v3.25.2
Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, and Contract Liabilities (Tables)
 9 Months Ended
Dec. 31, 2024
Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, and Contract Liabilities [Abstract]  
Schedule of Revenue Disaggregated

The Company derives revenue from the sale of products and delivery of services. Revenue disaggregated by type for the three and nine months ended December 31, 2024 and December 31, 2023 is as follows:

 

   Three Months
Ended
December 2024,
$000		   Three Months
Ended
December 2023,
$000		   Nine Months
Ended
December 2024,
$000		   Nine Months
Ended
December 2023,
$000		 
Products   115    8,353    840    8,353 
Services   1,406    1,904    4,343    4,258 
Total   1,521    10,257    5,183    12,611 
Schedule of Service Revenue

Service revenue by type for the three and nine months ended December 31, 2024 and December 31, 2023 is as follows:

 

   Three Months
Ended
December 2024,
$000		   Three Months
Ended
December 2023,
$000		   Nine Months
Ended
December 2024,
$000		   Nine Months
Ended
December 2023,
$000		 
Specific services provided to marine scrubber systems   704    1,196    2,082    3,176 
BESS CMA and MSA   693    524    2,129    524 
Design and engineering services for CSP   9    185    132    558 
    1,406    1,905    4,343    4,258 
Schedule of Changes in Company’s Accrued Revenue, Prepaid Manufacturing Costs, and Contract Liabilities

Changes in the Company’s accrued revenue, prepaid manufacturing costs, and contract liabilities for the period are noted as below:

 

   Accrued
Revenue
$000		   Prepaid
Manufacturing
Costs
$000		   Sales
(Cost of
Goods Sold)
$000		   Contract
Liabilities
$000		 
                 
Balance, March 31, 2023   505    464         (8,751)
                     
Customer receipts and receivables   
–
    
–
    
–
    (4,768)
Scrubber sales recognized in revenue   
–
    
–
    8,353    8,353 
Payments and accruals under contracts   (67)   936    
–
    
–
 
Cost of goods sold recognized in earnings   
–
    (864)   (864)   
–
 
Balance, December 31, 2023   438    536         (5,166)
                     
Balance, March 31, 2024   588    673         (4,700)
                     
Customer receipts and receivables   
–
    
–
    
–
    (2,449)
Scrubber and FOWE sales recognized in revenue   
–
    
–
    840    840 
BESS CMA and MSA recognized in revenue   
–
    
–
    2,129    2,129 
Payments and accruals under contracts   (470)   328    
–
    
–
 
Scrubber and FOWE cost of goods sold recognized in earnings   
–
    (576)   (1,141)   
–
 
BESS CMA and MSA cost of sales recognized in earnings   
–
    
–
    (1,800)   
–
 
Balance, December 31, 2024   118    425         (4,180)
Schedule of Cost of Goods Sold

Cost of goods sold for the nine months ended December 31, 2024 and December 31, 2023 is comprised as follows:

 

   Three Months
Ended
December 2024,
$000		   Three Months
Ended
December 2023,
$000		   Nine Months
Ended
December 2024,
$000		   Nine Months
Ended
December 2023,
$000		 
BESS CMA and MSA – cost of sales   721    465    1,800    903 
Specific services provided to marine scrubber systems   484    905    1,576    2,423 
Scrubber costs recognized   47    161    391    70 
Amortization of intangibles   41    236    126    726 
FOWE cost of goods sold   (13)   
–
    243    – 
Salaries and Wages   154    143    436    406 
Design and engineering services for CSP   1    51    330    221 
Commission type costs   14    10    44    40 
Total   1,449    1,971    4,946    4,789