Annual report pursuant to Section 13 and 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Mar. 31, 2023
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

 

    2023     2022  
Promissory Notes fair value at beginning of year   $ -     $ -  
Fair value of Promissory Notes upon Restructuring Agreement     20,847,867       -  
Change in fair value     2,842,133       -  
Promissory Note fair value at end of year   $ 23,690,000     $    -  
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

 

    2023     2022  
Warrant liability balance at beginning of year   $ 3,923,000     $ -  
Additions to warrant liability     -       5,910,000  
Reclass to equity upon cancellation or exercise     -       -  
Change in fair value     (3,568,000 )     (1,987,000 )
Balance at end of year   $ 355,000     $ 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 liabilities during the years ended March 31, 2023 and 2022:

 

Derivatives

 

    2023     2022  
Derivative liability balance at beginning of year   $ 13,101,000     $ -  
Removal of conversion feature upon restructuring of convertible note     (12,290,000 )     -  
Additions to derivatives     -       12,985,000  
Change in fair value     (811,000 )     116,000  
Balance at end of year   $ -     $ 13,101,000