Quarterly report pursuant to Section 13 or 15(d)

Accounting Policies, by Policy (Policies)

Accounting Policies, by Policy (Policies)
9 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Basis of Presentation
(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 Technologies (UK) Ltd. (“PGTU”) (Formerly Pacific Green Marine Technologies Ltd.)   Wholly-owned subsidiary of PGMG 
Pacific Green Technologies Asia Ltd. (“PGTA”)    Wholly-owned subsidiary 
Pacific Green Technologies China Ltd. (“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 Energy Storage (UK) Ltd. (“PGESU”) (Formerly Pacific Green Marine Technologies Trading Ltd.)   Wholly-owned subsidiary of PGMG 
Pacific Green Environmental Technologies (Asia) Ltd. (“PGETA”)    50.1% owned subsidiary 
Pacific Green Marine Technologies (Norway) SA (“PGN”)    Wholly-owned subsidiary of PGTU 
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 Innoergy Technologies Ltd. (“Innoergy”) (Formerly Innoergy Ltd.)   Wholly-owned subsidiary  

During the nine months ended December 31, 2020, the Company ceased operations of PGN (Note 18). PGN has been deconsolidated as it has been run by the courts. On October 19, 2020, the Company acquired 100% interest in Innoergy, a designer of battery energy storage systems and registered in the United Kingdom (Note 8). 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 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.