v3.25.2
Condensed Consolidated Interim Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2024
Mar. 31, 2024
ASSETS    
Cash and cash equivalents $ 2,577 $ 4,221
Accounts receivable, net of allowance for credit losses of $177,000 in September 30, 2024 and $195,000 in March 31, 2024 1,351 1,124
Other receivables, net of allowance for credit losses of $4,000 in September 30, 2024 and $32,000 in March 31, 2024 1,914 4,373
Accrued revenue (Note 8) 514 588
Prepaid expenses, parts inventory, and advances 951 919
Prepaid manufacturing costs (Note 8) 320 673
Projects under development (Note 3) 5,925
Loan receivable (Note 4) 823 776
Total current assets 14,395 12,724
Projects under development (Note 3) 8,524 8,468
Property and equipment (Note 5) 720 710
Intangible assets (Note 6) 963 1,048
Right of use assets 1,250 1,370
Deferred tax assets 897 479
Investment and other advances 8,664 3,667
Total assets 35,413 28,466
Current liabilities    
Accounts payable and accrued liabilities (Note 9) 11,872 6,796
Warranty provision 5 50
Contract liabilities (Note 8) 4,763 4,700
Loans payable (Note 10) 11,440
Current portion of lease obligations 521 454
Interest payable (Note 10) [1] 2,634
Income taxes payable 4,809 4,809
Total current liabilities 35,221 20,942
Deferred tax liabilities 747 747
Long-term operating lease obligations 619 769
Total liabilities 36,587 22,458
Stockholders’ equity    
Common stock, 500,000,000 shares authorized, $0.001 par value 56,845,724 and 52,345,724 shares issued and outstanding, September 30, 2024 and March 31, 2024 respectively (Note 12) 57 52
Additional paid-in capital 98,023 98,023
Accumulated other comprehensive income 3,866 3,564
Deficit (103,841) (96,389)
Total stockholders’ (deficit) equity (1,895) 5,250
Noncontrolling interest (Note 7) [2] 721 758
Total equity (1,174) 6,008
Total liabilities and stockholders’ equity 35,413 28,466
Related Party    
ASSETS    
Due from related parties (Note 11) 20 50
Current liabilities    
Due to related parties (Note 11) $ 1,811 $ 1,499
[1] Interest payable at March 31, 2024 related to the Company’s previous loan payable to Sheaf Storage Limited, an independent third party, which was entered into on December 15, 2022, of $9,262,000 (£7,500,000) for the acquisition of Sheaf Energy Limited. The interest payable of $2,634,000 (£2,085,000) due to Sheaf Storage Limited is in relation to the profit share (18%) on the net equity proceeds from the sale of Sheaf Energy Limited and Pacific Green Battery Energy Parks 2 Limited. On April 4, 2024, the Company repaid interest payable of $2,634,000 to Sheaf Storage Limited in full.
[2] As of September 30, 2024, net income attributable to noncontrolling interest was $37,000 loss for the six months ended September 30, 2024 split as follows; Net income attributable to noncontrolling interest – BESS Italy was a loss of $9,000 and $28,000 loss was attributable to noncontrolling interest – Saudi Arabia.