RESTRICTED CASH |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 | |||
| Cash and Cash Equivalents [Abstract] | |||
| RESTRICTED CASH |
The proceeds from issuance of the convertible note and warrants were deposited in a Holder Master Restricted Account with East West Bank controlled by the holders of the convertible note and warrants. The restricted cash will be released, over the period from the issuance date to the maturity date of the convertible note, when control account release events occur, which includes: (i) the Company’s receipt of a notice by the Holder electing to voluntarily effect a release of cash to the Company; (ii) the shareholder approval and registration of the new authorized shares according to the Securities Purchase Agreement; and (iii) any conversion of the convertible note.
During the year ended March 31, 2026, substantially all of the restricted cash was released following the occurrence of contractual release events, primarily in connection with the conversion and settlement of the Company’s outstanding convertible notes. Accordingly, restricted cash decreased from $2,750,000 as of March 31, 2025 to $10,756 as of March 31, 2026. The release of approximately $2.7 million of restricted cash is presented as a financing cash inflow in the accompanying consolidated statements of cash flows. |