v3.25.2
Segmented Information and Geographic Data
 6 Months Ended
Sep. 30, 2024
Segmented Information and Geographic Data [Abstract]  
Segmented Information and Geographic Data
14. Segmented Information and Geographic Data

 

  (a) Segment Information

 

As of April 1 2024, the Company has identified the following reportable segments:

 

●Battery Energy Storage Systems ("BESS") – The Company is focused on early stage development of utility scale BESS facilities, combining our technology, development and project financing expertise, and using our global presence and strong relationships with trusted supply chain partners, to de-risk project execution. Our local presence and strategic relationships in China gives us access to the best technologies and manufacturing capabilities, whilst our project delivery experience in Europe and Australia enable us deliver industry leading projects at scale and speed.

 

●Environmental Technologies ("ET") – The Company continues to operate in the Emission Control Systems (“ECS”) market, installing and servicing marine exhaust scrubbers. We maintain our own global product patents and intellectual property for these market leading environmental technologies. Environmental Technologies also includes design, development and engineering services for Concentrated Solar Power (“CSP”) projects in China.

 

The segment profit or loss measure used by the Company’s chief operating decision maker ("CODM") is gross profit and evaluated based on internal reports provided to the CODM. Our CODM has been identified as the Chief Executive Officer. 

 

The prior-period amounts have been restated to conform with the new presentation.

 

   Three Months Ended
September 30, 2024		   Six Months Ended
September 30, 2024		 
   BESS
$000		   ET
$000		   Total
$000		   BESS
$000		   ET
$000		   Total
$000		 
                         
Revenues   727    1,131    1,858    1,378    2,284    3,662 
Cost of goods sold   (546)   (1,417)   (1,963)   (1,080)   (2,417)   (3,497)
Segment gross profit (loss)   181    (286)   (105)   298    (133)   165 
                               
Reconciliation of profit or loss                              
Segment gross profit (loss)   181    (286)   (105)   298    (133)   165 
Gain on de-recognition of BESS project subsidiaries   377    
–
    377    377    
–
    377 
                               
Unallocated amounts:                              
Total expenses             (3,828)             (7,554)
Interest expense             (643)             (857)
                               
Loss before income taxes             (4,199)             (7,869)

  

   Three Months Ended
September 30, 2023		   Six Months Ended
September 30, 2023		 
   BESS
$000		   ET
$000		   Total
$000		   BESS
$000		   ET
$000		   Total
$000		 
                         
Revenues   
–
    1,165    1,165    
–
    2,354    2,354 
Cost of goods sold   (438)   (1,162)   (1,600)   (438)   (2,380)   (2,818)
Segment gross (loss) profit   (438)   3    (435)   (438)   (26)   (464)
                               
Reconciliation of profit or loss                              
Segment gross (loss) profit   (438)   3    (435)   (438)   (26)   (464)
Gain on de-recognition of BESS project subsidiaries   5,504    
–
    5,504    16,756    
–
    16,756 
                               
Unallocated amounts:                              
Total expenses             (7,126)             (14,039)
Interest expense             (713)             (2,022)
Total other (expense) income excluding interest expense             
–
              68 
                               
(Loss) income before income taxes             (2,770)             299 

Total segment long-live assets reconciled to consolidated amounts are as follows:

 

   September 30, 2024 
   BESS
$000		   ET
$000		   Unallocated
$000		   Total
$000		 
                 
Property and equipment   
–
    601    119    720 
Intangible assets   
–
    963    
–
    963 
Projects under development   8,524    
–
    
–
    8,524 
Right of use assets   56    37    1,157    1,250 
Total   8,580    1,601    1,276    11,457 

 

   March 31, 2024 
   BESS
$000		   ET
$000		   Unallocated
$000		   Total
$000		 
                 
Property and equipment   
–
    614    96    710 
Intangible assets   
–
    1,048    
–
    1,048 
Projects under development   8,468    
–
    
–
    8,468 
Right of use assets   
–
    63    1,307    1,370 
Total   8,468    1,725    1,403    11,596 

 

  (b) Geographic Data

 

The following tables show revenue and long-lived assets by geography: 

 

   Three Months
Ended
September 30,
2024
$		   Three Months
Ended
September 30,
2023
$		   Six Months
Ended
September 30,
2024
$		   Six Months
Ended
September 30,
2023
$		 
                 
Total revenues                
North America   
–
    
–
    14    17 
Europe   1,578    642    3,267    1,317 
Asia   280    523    381    1,020 
                     
Total   1,858    1,165    3,662    2,354 

 

   September 30,
2024
$000		   March 31,
2024
$000		 
         
Long-lived assets        
North America   962    1,047 
Europe   1,331    1,401 
Asia   640    680 
Total   2,933    3,128 
           
Reconciliation of long-lived assets          
Property and equipment   720    710 
Intangible assets   963    1,048 
Right of use assets   1,250    1,370 
Total   2,933    3,128 

 

For the three and six months ended September 30, 2024, 40% and 39% of the Company’s revenues were derived from the largest customer respectively.

 

For the three and six months ended September 30, 2023, 36% and 36% of the Company’s revenues were derived from the largest customer respectively.