Quarterly report pursuant to Section 13 or 15(d)

Significant Accounting Policies

v3.20.2
Significant Accounting Policies
6 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]  
Significant Accounting Policies
2. Significant Accounting Policies

  (a) Basis of Presentation

These unaudited interim condensed consolidated interim financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States of America and are expressed in U.S. dollars. The following 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 Marine Technologies Ltd.(“PGMTL”)   Wholly-owned subsidiary of PGMG 
Pacific Green Technologies Asia Limited (“PGTA”)    Wholly-owned subsidiary 
Pacific Green Technologies China Limited (“PGTC”)    Wholly-owned subsidiary of PGTA 
Pacific Green Marine Technologies Inc. (PGMT Can)    Wholly-owned subsidiary  
Pacific Green Marine Technologies Inc. (PGMT US)    Wholly-owned subsidiary of PGMG 
Pacific Green Marine Technologies (USA) Inc. (inactive)    Wholly-owned subsidiary of PGMG 
Pacific Green Marine Technologies Group Inc (“PGMG”)    Wholly-owned subsidiary  
Pacific Green Marine Technologies Trading Ltd. (“PGTrad”)    Wholly-owned subsidiary of PGMG 
Pacific Green Environmental Technologies Ltd (“PENV”)    Wholly-owned subsidiary 
Pacific Green Marine Technologies (Norway) SA (“PGN”)    Wholly-owned subsidiary of PGMTL 
Pacific Green Technologies (Shanghai) Co. Ltd. (Formerly Shanghai Engin Digital Technology Co. Ltd (“PGTS”))    Wholly-owned subsidiary  
Guangdong Northeast Power Engineering Design Co. Ltd. (“GNPE”)    Wholly-owned subsidiary of ENGIN 

During the six months ended September 30, 2020, the Company ceased operations of PGN (See Note 17). PGN has been deconsolidated as it has been run by the courts. 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 is currently assessing the impact of the adoption of this ASU on its Consolidated Financial Statements.


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.