Quarterly report pursuant to Section 13 or 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Dec. 31, 2022
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]  
SCHEDULE OF ESTIMATED USEFUL LIVES

 

Buildings     39 years  
Machinery and Equipment     7 – 10 years  
Vehicles     10 years  
Furniture and Fixtures     3 – 10 years  
Promissory Note [Member]  
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]  
SCHEDULE OF DERIVATIVE AND WARRANT AND PROMISSORY NOTE AT FAIR VALUE

 

Promissory Note

 

    December 31, 2022        
    (unaudited)     March  31, 2022  
Promissory Notes fair value at beginning of period   $ -     $ -  
Fair value of Promissory Note upon Restructuring Agreement     20,847,867       -  
Change in fair value     (1,594,515 )     -  
Promissory Note fair value at end of period   $ 22,442,382     $           -  

 
Warrants [Member]  
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]  
SCHEDULE OF DERIVATIVE AND WARRANT AND PROMISSORY NOTE AT FAIR VALUE

 

Warrant liability

 

    December 31, 2022        
    (unaudited)     March 31, 2022  
Warrant liability balance at beginning of period   $ 3,923,000     $ -  
Additions to warrant liability     -       5,910,000  
Reclass to equity upon cancellation or exercise     -       -  
Change in fair value     (3,031,000 )     (1,987,000 )
Balance at end of period   $ 892,000     $ 3,923,000  

 
Derivative [Member]  
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]  
SCHEDULE OF DERIVATIVE AND WARRANT AND PROMISSORY NOTE AT FAIR VALUE

The following is a summary of activity of Level 3 derivatives during the nine months ended December 31, 2022 and the year ended March 31, 2022:

 

 

Derivatives

 

    December 31, 2022        
    (unaudited)     March 31, 2022  
Derivative liability balance at beginning of period   $ 13,101,000     $ -  
Included in gain on extinguishment of note     (12,290,000 )     -  
Additions to derivatives     -       12,985,000  
Change in fair value     (811,000 )     116,000  
Balance at end of period   $ -     $ 13,101,000