Paycheck Protection Program and Employment Support Scheme

6 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Paycheck Protection Program and Employment Support Scheme

NOTE 10 — PAYCHECK PROTECTION PROGRAM AND EMPLOYMENT SUPPORT SCHEME

On July 5, 2021, the Company’s Paycheck Protection Program (”PPP”) loan of approximately $204,400 plus accrued interest of $2,400 was forgiven by the Small Business Administration (“SBA”). The Company recorded the impact of its PPP loan forgiveness as other income during the quarter ended September 30, 2021.

During the quarter ended September 30, 2020, the Company’s Hong Kong subsidiary applied for and was granted approximately $55,000 under a governmental program called the Employment Support Scheme (“ESS”). The income realized from the PPP loan forgiveness and the amount granted under the ESS program are presented as Other Income under the description called “Income from governmental assistance programs” in the Consolidated Statements of Operations.