Paycheck Protection Program and Employment Support Scheme

12 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Paycheck Protection Program and Employment Support Scheme

NOTE 15 — 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 completely forgiven by the Small Business Administration. The Company recorded the impact of its PPP loan forgiveness as other income during fiscal 2022.  

The Hong Kong government implemented a similar program called the Employment Support Scheme (“ESS”). It provided grants to companies who retained their employees during the COVID-19 outbreak. The Company’s Hong Kong subsidiary applied for and was granted approximately $83,000 during fiscal 2021.

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.