Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2017 | Aug. 08, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | India Globalization Capital, Inc. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --03-31 | |
Entity Common Stock, Shares Outstanding | 27,431,178 | |
Amendment Flag | false | |
Entity Central Index Key | 1,326,205 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2017 | Mar. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 345,610 | $ 538,029 |
Accounts receivable, net of allowances | 839,462 | 752,926 |
Prepaid expenses and other current assets | 416,160 | 410,408 |
Short-term investments | 0 | 1,880,000 |
Total current assets | 1,601,232 | 3,581,363 |
Goodwill | 198,169 | 198,169 |
Property, plant and equipment, net | 952,009 | 953,936 |
Investments in affiliates | 773,111 | 773,111 |
Investments-others | 5,239,778 | 5,238,003 |
Other non-current assets | 672,142 | 539,720 |
Total long-term assets | 7,835,209 | 7,702,939 |
Total assets | 9,436,441 | 11,284,302 |
Current liabilities: | ||
Trade payables | 427,079 | 416,532 |
Accrued expenses | 143,000 | 181,465 |
Other current liabilities | 407,169 | 691,714 |
Total current liabilities | 977,248 | 1,289,711 |
Long -term borrowings | 175,991 | 452,080 |
Loans - others | 388,476 | 392,226 |
Notes payable | 1,800,000 | 1,800,000 |
Total non-current liabilities | 2,364,467 | 2,644,306 |
Total liabilities | 3,341,715 | 3,934,017 |
Stockholders' equity: | ||
Common stock — $.0001 par value; 150,000,000 shares authorized; 23,265,531 issued and outstanding as of March 31, 2017 and 26,803,020 issued and outstanding as of June 30, 2017. | 2,680 | 2,827 |
Additional paid-in capital | 60,588,461 | 61,413,533 |
Accumulated other comprehensive income | (2,046,023) | (2,047,780) |
Retained earnings (Deficit) | (52,441,602) | (52,009,459) |
Total equity attributable to Parent | 6,103,516 | 7,359,121 |
Non-controlling interest | (8,790) | (8,836) |
Total stockholders' equity | 6,094,726 | 7,350,285 |
Total liabilities and stockholders' equity | $ 9,436,441 | $ 11,284,302 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Jun. 30, 2017 | Mar. 31, 2017 |
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 26,803,020 | 23,265,531 |
Common stock, shares outstanding | 26,803,020 | 23,265,531 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues | $ 52,926 | $ 288,493 |
Cost of revenues (excluding depreciation) | (6,880) | (201,854) |
Selling, general and administrative expenses | (436,351) | (307,772) |
Depreciation | (5,964) | (97,672) |
Operating income (loss) | (396,269) | (318,805) |
Interest expense | (44,546) | (43,278) |
Other income, net | 8,355 | 1,755 |
Income before income taxes and minority interest attributable to non-controlling interest | (432,460) | (360,328) |
Income taxes benefit/ (expense) | 0 | 0 |
Net income/(loss) | (432,460) | (360,328) |
Non-controlling interests in earnings of subsidiaries | (319) | 23,238 |
Net income / (loss) attributable to common stockholders | $ (432,141) | $ (383,566) |
Earnings/(loss) per share attributable to common stockholders: | ||
Basic (in Dollars per share) | $ (0.02) | $ (0.02) |
Diluted (in Dollars per share) | $ (0.02) | $ (0.02) |
Weighted-average number of shares used in computing earnings per share amounts: | ||
Basic (in Shares) | 25,865,307 | 23,312,056 |
Diluted (in Shares) | 25,865,307 | 23,312,056 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Net income / (loss) | $ (432,141) | $ (383,566) |
Parent [Member] | ||
Net income / (loss) | (432,141) | (383,566) |
Foreign currency translation adjustments | 1,757 | (47,187) |
Comprehensive income (loss) | (430,384) | (430,753) |
Noncontrolling Interest [Member] | ||
Net income / (loss) | (319) | 23,238 |
Foreign currency translation adjustments | 0 | 0 |
Comprehensive income (loss) | (319) | 23,238 |
Comprehensive Income [Member] | ||
Net income / (loss) | (432,460) | (360,328) |
Foreign currency translation adjustments | 1,757 | (47,187) |
Comprehensive income (loss) | $ (430,703) | $ (407,515) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (432,460) | $ (360,328) |
Adjustment to reconcile net income (loss) to net cash: | ||
Depreciation | 5,964 | 97,672 |
Non-cash interest expenses | 36,600 | 31,240 |
ESOP and other stock related expenses | 306,798 | 0 |
Changes in: | ||
Accounts receivable | (86,536) | 361,712 |
Inventories | 0 | 103,444 |
Prepaid expenses and other assets | (5,753) | (304,093) |
Trade payables | 10,548 | (70,201) |
Advance from customers | 0 | 397,516 |
Other current liabilities | (284,546) | (10,062) |
Non-current assets | (34,083) | 202 |
Accrued Expenses | (38,465) | (44,194) |
Net cash provided/(used) in operating activities | (521,933) | 202,908 |
Cash flow from investing activities: | ||
Proceeds from short term investment | 0 | (55,000) |
Purchase of property and equipment | (252) | (3,106) |
Capital work in progress | (3,599) | (59,706) |
Net cash provided/(used) by investing activities | (3,851) | (117,812) |
Cash flows from financing activities: | ||
Issuance of equity stock | 647,691 | 25,668 |
Expenses associated with raising funds | (34,646) | 0 |
Net movement in short-term borrowings | 0 | (27,762) |
Proceeds /(repayment) from long-term borrowing | (276,089) | (205,193) |
Proceeds from loan | (3,750) | (43,517) |
Net cash provided/(used) by financing activities | 333,206 | (250,804) |
Effects of exchange rate changes on cash and cash equivalents | 159 | 565 |
Net increase/(decrease) in cash and cash equivalents | (192,419) | (165,143) |
Cash and cash equivalent at the beginning of the period | 538,029 | 1,490,693 |
Cash and cash equivalent at the end of the period | 345,610 | 1,325,550 |
Supplementary information: | ||
Cash paid for interest | 7,946 | 12,038 |
Common stock issued for interest payment on notes payable | 36,600 | 31,240 |
Common stock issued including ESOP, Consultancy & IR | $ 306,798 | $ 0 |
NOTE 1 - OVERVIEW OF INDIA GLOB
NOTE 1 - OVERVIEW OF INDIA GLOBALIZATION CAPITAL, INC. (“IGC”) | 3 Months Ended |
Jun. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Nature of Operations [Text Block] | NOTE 1 – OVERVIEW OF INDIA GLOBALIZATION CAPITAL, INC. (“IGC”) IGC develops cannabis-based combination therapies to treat Alzheimer’s, pain, nausea, eating disorders, several end points of Parkinson’s, and epilepsy in humans, dogs and cats. In support of this effort, IGC has assembled a portfolio of patent filings and four lead product candidates addressing these conditions. In India, the Company is engaged in heavy equipment rental, and in Malaysia, real-estate management. The Company is a Maryland Corporation formed in April 2005. In March 2006, we completed an initial public offering of our common stock. Our registered office in the U.S. is located in Bethesda, Maryland. We have a facility in Washington State, where we conduct our R&D. Our back office is located in Kochi, Kerala India. In addition, many of our staff and advisors work from their home offices. |
NOTE 2 - SUMMARY OF SIGNIFICANT
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a) Basis of preparation of financial statements The Company has prepared the accompanying unaudited Condensed Consolidated Financial Statements (“Financial Statements”) in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statements and management used estimates and assumptions that could affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. The results for interim periods do not necessarily indicate the results that may be expected for any other interim period or for the full year. The significant accounting policies adopted by the Company, in respect of these consolidated financial statements, are set out in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2017. Therefore, the Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and respective notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2017 filed with the SEC on July 14, 2017. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included in the Financial Statements. The consolidated financial statements include the accounts of the Company and all its subsidiaries that are more than 50% owned and controlled. The Company consolidates the subsidiaries into its consolidated financial statements. Transactions between the Company and its subsidiaries have been eliminated in the consolidated financial statements. In the quarter ended June 30, 2017, in addition to the US, IGC operates in India and Malaysia and a substantial portion of the Company’s sales are denominated in INR and RM. As a result, changes in the relative values of the U.S. dollar and INR or the RM affect revenues and profits as the results are translated into U.S. dollars in the consolidated and pro forma financial statements. The accompanying financial statements are reported in U.S. dollars. The INR and the RM are the functional currencies for the Company. The translation of the functional currencies into U.S. dollars is performed for assets and liabilities using the exchange rates in effect at the balance sheet date and for revenues, costs and expenses using average exchange rates prevailing during the reporting periods. Adjustments resulting from the translation of functional currency financial statements to reporting currency are accumulated and reported as other comprehensive income/(loss), a separate component of shareholders’ equity. The Company’s current fiscal year ends on March 31, 2018. |
NOTE 3 - ACCOUNTS RECEIVABLE
NOTE 3 - ACCOUNTS RECEIVABLE | 3 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 3 – ACCOUNTS RECEIVABLE Accounts receivable, net of allowances, amounted to $839,462 and $752,926 as of June 30, 2017 and March 31, 2017, respectively. The accounts receivable net of reserves for the quarter ended June 30, 2017 come primarily from construction management and rental of heavy construction equipment. |
NOTE 4 - OTHER CURRENT AND NON-
NOTE 4 - OTHER CURRENT AND NON-CURRENT ASSETS | 3 Months Ended |
Jun. 30, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Other Assets Disclosure [Text Block] | NOTE 4 – OTHER CURRENT AND NON-CURRENT ASSETS Prepaid expenses and other current assets consist of the following: As of June 30, 2017 As of March 31, 2017 Prepaid /preliminary expenses $ 6,750 $ 6,750 Advance to suppliers, others & services 388,705 352,850 Security/statutory advances 13,907 14,216 Prepaid and accrued interest 1,442 1,436 Deposit and other current assets 5,356 35,156 Total $ 416,160 $ 410,408 Other non-current assets consist of the following: As of June 30, 2017 As of March 31, 2017 Statutory/Other advances $ 541,244 $ 539,720 Patent expenses capitalized 130,898 - Total $ 672,142 $ 539,720 On May 21, 2012, TBL entered into an agreement with Weave & Weave for the purchase of land value $616,806. TBL gave Weave and Wave and advance of $377,795. As of the date of this filing, the parties are in the process of negotiating a settlement that includes the purchase and sale of land as well as the refund of the advance given by TBL. The capitalized patent expenses are direct expenses, legal, filing fees, etc., associated with filing patents in North America, Europe and Canada. |
NOTE 5 - INTANGIBLE ASSETS AND
NOTE 5 - INTANGIBLE ASSETS AND GOODWILL | 3 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 5 – INTANGIBLE ASSETS AND GOODWILL The movement in intangible assets and goodwill is given below. As of June 30, 2017 As of March 31, 2017 Intangible assets at the beginning of the period $ - $ 113,321 Amortization - (113,321 ) Effect of foreign exchange translation - - Total Intangible assets $ - $ - Goodwill of Cabaran Ultima SDN BHD 198,169 198,169 Total Goodwill $ 198,169 198,169 The value of goodwill for the two periods shown is $198,169 and is associated with the acquisition of Cabaran Ultima. |
NOTE 6 - PROPERTY, PLANT AND EQ
NOTE 6 - PROPERTY, PLANT AND EQUIPMENT | 3 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 6 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following: Category Useful Life (years) As of June 30, 2017 As of March 31, 2017 Building (flat) 25 $ 242,040 $ 241,181 Plant and machinery 20 1,716,141 1,710,055 Computer equipment 3 157,882 157,349 Office equipment 5 119,939 119,528 Furniture and fixtures 5 70,833 70,368 Vehicles 5 293,549 292,764 Assets under construction N/A 961,812 957,880 Total $ 3,562,196 $ 3,549,125 Less: Accumulated depreciation $ (2,610,187 ) $ (2,595,189 ) Net Assets $ 952,009 $ 953,936 Depreciation expense for the three months ended June 30, 2017 was $5,964 as compared to $97,672 for fiscal ended March 31, 2017. Capital work-in-progress represents advances paid towards the acquisition of property and equipment and the cost of property and equipment not put to use before the balance sheet date. |
NOTE 7 - INVESTMENTS - OTHERS
NOTE 7 - INVESTMENTS - OTHERS | 3 Months Ended |
Jun. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NOTE 7 – INVESTMENTS – OTHERS Investments – others for each of the periods ended June 30, 2017 and March 31, 2017 consisted of the following: As of June 30, 2017 As of March 31, 2017 Investment in equity shares of unlisted company & associates $ 65,167 $ 63,392 Investment in Land 5,174,611 5,174,611 Total $ 5,239,778 $ 5,238,003 |
NOTE 9 - OTHER CURRENT AND NON-
NOTE 9 - OTHER CURRENT AND NON-CURRENT LIABILITIES | 3 Months Ended |
Jun. 30, 2017 | |
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | |
Other Liabilities Disclosure [Text Block] | NOTE 9 – OTHER CURRENT AND NON-CURRENT LIABILITIES Other current liabilities consist of the following: As of June 30, 2017 As of March 31, 2017 Statutory payables $ 14,041 $ 15,203 Employee related liabilities 393,128 676,511 Total $ 407,169 $ 691,714 For the quarter ended June 30, 2017, there were no other non-current liabilities. |
NOTE 10 - RELATED PARTY TRANSAC
NOTE 10 - RELATED PARTY TRANSACTIONS | 3 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 10 – RELATED PARTY TRANSACTIONS As of June 30, 2017, the Company has (i) a balance due of $86,916 payable to our CEO inclusive of certain unpaid salaries from previous years and (ii) a long-term loan of $175,991 due by Cabaran to a Director of Cabaran (RM 755,000), for a loan made to Cabaran. We pay an affiliate of our CEO $4,500 per month for office space and certain general and administrative services rendered in Maryland. In addition, we pay another affiliate of our CEO $6,100 per month for office and facilities in Washington State. We believe, based on rents and fees for similar services in the Washington, D.C. metropolitan area, and Washington State that the fee charged by the affiliates are at least as favorable as we could have obtained from an unaffiliated third party and these payments are not considered, or meant to be compensation to our CEO. The rental agreement for the Maryland location is on a month-to-month basis and may be terminated by our Board of Directors of the Company at any time without notice. The rental agreement for Washington State facilities expires on December 31, 2017, unless renewed by mutual consent. During the quarter ended June 30, 2017, the total rent paid to the affiliates were $13,500 for the office space (and services) in Maryland, and $18,300 for the facilities in Washington State. All compensation paid to our CFO, is paid to an affiliate of our CFO, specifically a limited liability company (LLC), wholly owned by our CFO. There are no payments, other than what is mentioned in this filing, that have been made to the CFO directly or to his LLC. The Company treats payments and issuances of stock made to the LLC as if they are made directly to our CFO. Loans by Related Parties: We have a working capital loan that has a loan balance as of June 30, 2017 and as of March 31, 2017 of $97,500 from an affiliate of our CEO, at an annual interest rate of zero percent, due February 23, 2022. There is no prepayment penalty. The assets of the Company secure the loan. Loans to Related Parties On April 30, 2015, FYE 2016, we loaned Apogee Financial Services $70,000 as working capital for Midtown partners. The loan is outstanding as of June 30, 2017. |
NOTE 11 - NOTES PAYABLE AND LOA
NOTE 11 - NOTES PAYABLE AND LOANS – OTHERS | 3 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE 11 – NOTES PAYABLE AND LOANS – OTHERS The Company has an unsecured Note Payable to Bricoleur Partners, L.P. in the amount of $1,800,000 (“2012 Security”), which was extended to July 31, 2016, subject to the same terms of the 2012 Agreement. Up to July 2014, the Company was making monthly interest payments of 17,100 shares of common stock. Starting on August 2014 and as per Amendment No. 2 to the 2012 Security, the Company started making a monthly interest payment of 23,489 shares of common stock. Contractually, there is no cash interest paid to Bricoleur on the Note. Instead, the parties have agreed that the Company will make a payment (booked under interest payment) of 30,000 shares of common stock for each month the loan remains unpaid, regardless of the trading price of the stock. The arrangement allows the Company and Bricoleur to pursue permanent conversion of the principal to common stock, or repayment of the principal using common stock. During the quarter ended June 30, 2017, the Company issued a total of 90,000 shares valued at $36,600 to this debt holder, which constitutes non-tax-deductible interest payments for the Company. As of June 30, 2017, the Company has five loans categorized as Loans Others totaling $388,476 at an average annual interest rate of 10%: Loan 1: We have a loan for $59,726, due on April 25, 2018 bearing 10% annual interest rate. This loan is from one of our Advisors and former director. Loan 2: We have a loan from an individual for $100,000, at an annual interest rate of 24%, due February 23, 2022. There is no prepayment penalty. The assets of the Company secure the loan. Loan 3: We have a loan from an individual for $50,000, at an annual interest rate of 15%, due February 23, 2022. There is no prepayment penalty. The assets of the Company secure the loan. Loan 4: We have a loan of $81,250 from an affiliate of our CEO, at an annual interest rate of 15%, due February 23, 2022. There is no prepayment penalty. The assets of the Company secure the loan. Loan 5: We have a working capital loan that has a loan balance as of June 30, 2017 of $97,500 from an affiliate of our CEO, at an annual interest rate of zero percent, due February 23, 2022. There is no prepayment penalty. The assets of the Company secure the loan. |
NOTE 12 - COMMITMENTS AND CONTI
NOTE 12 - COMMITMENTS AND CONTINGENCY | 3 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 12 – COMMITMENTS AND CONTINGENCY No significant contingencies or commitments were made or existed during the three months ended June 30, 2017. |
NOTE 13 - COMMON STOCK
NOTE 13 - COMMON STOCK | 3 Months Ended |
Jun. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 13 – COMMON STOCK Our common stock trades on the NYSE AMERICAN under the symbol “IGC” with CUSIP number 45408X308, $0.0001 par value (“Common Stock”). This security is also available for trading on the Borse Frankfurt, Stuttgart, and Berlin Exchanges (ticker symbol: IGS1). The Common stock of the Company is also available for trading on the Borse Frankfurt, Borse Berlin, and Borse Stuttgart (XETRA2) exchanges in Germany. The Warrants and Units now trade on the OTC Markets. We have redeemable Warrants (CUSIP number 45408X118 expiring on March 6, 2019) to purchase Common Stock (ticker symbol: IGC.WT) and Units consisting of one share of Common Stock and two redeemable warrants to purchase Common Stock that are not listed. The Unit holders are requested to contact the Company to get their existing Units separated into Common Stock and Warrants. During the quarter ended June 30, 2017, the Company issued 90,000 shares valued at $36,600 to Bricoleur Partners, L.P. for the outstanding $1,800,000 promissory note (“2012 Security”), which constituted an element of repayment of interest. On May 20, 2016, IGC entered into a new At-The-Market Agency Agreement (“ATM Agreement”) with IFS Securities, Inc. (dba Brinson Patrick, a division of IFS Securities, Inc.), as sales agent (“Brinson Patrick” or the “Agent”). IGC intends to use the net proceeds from the sale of securities offered for working capital needs, repayment of indebtedness and other general corporate purposes. During the quarter ended June 30, 2017, the Company issued 1,260,359 shares of Common Stock valuated at $647,691 under this agreement. Under the December 18, 2014 Purchase Agreement with Apogee, we issued 1,200,000 common shares of IGC valued at $888,000 for the purchase of 24.9% ownership interest in Midtown Partners & Co., LLC. Pending downward adjustments, subject to certain balance sheet items of MTP, a total of 500,000 shares of IGC common stock have been held back. Pending the resolution of these balance sheet items, the shares that have been held back may be cancelled. The agreement had a deadline of June 30, 2015, for Apogee and Midtown Partners to obtain the requisite approvals from FINRA. Apogee did not file for approval on time, and consequently pursuant to the terms of the Agreement, there are several penalties that will apply, including the cancellation of 700,000 shares of IGC stock and a penalty of $125,000 owed by Apogee to us. We are not seeking to consummate the acquisition of the remaining interest in Midtown Partners at this time. The Company has granted (1) its new advisors options to purchase 200,000 shares at an average exercise price of $0.20 per share, all of which are outstanding and exercisable as of June 30, 2017 and (2) 100,000 shares to acquire the exclusive right to the license of the U.S. patent filing entitled “THC as a Potential Therapeutic Agent for Alzheimer’s Disease” by the University of South Florida. Further, pursuant to IGC’s employee stock option plan and during the quarter ended June 30, 2017, IGC granted a total of 1,179,994 shares to its directors and some of its employees. As of June 30, 2017, IGC has 26,803,020 shares of Common Stock issued and outstanding. |
NOTE 14 - STOCK-BASED COMPENSAT
NOTE 14 - STOCK-BASED COMPENSATION | 3 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 14 – STOCK-BASED COMPENSATION On April 1, 2009, the Company adopted ASC 718, “Compensation-Stock Compensation” (previously referred to as SFAS No. 123 (revised 2004), Share Based Payment) |
NOTE 15 - SELLING, GENERAL AND
NOTE 15 - SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 3 Months Ended |
Jun. 30, 2017 | |
Disclosure Text Block [Abstract] | |
Other Operating Income and Expense [Text Block] | NOTE 15 – SELLING, GENERAL AND ADMINISTRATIVE EXPENSES Selling, general and administrative expenses were $436,351 for the three months ended June 30, 2017 as compared to $307,772 for the three months ended June 30, 2016. Selling, general and administrative expenses include compensation expenses to management, legal and professional expenses, investor-relations expenses, acquisition related expenses and travel expenses. |
NOTE 16 - IMPAIRMENT
NOTE 16 - IMPAIRMENT | 3 Months Ended |
Jun. 30, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Asset Impairment Charges [Text Block] | NOTE 16 – IMPAIRMENT None during fiscal quarter ended June 30, 2017. |
NOTE 17 - OTHER INCOME
NOTE 17 - OTHER INCOME | 3 Months Ended |
Jun. 30, 2017 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | NOTE 17 – OTHER INCOME Other income for the three-month periods ended June 30, 2017 and 2016 amounted to $8,355 and $1,755, respectively, and included income received from the supply of skilled operators for the heavy equipment rental business and from the rent of the apartment belonging to TBL, which is located in Kochi, India. |
NOTE 18 - RECONCILIATION OF EPS
NOTE 18 - RECONCILIATION OF EPS | 3 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | NOTE 18 – RECONCILIATION OF EPS The historical weighted average per share for our shares through June 30, 2017, was applied using the treasury method of calculating the fully diluted shares. The weighted average number of shares outstanding as of June 30, 2017 and 2016 used for the computation of basic earnings per share (“EPS”) is 25,865,307 and 23,312,056, respectively. Due to the loss incurred during the three-month period ended June 30, 2017, all of the potential equity shares are anti-dilutive and accordingly, the fully diluted EPS is equal to the basic EPS. |
NOTE 19 - INCOME TAXES
NOTE 19 - INCOME TAXES | 3 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 19 – INCOME TAXES The Company adopted ASC 740, Accounting for Uncertainty in Income Taxes. In assessing the recoverability of its deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets is dependent on the generation of future taxable income during the periods in which those temporary differences become deductible. The management considers historical and projected future taxable income, and tax planning strategies in making this assessment. The Company’s effective tax rate was 0% for both the quarters ended June 30, 2017 and 2016. The Company has US deferred tax assets, which have been offset by valuation allowance because of historical and expected losses. As the Company reverses its losses and becomes profitable, we will reassess the likelihood of recovering a portion or all of the deferred tax assets. The remaining balance of deferred tax assets, which appear on the balance sheet, are from foreign based operations in which utilization is highly probable in offsetting future foreign income taxes. The Company recorded an income tax gain/expense of $0 resulting from operational results of its foreign entities for both three-month periods ended June 30, 2017 and 2016. As of June 30, 2017 and 2016, there was no significant liability for income tax associated with unrecognized tax benefits. As of June 30, 2017, IGC could not use its net operating losses. |
NOTE 20 - SEGMENT INFORMATION
NOTE 20 - SEGMENT INFORMATION | 3 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 20 – SEGMENT INFORMATION Accounting pronouncements establish standards for the manner in which public companies report information about operating segments in annual and interim financial statements. Operating segments are components of an enterprise that have distinct financial information available and evaluated regularly by the chief operating decision-maker ("CODM") to decide how to allocate resources and evaluate performance. The Company's CODM is considered to be the Company's chief executive officer ("CEO"). The CEO reviews financial information presented on an entity level basis for purposes of making operating decisions and assessing financial performance. Therefore, the Company has determined that it operates in a single operating and reportable segment. The following provides information required by ASC 280-10-50-38 Entity-Wide Information: 1) Product & Service Amount % on total revenues Rental 10,930 21 % Real estate 41,996 79 % TOTAL $ 52,926 100 % 2(a) The table below shows the revenue attributed to the country of domicile (USA) and foreign countries. Revenue is attributed to an individual country if the invoice made to the customer originates in that country. The basis for originating an invoice is the underlining agreement. Geographic Location Amount % on total revenues India $ 10,930 21 % Malaysia 41,996 79 % TOTAL $ 52,926 100 % 2(b) The table below shows the long-term assets other than financial instruments held in the country of domicile and foreign countries. Nature of Assets USA (Country of Domicile) Foreign Countries (India and Malaysia) Total Goodwill $ $ 198,169 $ 198,169 Property, Plant and Equipment , Net 893,211 58,798 952,009 Investments in Affiliates 773,111 773,111 Investments Others 5,174,611 65,167 5,239,778 Other Non Current Assets 130,898 541,244 672,142 Total Long Term Assets $ 6,971,831 $ 863,378 $ 7,835,209 |
NOTE 21 - CERTAIN AGED RECEIVAB
NOTE 21 - CERTAIN AGED RECEIVABLES | 3 Months Ended |
Jun. 30, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Loans, Notes, Trade and Other Receivables, Excluding Allowance for Credit Losses [Text Block] | NOTE 21 – CERTAIN AGED RECEIVABLES The receivable and other assets as of June 30, 2017 and March 31, 2017, include certain aged receivables in the amount of $ . The aged receivables are due from the Cochin International Airport. Cochin International Airport is partially owned by the State Government of Kerala. The receivables have been due for periods in excess of one year as of June 30, 2017. These receivables are included in accounts receivable and have been classified as current because the arbitration process has concluded and ruling was given in our favor. The Company continues to carry the full value of the receivables without interest and without any impairment, because the Company believes that there is minimal risk that this organization will become insolvent and unable to make payment. |
NOTE 22 - FAIR VALUE OF FINANCI
NOTE 22 - FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE 22 – FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of the Company’s current assets and current liabilities approximate their carrying value because of their short-term nature. Such financial instruments are classified as current and are expected to be liquidated within the next twelve months. |
NOTE 24 - INVESTMENT IN AFFILIA
NOTE 24 - INVESTMENT IN AFFILIATES | 3 Months Ended |
Jun. 30, 2017 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Investments in and Advances to Affiliates, Schedule of Investments [Text Block] | NOTE 24 – INVESTMENT IN AFFILIATES Pursuant to the December 18, 2014 Purchase Agreement with Apogee, we issued 1,200,000 common shares of IGC valued at $888,000 for the purchase of 24.9% ownership interest in Midtown Partners & Co., LLC. The Purchase Agreement expired on June 30, 2015, and the Company is pursuing its rights under the terms of the Purchase Agreement to recover certain damages. |
NOTE 4 - OTHER CURRENT AND NO29
NOTE 4 - OTHER CURRENT AND NON-CURRENT ASSETS (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | Prepaid expenses and other current assets consist of the following: As of June 30, 2017 As of March 31, 2017 Prepaid /preliminary expenses $ 6,750 $ 6,750 Advance to suppliers, others & services 388,705 352,850 Security/statutory advances 13,907 14,216 Prepaid and accrued interest 1,442 1,436 Deposit and other current assets 5,356 35,156 Total $ 416,160 $ 410,408 |
Schedule of Other Assets, Noncurrent [Table Text Block] | Other non-current assets consist of the following: As of June 30, 2017 As of March 31, 2017 Statutory/Other advances $ 541,244 $ 539,720 Patent expenses capitalized 130,898 - Total $ 672,142 $ 539,720 |
NOTE 5 - INTANGIBLE ASSETS AN30
NOTE 5 - INTANGIBLE ASSETS AND GOODWILL (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | The movement in intangible assets and goodwill is given below. As of June 30, 2017 As of March 31, 2017 Intangible assets at the beginning of the period $ - $ 113,321 Amortization - (113,321 ) Effect of foreign exchange translation - - Total Intangible assets $ - $ - Goodwill of Cabaran Ultima SDN BHD 198,169 198,169 Total Goodwill $ 198,169 198,169 |
NOTE 6 - PROPERTY, PLANT AND 31
NOTE 6 - PROPERTY, PLANT AND EQUIPMENT (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Property Plant and Equipment Table [Member] | |
NOTE 6 - PROPERTY, PLANT AND EQUIPMENT (Tables) [Line Items] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consist of the following: Category Useful Life (years) As of June 30, 2017 As of March 31, 2017 Building (flat) 25 $ 242,040 $ 241,181 Plant and machinery 20 1,716,141 1,710,055 Computer equipment 3 157,882 157,349 Office equipment 5 119,939 119,528 Furniture and fixtures 5 70,833 70,368 Vehicles 5 293,549 292,764 Assets under construction N/A 961,812 957,880 Total $ 3,562,196 $ 3,549,125 Less: Accumulated depreciation $ (2,610,187 ) $ (2,595,189 ) Net Assets $ 952,009 $ 953,936 |
NOTE 7 - INVESTMENTS - OTHERS (
NOTE 7 - INVESTMENTS - OTHERS (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments [Table Text Block] | Investments – others for each of the periods ended June 30, 2017 and March 31, 2017 consisted of the following: As of June 30, 2017 As of March 31, 2017 Investment in equity shares of unlisted company & associates $ 65,167 $ 63,392 Investment in Land 5,174,611 5,174,611 Total $ 5,239,778 $ 5,238,003 |
NOTE 9 - OTHER CURRENT AND NO33
NOTE 9 - OTHER CURRENT AND NON-CURRENT LIABILITIES (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Other Current Liabilities [Member] | |
NOTE 9 - OTHER CURRENT AND NON-CURRENT LIABILITIES (Tables) [Line Items] | |
Schedule of Other Assets and Other Liabilities [Table Text Block] | Other current liabilities consist of the following: As of June 30, 2017 As of March 31, 2017 Statutory payables $ 14,041 $ 15,203 Employee related liabilities 393,128 676,511 Total $ 407,169 $ 691,714 |
NOTE 20 - SEGMENT INFORMATION (
NOTE 20 - SEGMENT INFORMATION (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Products and Services [Table Text Block] | The table below shows revenue reported by product and service: Product & Service Amount % on total revenues Rental 10,930 21 % Real estate 41,996 79 % TOTAL $ 52,926 100 % |
Revenue from External Customers by Geographic Areas [Table Text Block] | The table below shows the revenue attributed to the country of domicile (USA) and foreign countries. Revenue is attributed to an individual country if the invoice made to the customer originates in that country. The basis for originating an invoice is the underlining agreement. Geographic Location Amount % on total revenues India $ 10,930 21 % Malaysia 41,996 79 % TOTAL $ 52,926 100 % |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | The table below shows the long-term assets other than financial instruments held in the country of domicile and foreign countries. Nature of Assets USA (Country of Domicile) Foreign Countries (India and Malaysia) Total Goodwill $ $ 198,169 $ 198,169 Property, Plant and Equipment , Net 893,211 58,798 952,009 Investments in Affiliates 773,111 773,111 Investments Others 5,174,611 65,167 5,239,778 Other Non Current Assets 130,898 541,244 672,142 Total Long Term Assets $ 6,971,831 $ 863,378 $ 7,835,209 |
NOTE 3 - ACCOUNTS RECEIVABLE (D
NOTE 3 - ACCOUNTS RECEIVABLE (Details) - USD ($) | Jun. 30, 2017 | Mar. 31, 2017 |
Receivables [Abstract] | ||
Accounts Receivable, Net, Current | $ 839,462 | $ 752,926 |
NOTE 4 - OTHER CURRENT AND NO36
NOTE 4 - OTHER CURRENT AND NON-CURRENT ASSETS (Details) - Land [Member] | May 21, 2012USD ($) |
NOTE 4 - OTHER CURRENT AND NON-CURRENT ASSETS (Details) [Line Items] | |
Land | $ 616,806 |
Payments to Acquire Land | $ 377,795 |
NOTE 4 - OTHER CURRENT AND NO37
NOTE 4 - OTHER CURRENT AND NON-CURRENT ASSETS (Details) - Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure - USD ($) | Jun. 30, 2017 | Mar. 31, 2017 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid /preliminary expenses | $ 6,750 | $ 6,750 |
Advance to suppliers, others & services | 388,705 | 352,850 |
Security/statutory advances | 13,907 | 14,216 |
Prepaid and accrued interest | 1,442 | 1,436 |
Deposit and other current assets | 5,356 | 35,156 |
Total | $ 416,160 | $ 410,408 |
NOTE 4 - OTHER CURRENT AND NO38
NOTE 4 - OTHER CURRENT AND NON-CURRENT ASSETS (Details) - Schedule of Other Assets, Noncurrent - USD ($) | Jun. 30, 2017 | Mar. 31, 2017 |
Schedule of Other Assets, Noncurrent [Abstract] | ||
Statutory/Other advances | $ 541,244 | $ 539,720 |
Patent expenses capitalized | 130,898 | 0 |
Total | $ 672,142 | $ 539,720 |
NOTE 5 - INTANGIBLE ASSETS AN39
NOTE 5 - INTANGIBLE ASSETS AND GOODWILL (Details) | Jun. 30, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net (Including Goodwill) | $ 198,169 |
NOTE 5 - INTANGIBLE ASSETS AN40
NOTE 5 - INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Intangible Assets And Goodwill - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Mar. 31, 2017 | |
NOTE 5 - INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Intangible Assets And Goodwill [Line Items] | ||
Intangible assets at the beginning of the period | $ 0 | $ 113,321 |
Amortization | 0 | (113,321) |
Effect of foreign exchange translation | 0 | 0 |
Total Intangible assets | 0 | 0 |
Total Goodwill | 198,169 | 198,169 |
Cabaran Ultima Sdn. Bhd. ("Ultima") [Member] | ||
NOTE 5 - INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Intangible Assets And Goodwill [Line Items] | ||
Goodwill of Cabaran Ultima SDN BHD | $ 198,169 | $ 198,169 |
NOTE 6 - PROPERTY, PLANT AND 41
NOTE 6 - PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation, Depletion and Amortization | $ 5,964 | $ 97,672 | $ 97,672 |
NOTE 6 - PROPERTY, PLANT AND 42
NOTE 6 - PROPERTY, PLANT AND EQUIPMENT (Details) - Property, Plant and Equipment - USD ($) | 3 Months Ended | |
Jun. 30, 2017 | Mar. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 3,562,196 | $ 3,549,125 |
Less: Accumulated depreciation | (2,610,187) | (2,595,189) |
Net Assets | $ 952,009 | 953,936 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 25 years | |
Property, plant and equipment, gross | $ 242,040 | 241,181 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 20 years | |
Property, plant and equipment, gross | $ 1,716,141 | 1,710,055 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Property, plant and equipment, gross | $ 157,882 | 157,349 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Property, plant and equipment, gross | $ 119,939 | 119,528 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Property, plant and equipment, gross | $ 70,833 | 70,368 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Property, plant and equipment, gross | $ 293,549 | 292,764 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | ||
Property, plant and equipment, gross | $ 961,812 | $ 957,880 |
NOTE 7 - INVESTMENTS - OTHERS43
NOTE 7 - INVESTMENTS - OTHERS (Details) - Schedule of Investments - USD ($) | Jun. 30, 2017 | Mar. 31, 2017 |
Schedule of Equity Method Investments [Line Items] | ||
Investment in Land | $ 5,174,611 | $ 5,174,611 |
Total | 5,239,778 | 5,238,003 |
Midtown Partners & Co. LLC, ("Midtown Partners") [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in equity shares of unlisted company & associates | $ 65,167 | $ 63,392 |
NOTE 9 - OTHER CURRENT AND NO44
NOTE 9 - OTHER CURRENT AND NON-CURRENT LIABILITIES (Details) - Schedule of Other Current Liabilities - USD ($) | Jun. 30, 2017 | Mar. 31, 2017 |
Schedule of Other Current Liabilities [Abstract] | ||
Statutory payables | $ 14,041 | $ 15,203 |
Employee related liabilities | 393,128 | 676,511 |
Total | $ 407,169 | $ 691,714 |
NOTE 10 - RELATED PARTY TRANS45
NOTE 10 - RELATED PARTY TRANSACTIONS (Details) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2017USD ($) | Mar. 31, 2016USD ($) | Jun. 30, 2017MYR | |
Chief Executive Officer [Member] | |||
NOTE 10 - RELATED PARTY TRANSACTIONS (Details) [Line Items] | |||
Due to Related Parties | $ 86,916 | ||
Affiliated Entity [Member] | Monthly Payment for Office Space and Certain General and Administrative Services [Member] | |||
NOTE 10 - RELATED PARTY TRANSACTIONS (Details) [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 4,500 | ||
Operating Leases, Rent Expense | 13,500 | ||
Affiliated Entity [Member] | Monthly Payment for Office and Facilities [Member] | |||
NOTE 10 - RELATED PARTY TRANSACTIONS (Details) [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 6,100 | ||
Operating Leases, Rent Expense | 18,300 | ||
Apogee Financial Services [Member] | |||
NOTE 10 - RELATED PARTY TRANSACTIONS (Details) [Line Items] | |||
Payments to Acquire Notes Receivable | $ 70,000 | ||
Medium-term Notes [Member] | Director [Member] | |||
NOTE 10 - RELATED PARTY TRANSACTIONS (Details) [Line Items] | |||
Due to Related Parties | 175,991 | MYR 755,000 | |
Loans Payable [Member] | |||
NOTE 10 - RELATED PARTY TRANSACTIONS (Details) [Line Items] | |||
Debt Instrument, Face Amount | $ 388,476 | ||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 10.00% | |
Loans Payable [Member] | Note Payable 5 [Member] | |||
NOTE 10 - RELATED PARTY TRANSACTIONS (Details) [Line Items] | |||
Debt Instrument, Face Amount | $ 97,500 | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | 0.00% | |
Debt Instrument, Maturity Date | Feb. 23, 2022 |
NOTE 11 - NOTES PAYABLE AND L46
NOTE 11 - NOTES PAYABLE AND LOANS – OTHERS (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Mar. 31, 2017 | |
Notes Payable, Other Payables [Member] | Bricoleur Note [Member] | ||
NOTE 11 - NOTES PAYABLE AND LOANS – OTHERS (Details) [Line Items] | ||
Debt Instrument, Face Amount | $ 1,800,000 | |
Stock Issued During Period, Shares, Other (in Shares) | 90,000 | |
Stock Issued During Period, Value, Other | $ 36,600 | |
Notes Payable, Other Payables [Member] | Bricoleur Note [Member] | Monthly Non-Cash Interest Payments Up to July 2014 [Member] | ||
NOTE 11 - NOTES PAYABLE AND LOANS – OTHERS (Details) [Line Items] | ||
Stock Issued During Period, Shares, Other (in Shares) | 17,100 | |
Notes Payable, Other Payables [Member] | Bricoleur Note [Member] | Monthly Non-Cash Interest Payments Starting on August 2014 [Member] | ||
NOTE 11 - NOTES PAYABLE AND LOANS – OTHERS (Details) [Line Items] | ||
Stock Issued During Period, Shares, Other (in Shares) | 30,000 | 23,489 |
Notes Payable, Other Payables [Member] | Bricoleur Note [Member] | Monthly Non-Cash Interest Payments [Member] | ||
NOTE 11 - NOTES PAYABLE AND LOANS – OTHERS (Details) [Line Items] | ||
Stock Issued During Period, Shares, Other (in Shares) | 90,000 | |
Stock Issued During Period, Value, Other | $ 36,600 | |
Loans Payable [Member] | ||
NOTE 11 - NOTES PAYABLE AND LOANS – OTHERS (Details) [Line Items] | ||
Debt Instrument, Face Amount | $ 388,476 | |
Number of Other Loans | 5 | |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |
Loans Payable [Member] | Note Payable 1 [Member] | ||
NOTE 11 - NOTES PAYABLE AND LOANS – OTHERS (Details) [Line Items] | ||
Debt Instrument, Face Amount | $ 59,726 | |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |
Debt Instrument, Maturity Date | Apr. 25, 2018 | |
Loans Payable [Member] | Note Payable 2 [Member] | ||
NOTE 11 - NOTES PAYABLE AND LOANS – OTHERS (Details) [Line Items] | ||
Debt Instrument, Face Amount | $ 100,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 24.00% | |
Debt Instrument, Maturity Date | Feb. 23, 2022 | |
Loans Payable [Member] | Note Payable 3 [Member] | ||
NOTE 11 - NOTES PAYABLE AND LOANS – OTHERS (Details) [Line Items] | ||
Debt Instrument, Face Amount | $ 50,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 15.00% | |
Debt Instrument, Maturity Date | Feb. 23, 2022 | |
Loans Payable [Member] | Note Payable 4 [Member] | ||
NOTE 11 - NOTES PAYABLE AND LOANS – OTHERS (Details) [Line Items] | ||
Debt Instrument, Face Amount | $ 81,250 | |
Debt Instrument, Interest Rate, Stated Percentage | 15.00% | |
Debt Instrument, Maturity Date | Feb. 23, 2022 | |
Loans Payable [Member] | Note Payable 5 [Member] | ||
NOTE 11 - NOTES PAYABLE AND LOANS – OTHERS (Details) [Line Items] | ||
Debt Instrument, Face Amount | $ 97,500 | |
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | |
Debt Instrument, Maturity Date | Feb. 23, 2022 |
NOTE 13 - COMMON STOCK (Details
NOTE 13 - COMMON STOCK (Details) - USD ($) | Dec. 18, 2014 | Jun. 30, 2017 | Mar. 31, 2015 | Mar. 31, 2017 |
NOTE 13 - COMMON STOCK (Details) [Line Items] | ||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $ 0.0001 | $ 0.0001 | ||
Unit Description | We have redeemable Warrants (CUSIP number 45408X118 expiring on March 6, 2019) to purchase Common Stock (ticker symbol: IGC.WT) and Units consisting of one share of Common Stock and two redeemable warrants to purchase Common Stock that are not listed. | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 200,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ 0.20 | |||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 1,179,994 | |||
Common Stock, Shares, Outstanding | 26,803,020 | 23,265,531 | ||
Common Stock, Shares, Issued | 26,803,020 | 23,265,531 | ||
ATM Agreement [Member] | ||||
NOTE 13 - COMMON STOCK (Details) [Line Items] | ||||
Stock Issued During Period, Shares, Other | 1,260,359 | |||
Stock Issued During Period, Value, Other (in Dollars) | $ 647,691 | |||
Patents [Member] | ||||
NOTE 13 - COMMON STOCK (Details) [Line Items] | ||||
Stock Issued During Period, Shares, Acquisitions | 100,000 | |||
Midtown Partners & Co. LLC, ("Midtown Partners") [Member] | ||||
NOTE 13 - COMMON STOCK (Details) [Line Items] | ||||
Stock Issued During Period, Shares, Acquisitions | 1,200,000 | |||
Stock Issued During Period, Value, Acquisitions (in Dollars) | $ 888,000 | |||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 24.90% | |||
Business Acquisition, Shares Held Back | 500,000 | |||
Investment, Additional Information | The agreement had a deadline of June 30, 2015, for Apogee and Midtown Partners to obtain the requisite approvals from FINRA. Apogee did not file for approval on time, and consequently pursuant to the terms of the Agreement, there are several penalties that will apply, including the cancellation of 700,000 shares of IGC stock and a penalty of $125,000 owed by Apogee to us. We are not seeking to consummate the acquisition of the remaining interest in Midtown Partners at this time. | |||
Notes Payable, Other Payables [Member] | Bricoleur Note [Member] | ||||
NOTE 13 - COMMON STOCK (Details) [Line Items] | ||||
Stock Issued During Period, Shares, Other | 90,000 | |||
Stock Issued During Period, Value, Other (in Dollars) | $ 36,600 | |||
Debt Instrument, Face Amount (in Dollars) | $ 1,800,000 |
NOTE 14 - STOCK-BASED COMPENS48
NOTE 14 - STOCK-BASED COMPENSATION (Details) | 3 Months Ended |
Jun. 30, 2017shares | |
NOTE 14 - STOCK-BASED COMPENSATION (Details) [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 200,000 |
ESOP 2008 Omnibus Plan [Member] | |
NOTE 14 - STOCK-BASED COMPENSATION (Details) [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 4,379,899 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 0 |
NOTE 15 - SELLING, GENERAL AN49
NOTE 15 - SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure Text Block [Abstract] | ||
Selling, General and Administrative Expense | $ 436,351 | $ 307,772 |
NOTE 17 - OTHER INCOME (Details
NOTE 17 - OTHER INCOME (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Other Income and Expenses [Abstract] | ||
Other Income | $ 8,355 | $ 1,755 |
NOTE 18 - RECONCILIATION OF E51
NOTE 18 - RECONCILIATION OF EPS (Details) - shares | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||
Weighted Average Number of Shares Outstanding, Basic | 25,865,307 | 23,312,056 |
NOTE 19 - INCOME TAXES (Details
NOTE 19 - INCOME TAXES (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
NOTE 19 - INCOME TAXES (Details) [Line Items] | ||
Effective Income Tax Rate Reconciliation, Percent | 0.00% | 0.00% |
Income Tax Expense (Benefit) | $ 0 | $ 0 |
Foreign Operations [Member] | ||
NOTE 19 - INCOME TAXES (Details) [Line Items] | ||
Unrecognized Tax Benefits | $ 0 | $ 0 |
NOTE 20 - SEGMENT INFORMATION53
NOTE 20 - SEGMENT INFORMATION (Details) - Schedule of Revenue from External Customers by Products and Services - USD ($) | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Revenue from External Customer [Line Items] | ||
Revenue | $ 52,926 | $ 288,493 |
% of Total Revenue | 100.00% | |
Rental [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue | $ 10,930 | |
% of Total Revenue | 21.00% | |
Real Estate [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue | $ 41,996 | |
% of Total Revenue | 79.00% |
NOTE 20 - SEGMENT INFORMATION54
NOTE 20 - SEGMENT INFORMATION (Details) - Schedule of Revenue from External Customers by Geographic Areas - USD ($) | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
NOTE 20 - SEGMENT INFORMATION (Details) - Schedule of Revenue from External Customers by Geographic Areas [Line Items] | ||
Revenue | $ 52,926 | $ 288,493 |
% of Total Revenue | 100.00% | |
INDIA | ||
NOTE 20 - SEGMENT INFORMATION (Details) - Schedule of Revenue from External Customers by Geographic Areas [Line Items] | ||
Revenue | $ 10,930 | |
% of Total Revenue | 21.00% | |
MALAYSIA | ||
NOTE 20 - SEGMENT INFORMATION (Details) - Schedule of Revenue from External Customers by Geographic Areas [Line Items] | ||
Revenue | $ 41,996 | |
% of Total Revenue | 79.00% |
NOTE 20 - SEGMENT INFORMATION55
NOTE 20 - SEGMENT INFORMATION (Details) - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas - USD ($) | Jun. 30, 2017 | Mar. 31, 2017 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Goodwill | $ 198,169 | $ 198,169 |
Property, Plant and Equipment , Net | 952,009 | 953,936 |
Investments in Affiliates | 773,111 | 773,111 |
Investments Others | 5,239,778 | 5,238,003 |
Other Non Current Assets | 672,142 | $ 539,720 |
Total Long Term Assets | 7,835,209 | |
UNITED STATES | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Goodwill | 0 | |
Property, Plant and Equipment , Net | 893,211 | |
Investments in Affiliates | 773,111 | |
Investments Others | 5,174,611 | |
Other Non Current Assets | 130,898 | |
Total Long Term Assets | 6,971,831 | |
Foreign Countries [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Goodwill | 198,169 | |
Property, Plant and Equipment , Net | 58,798 | |
Investments in Affiliates | 0 | |
Investments Others | 65,167 | |
Other Non Current Assets | 541,244 | |
Total Long Term Assets | $ 863,378 |
NOTE 21 - CERTAIN AGED RECEIV56
NOTE 21 - CERTAIN AGED RECEIVABLES (Details) - USD ($) | Jun. 30, 2017 | Mar. 31, 2017 |
Disclosure Text Block Supplement [Abstract] | ||
Other Receivables, Net, Current | $ 430,689 | $ 430,689 |
NOTE 24 - INVESTMENT IN AFFIL57
NOTE 24 - INVESTMENT IN AFFILIATES (Details) - Midtown Partners & Co. LLC, ("Midtown Partners") [Member] | Dec. 18, 2014USD ($)shares |
NOTE 24 - INVESTMENT IN AFFILIATES (Details) [Line Items] | |
Stock Issued During Period, Shares, Acquisitions | shares | 1,200,000 |
Stock Issued During Period, Value, Acquisitions | $ | $ 888,000 |
Equity Method Investment, Ownership Percentage | 24.90% |