INCOME TAXES (Tables)

9 Months Ended

Dec. 31, 2023

Notes and other explanatory information [abstract]

Schedule of income tax benefit

	Nine Months Ended December 31,
(In thousands)	2023			2022
Current:
Federal	$	(15	)	$	(16	)
State and local		–			(8	)
Foreign		–			–
Total current		(15	)		(24	)
Deferred:
Federal		–			–
State and local		–			–
Foreign		10,564			2,930
Total deferred		10,564			2,930
Benefit from income taxes	$	10,549		$	2,906

Schedule of reconciliation income tax rates

	Nine Months Ended December 31,
	2023			2022
Loss on ordinary activities before tax	$	(1,712	)	$	(1,230	)
Statutory U.S. income tax rate		21.0	%		21.0	%
Income tax benefit at statutory income tax rate		359			258
Share-based compensation expense recognized for financial statement purposes		(419	)		–
Other losses (unrecognized)		(14	)		(282	)
Utilization of losses not previously benefitted		59			–
Income tax (expense)	$	(15	)	$	(24	)

Schedule of effective income tax rates

	Nine Months Ended December 31,
	2023			2022
Loss on ordinary activities before tax	$	(52,013	)	$	(4,567	)
Statutory U.K. income tax rate		25.0	%		19.0	%
Loss at statutory income tax rate		13,003			868
Change from increase in deferred income tax rate		–			274
Derecognition of deferred tax assets		(2,451	)		–
Foreign currency effect		12			1,788
Income tax benefit	$	10,564		$	2,930

Schedule of reconciliation of financial statement income (loss)

	Nine Months Ended December 31,
	2023												2022
	United States			BVI			United Kingdom			Total			United States			BVI			United Kingdom			Total
Pre-tax loss	$	(1,712	)	$	(14,473	)	$	(52,570	)	$	(68,755	)	$	(1,230	)	$	(7,320	)	$	(4,567	)	$	(13,117	)
Share-based compensation expense for financial statement purposes for which no benefit was taken		1,997			–			–			1,997			–			–			–			–
Loss for which no benefit was taken		–			–			–			–			1,622			–			–			1,622
Losses not subject to tax		65			14,473			557			15,095			–			7,320			–			7,320
Utilization of losses not previously benefitted		(280	)		–			–			(280	)		(314	)		–			–			(314	)
Taxable income (loss)	$	70		$	–		$	(52,013	)	$	(51,943	)	$	78		$	–		$	(4,567	)	$	(4,489	)

Schedule of deferred tax assets and liabilities

	As of December 31,			As of March 31,
	2023			2023
Deferred tax assets:
Net operating loss	$	(5,500	)	$	(4,131	)
Deferred tax asset (unrecognized)		3,951			1,500
Deferred tax asset		(1,549	)		(2,631	)
Deferred tax liabilities:
In-process research and development		1,549			13,195
Deferred tax liability		1,549			13,195
Net deferred tax liability	$	–		$	10,564