Paycheck Protection Program and Employment Support Scheme

9 Months Ended

Dec. 31, 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. The Company recorded the impact of its PPP loan forgiveness as other income during the quarter ended September 30, 2021.

During the three months ended December 31, 2021 and December 31, 2020, the Company’s Hong Kong subsidiary recorded nil and $28,000, respectively, under the governmental program called the Employment Support Scheme (“ESS”). During the nine months ended December 31, 2021 and December 31, 2020, the Company’s Hong Kong subsidiary recorded nil and $83,000, respectively, under the ESS program.

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.