:          
Right of use assets   (322,652)   (440,418)
Depreciation on property plant and equipment and intangible assets   (361,674)   (342,678)
Borrowings   (629,097)   - 
Others   -    (86,164)
Total deferred tax liabilities   (1,313,423)   (869,260)
Net deferred tax assets  $-   $-