v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
A. Cash flows from operating activities        
Net loss $ (13,805,617) $ (26,757,978) $ (34,277,252) $ (62,032,076)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization 305,658 754,660    
Stock-based compensation 1,883,733    
Interest income (824)    
Change in fair value of preferred stock warrant 5,284,494 5,284,494 (420,245)
Change in fair value of convertible promissory note (3,448,846) (6,990,870) 944,727
Change in fair value of Senior Subordinated Convertible Promissory Notes (6,990,870) (3,448,845) 9,312,177
Change in fair value of derivative financial instruments (5,471,519) 3,465,293    
Discount on issue of Common Stock and Warrants (November and December 2024 offering)    
Note issue expenses 1,564,210    
Interest on redeemable promissory note 1,995,967    
Loss on extinguishment of redeemable promissory note 1,765,615    
Issuance cost towards issue of common stock and warrants 2,868,085    
Change in fair value of Unsecured Convertible Note (725,362) 1,732,589    
Discount on issue of Unsecured Convertible Note 632,595    
Gain on modification/termination of finance leases     (130,719)
(Gain)/Loss on sale and disposal of assets, net (7,145) 85,806    
(Gain)/Loss on sale and disposal of assets held for sale, net (1,796) 11,325    
Impairment on assets held for sale 251,590 165,216 167,413 93,144
Assets written off 162,205 39,650    
Liabilities written back (494) (385)    
Payable to customers written back (76,052)    
Provisions written back (137,235)    
Amortization of operating lease right-of-use assets 45,701    
Gain on troubled debt restructuring (476,746)    
Gain on modification of finance leases (766)    
Unrealized foreign currency exchange loss, net 852 4,052    
Adjustments to reconcile net loss to net cash used in operating activities (13,352,760) (21,529,579)    
Changes in operating assets and liabilities :        
Decrease/(Increase) in Accounts receivable 92,870 (43,795)    
(Increase) in Balances with government authorities (58,848) (116,133)    
Decrease in Prepaid expenses 1,300,660 682,785    
Decrease in Other assets 139,971 86,909    
Increase in Accounts payables 7,056,825 11,838,986    
Increase in Other liabilities 244 482,139    
(Decrease)/Increase in Pension and other employee obligations (224,386) 29,617    
Decrease in Operating lease right of use asset 192,983    
(Decrease) in Operating lease liabilities (182,771)    
(Decrease)/Increase in Contract liabilities (8,509) 26,927    
Net cash used in operating activities (A) (5,043,721) (8,542,144)    
B. Cash flows from investing activities        
Proceeds from sale/payment for purchase of property and equipment, including intangible assets and capital advances 14,201 (61,296)    
Payment towards investments in fixed deposits (130,132)    
Proceeds from sale of asset held for sale 86,880 61,344    
Proceeds from maturity of investments in fixed deposits 362,475 67,250    
Interest received on fixed deposits 824    
Net cash generated/(used) in investing activities (B) 463,556 (62,010)    
C. Cash flows from financing activities        
Proceeds from issue of equity and warrants (including prepayment of exercise price on pre funded warrants) 14,634,810    
Payment of issuance cost towards issue of common stock and warrants (2,182,774)    
Proceeds from issue of Senior Subordinated Convertible Promissory Notes 13,175,025    
Payment of notes issuance cost (1,564,210)    
Proceeds from issue of redeemable promissory notes 3,000,000    
Payment of redeemable promissory note issue expenses (491,500)    
Repayment of redeemable promissory note (3,804,000)    
Payment of offering costs (4,804,482)    
Proceeds from merger 5,770,630    
Repayment of debt (1,854,880) (1,026,291)    
Principal payment of finance lease obligation (1,603,626) (346,248) (526,959) (1,618,551)
Net cash generated from financing activities (C) 7,698,030 11,204,424    
Net increase in cash and cash equivalents and restricted cash (A+B+C) 3,117,865 2,600,270    
Effect of foreign exchange on cash and cash equivalents. (16,636) (168,160)    
Cash and cash equivalents and restricted cash        
Beginning of period 1,496,144 3,684,883 3,684,883  
End of period 4,597,373 6,116,993 1,496,144 3,684,883
Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets        
Cash and cash equivalents 4,397,373 6,116,993 1,496,144 3,686,741
Restricted cash and cash equivalents included under other non-current assets 200,000    
Total cash and cash equivalents and restricted cash shown in Condensed Consolidated Statement of Cash Flows 4,597,373 6,116,993 1,496,144 3,684,883
Supplemental disclosures of cash flow information        
Cash (paid) for income taxes (4,099) (57,337) (95,839) (100,845)
Interest paid on debt (167,929) (326,482) (431,136) (690,575)
Supplemental disclosures of non-cash investing and financing activities:        
Issue of unsecured convertible promissory note 8,434,605    
Issue of common stock to vendors against services 19,052,000 1,952,000
Issue of common stock upon conversion of warrants     31
Issue of common stock upon conversion of SSCPN 27,147,577 27,148,313
Non-cash liabilities assumed in the Reverse Recapitalization     17,100,000  
Warrants issued on completion of Reverse Recapitalization     7,538,708
Issue of common stock upon conversion of convertible promissory notes 3,953,749 3,953,856
Assumption of Unsecured promissory note on Reverse Recapitalization     3,259,208  
Payments for offering costs 4,804,482    
Warrants issued on completion of Merger 7,538,708    
Issue of common stock upon conversion of Unsecured Convertible Note 2,324,695    
Issue of warrants to redeemable promissory note holders 2,047,925    
Issue of common stock upon exercise of warrants issued with redeemable promissory notes 5    
Issue of common stock upon conversion of unsecured promissory note 2,027,840    
Warrants issued to placement agents towards issue of redeemable promissory notes 418,157    
Warrants issued to placement agents 1,257,449    
Acquisition of assets held for sale by incurring a liability 238,349      
Previously Reported        
A. Cash flows from operating activities        
Net loss     (34,277,252) (62,032,076)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization     1,001,621 740,422
Stock-based compensation     1,883,733 3,610,097
Impairment of balances with government authorities     3,875,767
Change in fair value of preferred stock warrant     5,284,494 (420,245)
Change in fair value of convertible promissory note     (6,990,870) 944,727
Change in fair value of Senior Subordinated Convertible Promissory Notes     (3,448,845) 9,312,177
Change in fair value of derivative financial instruments     3,465,293 14,373,856
Change in fair value of Unsecured Convertible Note     1,632,996
Discount on issue of Unsecured Convertible Note     632,595
SSCPN issue expenses     1,564,210 961,628
Gain on modification/termination of finance leases     (130,719)
(Gain)/Loss on sale and disposal of assets, net     82,640 311,375
(Gain)/Loss on sale and disposal of assets held for sale, net     207,706 (1,644,650)
Assets written off     90,750
Liabilities written back     (382)
Provisions written back     13,869
Amortization of operating lease right-of-use assets     28,427 54,930
Unrealized foreign currency exchange loss, net     4,943 7,820
Adjustments to reconcile net loss to net cash used in operating activities     (24,948,305) (33,910,658)
Changes in operating assets and liabilities :        
Decrease/(Increase) in Accounts receivable     33,030 (88,986)
(Increase) in Balances with government authorities     (194,278) 84,059
Decrease in Prepaid expenses     (872,639) (700,318)
Decrease in Other assets     181,699 150,220
Increase in Accounts payables     3,587,669 707,572
Increase in Other liabilities     43,153 (3,063,954)
(Decrease)/Increase in Pension and other employee obligations     27,192 72,689
(Decrease)/Increase in Contract liabilities     (56,670) 479,859
Net cash used in operating activities (A)     (22,199,149) (36,269,517)
B. Cash flows from investing activities        
Proceeds from sale/payment for purchase of property and equipment, including intangible assets and capital advances     (108,158) (88,629)
Payment towards investments in fixed deposits     (168,761) (102,140)
Proceeds from sale of property, plant and equipment     (34,571) 7,160
Proceeds from sale of asset held for sale     121,315 4,035,418
Proceeds from maturity of investments in fixed deposits     190,989 52,322
Net cash generated/(used) in investing activities (B)     814 3,904,131
C. Cash flows from financing activities        
Proceeds from issue of Senior Subordinated Convertible Promissory Notes     13,175,025 8,109,954
Proceeds from issue of Convertible Promissory Note     10,000,000
Proceeds from issue of Unsecured Convertable Note     7,802,010
Proceeds from debt     1,078,050
Payment of notes issuance cost     (1,231,368)
Payment of offering costs     (2,836,626)
Proceeds from merger     5,770,630
Payment of Senior Subordinated Convertible Promissory Notes issue expenses     (1,564,210) (961,628)
Repayment of debt     (1,464,539) (5,942,961)
Principal payment of finance lease obligation     (526,959) (1,618,551)
Net cash generated from financing activities (C)     20,202,013 9,586,814
Net increase in cash and cash equivalents and restricted cash (A+B+C)     (1,996,322) (22,778,572)
Effect of foreign exchange on cash and cash equivalents.     (194,275) (318,478)
Cash and cash equivalents and restricted cash        
Beginning of period $ 1,496,144 $ 3,686,741 3,686,741 26,783,791
End of period     1,496,144 3,686,741
Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets        
Cash and cash equivalents     1,496,144 3,686,741
Total cash and cash equivalents     1,496,144 3,686,741
Total cash and cash equivalents and restricted cash shown in Condensed Consolidated Statement of Cash Flows     $ 1,496,144 $ 3,686,741