Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Sep. 30, 2023 | Nov. 14, 2023 | |
Document Information Line Items | ||
Entity Registrant Name | PACIFIC GREEN TECHNOLOGIES INC. | |
Trading Symbol | PGTK | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --03-31 | |
Entity Common Stock, Shares Outstanding | 52,220,724 | |
Amendment Flag | false | |
Entity Central Index Key | 0001553404 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-54756 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 36-4966163 | |
Entity Address, Address Line One | Suite 10212 | |
Entity Address, Address Line Two | 8 The Green | |
Entity Address, City or Town | Dover | |
Entity Address, State or Province | DE | |
Entity Address, Postal Zip Code | 19901 | |
City Area Code | (302) | |
Local Phone Number | 601-4659 | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NONE | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Interim
Condensed Consolidated Interim Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
ASSETS | ||
Cash and cash equivalents | $ 1,439,484 | $ 1,160,358 |
Short-term investments and amounts in escrow (Note 3) | 56,483 | |
Accounts receivable, net of allowance for doubtful accounts of $51,445 and $97,640 at September 30, 2023 and March 31, 2023, respectively | 793,924 | 886,663 |
Other receivable, net of allowance for doubtful accounts of $nil and $3,951 at September 30, 2023 and March 31, 2023, respectively (Note 4) | 6,479,390 | 359,461 |
Accrued revenue (Note 11) | 307,543 | 504,766 |
Prepaid expenses, parts inventory and advances (Note 4) | 1,206,845 | 325,788 |
Prepaid manufacturing costs (Note 11) | 896,800 | 463,815 |
Projects under development (Note 5) | 16,302,854 | |
Total current assets | 27,426,840 | 3,757,334 |
Asset held for sale (Note 4) | 18,569,060 | |
Project under development | 39,970 | |
Property and equipment (Note 6) | 760,023 | 849,209 |
Intangible assets (Note 7) | 6,215,515 | 6,706,484 |
Right of use asset | 164,145 | 350,429 |
Security deposits and other advances (Note 4) | 2,438,372 | 293,680 |
Total assets | 37,004,895 | 30,566,166 |
Current liabilities | ||
Accounts payable and accrued liabilities (Note 4), (Note 12) | 7,805,054 | 3,388,733 |
Warranty provision (Note 14) | 416,361 | 580,530 |
Contract liabilities (Note 11) | 9,611,925 | 8,751,125 |
Loans payable (Note 13) | 3,834,315 | 2,459,146 |
Loans of Projects Under Development (Note 13) | 11,192,035 | |
Current portion of lease obligations | 47,723 | 145,437 |
Due to related parties (Note 15) | 152,140 | 213,020 |
Total current liabilities | 33,059,553 | 15,537,991 |
Other long-term obligation | 127,974 | |
Long-term operating lease obligation | 32,716 | 84,621 |
Total liabilities | 33,092,269 | 15,750,586 |
Stockholders’ Equity | ||
Preferred stock, 10,000,000 shares authorized, $0.001 par value nil and nil shares issued and outstanding at September 30, 2023 and March 31, 2023, respectively | ||
Common stock, 500,000,000 shares authorized, $0.001 par value 52,220,724 and 47,276,886 shares issued and outstanding at September 30, 2023 and March 31, 2023, respectively | 52,221 | 47,277 |
Additional paid-in capital | 95,905,539 | 93,107,946 |
Accumulated other comprehensive income | 3,525,967 | 2,944,086 |
Deficit | (96,398,786) | (96,847,650) |
Total stockholders’ equity before treasury stock | 3,084,941 | (748,341) |
Treasury stock, at cost, nil shares and 56,162 shares at September 30, 2023 and March 31, 2023, respectively | (99,754) | |
Total stockholders’ equity | 3,084,941 | (848,095) |
Noncontrolling interest (Note 10) | 827,685 | 15,663,675 |
Total equity | 3,912,626 | 14,815,580 |
Total liabilities and stockholders’ equity | 37,004,895 | 30,566,166 |
Related Party | ||
Current liabilities | ||
Due to related parties (Note 15) | $ 152,140 | $ 213,020 |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Balance Sheets (Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Net of allowance for doubtful account (in Dollars) | $ 51,445 | $ 97,640 |
Other receivable for doubtful account (in Dollars) | $ 3,951 | |
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares issued | 52,220,724 | 47,276,886 |
Common stock, shares outstanding | 52,220,724 | 47,276,886 |
Treasury stock, shares | 56,162 |
Condensed Consolidated Interi_3
Condensed Consolidated Interim Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Sales (Note 11) | |||||
Total revenues | $ 1,164,989 | $ 1,195,353 | $ 2,353,827 | $ 3,219,229 | |
Cost of goods sold (Note 11) | |||||
Total cost of goods sold | 1,600,034 | 1,054,680 | 2,817,797 | 2,283,223 | |
Gross profit / (loss) | (435,045) | 140,673 | (463,970) | 936,006 | |
Expenses | |||||
Advertising and promotion | 98,833 | 158,406 | 202,983 | 301,673 | |
Amortization of intangible assets (Note 7) | 626 | 662 | 1,305 | 1,350 | |
Bad debts expense / (recovery) | 44,747 | (46,534) | 56,224 | (46,534) | |
Depreciation (Note 6) | 38,295 | 49,487 | 75,415 | 103,071 | |
Foreign exchange loss / (gain) | 251,827 | (393,375) | 1,064,199 | 104,321 | |
Management and technical consulting | 4,052,668 | 315,240 | 9,283,918 | 1,304,324 | |
Office and miscellaneous | 520,908 | 527,307 | 954,402 | 990,076 | |
Operating lease expense (Note 18) | 93,436 | 99,253 | 217,359 | 208,990 | |
Professional fees | 227,143 | 460,635 | 263,157 | 747,660 | |
Research and development | 112,144 | 144,341 | 13,772 | ||
Salaries and wage expenses | 1,546,262 | 1,065,710 | 2,443,270 | 2,048,624 | |
Transfer agent and filing fees | 20,592 | 17,043 | 36,326 | 30,797 | |
Travel and accommodation | 118,394 | 208,463 | 237,752 | 399,230 | |
Warranty and related expense / (recovery) (Note 14) | (35,320) | 181,600 | |||
Total expenses | 7,125,875 | 2,462,297 | 14,945,331 | 6,388,954 | |
Income (loss) before other income (expense) | (7,560,920) | (2,321,624) | (15,409,301) | (5,452,948) | |
Other income / (expenses) | |||||
Financing interest income | 5 | 10,031 | 1,044 | 56,300 | |
Gain on derecognition of a subsidiary | 5,503,794 | 17,622,891 | |||
Interest expense | (712,383) | (39,360) | (2,021,353) | (77,711) | |
Total other (expense) / income | 4,791,416 | (29,329) | 15,602,582 | (21,411) | |
Net (loss)/ income for the period before noncontrolling interest | (2,769,504) | (2,350,953) | 193,281 | (5,474,359) | |
Net (loss)/ income attributable to noncontrolling interest (Note 10) | (33,386) | (109,082) | (358,840) | 26,742 | |
Net (loss)/ income for the period | (2,736,118) | (2,241,871) | 552,121 | (5,501,101) | |
Other comprehensive income | |||||
Foreign currency translation gain / (loss) | 425,974 | 202,891 | 581,881 | (181,944) | |
Comprehensive (loss)/ income for the period | $ (2,310,144) | $ (2,038,980) | $ 1,134,002 | $ (5,683,045) | |
Net income per share, basic (in Dollars per share) | $ (0.06) | $ (0.05) | $ 0 | $ (0.12) | |
Weight average number of common shares outstanding, basic (in Shares) | [1] | 49,686,872 | 47,339,386 | 51,697,028 | 47,339,386 |
Weight average number of dilutive shares outstanding, diluted (in Shares) | 49,686,872 | 47,339,386 | 51,698,070 | 47,339,386 | |
Products | |||||
Sales (Note 11) | |||||
Total revenues | $ 699,289 | $ 2,354,447 | |||
Cost of goods sold (Note 11) | |||||
Total cost of goods sold | 251,831 | 713,040 | 443,687 | 1,700,247 | |
Services | |||||
Sales (Note 11) | |||||
Total revenues | 1,164,989 | 496,064 | 2,353,827 | 864,782 | |
Cost of goods sold (Note 11) | |||||
Total cost of goods sold | $ 1,348,203 | $ 341,640 | $ 2,374,110 | $ 582,976 | |
[1] The period ended September 30, 2023, includes 210,000 (2022 – 312,500) stock options as they are exercisable at any time and for nominal cash consideration. |
Condensed Consolidated Interi_4
Condensed Consolidated Interim Statements of Operations and Comprehensive Income (Loss) (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Net income per share, diluted (in Dollars per share) | $ (0.05) | $ (0.05) | $ (0.01) | $ (0.12) |
Condensed Consolidated Interi_5
Condensed Consolidated Interim Statements of Stockholders Equity (Unaudited) - USD ($) | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Treasury Stock | Noncontrolling Interest | Deficit | Total |
Balance at Mar. 31, 2022 | $ 47,027 | $ 92,429,203 | $ 2,035,666 | $ (99,754) | $ 10,361,701 | $ (85,530,306) | $ 19,243,537 |
Balance (in Shares) at Mar. 31, 2022 | 47,026,886 | ||||||
Fair value of options granted | 17,718 | 17,718 | |||||
Noncontrolling interest | 67,571 | 67,571 | |||||
Foreign exchange translation gain/ (loss) | (384,835) | (384,835) | |||||
Net Profit (loss) for the period | (3,259,230) | (3,259,230) | |||||
Balance at Jun. 30, 2022 | $ 47,027 | 92,446,921 | 1,650,831 | (99,754) | 10,429,272 | (88,789,536) | 15,684,761 |
Balance (in Shares) at Jun. 30, 2022 | 47,026,886 | ||||||
Fair value of options granted | 9,194 | 9,194 | |||||
Noncontrolling interest | 5,737,809 | 5,737,809 | |||||
Foreign exchange translation gain/ (loss) | 202,891 | 202,891 | |||||
Net Profit (loss) for the period | (2,241,871) | (2,241,871) | |||||
Balance at Sep. 30, 2022 | $ 47,027 | 92,456,115 | 1,853,722 | (99,754) | 16,167,081 | (91,031,407) | 19,392,784 |
Balance (in Shares) at Sep. 30, 2022 | 47,026,886 | ||||||
Balance at Mar. 31, 2023 | $ 47,277 | 93,107,946 | 2,944,086 | (99,754) | 15,663,675 | (96,847,650) | 14,815,580 |
Balance (in Shares) at Mar. 31, 2023 | 47,276,886 | ||||||
Shares issued for employee services | $ 2,750 | 1,509,750 | 1,512,500 | ||||
Shares issued for employee services (in Shares) | 2,750,000 | ||||||
Cancellation of treasury stock | $ (56) | (99,698) | 99,754 | ||||
Cancellation of treasury stock (in Shares) | (56,162) | ||||||
Elimination of Noncontrolling interest | (15,590,191) | (15,590,191) | |||||
Transfer | 103,257 | (103,257) | |||||
Foreign exchange translation gain/ (loss) | 155,907 | 155,907 | |||||
Net Profit (loss) for the period | (325,454) | 3,288,239 | 2,962,785 | ||||
Balance at Jun. 30, 2023 | $ 49,971 | 94,517,998 | 3,099,993 | (148,713) | (93,662,668) | 3,856,581 | |
Balance (in Shares) at Jun. 30, 2023 | 49,970,724 | ||||||
Shares issued for employee services | $ 2,250 | 1,370,250 | 1,372,500 | ||||
Shares issued for employee services (in Shares) | 2,250,000 | ||||||
Fair value of options granted | 17,291 | 17,291 | |||||
Noncontrolling interest | 976,398 | 976,398 | |||||
Foreign exchange translation gain/ (loss) | 425,974 | 425,974 | |||||
Net Profit (loss) for the period | (2,736,118) | (2,736,118) | |||||
Balance at Sep. 30, 2023 | $ 52,221 | $ 95,905,539 | $ 3,525,967 | $ 827,685 | $ (96,398,786) | $ 3,912,626 | |
Balance (in Shares) at Sep. 30, 2023 | 52,220,724 |
Condensed Consolidated Interi_6
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Activities | ||
Net profit /(loss) for the period | $ 552,121 | $ (5,501,101) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Amortization of intangible assets (Note7) | 490,672 | 440,084 |
Bad debt expense/ (recovery) | 56,224 | |
Depreciation (Note 6) | 75,415 | 103,071 |
Fair value of share-based payments | 2,902,291 | 26,912 |
Financing interest | 1,633,989 | |
Loss / (gain) on unrealized foreign exchange | (76,235) | 741,527 |
Lease finance charge | ||
Operating lease expense | 217,359 | 208,990 |
Share of Noncontrolling interest | 827,685 | |
Other adjustments relating to disposal of subsidiary | (534,204) | |
Gain on disposal of REP and BEP1 | (17,622,891) | |
Changes in operating assets and liabilities: | ||
Short-term investments and amounts held in trust | 56,483 | 391,331 |
Accounts receivable and other receivables | (1,587,823) | 3,001,963 |
Accrued revenue | 197,223 | 294,472 |
Prepaid expenses, parts inventory and advances | (1,010,352) | (1,018,499) |
Security deposit and other advances | (2,070,442) | 21,881 |
Lease payments | (130,366) | (249,024) |
Prepaid manufacturing costs | (432,985) | (804,949) |
Accounts payable and accrued liabilities | 4,251,677 | (4,510,808) |
Warranty provision | (164,169) | (43,331) |
Contract liabilities | 860,800 | 1,957,452 |
Due to related parties | (60,880) | 69,547 |
Net cash used in operating activities | (11,568,408) | (4,870,482) |
Investing Activities | ||
Additions of property and equipment | (35,035) | (9,052) |
Projects under development | (11,832,571) | (15,316,717) |
Proceeds from disposal of subsidiaries (Net Proceeds) | 13,978,850 | |
Acquisition of BESS Italy SPV’s | (1,398,881) | |
Net cash provided by/(used in) investing activities | 712,363 | (15,325,769) |
Financing Activities | ||
Noncontrolling interest (Note 7(a) and (b)) | 16,167,081 | |
Proceeds from loan facility (Note 13) | 3,782,462 | 1,667,426 |
Loans Paid - Principal | (2,359,654) | |
Loans Paid - Interest | (479,919) | |
Long term obligations – Disposal of debt through sale of assets (Note 8) | 9,451,466 | |
Net cash provided by financing activities | 10,394,355 | 17,834,507 |
Effect of foreign exchange rate changes on cash | 627,436 | (899,218) |
Change in cash and cash equivalents | 165,746 | (3,260,962) |
Cash and cash equivalents, beginning of period | 1,273,738 | 6,286,468 |
Cash and cash equivalents, end of period | 1,439,484 | 3,025,506 |
Cash and cash equivalents | $ 1,439,484 | $ 3,025,506 |
Nature of Operations
Nature of Operations | 6 Months Ended |
Sep. 30, 2023 | |
Nature of Operations [Abstract] | |
Nature of Operations | 1. Nature of Operations Pacific Green Technologies Inc. (the “Company”) was incorporated in the state of Delaware, USA on March 10, 1994. The Company is in the business of acquiring, developing, and marketing environmental technologies, with a focus on battery energy storage systems and emission control technologies. The condensed consolidated interim financial statements of the Company should be read in conjunction with the consolidated financial statements and accompanying notes filed with the U.S. Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023. In the opinion of management, the accompanying condensed consolidated interim financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Company’s financial position and the results of its operations and its cash flows for the periods shown. The preparation of these condensed consolidated interim financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. The results of operations and cash flows for the periods shown are not necessarily indicative of the results to be expected for the full year. Following the sale of the REP project to Sosteneo, the Company has modified its BESS (“Battery Energy Storage Systems”) strategy of originating, developing and owning BESS projects, to a strategy of originating, developing and selling BESS projects. Under the new strategy, the Company expects income streams from BESS projects to include the following: ● Sale of projects (Including Sales of Ownership Interests in Project Companies) ● Construction management agreement fees ● Asset management fees As discussed in the Critical Accounting Estimates section of Management’s Discussion and Analysis of Financial Condition and Results of Operations, the sale of BESS projects falls under the scope of ASC 610-20, and net proceeds from sale of projects are recognized as revenue on the transfer of control to the buyer. Under the new strategy, project assets and liabilities are not being held as long-term assets of the company, and are expected to be sold within 12 months. As a result, balances in consolidated BESS project entities are included in the appropriate balance sheet line items, instead of assets held for sale. Project costs incurred prior to sale are capitalized as projects under development within current assets, and associated project financing liabilities are capitalized as separately identified loans, in liabilities of projects under development within current liabilities. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Sep. 30, 2023 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies (a) Basis of Presentation These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and are expressed in U.S. dollars. The accounting policies are consistently applied in the preparation of the consolidated financial statements. These consolidated financial statements include the accounts of the Company and the following entities: Pacific Green Innoergy Technologies Ltd. (“Innoergy”) (Formerly Innoergy Ltd.) Wholly-owned subsidiary Pacific Green Marine Technologies Group Inc. (“PGMG”) Wholly-owned subsidiary Pacific Green Marine Technologies Inc. (“PGMT US”) Wholly-owned subsidiary of PGMG Pacific Green Technologies (UK) Ltd. (Formerly Pacific Green Marine Technologies Ltd.) (“PGTU”) Wholly-owned subsidiary of PGMG Pacific Green Technologies (Canada) Inc. (“PGT Can”) (Formerly Pacific Green Marine Technologies Inc.) Wholly-owned subsidiary of PGMG Pacific Green Technologies (Middle East) Holdings Ltd. (“PGTME”) Wholly-owned subsidiary Pacific Green Technologies Arabia LLC (“PGTAL”) 70% owned subsidiary of PGTME Pacific Green Marine Technologies (USA) Inc. (inactive) Dissolved, December 21, 2022 Pacific Green Solar Technologies Inc. (“PGST”) Wholly-owned subsidiary Pacific Green Corporate Development Inc. (“PGCD”) (Formerly Pacific Green Hydrogen Technologies Inc.) Dissolved, December 21, 2022 Pacific Green Wind Technologies Inc (“PGWT”) Dissolved, December 21, 2022 Pacific Green Technologies International Ltd. (“PGTIL”) Wholly-owned subsidiary Pacific Green Technologies Asia Ltd.(“PGTA”) Wholly-owned subsidiary of PGTIL Pacific Green Technologies Engineering Services Limited (Formerly Pacific Green Technologies China Ltd. (“PGTESL”) Wholly-owned subsidiary of PGTA Pacific Green Technologies (Shanghai) Co. Ltd. (“Engin”) (Formerly Shanghai Engin Digital Technology Co. Ltd) Wholly-owned subsidiary Guangdong Northeast Power Engineering Design Co. Ltd. (“GNPE”) Wholly-owned subsidiary of ENGIN Pacific Green Energy Parks Inc. (“PGEP”) Wholly-owned subsidiary Pacific Green Energy Storage Technologies Inc. (“PGEST”) Wholly-owned subsidiary of PGEP Pacific Green Technologies (Australia) Pty Ltd. (“PGTAPL”) Wholly-owned subsidiary of PGEP Pacific Green Energy Storage (UK) Ltd. (“PGESU”) (Formerly Pacific Green Marine Technologies Trading Ltd.) Wholly-owned subsidiary of PGEP Pacific Green Energy Parks (UK) Ltd. (“PGEPU”) Wholly-owned subsidiary of PGEP Pacific Green Battery Energy Parks 2 Ltd. (“PGBEP2”) Wholly-owned subsidiary of PGEPU Sheaf Energy Ltd. (“Sheaf”) Wholly-owned subsidiary of PGBEP2 Pacific Green Portland West Pty Ltd. (“PGPW”) Wholly-owned subsidiary of PGBEP Pacific Green Portland East Pty Ltd. (“PGPE”) Wholly-owned subsidiary of PGTAPL Pacific Green Energy Park Portland Pty Ltd. (“PGEPP”) Wholly-owned subsidiary of PGTAPL Pacific Green Energy Parks Australia Pty Ltd. (“PGEPA”) Wholly-owned subsidiary of PGTAPL Pacific Green Energy Park Limestone Coast North Pty Ltd. (“PGEPLCN”) Wholly-owned subsidiary of PGTAPL Pacific Green Energy Park Limestone Coast West Pty Ltd. (“PGEPLCW”) Wholly-owned subsidiary of PGTAPL Pacific Green Limestone Coast Pty Ltd. (“PGLC”) Wholly-owned subsidiary of PGTAPL Pacific Green Energy Parks (Italia) srl (“PGEPI”) Wholly-owned subsidiary of PGEPU Sphera Australe 51% owned subsidiary of PGEPI Sphera Levante 51% owned subsidiary of PGEPI Sphera Ponente 51% owned subsidiary of PGEPI Sphera Boreale 51% owned subsidiary of PGEPI All inter-company balances and transactions have been eliminated upon consolidation. (b) Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses. The ASU sets forth a “current expected credit loss” (CECL) model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. As a smaller reporting company, this ASU is effective for fiscal years beginning after January 1, 2023, including interim periods within those fiscal years. The Company calculated an effect of $51,000 upon adoption of this guidance on April 1, 2023. Given the immaterial nature of the effect, the adoption was booked as an expense in the current period statement of income rather than a cumulative effect through retained earnings. The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and management does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Short-Term Investments and Amou
Short-Term Investments and Amounts in Escrow | 6 Months Ended |
Sep. 30, 2023 | |
Short-Term Investments and Amounts in Escrow [Abstract] | |
Short-term Investments and Amounts in Escrow | 3. Short-term Investments and Amounts in Escrow At September 30, 2023, the Company has a $ nil At September 30, 2023, the Company’s solicitor is holding $ nil nil |
Assets Held for Sale
Assets Held for Sale | 6 Months Ended |
Sep. 30, 2023 | |
Assets Held for Sale [Abstract] | |
Assets held for Sale | 4. Assets held for Sale As at September 30, 2023, the Company has reallocated $13.6 million of assets and $10.6 million liabilities, primarily related to the Sheaf project, from assets held for sale to projects under development in current assets, due to the change in business strategy from investing in BESS projects to develop, own and operate, to the strategy of developing and selling the projects. Pre- Reclassification Reclassification September 30, March 31, Cash 115,024 (115,024 ) – 113,380 Prepaid expenses, parts inventory, and advances 286,266 (286,266 ) – 4,454 Other receivables 531,717 (531,717 ) – 61,576 Projects under development 12,607,479 (12,607,479 ) – 46,674,258 Security Deposits & Other Advances 99,640 (99,640 ) – 495,602 Rights of use asset – – 2,302,049 Accounts payable and accrued liabilities (Note 12) (3,276,778 ) 3,276,778 – (638,156 ) Loans payable (*) Note 14 (11,192,035 ) 11,192,035 – (10,312,906 ) Long term loan payable – – – (17,771,173 ) Long-term operating lease obligation – – – (2,360,024 ) Reclassification Total (828,687 ) 828,687 – 18,569,060 (*) Loans payable relates to project specific loan and has therefore been reclassified from Loans payable to Loans of Projects Under Development (Note 14) |
Projects Under Development
Projects Under Development | 6 Months Ended |
Sep. 30, 2023 | |
Projects Under Development [Abstract] | |
Projects Under Development | 5. Projects Under Development BESS – SHEAF Project BESS – Australian Projects BESS – Italian Projects FOWE (Fuel Oil Water Emulsification) Development Total Projects Under Development (PUD) ASSETS Balance at July 01, 2023 – – – 53,648 53,648 Reclassifications 10,003,789 58,870 – - 10,062,659 Additions 2,603,690 1,143,100 2,439,757 – 6,186,547 Disposals – – – – – Balance at September 30, 2023 12,607,479 1,201,970 2,439,757 53,648 16,302,854 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Sep. 30, 2023 | |
Property and Equipment [Abstract] | |
Property and Equipment | 6. Property and Equipment Cost Accumulated September 30, March 31, Building 895,066 (263,700 ) 631,366 708,979 Furniture and equipment 399,788 (272,804 ) 126,983 137,352 Computer equipment 15,008 (14,330 ) 677 885 Leasehold improvements 9,963 (8,967 ) 996 1,993 Total 1,319,825 (559,802 ) 760,023 849,209 For the three and six months ended September 30, 2023, the Company recorded $38,295 (2022 $49,487) and $75,415 (2022 – $103,071) in depreciation expense on property and equipment. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Sep. 30, 2023 | |
Intangible Assets [Abstract] | |
Intangible Assets | 7. Intangible Assets Cost Accumulated Cumulative September 30, March 31, Patents and technical information 36,340,057 (9,671,247 ) (20,457,255 ) 6,211,555 6,700,921 Software licensing 11,147 (7,187 ) - 3,960 5,563 Total 36,351,204 (9,678,434 ) (20,457,255 ) 6,215,515 6,706,484 For the three and six months ended September 30, 2023, the Company recorded $237,199 (2022 – $220,029) and $490,672 (2022 – $440,084) in amortization expense on intangible assets. For the three and six months ended September 30, 2023, the Company has allocated $236,573 (2022 - $219,367) and $489,367 (2022 - $438,734) of amortization of patents and technical information to cost of goods sold. The amount remaining in amortization expense is $626 (2022 - $688) and $1,305 (2022 - $1,350) for the three and six months ended September 30, 2023. Future amortization of intangible assets is as follows based on fiscal year: $ 2024 948,971 2025 947,572 2026 946,291 2027 946,291 2028 946,291 Thereafter 1,480,099 Total 6,215,515 |
Acquisitions
Acquisitions | 6 Months Ended |
Sep. 30, 2023 | |
Acquisitions [Abstract] | |
Acquisitions | 8. Acquisitions (a) Acquisition of Sheaf Energy Ltd On December 6, 2022, the Company acquired all the issued and outstanding stock of Sheaf Energy Ltd., a United Kingdom company in the business of battery energy storage systems. The purchase consideration included cash payments of a deposit of $415,855 (£373,500) made on July 26, 2021 and $8,710,145 (£7,126,500) made on December 15, 2022. Total purchase consideration was therefore $9,126,000 (£7,500,000). The value attributed to the identifiable assets acquired and liabilities assumed are net working capital of $0, and project under development of $9,126,000 (£7,500,000). (b) Acquisition of BESS Italian Project Companies On September 27 2023, the Company through its indirectly wholly owned subsidiary, Pacific Green Energy Parks (Italia) S.r.l. (“EPI”) purchased 51% of the capital in Sphera Australe S.r.l., Sphera Levante S.r.l., Sphera Ponente S.r.l., and Sphera Boreale S.r.l. (the “Italy Project Companies”) from Sphera Energy S.r.l. (“Sphera”). Sphera established the Italy Project Companies for the development of five BESS projects in Italy. The Company paid Sphera €1.0 million ($1.06 million) on the closing date for a 51% interest in the Italy Project Companies. The Company also made a partial advance of €2.0 million ($2.01 million) against its purchase of the remaining 49% of the capital of the Italy Project Companies on the closing date and a further €0.3 million ($0.35 million) to pay off the liabilities held in the Italy Project Companies to its shareholders. The total consideration recognized of €3.36 million ($3.42 million) is attributed between net working capital of $ nil Under the terms of the purchase agreement, the Company agreed to advance Sphera a further €2.0 million upon the filing of the application for a license from the Ministry for the Environment and Energy Security (“MASE”). The Company has also agreed to acquire the remaining 49% capital in each of the Italy Project Companies upon achievement of ready to build status. The purchase price for the remaining capital in each Project Company will be equal to the difference between €55,500 per MW installable and authorized under the license and €200,000 less €2,000 per MW installable. The Company has also signed development service agreements for the Italian Project Companies with Sphera. |
Disposals
Disposals | 6 Months Ended |
Sep. 30, 2023 | |
Disposals [Abstract] | |
Disposals | 9. Disposals (a) Disposal of Subsidiaries (REP & PGBEP1) On June 9, 2023, Pacific Green Energy Storage (UK) Ltd (“PGES”) and Green Power Reserves Ltd (“GPR”), a third party investor entered into a sale and purchase agreement to sell their 50% controlling interest and 50% nonredeemable noncontrolling interest respectively in BEP1 and its fully owned subsidiary, Richborough Energy Park Ltd (“REP”), (together, “REP Project”) to Sosteneo Fund 1 Holdco Sarl (“Sosteneo”). The disposal became unconditional on June 26, 2023. The purchase price paid by Sosteneo to PGES (UK) and GPR consisted of £29.9 million ($37.4 million) in initial consideration and an additional £15.1 million ($18.9 million) in performance milestone payments upon successful completion and operations of the BESS projects. As a result of the sale, the Company recognized a net gain on disposal of $12.1million during the quarter ended June 30, 2023. As the sale of REP Project did not represent a strategic shift that would have a major effect on the Company’s operations or financial results, REP and PGBEP 1are not presented as a discontinued operation. The net income of REP and PGBEP 1 is included in the consolidated statement of operations through the June 26, 2023, disposal date. The assets, liabilities and equity (including non-controlling interest) of PGBEP 1 were deconsolidated effective June 26, 2023. No gain was recorded in relation to the prospective milestone payments in the prior quarter, as it was considered that the Company did not have the information needed to reasonably estimate whether or not performance milestones will be met. In the current quarter, following the change in strategy of the Company from developing and operating BESS projects to developing and selling BESS projects, and further development of project management and execution capabilities, the Company has re-evaluated the performance milestones. Of the £15.1 million ($19.0 million) gross deferred consideration, a reduction of £1.75 million ($2.2 million) has been reserved for negotiated and anticipated changes to the total milestone payments. After deduction of 1.2% agent fees and 49.4% share of the minority investor, this gives a total projected receivable of £6.7 million ($8.4 million). Offsetting this are actual liquidated damages of £285,000 ($360,000) (38 days at £7,500 per day) incurred on REP2 battery system and £100,000 ($126,000) (8 days at £12,500 per day) are estimated on REP1 battery system. Following a review of the milestones included within this total net anticipated revenue £6.5 million ($8.3 million), milestones with value of £4.3 million ($5.4 million) have been assessed as not being at risk of reversal in future reporting periods and have been recorded as gain on disposal in the current quarter. Level of confidence of meeting remaining milestones that have not yet been recorded as gain on disposal will be re-assessed in future reporting periods. The Company also incurred £0.3 million ($0.4 million) of legal fees and £0.4 million ($0.5 million) of broker fees related to the sale. The gain on sale of PGBEP 1 shares is calculated as follows: GBP FX USD Consideration received (A) 11,258,370 1.2519 14,094,907 Net assets: Cash 116,057 Projects under development 43,642,826 Other assets 3,992,999 Long term AP and accruals (24,830,942 ) Other liabilities & Non-controlling interest (23,406,419 ) Total (B) (485,479 ) Initial Investment in PGBEP (C) 2,461,289 Gain (A)-(B)-(C) 12,119,097 In addition to the derecognition of the balances sold and recognition of the gain on sale of subsidiary, the SPA also includes certain contingent assets and liabilities which were not recorded in the statement of financial position as at June 30, 2023, due to their remote nature. (b) Sale of Sheaf Energy Ltd. On November 02, 2023, the Company reached financial close on a £120 million (US$146 million) senior debt facility provided to Sheaf Energy Ltd by National Westminster Bank plc (“NatWest”) and UK Infrastructure Bank Limited (“UKIB”), contributing £60 million ($73 million) each. The facility will be used to fund the development and construction of Sheaf Energy Park, following which repayment will occur on a 10-year amortization profile upon the start of commercial operations. Also on November 02, 2023, the Company entered into a transaction committing to sell 100% of the shares in Pacific Green Battery Energy Parks 2 Limited (“PGBEP2”) and its 100% subsidiary, Sheaf Energy Limited, to Sosteneo Fund 1 HoldCo S.à.r.l. (“Sosteneo”) for £210 million ($ 257 million). Under the terms of the transaction, the Company and Sosteneo have granted each other respective options to buy or sell the shares in PGBEP2. As part of the transaction, Sosteneo will provide a £70 million ($85 million) capital expenditure loan facility to PGBEP2, which together with the senior debt facility, will fully fund the development and construction of Sheaf Energy Park. Conditions precedent to exercising the options are expected to be fulfilled within 90 days of the transaction. Under the terms of the transaction, the Company has received a deposit of £12.2 million ($14.9 million) less legal fees of £0.3 million ($0.4 million). Post financial close, the Company is entitled to receive further deferred consideration upon achieving certain construction milestones, being milestone 1: £7.26 million ($8.9 million) on BESS delivery to site, milestone 2: £4.96 million ($6.1 million) upon reaching commercial operation date prior to March 2026, and milestone 3: £1.3 million ($1.6 million) upon receipt of a land remediation tax credit of this amount. The Company is liable for an 18% profit share fee to Sheaf Storage Ltd, payable following receipt of each element of sale proceeds. As part of the transaction, the Company also received a £3.75 million ($4.6 million ) advance payment of a construction management fee, a £1.64 million ($2.0 million ) repayment of an intercompany loan balance, and settlement of the $9.26 million (£7.5 million) loan principal and $2.3 million (£1.9 million) 25% repayment fee from PGBEPS2 to Sheaf Storage Ltd, a third party. |
Noncontrolling Interest
Noncontrolling Interest | 6 Months Ended |
Sep. 30, 2023 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | 10. Noncontrolling Interest On December 2, 2020, the Company signed a Joint-Venture Agreement with Amr Khashoggi Trading Company Limited (“Amkest Group”) to incorporate a company in the Kingdom of Saudi Arabia for the sale of Pacific Green’s environmental technologies within the region. The Company holds 70% interest in the joint venture. Between March 2022 and September 2022, Green Power Reserves Limited (“GPR”) made an equity investment of a total $16.0 million (£13.0 million) for a fifty percent shareholding in Pacific Green Battery Energy Parks 1 Limited (“BEP1”), and its fully owned subsidiary, Richborough Energy Park Ltd (“REP”) (together: “REP Project”). The Company retained control over BEP1 by virtue of holding 65% of the voting rights and appointing two of the three directors. On September 27, 2023, the Company purchased 51% of the capital of four Italy Project Companies from Sphera. The Company paid Sphera €1.0 million ($1.06 million) and recorded noncontrolling interest of €0.96 million ($1.01 million) on the €1.96 million ($2.07 million) gross capitalized asset value. Details of the carrying amount of the noncontrolling interests are as follows: September 30, March 31, Non-redeemable noncontrolling interest – 16,140,339 Net (loss)/ income attributable to noncontrolling interest (BESS REP) – (354,987 ) Net loss income attributable to noncontrolling interest (JV) (182,099 ) (121,677 ) Acquired noncontrolling interest (BESS Italy) 1,009,784 – Non-controlling interest 827,685 15,663,675 During the period September 30, 2023, Net income attributable to noncontrolling interest was ($ 358, 840 |
Sales, Prepaid Manufacturing Co
Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities | 6 Months Ended |
Sep. 30, 2023 | |
Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities [Abstract] | |
Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities | 11. Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities The Company derives revenue from the sale of products, delivery of services. Revenue disaggregated by type for the three and six months ended September 30, 2023, and 2022 is as follows: Three Months Three Months $ Six Months Six Months $ Products – 699,289 – 2,354,447 Services 1,164,989 496,064 2,353,827 864,782 Total 1,164,989 1,195,353 2,353,827 3,219,229 Revenue from services include specific services provided to marine scrubber systems as well as design and engineering services for Concentrated Solar Power. Contracts for specific services provided to marine scrubber systems represent maintenance services. Contracts for Concentrated Solar Power include design and engineering services provided to clients. Revenue for Marine service contracts is recognized as the services are provided. Service revenue by type for the three and six months ended September 30, 2023, and 2022 is as follows: Three Months Three Months $ Six Months Six Months Specific services provided to marine scrubber systems 932,048 362,649 1,979,802 651,552 Design and engineering services for Concentrated Solar Power 232,941 133,415 374,025 213,229 Total 1,164,989 496,064 2,353,827 864,781 The Company has analyzed its sales contracts under ASC 606 and has identified that the percentage of completion of the contract often is not directly correlated with contractual billing terms with customers. As a result of the timing differences between customer sales invoices and percentage of completion of the contract, contractual assets and contractual liabilities have been recognized. As of September 30, 2023, Contract liabilities included $8,038,674 (March 31, 2023 - $8,038,674) aggregate cash receipts from one customer relating to thirteen vessels. Changes in the Company’s contract assets and liabilities for the periods are noted as below: Accrued Revenue Prepaid Manufacturing Costs Sales Contract Liabilities Balance, March 31, 2022 531,947 38,010 (8,143,109 ) Customer receipts and receivables – – – (5,325,921 ) Scrubber sales recognized in revenue – 4,717,905 4,717,905 Payments and accruals under contracts (27,181 ) 4,202,264 – – Cost of goods sold recognized in earnings – (3,776,459 ) (3,776,459 ) – Balance, March 31, 2023 504,766 463,815 (8,751,125 ) Customer receipts and receivables – – – (860,800 ) Scrubber sales recognized in revenue – – – Payments and accruals under contracts (197,223 ) 876,671 – – Cost of goods sold recognized in earnings – (443,686 ) (443,686 ) – Balance, September 30, 2023 307,543 896,800 (9,611,925 ) Cost of goods sold for the period ended September 30, 2023 and 2022 is comprised as follows: Three Months Three Months Six Months Six Months Scrubber costs recognized – 419,736 (90,267 ) 1,042,901 Salaries and wages 142,812 23,940 263,861 86,319 Amortization of intangibles 236,573 219,367 489,367 438,734 Commission type costs 3,229 49,997 29,081 132,293 Design and engineering services for CSP 110,245 51,232 169,009 150,200 Specific services provided to marine scrubber systems 669,144 290,408 1,518,715 432,776 Construction management services 438,031 - 438,031 - Total 1,600,034 1,054,680 2,817,797 2,283,223 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 6 Months Ended |
Sep. 30, 2023 | |
Accounts payable and accrued liabilities [Abstract] | |
Accounts payable and accrued liabilities | 12. Accounts Payable and Accrued Liabilities September 30, March 31, Accounts payable ( *) 4,946,722 692,526 Accrued liabilities 2,711,990 2,349,083 Other liabilities – 127,973 Payroll liabilities 146,342 219,151 Total short-term accounts payable and accrued liabilities 7,805,054 3,388,733 Balance, end of period 7,805,054 3,388,733 (*) As of September 30, 2023, Accounts payable included $3,262,179 (Note 4) of Payables specific to Projects Under Development incurred on BESS Sheaf project, which has been reclassified from Assets Held for Sale due to the change in Company strategy in the period. Accrued liabilities include $0.2 million related to anticipated losses required to be incurred to complete the REP construction management agreement until December 2023. |
Loans Payable
Loans Payable | 6 Months Ended |
Sep. 30, 2023 | |
Loans Payable [Abstract] | |
Loans Payable | 13. Loans Payable On December 15, 2022, the Company signed a Loan Agreement with Sheaf Storage Limited, for a total of $9,261,789 (£7,500,000) for the acquisition of Sheaf Energy Ltd. The loan is secured on a share pledge over the entire share capital of Sheaf Energy Limited. The loan had a repayment date of September 15, 2023, with a fixed repayment fee of 20%. The lender was entitled to 8% of the net equity proceeds received by the Company from the sale of Sheaf Energy Ltd. On September 14, 2023, the Company signed an addendum to the Loan Agreement, extending the term of the loan to be repayable on November 15, 2023, with revised repayment fee of 25% due and payable on repayment. Upon the sale of Sheaf Energy Ltd, the lender is entitled to 18% of the net equity proceeds received by the Company. On September 20, 2023, the Company entered into seven separate loan agreements under English law and one under US Law with seven independent third party lenders for a total of £1,050,000 and $2,500,000 (total equivalent $3,782,000), to provide additional short-term working capital to the Company in funding BESS projects. The loans have identical terms. Each loan is split into two equal tranches and in the absence of a prior liquidity event, is repayable on March 20, 2024, or has a longstop date of June 20, 2024. Tranche 1 liquidity event occurs when the Company receives net funds in excess of £4 million from the disposal of Sheaf Project, and results in a repayment of Tranche 1 principal plus a repayment fee of 20%. Tranche 2 liquidity event occurs when the Company receives deferred consideration due on reaching commercial operation under the REP sale and purchase agreement, and results in a repayment of Tranche 2 principal plus a repayment fee of 25% of Tranche 2. The loans do not bear other interest apart from the “Repayment Fee”. In the event of default, the lender can elect to convert up to 100% of amounts outstanding (including any unpaid repayment fee due) to the equivalent value of ordinary shares in the Company at 1.5x the Default Conversion Strike Price (defined as 0.7x the Company’s average share price on the 10 business days before and after the Repayment Date). September 30, March 31, Loans payable (*) 3,834,315 1,667,484 Long term loans payable – 791,662 Loans of Projects Under Development (Note 4) 11,192,035 – Balance, end of period 15,026,350 2,459,146 (*) As of September 30, 2023, Loan of Project Under Development from Sheaf Storage Ltd, relating to Sheaf Project has been reclassified from Assets Held for Sale due to the change in Company strategy. |
Warranty Costs
Warranty Costs | 6 Months Ended |
Sep. 30, 2023 | |
Warranty Costs [Abstract] | |
Warranty costs | 14. Warranty Costs During the three and six months ended September 30, 2023, the Company recorded a non-cash warranty recovery of $ nil nil A summary of the changes in the warranty costs is shown below: September 30, March 31, Balance, beginning of period 580,530 865,451 Warranty expense / (recovery) 23,500 (625,664 ) Warranty (invoiced costs) / recovery (187,669 ) 340,743 Balance, end of period 416,361 580,530 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 15. Related Party Transactions (a) At September 30, 2023, the Company owed $152,140 to (March 31, 2023 – $213,020) companies controlled by a director and officer of the Company. The amounts owing are unsecured, non-interest bearing, and due on demand. (b) During the three and six months ended September 30, 2023, the Company incurred $14,979 (2022 – $37,897) and $29,974 (2022 – $85,962) in commissions to companies controlled by a director of the Company. (c) During the three and six months ended September 30, 2022, the Company incurred $2,193,240 (2022– $163,500) and $4,346,930 (2022– $327,000) in consulting fees and bonus to a director, or companies controlled by a director of the Company. This includes $3,954,380 (2022 - $ nil (d) During the three and six months ended September 30, 2023, the Company incurred $171,497 (2022– $201,072) and $472,621 (2022– $505,572) in consulting fees to a director, or companies controlled by a director of the Company. |
Stock Options
Stock Options | 6 Months Ended |
Sep. 30, 2023 | |
Stock Options [Abstract] | |
Stock Options | 16. Stock Options The following table summarizes the continuity of stock options: Number of Weighted Weighted Aggregate Balance, March 31, 2022 537,500 0.56 1.43 170,125 Granted 285,000 0.66 – – Forfeited (337,500 ) 0.18 –– Balance, March 31, 2023 and June 30, 2023 485,000 0.89 1.41 84,900 Granted 100,000 0.60 – – Balance, September 30, 2023, vested and exercisable 585,000 0.84 1.47 76,500 * (*) Value represents weighted average of those options in-the-money as at September 30, 2023. Additional information regarding stock options outstanding as at September 30, 2023 is as follows: Issued and Outstanding Number of shares Weighted average Exercise price 25,000 0.29 1.03 50,000 0.50 1.50 25,000 0.92 0.90 20,000 1.46 1.20 40,000 1.46 1.20 40,000 1.84 1.20 10,000 1.00 0.01 25,000 1.00 2.50 25,000 1.00 3.75 200,000 1.09 0.10 25,000 0.92 0.50 20,000 2.84 0.60 40,000 3.34 0.60 40,000 3.84 0.60 585,000 Unless otherwise noted, the Company estimates the fair value of its stock options using the Black-Scholes option pricing model, assuming no expected dividends, applying a risk-free interest rate of 4.54%, average expected life of 3.5 years and expected volatility 122%. The estimated fair value of the stock options is recorded over the requisite period to vesting. For the three and six months ended September 30, 2023, the fair value of $17,290 (2022 - $9,194) and $17,290 (2022 – 26,912) was recorded as salaries expense. |
Segmented Information
Segmented Information | 6 Months Ended |
Sep. 30, 2023 | |
Segmented Information [Abstract] | |
Segmented Information | 17. Segmented Information The Company is located and operates in North America and its subsidiaries are primarily located and operating in Europe, Asia, and South America. September 30, 2023 North America Europe Asia Total Property and equipment 3,817 124,163 632,043 760,023 Intangible Assets 6,211,554 – 3,961 6,215,515 Right of use assets – 74,672 89,473 164,145 6,215,371 198,835 725,477 7,139,683 March 31, 2023 North Europe Asia Total Property and equipment 5,343 134,001 709,865 849,209 Intangible Assets 6,700,921 – 5,563 6,706,484 Right of use assets – 226,860 123,569 350,429 6,706,264 360,861 838,997 7,906,122 Three months ended September 30, 2023 North Europe Asia South Total Revenues by customer region – 642,177 522,813 – 1,164,989 COGS by customer region – 991,424 608,610 – 1,600,034 Gross Profit by customer region – (349,247 ) (85,797 ) – (435,045 ) GP% by customer region 0 % (54 %) (16 %) 0 % (37 %) Three months ended September 30, 2022 North Europe Asia South Total Revenues by customer region 810 253,286 917,564 23,693 1,195,353 COGS by customer region 541 169,204 880,512 4,423 1,054,680 Gross Profit by customer region 269 84,082 37,052 19,270 140,673 GP% by customer region 33 % 33 % 4 % 81 % 12 % Six months ended September 30, 2023 North Europe Asia South Total Revenues by customer region 16,947 1,316,867 1,020,013 – 2,353,827 COGS by customer region 16,272 1,604,463 1,197,062 – 2,817,797 Gross Profit by customer region 675 (287,596 ) (176,070 ) – (463,970 ) GP% by customer region 4 % (22 %) (17 )% 0 % (20 )% Six months ended September 30, 2022 North Europe Asia South Total Revenues by customer region 20,483 2,157,780 1,012,272 28,694 3,219,229 COGS by customer region 10,236 1,279,280 985,451 8,256 2,283,223 Gross Profit by customer region 10,247 878,500 26,821 20,438 936,006 GP% by customer region 50 % 41 % 3 % 71 % 29 % For the three and six months ended September 30, 2023, 36% (2022 – 59%) and 36% (2022 – 61%) of the Company’s revenues were derived from the largest customer. |
Commitments
Commitments | 6 Months Ended |
Sep. 30, 2023 | |
Commitments [Abstract] | |
Commitments | 18. Commitments (a) The Company’s subsidiaries have entered into two long-term operating leases for office premises in London, United Kingdom, and Shanghai, China. These lease assets are categorized as right of use assets under ASU No. 2016-02. Long-term premises lease Lease Lease Term Discount rate* London, United Kingdom April 1, 2019 December 25, 2023 3.75 4.50 % Shanghai, China March 1, 2020 May 31, 2025 5.25 4.65 % * The Company determined the discount rate with reference to mortgages of similar tenure and terms. Operating lease assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. As the Company’s operating lease does not provide an implicit rate, the discount rate used to determine the present value of the lease payments is the collateralized incremental borrowing rate based on the remaining lease term. The operating lease asset excludes lease incentives. The operating leases do not contain an option to extend or terminate the lease term at the Company’s discretion, therefore no probable renewal has been added to the expiry date when determining lease term. Operating lease expense is recognized on a straight-line basis over the lease term. Lease cost for the three and six months are summarized as follows: Three Months Three Months Six Months Six Months Operating lease expense * 93,436 99,253 217,359 208,990 * Including right of use amortization and imputed interest. Lease payments include maintenance, operating expense, and tax. The Company has entered into premises lease agreements with minimum annual lease payments expected over the remaining three fiscal years of the lease as follows: $ 2024 54,662 2025 47,918 Thereafter Total future minimum lease payments 102,580 Imputed interest (22,141 ) Operating lease obligations 80,439 (b) On December 2, 2020, the Company signed a Joint-Venture Agreement with Amr Khashoggi Trading Company Limited (“Amkest Group”) to incorporate a company in the Kingdom of Saudi Arabia for the sale of Pacific Green’s environmental technologies within the region. The Company holds 70% interest in the joint venture. The Company incorporated Pacific Green Technologies Arabia LLC on November 23, 2021. Neither party had funded the joint venture at March 31, 2022 and there had been no revenue and expense associated with it for the year ending March 31, 2022. Since April 1, 2022 the Company has paid in share capital and intercompany loans and accrued interest amounting to $874,414 to fund operational expenses to September 30, 2023. |
Income Taxes
Income Taxes | 6 Months Ended |
Sep. 30, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | 19. Income Taxes The majority of our revenues from international sales are invoiced from and collected by our U.S. entity and recognized as a component of income before taxes in the United States as opposed to a foreign jurisdiction. The components of income before income taxes by U.S. and foreign jurisdictions were as follows: September 30, September 30, United States (11,405,266 ) (3,394,876 ) Foreign 11,957,387 (2,106,226 ) Net profit / (loss) before taxes 552,121 (5,501,101 ) The following table reconciles the income tax expense (benefit) at the statutory rates to the income tax (benefit) at the Company’s effective tax rate. September 30, September 30 Net profit / (loss) before taxes 552,121 (5,501,101 ) Statutory tax rate 21 % 21 % Expected income tax expense / (recovery) 115,945 (1,155,231 ) Tax exemption on share sale (3,599,502 ) - Subpart F inclusion 3,599,502 - Permanent differences and other 81,264 40,258 Foreign tax rate difference (183,590 ) 1,907 Change in valuation allowance (13,620 ) 1,113,066 Income tax provision – – Current – – Deferred – – Income tax provision – – At September 30, 2023, the Company is current with statutory corporate income tax filings. Certain of the amounts presented above are based on estimates and what management believes are prudent filing positions. The actual losses available could differ from these estimates upon assessment and review by taxation authorities. U.S. federal and state income tax returns filed by us remain subject to examination for income tax years 2014 and subsequent. Canadian federal and provincial income tax returns filed by us remain subject to examination for income tax years 2019 and subsequent. Income tax returns associated with our operations located in the United Kingdom and China are subject to examination for income tax years 2018 and subsequent. Tax positions are evaluated for recognition using a more-likely than-not recognition threshold, and those tax positions eligible for recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon the effective settlement with a taxing authority that has full knowledge of all relevant information. The Company estimates that it has accumulated estimated net operating losses of approximately $19.7 million which were incurred mainly in the U.S, and which don’t begin to expire until 2033. In addition, the Company estimates that it has approximately $8.0 million in losses available in the United Kingdom. Historical losses in the U.S., are subject to limitations on use due to deemed changes in control for tax purposes. This impacts the timing and opportunity to use certain losses. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent events | 20. Subsequent events On November 02, 2023, the Company reached financial close on a £120 million (US$146 million) senior debt facility provided to Sheaf Energy Ltd by National Westminster Bank plc (“NatWest”) and UK Infrastructure Bank Limited (“UKIB”), contributing £60 million ($73 million) each. The facility will be used to fund the development and construction of Sheaf Energy Park, following which repayment will occur on a 10-year amortization profile upon the start of commercial operations. Also on November 02, 2023, the Company entered into a transaction committing to sell 100% of the shares in Pacific Green Battery Energy Parks 2 Limited (“PGBEP2”) and its 100% subsidiary, Sheaf Energy Limited, to Sosteneo Fund 1 HoldCo S.à.r.l. (“Sosteneo”) for £210 million ($ 257 million). Under the terms of the transaction, the Company and Sosteneo have granted each other respective options to buy or sell the shares in PGBEP2. As part of the transaction, Sosteneo will provide a £70 million ($85 million) capital expenditure loan facility to PGBEP2, which together with the senior debt facility, will fully fund the development and construction of Sheaf Energy Park. Conditions precedent to exercising the options are expected to be fulfilled within 90 days of the transaction. Under the terms of the transaction, the Company has received a deposit of £12.2 million ($14.9 million) less legal fees of £0.3 million ($0.4 million). Post financial close, the Company is entitled to receive further deferred consideration upon achieving certain construction milestones, being milestone 1: £7.26 million ($8.9 million) on BESS delivery to site, milestone 2: £4.96 million ($6.1 million) upon reaching commercial operation date prior to March 2026, and milestone 3: £1.3 million ($1.6 million) upon receipt of land remediation tax credit for the same amount. The Company is liable for an 18% profit share fee to Sheaf Storage Ltd, payable following receipt of each element of sale proceeds. As part of the transaction, the Company also received a £3.75 million ($4.6 million) advance payment of a construction management fee, a £1.64 million ($2.0 million) repayment of an intercompany loan balance, and settlement of the $9.26 million (£7.5 million) loan principal and $2.3 million (£1.9 million) 25% repayment fee from PGBEPS2 to Sheaf Storage Ltd, a third party. On October 16, 2023, the board of directors approved a performance-related bonus for Scott Poulter, Chief Executive Officer in relation to the commitment to the Sheaf project, which comprises 4,500,000 shares in the Company which are issuable immediately upon the commitment being made, and $3,664,000 (£3,000,000) in cash, of which $3,053,000 (£2,500,000) is payable immediately upon the commitment being made, and $611,000 (£500,000) is payable in monthly instalments over 24 months. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Sep. 30, 2023 | |
Significant Accounting Policies [Abstract] | |
Basis of Presentation | (a) Basis of Presentation These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and are expressed in U.S. dollars. The accounting policies are consistently applied in the preparation of the consolidated financial statements. These consolidated financial statements include the accounts of the Company and the following entities: Pacific Green Innoergy Technologies Ltd. (“Innoergy”) (Formerly Innoergy Ltd.) Wholly-owned subsidiary Pacific Green Marine Technologies Group Inc. (“PGMG”) Wholly-owned subsidiary Pacific Green Marine Technologies Inc. (“PGMT US”) Wholly-owned subsidiary of PGMG Pacific Green Technologies (UK) Ltd. (Formerly Pacific Green Marine Technologies Ltd.) (“PGTU”) Wholly-owned subsidiary of PGMG Pacific Green Technologies (Canada) Inc. (“PGT Can”) (Formerly Pacific Green Marine Technologies Inc.) Wholly-owned subsidiary of PGMG Pacific Green Technologies (Middle East) Holdings Ltd. (“PGTME”) Wholly-owned subsidiary Pacific Green Technologies Arabia LLC (“PGTAL”) 70% owned subsidiary of PGTME Pacific Green Marine Technologies (USA) Inc. (inactive) Dissolved, December 21, 2022 Pacific Green Solar Technologies Inc. (“PGST”) Wholly-owned subsidiary Pacific Green Corporate Development Inc. (“PGCD”) (Formerly Pacific Green Hydrogen Technologies Inc.) Dissolved, December 21, 2022 Pacific Green Wind Technologies Inc (“PGWT”) Dissolved, December 21, 2022 Pacific Green Technologies International Ltd. (“PGTIL”) Wholly-owned subsidiary Pacific Green Technologies Asia Ltd.(“PGTA”) Wholly-owned subsidiary of PGTIL Pacific Green Technologies Engineering Services Limited (Formerly Pacific Green Technologies China Ltd. (“PGTESL”) Wholly-owned subsidiary of PGTA Pacific Green Technologies (Shanghai) Co. Ltd. (“Engin”) (Formerly Shanghai Engin Digital Technology Co. Ltd) Wholly-owned subsidiary Guangdong Northeast Power Engineering Design Co. Ltd. (“GNPE”) Wholly-owned subsidiary of ENGIN Pacific Green Energy Parks Inc. (“PGEP”) Wholly-owned subsidiary Pacific Green Energy Storage Technologies Inc. (“PGEST”) Wholly-owned subsidiary of PGEP Pacific Green Technologies (Australia) Pty Ltd. (“PGTAPL”) Wholly-owned subsidiary of PGEP Pacific Green Energy Storage (UK) Ltd. (“PGESU”) (Formerly Pacific Green Marine Technologies Trading Ltd.) Wholly-owned subsidiary of PGEP Pacific Green Energy Parks (UK) Ltd. (“PGEPU”) Wholly-owned subsidiary of PGEP Pacific Green Battery Energy Parks 2 Ltd. (“PGBEP2”) Wholly-owned subsidiary of PGEPU Sheaf Energy Ltd. (“Sheaf”) Wholly-owned subsidiary of PGBEP2 Pacific Green Portland West Pty Ltd. (“PGPW”) Wholly-owned subsidiary of PGBEP Pacific Green Portland East Pty Ltd. (“PGPE”) Wholly-owned subsidiary of PGTAPL Pacific Green Energy Park Portland Pty Ltd. (“PGEPP”) Wholly-owned subsidiary of PGTAPL Pacific Green Energy Parks Australia Pty Ltd. (“PGEPA”) Wholly-owned subsidiary of PGTAPL Pacific Green Energy Park Limestone Coast North Pty Ltd. (“PGEPLCN”) Wholly-owned subsidiary of PGTAPL Pacific Green Energy Park Limestone Coast West Pty Ltd. (“PGEPLCW”) Wholly-owned subsidiary of PGTAPL Pacific Green Limestone Coast Pty Ltd. (“PGLC”) Wholly-owned subsidiary of PGTAPL Pacific Green Energy Parks (Italia) srl (“PGEPI”) Wholly-owned subsidiary of PGEPU Sphera Australe 51% owned subsidiary of PGEPI Sphera Levante 51% owned subsidiary of PGEPI Sphera Ponente 51% owned subsidiary of PGEPI Sphera Boreale 51% owned subsidiary of PGEPI All inter-company balances and transactions have been eliminated upon consolidation. |
Recent Accounting Pronouncements | (b) Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses. The ASU sets forth a “current expected credit loss” (CECL) model which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost and applies to some off-balance sheet credit exposures. As a smaller reporting company, this ASU is effective for fiscal years beginning after January 1, 2023, including interim periods within those fiscal years. The Company calculated an effect of $51,000 upon adoption of this guidance on April 1, 2023. Given the immaterial nature of the effect, the adoption was booked as an expense in the current period statement of income rather than a cumulative effect through retained earnings. The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and management does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Assets Held for Sale (Tables)
Assets Held for Sale (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Assets Held for Sale [Abstract] | |
Schedule of Assets Held for Sale | As at September 30, 2023, the Company has reallocated $13.6 million of assets and $10.6 million liabilities, primarily related to the Sheaf project, from assets held for sale to projects under development in current assets, due to the change in business strategy from investing in BESS projects to develop, own and operate, to the strategy of developing and selling the projects. Pre- Reclassification Reclassification September 30, March 31, Cash 115,024 (115,024 ) – 113,380 Prepaid expenses, parts inventory, and advances 286,266 (286,266 ) – 4,454 Other receivables 531,717 (531,717 ) – 61,576 Projects under development 12,607,479 (12,607,479 ) – 46,674,258 Security Deposits & Other Advances 99,640 (99,640 ) – 495,602 Rights of use asset – – 2,302,049 Accounts payable and accrued liabilities (Note 12) (3,276,778 ) 3,276,778 – (638,156 ) Loans payable (*) Note 14 (11,192,035 ) 11,192,035 – (10,312,906 ) Long term loan payable – – – (17,771,173 ) Long-term operating lease obligation – – – (2,360,024 ) Reclassification Total (828,687 ) 828,687 – 18,569,060 (*) Loans payable relates to project specific loan and has therefore been reclassified from Loans payable to Loans of Projects Under Development (Note 14) |
Projects Under Development (Tab
Projects Under Development (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Projects Under Development [Abstract] | |
Schedule of Projects Under Development | BESS – SHEAF Project BESS – Australian Projects BESS – Italian Projects FOWE (Fuel Oil Water Emulsification) Development Total Projects Under Development (PUD) ASSETS Balance at July 01, 2023 – – – 53,648 53,648 Reclassifications 10,003,789 58,870 – - 10,062,659 Additions 2,603,690 1,143,100 2,439,757 – 6,186,547 Disposals – – – – – Balance at September 30, 2023 12,607,479 1,201,970 2,439,757 53,648 16,302,854 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Property and Equipment [Abstract] | |
Schedule of Property and Equipment | Cost Accumulated September 30, March 31, Building 895,066 (263,700 ) 631,366 708,979 Furniture and equipment 399,788 (272,804 ) 126,983 137,352 Computer equipment 15,008 (14,330 ) 677 885 Leasehold improvements 9,963 (8,967 ) 996 1,993 Total 1,319,825 (559,802 ) 760,023 849,209 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Intangible Assets [Abstract] | |
Schedule of Intangible Assets | Cost Accumulated Cumulative September 30, March 31, Patents and technical information 36,340,057 (9,671,247 ) (20,457,255 ) 6,211,555 6,700,921 Software licensing 11,147 (7,187 ) - 3,960 5,563 Total 36,351,204 (9,678,434 ) (20,457,255 ) 6,215,515 6,706,484 |
Schedule of Future Amortization of Intangible Assets | Future amortization of intangible assets is as follows based on fiscal year: $ 2024 948,971 2025 947,572 2026 946,291 2027 946,291 2028 946,291 Thereafter 1,480,099 Total 6,215,515 |
Disposals (Tables)
Disposals (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Disposals [Abstract] | |
Schedule of Gain on Sale | The gain on sale of PGBEP 1 shares is calculated as follows: GBP FX USD Consideration received (A) 11,258,370 1.2519 14,094,907 Net assets: Cash 116,057 Projects under development 43,642,826 Other assets 3,992,999 Long term AP and accruals (24,830,942 ) Other liabilities & Non-controlling interest (23,406,419 ) Total (B) (485,479 ) Initial Investment in PGBEP (C) 2,461,289 Gain (A)-(B)-(C) 12,119,097 |
Noncontrolling Interest (Tables
Noncontrolling Interest (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Noncontrolling Interest [Abstract] | |
Schedule of Noncontrolling Interests | Details of the carrying amount of the noncontrolling interests are as follows: September 30, March 31, Non-redeemable noncontrolling interest – 16,140,339 Net (loss)/ income attributable to noncontrolling interest (BESS REP) – (354,987 ) Net loss income attributable to noncontrolling interest (JV) (182,099 ) (121,677 ) Acquired noncontrolling interest (BESS Italy) 1,009,784 – Non-controlling interest 827,685 15,663,675 |
Sales, Prepaid Manufacturing _2
Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities [Abstract] | |
Schedule of Revenue from the Sale of Products, Delivery of Services | The Company derives revenue from the sale of products, delivery of services. Revenue disaggregated by type for the three and six months ended September 30, 2023, and 2022 is as follows: Three Months Three Months $ Six Months Six Months $ Products – 699,289 – 2,354,447 Services 1,164,989 496,064 2,353,827 864,782 Total 1,164,989 1,195,353 2,353,827 3,219,229 |
Schedule of Service Revenue | Service revenue by type for the three and six months ended September 30, 2023, and 2022 is as follows: Three Months Three Months $ Six Months Six Months Specific services provided to marine scrubber systems 932,048 362,649 1,979,802 651,552 Design and engineering services for Concentrated Solar Power 232,941 133,415 374,025 213,229 Total 1,164,989 496,064 2,353,827 864,781 |
Schedule of Contract Assets and Liabilities | Changes in the Company’s contract assets and liabilities for the periods are noted as below: Accrued Revenue Prepaid Manufacturing Costs Sales Contract Liabilities Balance, March 31, 2022 531,947 38,010 (8,143,109 ) Customer receipts and receivables – – – (5,325,921 ) Scrubber sales recognized in revenue – 4,717,905 4,717,905 Payments and accruals under contracts (27,181 ) 4,202,264 – – Cost of goods sold recognized in earnings – (3,776,459 ) (3,776,459 ) – Balance, March 31, 2023 504,766 463,815 (8,751,125 ) Customer receipts and receivables – – – (860,800 ) Scrubber sales recognized in revenue – – – Payments and accruals under contracts (197,223 ) 876,671 – – Cost of goods sold recognized in earnings – (443,686 ) (443,686 ) – Balance, September 30, 2023 307,543 896,800 (9,611,925 ) |
Schedule of Cost of Goods Sold | Cost of goods sold for the period ended September 30, 2023 and 2022 is comprised as follows: Three Months Three Months Six Months Six Months Scrubber costs recognized – 419,736 (90,267 ) 1,042,901 Salaries and wages 142,812 23,940 263,861 86,319 Amortization of intangibles 236,573 219,367 489,367 438,734 Commission type costs 3,229 49,997 29,081 132,293 Design and engineering services for CSP 110,245 51,232 169,009 150,200 Specific services provided to marine scrubber systems 669,144 290,408 1,518,715 432,776 Construction management services 438,031 - 438,031 - Total 1,600,034 1,054,680 2,817,797 2,283,223 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Schedule Of Accounts Payable And Accrued Liabilities [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities September 30, March 31, Accounts payable ( *) 4,946,722 692,526 Accrued liabilities 2,711,990 2,349,083 Other liabilities – 127,973 Payroll liabilities 146,342 219,151 Total short-term accounts payable and accrued liabilities 7,805,054 3,388,733 Balance, end of period 7,805,054 3,388,733 (*) As of September 30, 2023, Accounts payable included $3,262,179 (Note 4) of Payables specific to Projects Under Development incurred on BESS Sheaf project, which has been reclassified from Assets Held for Sale due to the change in Company strategy in the period. |
Loans Payable (Tables)
Loans Payable (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Loans Payable [Abstract] | |
Schedule of Loans Payable | In the event of default, the lender can elect to convert up to 100% of amounts outstanding (including any unpaid repayment fee due) to the equivalent value of ordinary shares in the Company at 1.5x the Default Conversion Strike Price (defined as 0.7x the Company’s average share price on the 10 business days before and after the Repayment Date). September 30, March 31, Loans payable (*) 3,834,315 1,667,484 Long term loans payable – 791,662 Loans of Projects Under Development (Note 4) 11,192,035 – Balance, end of period 15,026,350 2,459,146 (*) As of September 30, 2023, Loan of Project Under Development from Sheaf Storage Ltd, relating to Sheaf Project has been reclassified from Assets Held for Sale due to the change in Company strategy. |
Warranty Costs (Tables)
Warranty Costs (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Warranty Costs [Abstract] | |
Schedule of Changes in the Warranty Costs | A summary of the changes in the warranty costs is shown below: September 30, March 31, Balance, beginning of period 580,530 865,451 Warranty expense / (recovery) 23,500 (625,664 ) Warranty (invoiced costs) / recovery (187,669 ) 340,743 Balance, end of period 416,361 580,530 |
Stock Options (Tables)
Stock Options (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Stock Options [Abstract] | |
Schedule of Continuity of Stock Options | The following table summarizes the continuity of stock options: Number of Weighted Weighted Aggregate Balance, March 31, 2022 537,500 0.56 1.43 170,125 Granted 285,000 0.66 – – Forfeited (337,500 ) 0.18 –– Balance, March 31, 2023 and June 30, 2023 485,000 0.89 1.41 84,900 Granted 100,000 0.60 – – Balance, September 30, 2023, vested and exercisable 585,000 0.84 1.47 76,500 * (*) Value represents weighted average of those options in-the-money as at September 30, 2023. |
Schedule of Additional Information Regarding Stock Options Outstanding | Additional information regarding stock options outstanding as at September 30, 2023 is as follows: Issued and Outstanding Number of shares Weighted average Exercise price 25,000 0.29 1.03 50,000 0.50 1.50 25,000 0.92 0.90 20,000 1.46 1.20 40,000 1.46 1.20 40,000 1.84 1.20 10,000 1.00 0.01 25,000 1.00 2.50 25,000 1.00 3.75 200,000 1.09 0.10 25,000 0.92 0.50 20,000 2.84 0.60 40,000 3.34 0.60 40,000 3.84 0.60 585,000 |
Segmented Information (Tables)
Segmented Information (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Segmented Information [Abstract] | |
Schedule of Located and Operates | The Company is located and operates in North America and its subsidiaries are primarily located and operating in Europe, Asia, and South America. September 30, 2023 North America Europe Asia Total Property and equipment 3,817 124,163 632,043 760,023 Intangible Assets 6,211,554 – 3,961 6,215,515 Right of use assets – 74,672 89,473 164,145 6,215,371 198,835 725,477 7,139,683 March 31, 2023 North Europe Asia Total Property and equipment 5,343 134,001 709,865 849,209 Intangible Assets 6,700,921 – 5,563 6,706,484 Right of use assets – 226,860 123,569 350,429 6,706,264 360,861 838,997 7,906,122 |
Schedule of Revenues by Customer Region | Three months ended September 30, 2023 North Europe Asia South Total Revenues by customer region – 642,177 522,813 – 1,164,989 COGS by customer region – 991,424 608,610 – 1,600,034 Gross Profit by customer region – (349,247 ) (85,797 ) – (435,045 ) GP% by customer region 0 % (54 %) (16 %) 0 % (37 %) Three months ended September 30, 2022 North Europe Asia South Total Revenues by customer region 810 253,286 917,564 23,693 1,195,353 COGS by customer region 541 169,204 880,512 4,423 1,054,680 Gross Profit by customer region 269 84,082 37,052 19,270 140,673 GP% by customer region 33 % 33 % 4 % 81 % 12 % Six months ended September 30, 2023 North Europe Asia South Total Revenues by customer region 16,947 1,316,867 1,020,013 – 2,353,827 COGS by customer region 16,272 1,604,463 1,197,062 – 2,817,797 Gross Profit by customer region 675 (287,596 ) (176,070 ) – (463,970 ) GP% by customer region 4 % (22 %) (17 )% 0 % (20 )% Six months ended September 30, 2022 North Europe Asia South Total Revenues by customer region 20,483 2,157,780 1,012,272 28,694 3,219,229 COGS by customer region 10,236 1,279,280 985,451 8,256 2,283,223 Gross Profit by customer region 10,247 878,500 26,821 20,438 936,006 GP% by customer region 50 % 41 % 3 % 71 % 29 % |
Commitments (Tables)
Commitments (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Commitments [Abstract] | |
Schedule of Lease Assets are Categorized as Right of Use Assets | The Company’s subsidiaries have entered into two long-term operating leases for office premises in London, United Kingdom, and Shanghai, China. These lease assets are categorized as right of use assets under ASU No. 2016-02. Long-term premises lease Lease Lease Term Discount rate* London, United Kingdom April 1, 2019 December 25, 2023 3.75 4.50 % Shanghai, China March 1, 2020 May 31, 2025 5.25 4.65 % * The Company determined the discount rate with reference to mortgages of similar tenure and terms. |
Schedule of Lease Cost | Lease cost for the three and six months are summarized as follows: Three Months Three Months Six Months Six Months Operating lease expense * 93,436 99,253 217,359 208,990 * Including right of use amortization and imputed interest. Lease payments include maintenance, operating expense, and tax. |
Schedule of Premises Lease Agreements With Minimum Annual Lease Payments | The Company has entered into premises lease agreements with minimum annual lease payments expected over the remaining three fiscal years of the lease as follows: $ 2024 54,662 2025 47,918 Thereafter Total future minimum lease payments 102,580 Imputed interest (22,141 ) Operating lease obligations 80,439 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Income Taxes [Abstract] | |
Schedule of Components of Income Before Income Taxes | The majority of our revenues from international sales are invoiced from and collected by our U.S. entity and recognized as a component of income before taxes in the United States as opposed to a foreign jurisdiction. The components of income before income taxes by U.S. and foreign jurisdictions were as follows: September 30, September 30, United States (11,405,266 ) (3,394,876 ) Foreign 11,957,387 (2,106,226 ) Net profit / (loss) before taxes 552,121 (5,501,101 ) |
Schedule of Income Tax Benefit at the Statutory Rates | The following table reconciles the income tax expense (benefit) at the statutory rates to the income tax (benefit) at the Company’s effective tax rate. September 30, September 30 Net profit / (loss) before taxes 552,121 (5,501,101 ) Statutory tax rate 21 % 21 % Expected income tax expense / (recovery) 115,945 (1,155,231 ) Tax exemption on share sale (3,599,502 ) - Subpart F inclusion 3,599,502 - Permanent differences and other 81,264 40,258 Foreign tax rate difference (183,590 ) 1,907 Change in valuation allowance (13,620 ) 1,113,066 Income tax provision – – Current – – Deferred – – Income tax provision – – |
Significant Accounting Polici_2
Significant Accounting Policies (Details) - USD ($) | 6 Months Ended | |
Sep. 30, 2023 | Apr. 01, 2023 | |
Significant Accounting Policies [Line Items] | ||
Owned subsidiary rate | 70% | |
Effect of adoption amount (in Dollars) | $ 51,000 | |
Sphera Australe [Member] | ||
Significant Accounting Policies [Line Items] | ||
Owned subsidiary rate | 51% | |
Sphera Levante [Member] | ||
Significant Accounting Policies [Line Items] | ||
Owned subsidiary rate | 51% | |
Sphera Ponente [Member] | ||
Significant Accounting Policies [Line Items] | ||
Owned subsidiary rate | 51% | |
Sphera Boreale [Member] | ||
Significant Accounting Policies [Line Items] | ||
Owned subsidiary rate | 51% |
Short-Term Investments and Am_2
Short-Term Investments and Amounts in Escrow (Details) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Short-Term Investments and Amounts in Escrow [Line Items] | ||
GIC held as security | $ 56,483 | |
Solicitor is holding | ||
Guaranteed Investment Certificate [Member] | ||
Short-Term Investments and Amounts in Escrow [Line Items] | ||
GIC bears interest | 0.50% | |
Guaranteed Investment Certificate [Member] | ||
Short-Term Investments and Amounts in Escrow [Line Items] | ||
GIC maturities | Dec. 13, 2023 |
Assets Held for Sale (Details)
Assets Held for Sale (Details) - BESS Projects [Member] $ in Millions | Sep. 30, 2023 USD ($) |
Assets Held for Sale [Line Items] | |
Reallocated assets | $ 13.6 |
Reallocated liabilites | $ 10.6 |
Assets Held for Sale (Details)
Assets Held for Sale (Details) - Schedule of Assets Held for Sale - USD ($) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2023 | Sep. 30, 2023 | ||
Schedule of Assets Held for Sale [Line Items] | |||
Cash | $ 113,380 | ||
Prepaid expenses, parts inventory, and advances | 4,454 | ||
Other receivables | 61,576 | ||
Projects under development | 46,674,258 | ||
Security Deposits & Other Advances | 495,602 | ||
Rights of use asset | 2,302,049 | ||
Accounts payable and accrued liabilities | (638,156) | ||
Loans payable | [1] | (10,312,906) | |
Long term loan payable | (17,771,173) | ||
Long-term operating lease obligation | (2,360,024) | ||
Reclassification | $ 18,569,060 | ||
Pre- Reclassification [Member] | |||
Schedule of Assets Held for Sale [Line Items] | |||
Cash | 115,024 | ||
Prepaid expenses, parts inventory, and advances | 286,266 | ||
Other receivables | 531,717 | ||
Projects under development | 12,607,479 | ||
Security Deposits & Other Advances | 99,640 | ||
Rights of use asset | |||
Accounts payable and accrued liabilities | (3,276,778) | ||
Loans payable | [1] | (11,192,035) | |
Long term loan payable | |||
Long-term operating lease obligation | |||
Reclassification | (828,687) | ||
Reclassification [Member] | |||
Schedule of Assets Held for Sale [Line Items] | |||
Cash | (115,024) | ||
Prepaid expenses, parts inventory, and advances | (286,266) | ||
Other receivables | (531,717) | ||
Projects under development | (12,607,479) | ||
Security Deposits & Other Advances | (99,640) | ||
Accounts payable and accrued liabilities | 3,276,778 | ||
Loans payable | [1] | 11,192,035 | |
Long term loan payable | |||
Long-term operating lease obligation | |||
Reclassification | $ 828,687 | ||
[1] Loans payable relates to project specific loan and has therefore been reclassified from Loans payable to Loans of Projects Under Development (Note 14) |
Projects Under Development (Det
Projects Under Development (Details) - Schedule of Projects Under Development | 3 Months Ended |
Sep. 30, 2023 USD ($) | |
BESS – SHEAF Project [Member] | |
ASSETS | |
Balance at July 01, 2023 | |
Reclassifications | 10,003,789 |
Additions | 2,603,690 |
Disposals | |
Balance at September 30, 2023 | 12,607,479 |
BESS – Australian Projects [Member] | |
ASSETS | |
Balance at July 01, 2023 | |
Reclassifications | 58,870 |
Additions | 1,143,100 |
Disposals | |
Balance at September 30, 2023 | 1,201,970 |
BESS – Italian Projects [Member] | |
ASSETS | |
Balance at July 01, 2023 | |
Reclassifications | |
Additions | 2,439,757 |
Disposals | |
Balance at September 30, 2023 | 2,439,757 |
FOWE (Fuel Oil Water Emulsification) Development [Member] | |
ASSETS | |
Balance at July 01, 2023 | 53,648 |
Reclassifications | |
Additions | |
Disposals | |
Balance at September 30, 2023 | 53,648 |
Total Projects Under Development (PUD) [Member] | |
ASSETS | |
Balance at July 01, 2023 | 53,648 |
Reclassifications | 10,062,659 |
Additions | 6,186,547 |
Disposals | |
Balance at September 30, 2023 | $ 16,302,854 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Property and Equipment [Abstract] | ||||
Depreciation expense on property and equipment | $ 38,295 | $ 49,487 | $ 75,415 | $ 103,071 |
Property and Equipment (Detai_2
Property and Equipment (Details) - Schedule of Property and Equipment - Property and Equipment [Member] - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Schedule of property and equipment [Abstract] | ||
Cost | $ 1,319,825 | |
Accumulated depreciation | (559,802) | |
Net carrying value | 760,023 | $ 849,209 |
Building [Member] | ||
Schedule of property and equipment [Abstract] | ||
Cost | 895,066 | |
Accumulated depreciation | (263,700) | |
Net carrying value | 631,366 | 708,979 |
Furniture and equipment [Member] | ||
Schedule of property and equipment [Abstract] | ||
Cost | 399,788 | |
Accumulated depreciation | (272,804) | |
Net carrying value | 126,983 | 137,352 |
Computer equipment [Member] | ||
Schedule of property and equipment [Abstract] | ||
Cost | 15,008 | |
Accumulated depreciation | (14,330) | |
Net carrying value | 677 | 885 |
Leasehold Improvements [Member] | ||
Schedule of property and equipment [Abstract] | ||
Cost | 9,963 | |
Accumulated depreciation | (8,967) | |
Net carrying value | $ 996 | $ 1,993 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Intangible Assets [Abstract] | ||||
Amortization expense | $ 237,199 | $ 220,029 | $ 490,672 | $ 440,084 |
Amortization of cost of goods sold | 236,573 | 219,367 | 489,367 | 438,734 |
Amortization expense | $ 626 | $ 688 | $ 1,305 | $ 1,350 |
Intangible Assets (Details) - S
Intangible Assets (Details) - Schedule of Intangible Assets - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 36,351,204 | |
Accumulated amortization | (9,678,434) | |
Cumulative impairment | (20,457,255) | |
Net carrying value | 6,215,515 | $ 6,706,484 |
Patents and technical information [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 36,340,057 | |
Accumulated amortization | (9,671,247) | |
Cumulative impairment | (20,457,255) | |
Net carrying value | 6,211,555 | 6,700,921 |
Software licensing [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 11,147 | |
Accumulated amortization | (7,187) | |
Cumulative impairment | ||
Net carrying value | $ 3,960 | $ 5,563 |
Intangible Assets (Details) -_2
Intangible Assets (Details) - Schedule of Future Amortization of Intangible Assets | Sep. 30, 2023 USD ($) |
Schedule of future amortization of intangible assets [Abstract] | |
2024 | $ 948,971 |
2025 | 947,572 |
2026 | 946,291 |
2027 | 946,291 |
2028 | 946,291 |
Thereafter | 1,480,099 |
Total | $ 6,215,515 |
Acquisitions (Details)
Acquisitions (Details) | 1 Months Ended | 6 Months Ended | ||||||
Dec. 15, 2022 USD ($) | Dec. 15, 2022 EUR (€) | Sep. 27, 2023 | Jul. 26, 2021 USD ($) | Jul. 26, 2021 EUR (€) | Sep. 30, 2023 USD ($) | Sep. 30, 2023 EUR (€) | Sep. 30, 2023 EUR (€) | |
Acquisitions Line [Items] | ||||||||
Cash payments | $ 8,710,145 | € 7,126,500 | $ 415,855 | € 373,500 | ||||
Purchase consideration | $ 9,126,000 | € 7,500,000 | ||||||
Working capital | ||||||||
Project under development | 9,126,000 | € 7,500,000 | ||||||
Purchased capital percentage | 51% | |||||||
Partial advance amount | $ 2,010,000 | € 2,000,000 | ||||||
Purchase capital percentage | 49% | 49% | ||||||
Recognized amount | $ 3,420,000 | € 3,360,000 | ||||||
investment | 2,420,000 | |||||||
Non-current asset | $ 2,010,000 | |||||||
Acquire remaining capital percentage | 49% | 49% | ||||||
Purchase agreement amount (in Euro) | € | € 2,000,000 | |||||||
Remaining capital amount (in Euro) | € | 55,500 | |||||||
License amount (in Euro) | € | 2,000 | |||||||
United Kingdom [Member] | ||||||||
Acquisitions Line [Items] | ||||||||
Working capital | $ 0 | |||||||
BESS [Member] | ||||||||
Acquisitions Line [Items] | ||||||||
Paid amount | 1,060,000 | € 1,000,000 | ||||||
Italy Project Companies [Member] | ||||||||
Acquisitions Line [Items] | ||||||||
Liabilities paid off | 350,000 | € 300,000 | ||||||
Noncontrolling interest | $ 1,010,000 | |||||||
Acquire remaining capital percentage | 49% | 49% | ||||||
Pacific Green Energy Parks [Member] | ||||||||
Acquisitions Line [Items] | ||||||||
License amount (in Euro) | € | € 200,000 | |||||||
Italy Project Companies [Member] | ||||||||
Acquisitions Line [Items] | ||||||||
Interest rate percentage | 51% | 51% |
Disposals (Details)
Disposals (Details) | 6 Months Ended | ||||||
Nov. 02, 2023 USD ($) | Nov. 02, 2023 EUR (€) | Jun. 09, 2023 | Sep. 30, 2023 USD ($) | Sep. 30, 2023 EUR (€) | Nov. 02, 2023 EUR (€) | Sep. 30, 2023 EUR (€) | |
Disposals [Line Items] | |||||||
Controlling interest percentage | 50% | ||||||
Noncontrolling interest percentage | 50% | ||||||
Purchase price | $ 37,400,000 | € 29,900,000 | |||||
Net gain on disposal | 12,000,000 | ||||||
Gross deferred consideration | 19,000,000 | 15,100,000 | |||||
Milestone payments | $ 2,200,000 | € 1,750,000 | |||||
Agent fees | 1.20% | 1.20% | |||||
Minority interest rate | 49.40% | 49.40% | |||||
Receivables | $ 8,400,000 | € 6,700,000 | |||||
Anticipated revenue | 8,300,000 | € 6,500,000 | |||||
Legal fees | 400,000 | 300,000 | |||||
Broker fees | 500,000 | € 400,000 | |||||
Senior debt facility | $ 146,000,000 | € 120,000,000 | |||||
Capital | 85,000,000 | 70,000,000 | |||||
Deposits | $ 14,900,000 | 12,200,000 | |||||
Profit share rate | 18% | 18% | |||||
Management fee | $ 4,600,000 | 3,750,000 | |||||
Payment for loan | 2,000,000 | € 1,640,000 | |||||
Loan principal | 9,260,000 | € 7,500,000 | |||||
Repayment fee | $ 2,300,000 | 1,900,000 | |||||
Repayment fee rate | 25% | 25% | |||||
UK Infrastructure Bank Limited [Member] | |||||||
Disposals [Line Items] | |||||||
Senior debt facility | 73,000,000 | 60,000,000 | |||||
Credit Risk [Member] | |||||||
Disposals [Line Items] | |||||||
Milestone payments | $ 5,400,000 | 4,300,000 | |||||
Subsequent Event [Member] | |||||||
Disposals [Line Items] | |||||||
Senior debt facility | $ 146,000,000 | € 120,000,000 | |||||
Repayment of amortization period | 10 years | 10 years | |||||
Sosteneo fund | $ 257,000,000 | € 210,000,000 | |||||
Pacific Green Battery Energy [Member] | |||||||
Disposals [Line Items] | |||||||
Shares rate | 100% | 100% | |||||
Sheaf Energy Limited [Member] | |||||||
Disposals [Line Items] | |||||||
Shares rate | 100% | 100% | |||||
BESS [Member] | |||||||
Disposals [Line Items] | |||||||
Purchase price | 18,900,000 | 15,100,000 | |||||
Legal fees | 400,000 | 300,000 | |||||
REP 2 [Member] | |||||||
Disposals [Line Items] | |||||||
Liquidated damages | 360,000 | 285,000 | |||||
REP 2 [Member] | BESS Projects [Member] | |||||||
Disposals [Line Items] | |||||||
Liquidated damages | 7,500 | ||||||
REP 1 [Member] | |||||||
Disposals [Line Items] | |||||||
Liquidated damages | 126,000 | 100,000 | |||||
REP 1 [Member] | BESS Projects [Member] | |||||||
Disposals [Line Items] | |||||||
Liquidated damages | 12,500 | ||||||
Milestone one [Member] | |||||||
Disposals [Line Items] | |||||||
Gross deferred consideration | 8,900,000 | 7,260,000 | |||||
Milestone Two [Member] | |||||||
Disposals [Line Items] | |||||||
Gross deferred consideration | 6,100,000 | 4,960,000 | |||||
Milestone Three [Member] | |||||||
Disposals [Line Items] | |||||||
Gross deferred consideration | $ 1,600,000 | € 1,300,000 |
Disposals (Details) - Schedule
Disposals (Details) - Schedule of Gain on Sale - 6 months ended Sep. 30, 2023 | USD ($) | GBP (£) |
Schedule of Gain on Sale [Abstract] | ||
Consideration received GBP (in Pounds) | £ | £ 11,258,370 | |
Consideration received FX | 1.2519 | |
Consideration received USD | $ 14,094,907 | |
Cash | 116,057 | |
Projects under development | 43,642,826 | |
Other assets | 3,992,999 | |
Long term AP and accruals | (24,830,942) | |
Other liabilities & Non-controlling interest | (23,406,419) | |
Total (B) | (485,479) | |
Initial Investment in PGBEP (C) | 2,461,289 | |
Gain (A)-(B)-(C) | $ 12,119,097 |
Noncontrolling Interest (Detail
Noncontrolling Interest (Details) € in Thousands | 1 Months Ended | 6 Months Ended | ||||
Dec. 02, 2020 | Sep. 27, 2023 USD ($) | Sep. 30, 2023 USD ($) | Sep. 27, 2023 EUR (€) | Sep. 30, 2022 EUR (€) | Mar. 31, 2022 USD ($) | |
Noncontrolling Interest [Line Items] | ||||||
Interest in joint venture | 70% | |||||
Equity investment | € 13,000 | $ 16,000,000 | ||||
Voting rights percentage | 65% | |||||
Purchased capital percentage | 51% | |||||
gross capitalized asset | $ 2,070,000 | € 1,960 | ||||
Green Power Reserves Limited [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Paid amount | 1,060,000 | |||||
BESS [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling interest | $ 358,840 | |||||
Green Power Reserves Limited [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Paid amount | € | 1,000 | |||||
Noncontrolling interest | $ 1,010,000 | € 960 | ||||
BESS [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling interest | 298,418 | |||||
JV [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling interest | $ 60,423 |
Noncontrolling Interest (Deta_2
Noncontrolling Interest (Details) - Schedule of Noncontrolling Interests - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Schedule of Noncontrolling Interests [Abstract] | ||
Non-redeemable noncontrolling interest | $ 16,140,339 | |
Net (loss)/ income attributable to noncontrolling interest (BESS REP) | (354,987) | |
Net (loss)/ income attributable to noncontrolling interest (JV) | (182,099) | (121,677) |
Acquired noncontrolling interest (BESS Italy) | 1,009,784 | |
Non-controlling interest | $ 827,685 | $ 15,663,675 |
Sales, Prepaid Manufacturing _3
Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities (Details) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities [Abstract] | ||
Contract liability | $ 8,038,674 | $ 8,038,674 |
Sales, Prepaid Manufacturing _4
Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities (Details) - Schedule of Revenue from the Sale of Products, Delivery of Services - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total | $ 1,164,989 | $ 1,195,353 | $ 2,353,827 | $ 3,219,229 |
Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | 699,289 | 2,354,447 | ||
Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total | $ 1,164,989 | $ 496,064 | $ 2,353,827 | $ 864,782 |
Sales, Prepaid Manufacturing _5
Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities (Details) - Schedule of Service Revenue - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Schedule of Service Revenue [Line Items] | ||||
Total | $ 1,164,989 | $ 496,064 | $ 2,353,827 | $ 864,781 |
Specific Services Provided to Marine Scrubber Systems [Member] | ||||
Schedule of Service Revenue [Line Items] | ||||
Total | 932,048 | 362,649 | 1,979,802 | 651,552 |
Design and engineering services for Concentrated Solar Power [Member] | ||||
Schedule of Service Revenue [Line Items] | ||||
Total | $ 232,941 | $ 133,415 | $ 374,025 | $ 213,229 |
Sales, Prepaid Manufacturing _6
Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities (Details) - Schedule of Contract Assets and Liabilities - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Mar. 31, 2023 | |
Accrued Revenue [Member] | ||
Schedule of Contract Assets and Liabilities Line [Items] | ||
Beginning balance | $ 504,766 | $ 531,947 |
Customer receipts and receivables | ||
Scrubber sales recognized in revenue | ||
Payments and accruals under contracts | (197,223) | (27,181) |
Cost of goods sold recognized in earnings | ||
Ending balance | 307,543 | 504,766 |
Prepaid Manufacturing Costs [Member] | ||
Schedule of Contract Assets and Liabilities Line [Items] | ||
Beginning balance | 463,815 | 38,010 |
Customer receipts and receivables | ||
Payments and accruals under contracts | 876,671 | 4,202,264 |
Cost of goods sold recognized in earnings | (443,686) | (3,776,459) |
Ending balance | 896,800 | 463,815 |
Contract Liabilities [Member] | ||
Schedule of Contract Assets and Liabilities Line [Items] | ||
Beginning balance | (8,751,125) | (8,143,109) |
Customer receipts and receivables | (860,800) | (5,325,921) |
Scrubber sales recognized in revenue | 4,717,905 | |
Payments and accruals under contracts | ||
Cost of goods sold recognized in earnings | ||
Ending balance | (9,611,925) | (8,751,125) |
Sales (Cost of Goods Sold) [Member] | ||
Schedule of Contract Assets and Liabilities Line [Items] | ||
Customer receipts and receivables | ||
Scrubber sales recognized in revenue | 4,717,905 | |
Payments and accruals under contracts | ||
Cost of goods sold recognized in earnings | $ (443,686) | $ (3,776,459) |
Sales, Prepaid Manufacturing _7
Sales, Prepaid Manufacturing Costs, Cost of Goods Sold, Contract Assets and Contract Liabilities (Details) - Schedule of Cost of Goods Sold - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Schedule of Cost of Goods Sold [Line Items] | ||||
Scrubber costs recognized | $ 419,736 | $ (90,267) | $ 1,042,901 | |
Salaries and wages | $ 142,812 | 23,940 | 263,861 | 86,319 |
Amortization of intangibles | 236,573 | 219,367 | 489,367 | 438,734 |
Commission type costs | 3,229 | 49,997 | 29,081 | 132,293 |
Design and engineering services for CSP | 110,245 | 51,232 | 169,009 | 150,200 |
Specific services provided to marine scrubber systems | 669,144 | 290,408 | 1,518,715 | 432,776 |
Construction management services | 438,031 | 438,031 | ||
Total | $ 1,600,034 | $ 1,054,680 | $ 2,817,797 | $ 2,283,223 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) | Sep. 30, 2023 USD ($) |
Accounts payable and accrued liabilities [Abstract] | |
Accounts payable | $ 3,262,179 |
Accrued liabilities | $ 200,000 |
Accounts Payable and Accrued _4
Accounts Payable and Accrued Liabilities (Details) - Schedule of Accounts Payable and Accrued Liabilities - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 | |
Schedule of Accounts Payable and Accrued Liabilities [Abstract] | |||
Accounts payable | [1] | $ 4,946,722 | $ 692,526 |
Accrued liabilities | 2,711,990 | 2,349,083 | |
Other liabilities | 127,973 | ||
Payroll liabilities | 146,342 | 219,151 | |
Total short term accounts payable and accrued liabilities | 7,805,054 | 3,388,733 | |
Balance, end of period | $ 7,805,054 | $ 3,388,733 | |
[1] As of September 30, 2023, Accounts payable included $3,262,179 (Note 4) of Payables specific to Projects Under Development incurred on BESS Sheaf project, which has been reclassified from Assets Held for Sale due to the change in Company strategy in the period. |
Loans Payable (Details)
Loans Payable (Details) | 1 Months Ended | 6 Months Ended | |||||
Nov. 15, 2023 | Sep. 20, 2023 USD ($) | Sep. 20, 2023 EUR (€) | Sep. 15, 2023 | Sep. 30, 2023 EUR (€) | Dec. 15, 2022 USD ($) | Dec. 15, 2022 EUR (€) | |
Loans Payable [Line Items] | |||||||
Net equity proceeds percentage | 18% | 8% | |||||
Repayment fee percentage | 25% | 25% | |||||
Additional short-term working capital | $ 2,500,000 | € 1,050,000 | |||||
Total equivalent (in Dollars) | $ | $ 3,782,000 | ||||||
Net funds in excess (in Euro) | € | € 4,000,000 | ||||||
Loan Agreements [Member] | |||||||
Loans Payable [Line Items] | |||||||
Percentage of covert outstanding | 20% | ||||||
Sheaf Storage Limited [Member] | |||||||
Loans Payable [Line Items] | |||||||
Percentage of covert outstanding | 100% | ||||||
Sheaf Storage Limited [Member] | |||||||
Loans Payable [Line Items] | |||||||
Loan agreement amount | $ 9,261,789 | € 7,500,000 | |||||
Accrued interest percentage | 20% |
Loans Payable (Details) - Sched
Loans Payable (Details) - Schedule of Loans Payable - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 | |
Schedule of Loans Payable [Abstract] | |||
Loans payable | [1] | $ 3,834,315 | $ 1,667,484 |
Long term loans payable | 791,662 | ||
Loans of Projects Under Development | 11,192,035 | ||
Balance, end of period | $ 15,026,350 | $ 2,459,146 | |
[1] As of September 30, 2023, Loan of Project Under Development from Sheaf Storage Ltd, relating to Sheaf Project has been reclassified from Assets Held for Sale due to the change in Company strategy. |
Warranty Costs (Details)
Warranty Costs (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Warranty Costs [Abstract] | |||
Non-cash warranty recovery | |||
Warrant commission | 35,320 | ||
Warranty provision | $ 23,500 | ||
Accounts payable | $ 58,820 | $ 181,600 |
Warranty Costs (Details) - Sche
Warranty Costs (Details) - Schedule of Changes in the Warranty Costs - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Schedule of Changes in the Warranty Costs [Abstract] | ||
Balance, beginning of period | $ 580,530 | $ 865,451 |
Warranty expense / (recovery) | 23,500 | (625,664) |
Warranty (invoiced costs) / recovery | (187,669) | 340,743 |
Balance, end of period | $ 416,361 | $ 580,530 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | |
Related Party Transactions [Line Items] | |||||
Company owed amount | $ 152,140 | $ 152,140 | $ 213,020 | ||
Commissions to companies | 14,979 | $ 37,897 | 29,974 | $ 85,962 | |
Consulting fees | 2,193,240 | 163,500 | 4,346,930 | 327,000 | |
Bonus paid | 3,954,380 | 3,954,380 | |||
Director [Member] | |||||
Related Party Transactions [Line Items] | |||||
Consulting fees | $ 171,497 | $ 201,072 | $ 472,621 | $ 505,572 |
Stock Options (Details)
Stock Options (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Stock Options [Abstract] | ||||
Risk-free interest rate | 4.54% | |||
Average expected life | 3 years 6 months | |||
Expected volatility | 122% | |||
Accrued salaries | $ 17,290 | $ 9,194 | $ 17,290 | $ 26,912 |
Stock Options (Details) - Sched
Stock Options (Details) - Schedule of Continuity of Stock Options - USD ($) | 6 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Mar. 31, 2023 | ||
Schedule of Continuity of Stock Options [Abstract] | |||
Number of options, Beginning balance | 485,000 | 537,500 | |
Weighted average exercise price, Beginning balance | $ 0.89 | $ 0.56 | |
Weighted average remaining contractual life (years), Beginning Balance | 1 year 5 months 4 days | ||
Aggregate intrinsic value, Beginning balance | $ 84,900 | $ 170,125 | |
Number of options, Ending balance | 485,000 | ||
Weighted average exercise price, Ending balance | $ 0.89 | ||
Weighted average remaining contractual life (years) Ending balance | 1 year 4 months 28 days | ||
Aggregate intrinsic value, Ending balance | $ 84,900 | ||
Number of options, vested and Exercisable | 585,000 | ||
Weighted average exercise price vested and Exercisable | $ 0.84 | ||
Weighted average remaining contractual life (years) vested and Exercisable | 1 year 5 months 19 days | ||
Aggregate intrinsic value vested and Exercisable | [1] | $ 76,500,000,000 | |
Number of options Granted | 100,000 | 285,000 | |
Weighted average exercise price Granted | $ 0.6 | $ 0.66 | |
Weighted average remaining contractual life (years), Granted | |||
Aggregate intrinsic value, Granted | |||
Number of options, Forfeited | (337,500) | ||
Weighted average exercise price Forfeited | $ 0.18 | ||
Weighted average remaining contractual life (years), Forfeited | |||
Aggregate intrinsic value Forfeited | |||
[1] Value represents weighted average of those options in-the-money as at September 30, 2023. |
Stock Options (Details) - Sch_2
Stock Options (Details) - Schedule of Additional Information Regarding Stock Options Outstanding | 6 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Issued and Outstanding, Number of shares | 585,000 |
Exercise price 1.03 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Issued and Outstanding, Number of shares | 25,000 |
Issued and Outstanding, remaining contractual life (years) | 3 months 14 days |
Issued and Outstanding, Exercise price (in Dollars per share) | $ / shares | $ 1.03 |
Exercise price 1.50 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Issued and Outstanding, Number of shares | 50,000 |
Issued and Outstanding, remaining contractual life (years) | 6 months |
Issued and Outstanding, Exercise price (in Dollars per share) | $ / shares | $ 1.5 |
Exercise price 0.90 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Issued and Outstanding, Number of shares | 25,000 |
Issued and Outstanding, remaining contractual life (years) | 11 months 1 day |
Issued and Outstanding, Exercise price (in Dollars per share) | $ / shares | $ 0.9 |
Exercise price 1.20 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Issued and Outstanding, Number of shares | 20,000 |
Issued and Outstanding, remaining contractual life (years) | 1 year 5 months 15 days |
Issued and Outstanding, Exercise price (in Dollars per share) | $ / shares | $ 1.2 |
Exercise price 1.20 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Issued and Outstanding, Number of shares | 40,000 |
Issued and Outstanding, remaining contractual life (years) | 1 year 5 months 15 days |
Issued and Outstanding, Exercise price (in Dollars per share) | $ / shares | $ 1.2 |
Exercise price 1.20 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Issued and Outstanding, Number of shares | 40,000 |
Issued and Outstanding, remaining contractual life (years) | 1 year 10 months 2 days |
Issued and Outstanding, Exercise price (in Dollars per share) | $ / shares | $ 1.2 |
Exercise price 0.01 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Issued and Outstanding, Number of shares | 10,000 |
Issued and Outstanding, remaining contractual life (years) | 1 year |
Issued and Outstanding, Exercise price (in Dollars per share) | $ / shares | $ 0.01 |
Exercise price 2.50 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Issued and Outstanding, Number of shares | 25,000 |
Issued and Outstanding, remaining contractual life (years) | 1 year |
Issued and Outstanding, Exercise price (in Dollars per share) | $ / shares | $ 2.5 |
Exercise price 3.75 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Issued and Outstanding, Number of shares | 25,000 |
Issued and Outstanding, remaining contractual life (years) | 1 year |
Issued and Outstanding, Exercise price (in Dollars per share) | $ / shares | $ 3.75 |
Exercise price 0.10 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Issued and Outstanding, Number of shares | 200,000 |
Issued and Outstanding, remaining contractual life (years) | 1 year 1 month 2 days |
Issued and Outstanding, Exercise price (in Dollars per share) | $ / shares | $ 0.1 |
Exercise price 0.50 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Issued and Outstanding, Number of shares | 25,000 |
Issued and Outstanding, remaining contractual life (years) | 11 months 1 day |
Issued and Outstanding, Exercise price (in Dollars per share) | $ / shares | $ 0.5 |
Exercise price 0.60 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Issued and Outstanding, Number of shares | 20,000 |
Issued and Outstanding, remaining contractual life (years) | 2 years 10 months 2 days |
Issued and Outstanding, Exercise price (in Dollars per share) | $ / shares | $ 0.6 |
Exercise price 0.60 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Issued and Outstanding, Number of shares | 40,000 |
Issued and Outstanding, remaining contractual life (years) | 3 years 4 months 2 days |
Issued and Outstanding, Exercise price (in Dollars per share) | $ / shares | $ 0.6 |
Exercise price 0.60 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Issued and Outstanding, Number of shares | 40,000 |
Issued and Outstanding, remaining contractual life (years) | 3 years 10 months 2 days |
Issued and Outstanding, Exercise price (in Dollars per share) | $ / shares | $ 0.6 |
Segmented Information (Details)
Segmented Information (Details) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segmented Information [Abstract] | ||||
Revenue from customer percentage | 36% | 59% | 36% | 61% |
Segmented Information (Detail_2
Segmented Information (Details) - Schedule of Located and Operates - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Segment Reporting Information [Line Items] | ||
Property and equipment | $ 760,023 | $ 849,209 |
Intangible Assets | 6,215,515 | 6,706,484 |
Right of use assets | 164,145 | 350,429 |
Total non-current assets | 7,139,683 | 7,906,122 |
North America [Member] | ||
Segment Reporting Information [Line Items] | ||
Property and equipment | 3,817 | 5,343 |
Intangible Assets | 6,211,554 | 6,700,921 |
Right of use assets | ||
Total non-current assets | 6,215,371 | 6,706,264 |
Europe [Member] | ||
Segment Reporting Information [Line Items] | ||
Property and equipment | 124,163 | 134,001 |
Intangible Assets | ||
Right of use assets | 74,672 | 226,860 |
Total non-current assets | 198,835 | 360,861 |
Asia [Member] | ||
Segment Reporting Information [Line Items] | ||
Property and equipment | 632,043 | 709,865 |
Intangible Assets | 3,961 | 5,563 |
Right of use assets | 89,473 | 123,569 |
Total non-current assets | $ 725,477 | $ 838,997 |
Segmented Information (Detail_3
Segmented Information (Details) - Schedule of Revenues by Customer Region - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segmented Information [Line Items] | ||||
Revenues by customer region | $ 1,164,989 | $ 1,195,353 | $ 2,353,827 | $ 3,219,229 |
COGS by customer region | 1,600,034 | 1,054,680 | 2,817,797 | 2,283,223 |
Gross Profit by customer region | $ (435,045) | $ 140,673 | $ (463,970) | $ 936,006 |
GP% by customer region | (37.00%) | 12% | (20.00%) | 29% |
North America [Member] | ||||
Segmented Information [Line Items] | ||||
Revenues by customer region | $ 810 | $ 16,947 | $ 20,483 | |
COGS by customer region | 541 | 16,272 | 10,236 | |
Gross Profit by customer region | $ 269 | $ 675 | $ 10,247 | |
GP% by customer region | 0% | 33% | 4% | 50% |
Europe [Member] | ||||
Segmented Information [Line Items] | ||||
Revenues by customer region | $ 642,177 | $ 253,286 | $ 1,316,867 | $ 2,157,780 |
COGS by customer region | 991,424 | 169,204 | 1,604,463 | 1,279,280 |
Gross Profit by customer region | $ (349,247) | $ 84,082 | $ (287,596) | $ 878,500 |
GP% by customer region | (54.00%) | 33% | (22.00%) | 41% |
Asia [Member] | ||||
Segmented Information [Line Items] | ||||
Revenues by customer region | $ 522,813 | $ 917,564 | $ 1,020,013 | $ 1,012,272 |
COGS by customer region | 608,610 | 880,512 | 1,197,062 | 985,451 |
Gross Profit by customer region | $ (85,797) | $ 37,052 | $ (176,070) | $ 26,821 |
GP% by customer region | (16.00%) | 4% | (17.00%) | 3% |
South America [Member] | ||||
Segmented Information [Line Items] | ||||
Revenues by customer region | $ 23,693 | $ 28,694 | ||
COGS by customer region | 4,423 | 8,256 | ||
Gross Profit by customer region | $ 19,270 | $ 20,438 | ||
GP% by customer region | 0% | 81% | 0% | 71% |
Commitments (Details)
Commitments (Details) | 6 Months Ended |
Sep. 30, 2023 USD ($) | |
Commitments [Line Items] | |
Company holds interest | 70% |
Amkest Group [Member] | |
Commitments [Line Items] | |
Accrued interest amounting | $ 874,414 |
Commitments (Details) - Schedul
Commitments (Details) - Schedule of Lease Assets are Categorized as Right of Use Assets | 6 Months Ended | |
Sep. 30, 2023 | ||
London, United Kingdom [Member] | ||
Schedule of Lease Assets are Categorized as Right of Use Assets [Line Items] | ||
Long-term premises lease | London, United Kingdom | |
Lease commencement | Apr. 01, 2019 | |
Lease expiry | Dec. 25, 2023 | |
Term (years) | 3 years 9 months | |
Discount rate | 4.50% | [1] |
Shanghai, China [Member] | ||
Schedule of Lease Assets are Categorized as Right of Use Assets [Line Items] | ||
Long-term premises lease | Shanghai, China | |
Lease commencement | Mar. 01, 2020 | |
Lease expiry | May 31, 2025 | |
Term (years) | 5 years 3 months | |
Discount rate | 4.65% | [1] |
[1] The Company determined the discount rate with reference to mortgages of similar tenure and terms. |
Commitments (Details) - Sched_2
Commitments (Details) - Schedule of Lease Cost - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Schedule of Lease Cost [Abstract] | |||||
Operating lease expense | [1] | $ 93,436 | $ 99,253 | $ 217,359 | $ 208,990 |
[1] Including right of use amortization and imputed interest. Lease payments include maintenance, operating expense, and tax. |
Commitments (Details) - Sched_3
Commitments (Details) - Schedule of Premises Lease Agreements With Minimum Annual Lease Payments | Sep. 30, 2023 USD ($) |
Schedule of Premises Lease Agreements with Minimum Annual Lease Payments [Abstract] | |
2024 | $ 54,662 |
2025 | 47,918 |
Thereafter | |
Total future minimum lease payments | 102,580 |
Imputed interest | (22,141) |
Operating lease obligations | $ 80,439 |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | 6 Months Ended |
Sep. 30, 2023 USD ($) | |
Income Taxes [Abstract] | |
Percentage of tax benefit | 50% |
Net operating losses | $ 19.7 |
Losses available | $ 8 |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of Components of Income Before Income Taxes - USD ($) | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Schedule of Components of Income Before Income Taxes [Line Items] | ||
Net profit / (loss) before taxes | $ 552,121 | $ (5,501,101) |
United States [Member] | ||
Schedule of Components of Income Before Income Taxes [Line Items] | ||
Net profit / (loss) before taxes | (11,405,266) | (3,394,876) |
Foreign [Member] | ||
Schedule of Components of Income Before Income Taxes [Line Items] | ||
Net profit / (loss) before taxes | $ 11,957,387 | $ (2,106,226) |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of Income Tax Benefit at the Statutory Rates - USD ($) | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Schedule of Income Tax Benefit at the Statutory Rates [Abstract] | ||
Net profit / (loss) before taxes | $ 552,121 | $ (5,501,101) |
Statutory tax rate | 21% | 21% |
Expected income tax expense / (recovery) | $ 115,945 | $ (1,155,231) |
Tax exemption on share sale | (3,599,502) | |
Subpart F inclusion | 3,599,502 | |
Permanent differences and other | 81,264 | 40,258 |
Foreign tax rate difference | (183,590) | 1,907 |
Change in valuation allowance | (13,620) | 1,113,066 |
Income tax provision | ||
Current | ||
Deferred |
Subsequent Events (Details)
Subsequent Events (Details) | 6 Months Ended | |||||||
Nov. 02, 2023 USD ($) | Nov. 02, 2023 EUR (€) | Sep. 30, 2023 USD ($) | Sep. 30, 2023 EUR (€) | Nov. 02, 2023 EUR (€) | Oct. 16, 2023 USD ($) shares | Oct. 16, 2023 EUR (€) shares | Sep. 30, 2023 EUR (€) | |
Subsequent Events [Line Items] | ||||||||
Senior debt facility | $ 146,000,000 | € 120,000,000 | ||||||
Capital expenditure | $ 85,000,000 | € 70,000,000 | ||||||
Deposits | 14,900,000 | 12,200,000 | ||||||
Legal fees | 400,000 | € 300,000 | ||||||
Gross deferred consideration | $ 19,000,000 | € 15,100,000 | ||||||
Profit share ratio | 18% | 18% | ||||||
Management fee | $ 4,600,000 | 3,750,000 | ||||||
Payment for loan | 2,000,000 | € 1,640,000 | ||||||
Loan principal | 9,260,000 | € 7,500,000 | ||||||
Loan principal | $ 2,300,000 | 1,900,000 | ||||||
Repayment fee rate | 25% | 25% | ||||||
Sheaf Energy Limited [Member] | ||||||||
Subsequent Events [Line Items] | ||||||||
Loan principal | $ 9,260,000 | € 7,500,000 | ||||||
Loan principal | $ 2,300,000 | 1,900,000 | ||||||
Repayment fee rate | 25% | 25% | ||||||
Subsequent Event [Member] | ||||||||
Subsequent Events [Line Items] | ||||||||
Senior debt facility | $ 146,000,000 | 120,000,000 | ||||||
Repayment of amortization period | 10 years | 10 years | ||||||
Sosteneo fund | $ 257,000,000 | € 210,000,000 | ||||||
Issuable shares | 4,500,000 | 4,500,000 | ||||||
Commitment being with cash | $ 3,664,000 | € 3,000,000 | ||||||
Payable for commitment | 3,053,000 | 2,500,000 | ||||||
Payable for instalments | $ 611,000 | € 500,000 | ||||||
UK Infrastructure Bank Limited [Member] | Subsequent Event [Member] | ||||||||
Subsequent Events [Line Items] | ||||||||
Senior debt facility | $ 73,000,000 | € 60,000,000 | ||||||
Pacific Green Battery Energy [Member] | Subsequent Event [Member] | ||||||||
Subsequent Events [Line Items] | ||||||||
Shares rate | 100% | 100% | ||||||
Sheaf Energy Limited [Member] | Subsequent Event [Member] | ||||||||
Subsequent Events [Line Items] | ||||||||
Shares rate | 100% | 100% | ||||||
Milestone one [Member] | ||||||||
Subsequent Events [Line Items] | ||||||||
Gross deferred consideration | $ 8,900,000 | 7,260,000 | ||||||
Milestone Two [Member] | ||||||||
Subsequent Events [Line Items] | ||||||||
Gross deferred consideration | 6,100,000 | 4,960,000 | ||||||
Milestone Three [Member] | ||||||||
Subsequent Events [Line Items] | ||||||||
Gross deferred consideration | $ 1,600,000 | € 1,300,000 |