Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 31, 2019 | Jan. 23, 2020 | |
Document Information Line Items | ||
Entity Registrant Name | India Globalization Capital, Inc. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --03-31 | |
Entity Common Stock, Shares Outstanding | 39,320,116 | |
Amendment Flag | false | |
Entity Central Index Key | 0001326205 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Document Period End Date | Dec. 31, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 10,129 | $ 25,610 |
Short-term investment | 5,063 | 0 |
Accounts receivable, net | 155 | 84 |
Inventory | 3,585 | 248 |
Deposits & advances | 1,574 | 781 |
Total current assets | 20,506 | 26,723 |
Intangible assets, net | 247 | 184 |
Property, plant and equipment, net | 8,687 | 5,886 |
Investments in unlisted securities | 794 | 794 |
Claims and advances | 868 | 878 |
Total non-current assets | 10,596 | 7,742 |
Total assets | 31,102 | 34,465 |
Current liabilities: | ||
Accounts payable | 599 | 319 |
Accrued and other liabilities | 652 | 509 |
Short-term loan | 50 | 50 |
Total current liabilities | 1,301 | 878 |
Other liabilities | 15 | 15 |
Total non-current liabilities | 15 | 15 |
Total liabilities | 1,316 | 893 |
Stockholders' equity: | ||
Common stock and additional paid in capital, $0.0001 par value: 150,000,000 shares authorized; 39,571,407 and 39,501,407 shares issued and outstanding as of December 31, 2019 and March 31, 2019, respectively. | 94,585 | 94,043 |
Accumulated other comprehensive loss | (2,586) | (2,419) |
Accumulated deficit | (62,213) | (58,052) |
Total stockholders' equity | 29,786 | 33,572 |
Total liabilities and stockholders' equity | $ 31,102 | $ 34,465 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 2019 | Mar. 31, 2019 |
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 | 39,571,407 | 39,501,407 |
Common stock, shares outstanding | 39,571,407 | 39,501,407 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | $ 573 | $ 1,285 | $ 4,043 | $ 3,574 |
Cost of revenue | (543) | (1,240) | (3,944) | (3,469) |
Gross Profit | 30 | 45 | 99 | 105 |
General and administrative expenses | (1,413) | (807) | (3,756) | (1,955) |
Research and development expenses | (295) | (166) | (764) | (445) |
Inventory write off | 0 | (650) | 0 | (650) |
Operating loss | (1,678) | (1,578) | (4,421) | (2,945) |
Other income, net | 75 | 430 | 260 | 426 |
Loss before income taxes | (1,603) | (1,148) | (4,161) | (2,519) |
Income tax expense | 0 | 0 | 0 | 0 |
Net loss attributable to common stockholders | (1,603) | (1,148) | (4,161) | (2,519) |
Foreign currency translation adjustments | (43) | 239 | (167) | (401) |
Comprehensive loss | $ (1,646) | $ (909) | $ (4,328) | $ (2,920) |
Loss per share attributable to common stockholders: | ||||
Basic & Diluted (in Dollars per share) | $ (0.04) | $ (0.03) | $ (0.11) | $ (0.07) |
Weighted-average number of shares used in computing loss per share amounts: (in Shares) | 39,571 | 39,357 | 39,543 | 34,035 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Common Stock Including Additional Paid in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances at Mar. 31, 2018 | $ 63,917 | $ (53,796) | $ (2,056) | $ 8,065 | |
Balances (in Shares) at Mar. 31, 2018 | 30,764 | ||||
Bricoleur Note penalty shares | 18 | 18 | |||
Bricoleur Note penalty shares (in Shares) | 30 | ||||
Common stock issued through public offering, net | 28,468 | 28,468 | |||
Common stock issued through public offering, net (in Shares) | 5,899 | ||||
Share based compensation & other expenses | 2,947 | 2,947 | |||
Share based compensation & other expenses (in Shares) | 2,024 | ||||
Cancellation of shares allotted | (1,017) | (1,017) | |||
Investment from Bradbury Global | 1,000 | 1,000 | |||
Investment from Bradbury Global (in Shares) | 870 | ||||
Net loss | (2,519) | (2,519) | |||
Gain (Loss) on foreign currency translation | (401) | (401) | |||
Balances at Dec. 31, 2018 | 95,333 | (56,315) | (2,457) | 36,561 | |
Balances (in Shares) at Dec. 31, 2018 | 39,587 | ||||
Balances at Sep. 30, 2018 | 71,669 | (55,167) | (2,696) | 13,806 | |
Balances (in Shares) at Sep. 30, 2018 | 34,248 | ||||
Common stock issued through public offering, net | 23,601 | 23,601 | |||
Common stock issued through public offering, net (in Shares) | 3,854 | ||||
Share based compensation & other expenses | 80 | 80 | |||
Share based compensation & other expenses (in Shares) | 615 | ||||
Cancellation of shares allotted | (1,017) | (1,017) | |||
Investment from Bradbury Global | 1,000 | 1,000 | |||
Investment from Bradbury Global (in Shares) | 870 | ||||
Net loss | (1,148) | (1,148) | |||
Gain (Loss) on foreign currency translation | 239 | 239 | |||
Balances at Dec. 31, 2018 | 95,333 | (56,315) | (2,457) | 36,561 | |
Balances (in Shares) at Dec. 31, 2018 | 39,587 | ||||
Balances at Mar. 31, 2019 | 94,043 | (58,052) | (2,419) | 33,572 | |
Balances (in Shares) at Mar. 31, 2019 | 39,502 | ||||
Share based compensation & other expenses | 542 | 542 | |||
Share based compensation & other expenses (in Shares) | 70 | ||||
Net loss | (4,161) | (4,161) | |||
Gain (Loss) on foreign currency translation | (167) | (167) | |||
Balances at Dec. 31, 2019 | 94,585 | (62,213) | (2,586) | 29,786 | |
Balances (in Shares) at Dec. 31, 2019 | 39,572 | ||||
Balances at Sep. 30, 2019 | 94,395 | (60,610) | (2,543) | 31,242 | |
Balances (in Shares) at Sep. 30, 2019 | 39,572 | ||||
Share based compensation & other expenses | 190 | 190 | |||
Net loss | (1,603) | (1,603) | |||
Gain (Loss) on foreign currency translation | (43) | (43) | |||
Balances at Dec. 31, 2019 | $ 94,585 | $ (62,213) | $ (2,586) | $ 29,786 | |
Balances (in Shares) at Dec. 31, 2019 | 39,572 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities: | ||
Net loss | $ (4,161) | $ (2,519) |
Adjustment to reconcile net loss to net cash: | ||
Depreciation and amortization | 69 | 44 |
Share based compensation and expenses, net | 524 | 515 |
Inventory write off | 0 | 650 |
Bad debts & creditors write back, net | 0 | 47 |
Gain on settlement of Note Payable | 0 | (300) |
Other adjustments | 0 | (343) |
Changes in: | ||
Accounts receivables | (73) | 320 |
Inventory | (3,337) | (164) |
Deposits and advances | (130) | (425) |
Account payables accrued and other liabilities | 424 | (7) |
Net cash used in operating activities | (6,684) | (2,182) |
Investing activities: | ||
Purchase of property, plant and equipment | (3,675) | (7) |
Purchase of short-term investment | (5,063) | 0 |
Acquisition and filing cost of patents and rights | (68) | (42) |
Net cash used in investing activities | (8,806) | (49) |
Financing activities: | ||
Issuance of equity stock, net | 18 | 29,482 |
Repayment of loan | 0 | (1,877) |
Net cash provided by financing activities | 18 | 27,605 |
Effects of exchange rate changes on cash and cash equivalents | (9) | 1 |
Net increase/(decrease) in cash and cash equivalents | (15,481) | 25,375 |
Cash and cash equivalents at the beginning of the period | 25,610 | 1,658 |
Cash and cash equivalents at the end of the period | 10,129 | 27,033 |
Supplementary information: | ||
Cash paid for interest | 6 | 12 |
Non-cash items: | ||
Common stock issued/granted including ESOP, consultancy and patent acquisition | 524 | 497 |
Common stock issued as a penalty on notes payable | $ 0 | $ 18 |
BUSINESS DESCRIPTION
BUSINESS DESCRIPTION | 9 Months Ended |
Dec. 31, 2019 | |
Disclosure Text Block [Abstract] | |
Nature of Operations [Text Block] | NOTE 1 – BUSINESS DESCRIPTION Business IGC has two lines of business: 1) Infrastructure Business; and 2) Plant and Cannabinoid Business. The Company’s Infrastructure Business, managed from India, involves: (a) the execution of construction contracts, (b) the rental of heavy construction equipment, and (c) the purchase and resale of physical commodities used in infrastructure. The Company’s Plant and Cannabinoid Business, managed from the United States, involves: a) the development of potential new drugs, subject to applicable regulatory approvals, that use ultra-low doses of phytocannabinoids including cannabidiol (CBD), cannabigerol (CBG), and tetrahydrocannabinol (THC), among others, in combination with other compounds believed to assist in the treatment of diseases like Alzheimer’s, b) several CBD-based products and brands, in various stages of development, for sale online and through stores, c) wholesale of hemp extracts including hemp crude extract and hemp isolate, among others, d) hemp growing and processing facilities, e) white labeling of hemp-based products, f) the offering of tolling services like extraction and distillation to hemp farmers and retailers, and g) acquisitions across these business areas. The Company operates both lines of business in compliance with applicable state, national, and local laws and regulations. Corporate Update Through the three months ended December 31, 2019, the Company directed its resources broadly in the following areas: ● The Company is currently executing a road building contract in Kerala, India valued at approximately $650 thousand. Through the three months ended December 31, 2019, the Company worked on execution of the contract as well as sought approval for an expansion of the contract. Effective January 24, 2020, the total value of the contract was increased to approximately $1.2 million. The Company estimates that it will take between 12 and 15 months to complete the work. ● The Company filed an Investigative New Drug Application (INDA) with the FDA for a double-blind, placebo-controlled, 100-person trial, for its proprietary patent pending formulation based on IGC-AD1 that uses ultra-low doses of THC with other natural compounds intended to assist in the management of the care of patients suffering from Alzheimer’s disease. ● The Company filed and continued to pursue a research and development license from the Department of Health, Medicinal Cannabis in Puerto Rico to carry out the IGC-AD1 medical trial. ● The Company established an approximately $500 thousand facility in San Juan, Puerto Rico to house and conduct the expected trial on IGC-AD1. ● The Company, as part of an out-reach and marketing campaign, distributed samples of Hyalolex™, the Company’s flagship product, to dispensaries in Puerto Rico. Hyalolex™ is currently available in about 40 dispensaries in Puerto Rico. During the quarter ending December 31, 2019, another batch of Hyalolex™ was also made in Puerto Rico to continue its distribution to dispensaries. We plan to collect data on messaging, use, and tolerance, among others. The Company intends to use the data received to position Hyalolex™ for a much wider state-side market, with a view towards increased sales. Among the key insights the Company received from a data collection is that, while Hyalolex™ is currently targeted at a smaller segment of Alzheimer’s patients, feedback indicates that the product also appeals to a much larger segment of the market that is interested in using the ultra-low dose formulation in the product in a manner believed to assist in managing anxiety and sleep problems. The Company is investigating the expansion of the scope of the Hyalolex™ market in response to this data. ● The Company advanced its branding and product strategy with the development of several brands aimed at various sectors of the market. The progress includes filing trademark applications and intent to use applications; securing URLs; creating product formulations, labeling, and packaging; obtaining product insurance; securing product development teams; conducting focus groups; performing quality and taste testing; and organizing and registering limited liability companies to mitigate risk, among others. The categories of products the Company is working on, include CBD-infused seltzer called Sunday Seltzer TM TM TM ● The Company grows, dries, and processes hemp. During the quarter ending December 31, 2019, a first test harvest, initiated in December, passed inspection by the Arizona Department of Agriculture (AZDA), with the harvest certified as legal under the United States Department of Agriculture (USDA) rules. Post drying, the harvest will be transported for further processing to our facility in the State of Washington in accordance with applicable law and regulation. Barring any unforeseen circumstances, the Company expects to continue to harvest through spring. Please refer to Item 1A. Risk Factors. ● The Company previously announced that it contemplated a processing facility in Arizona. However, for various business reasons, the Company withdrew from building the facility in Arizona and instead has leased a Good Manufacturing Practice (GMP) compliant building, in the State of Washington, that was previously occupied by a supplement manufacturer and has commenced buildout for extraction, distillation, and production of end user products. Some of our equipment is sourced from China and the travel restrictions in China could cause delays in completing some of the installation. We expect that the facility will have three profit centers: a) production of products such as lotions, creams, oils, among others, to support our products and white labeling activity; b) extraction of hemp into crude oil, intended to support farmers in the State of Washington and Oregon; and c) distillation of crude oil into hemp extracts. We intend that the facility, upon full completion and inspection, will qualify as a GMP certified facility. Business Organization As of December 31, 2019, the Company had the following direct operating subsidiaries: TBL; IGCare LLC; Holi Hemp LLC; IGC Pharma LLC; and SAN Holdings, LLC, as well as Colombia-based beneficially-owned subsidiary Hamsa Biochem SAS. The Company’s fiscal year is the 52- or 53-week period that ends on March 31. The Company is a Maryland corporation established in 2005. We have employees, contract workers and advisors in the United States of America (“U.S.”), India, Colombia, and Hong Kong. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying unaudited condensed consolidated financial statements (“interim statements”) of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) as determined by the Financial Accounting Standards Board (the “FASB”) within its Accounting Standards Codification (“ASC”) and under the rules and regulations of the Securities Exchange Commission (“SEC”). Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of Management, all adjustments and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with the Company’s audited consolidated financial statements for the fiscal year ended March 31, 2019 (“Fiscal 2019”) contained in the Company’s Form 10-K for Fiscal 2019, filed with the SEC on June 14, 2019, specifically in Note 2 to the consolidated financial statements. Principles of consolidation The interim statements include the consolidated accounts of the Company and its subsidiaries. Intercompany accounts and transactions have been eliminated. In the opinion of the Management, the interim statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Management believes that the estimates and assumptions used in the preparation of the interim statements are prudent and reasonable. Significant estimates and assumptions are generally used for, but not limited to: allowance for uncollectible accounts receivable; future obligations under employee benefit plans; the useful lives of property, plant and equipment; intangible assets; valuations; impairment of goodwill and investments; recoverability of advances; the valuation of options granted and warrants issued; and income tax and deferred tax valuation allowances, if any. Actual results could differ from those estimates. Appropriate changes in estimates are made as Management becomes aware of changes in circumstances surrounding the estimates. Critical accounting estimates could change from period to period and could have a material impact on IGC’s results, operations, financial position and cash flows. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the consolidated financial statements. Presentation and functional currencies IGC operates in India, U.S., Colombia, and Hong Kong, and a substantial portion of the Company’s transactions are denominated in the Indian Rupee (“INR”), Colombian Peso (“COP”), or the Hong Kong Dollar (“HKD”). The local currency is the functional currency for the operations outside the U.S. Changes in the exchange rates between this currency and the Company’s reporting currency are partially responsible for some of the periodic changes in the consolidated financial statements. Assets and liabilities of the Company’s foreign operations are translated into U.S. dollars (“USD”) at the spot rate in effect at the applicable reporting date. Revenues and expenses of the Company’s foreign operations are translated at the average exchange rate during the applicable period. The resulting unrealized cumulative translation adjustment is recorded as a component of accumulated other comprehensive income/(loss) in stockholders’ equity. Transaction gains and losses related to foreign exchange are recognized in the consolidated statements of operations. Impairment of long – lived assets The Company reviews its long-lived assets, with finite lives, for impairment whenever events or changes in business circumstances indicate that the carrying amount of assets may not be fully recoverable. Such circumstances include, though are not limited to, significant or sustained declines in revenues or earnings, future anticipated cash flows, business plans and material adverse changes in the economic climate, such as changes in operating environment, competitive information and impact of changes in government policies. For assets that the Company intends to hold for use, if the total of the expected future undiscounted cash flows produced by the assets or subsidiary company is less than the carrying amount of the assets, a loss is recognized for the difference between the fair value and carrying value of the assets. For assets the Company intends to dispose of by sale, a loss is recognized for the amount by which the estimated fair value less cost to sell is less than the carrying value of the assets. Fair value is determined based on quoted market prices, if available, or other valuation techniques including discounted future net cash flows. Unlike goodwill, long-lived assets are assessed for impairment only where there are any specific indicators for impairment. No impairment has been recorded for the three months and nine months ended December 31, 2019 and 2018. Goodwill Goodwill represents the excess cost of an acquisition over the fair value of our share of net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill on acquisition of subsidiaries would be disclosed separately. Goodwill is stated at cost less impairment losses incurred, if any. As of December 31, 2019, there was no Goodwill. Accounts receivable We make estimates of the collectability of our accounts receivable by analyzing historical payment patterns, customer concentrations, customer creditworthiness, and current economic trends. If the financial condition of a customer deteriorates, additional allowances may be required. Regarding our collection policy on commodity trading receivables, there are three types of trades: (1) payment guaranteed through letters of credit, (2) deposit or spot payment on delivery, or (3) delivery on credit. With the first type of trade: our policy for collection was to ask the customer to open a letter of credit with a bank. The typical terms of the letter of credit were that 100% of the payment was made when the material was shipped. With the second type of trade, customers paid on delivery. On the third type of trade, our policy was to allow the customer to have a payment credit term of 90-120 days. We had $154,629 of accounts receivable, net of provision, for doubtful debt of $6 thousand as of December 31, 2019. Inventory Inventory is valued at the lower of cost or market, or at sales price (fair value) less costs of disposal when certain conditions are met. The term market means current replacement cost, provided that it meets both the following conditions: a) market shall not exceed the net realizable value, and b) market shall not be less than net realizable value reduced by an allowance for an approximately normal profit margin. This valuation requires us to make judgments, based on currently available information, about the likely method of disposition, such as through sales to individual customers, returns to product vendors, or liquidations, and expected recoverable values of each disposition category. These assumptions about future disposition of inventory are inherently uncertain and changes in our estimates and assumptions may require us to recognize material write-downs in the future. Inventory consists of raw materials, finished goods and work-in-progress such as extracted crude oil, growing crops and crude oil in process. Work-in-progress also includes costs of growing hemp, in accordance with applicable laws and regulations including but not limited to labor, utilities, fertilizers and irrigation. Inventory is primarily accounted for using the weighted average cost method. Primary costs include raw materials, packaging, direct labor, overhead, shipping and the depreciation of manufacturing equipment. Manufacturing overhead and related expenses include salaries, wages, employee benefits, utilities, maintenance and property taxes. Crops are segregated into “growing crops” and “harvested crops.” Growing crops are valued at the lower of cost or market value. Direct and indirect development costs of groves, orchards and vineyards are required to be capitalized during the development period and depreciated over the estimated useful life of the particular asset. Harvested crops are measured at sales price less costs of disposal, with changes recognized in profit or loss only when the harvested crop: - has a reliable, readily determinable and realizable market value; - has relatively insignificant and predictable costs of disposal; and - is available for immediate delivery. See Note 3, Inventory of this report for further information. Fair value of financial instruments FASB ASC No. 820, “Fair Value Measurement” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts of the Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable and accrued and other liabilities, which is approximate to their fair values due to the nature of the items. As of December 31, 2019, the Company’s short-term investment consists of mutual funds, which have been classified as Level 1 of the fair value hierarchy because they have been valued using quoted prices in active markets. The increase in value of mutual funds is comprised of re-invested income of approximately $63 thousand and immaterial unrealized gain during the nine months ended December 31, 2019. The Company’s cash and cash equivalents have also been classified as Level 1 on the same principle. Financial instruments are classified as current if they are expected to be liquidated within the next twelve months. The Company’s remaining investments have been classified as Level 3 instruments as there is little or no market data. Level 3 investments are valued using cost-method. For further information refer to Note 7 – Investments in Unlisted Securities, which is classified as a non-current asset. The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of December 31, 2019 and March 31, 2019, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value: Level 1 ($) Level 2 ($) Level 3 ($) Total ($) December 31, 2019 Cash and cash equivalents: 10,129 - - 10,129 Total cash and cash equivalents 10,129 - - 10,129 Investments: -Short-term investment in mutual fund 5,063 - - 5,063 -Investment in unlisted securities - - 794 794 Total Investments 5,063 - 794 5,857 Level 1 ($) Level 2 ($) Level 3 ($) Total ($) March 31, 2019 Cash and cash equivalents: 25,610 - - 25,610 Total cash and cash equivalents 25,610 - - 25,610 Investments: -Short-term investment in mutual fund - - - - -Investment in unlisted securities - - 794 794 Total Investment - - 794 794 Earnings/(Loss) per Share The computation of basic loss per share for the nine months ended December 31, 2019, excludes potentially dilutive securities of 3.41 million shares which includes share options, unvested shares granted to employees, warrants, and shares from the conversion of outstanding units, if any, because their inclusion would be anti-dilutive. The weighted average number of shares outstanding for the three and nine months ended December 31, 2019 and 2018, used for the computation of basic earnings per share (“EPS”) is 39,571,407 and 39,543,480 and 39,356,515 and 34,034,657, respectively. Due to the loss incurred during the nine-month periods ended December 31, 2019, and December 31, 2018, all the potential equity shares are anti-dilutive and accordingly, the fully diluted EPS is equal to the basic EPS. Leases Lessor For leases that are accounted for as operating leases, income is recognized on a straight-line basis over the term of the lease contract. Generally, when a lease is more than 180 days delinquent (where more than three monthly payments are owed), the lease is classified as being on nonaccrual and the Company stops recognizing leasing income on that date. Payments received on leases in nonaccrual status generally reduce the lease receivable. Leases on nonaccrual status remain classified as such until there is sustained payment performance that, in the Company’s judgment, would indicate that all contractual amounts will be collected in full. Lessee The Company categorizes leases at their inception as either operating or capital leases. On certain lease agreements, the Company may receive rent holidays and other incentives. The Company recognizes lease costs on a straight-line basis without regard to deferred payment terms, such as rent holidays, that defer the commencement date of required payments. The Company has short-term leases primarily consisting of spaces with the remaining lease term being less than or equal to 12 months. The total short- term lease expense and cash paid for the nine months ended December 31, 2019 and December 31, 2018, are $154 thousand and $111 thousand, respectively. Recent Accounting Pronouncements Recently adopted ASC 842, Leases In February 2016, the FASB established Topic 842, Leases, by issuing ASU No. 2016-02 (“ASU 2016-02”), which requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842, Leases; ASU No. 2018-11, Targeted Improvements; and ASU No. 2018-20, Narrow-Scope Improvements for Lessors. Lessor Accounting For lessors, however, the accounting remains largely unchanged from the current model, changes have been made to align certain lessor and lessee accounting guidance and the key aspects of the lessor accounting model with new revenue recognition standard. Under the new guidance, contract consideration will be allocated to its lease components and non-lease components (such as maintenance). For the Company as a lessor, any non-lease components will be accounted for under ASC Topic 606, Revenue from Contracts with Customers, unless the Company elects a lessor practical expedient to not separate the non-lease components from the associated lease component. The amendments in ASU 2018-11 also provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (“Topic 606”). To elect the practical expedient, the timing and pattern of transfer of the lease and non-lease components must be the same and the lease component must meet the criteria to be classified as an operating lease if accounted for separately. If these criteria are met, the single component will be accounted for under either Topic 842 or Topic 606 depending on which component(s) are predominant. The lessor practical expedient to not separate non-lease components from the associated component must be elected for all existing and new leases. As lessor, the Company expects that post-adoption substantially all existing leases will have no change in the timing of revenue recognition until their expiration or termination. The Company expects to elect the lessor practical expedient to not separate non-lease components such as maintenance from the associated lease for all existing and new leases and to account for the combined component as a single lease component. The timing of revenue recognition is expected to be the same for the majority of the Company’s new leases as compared to similar existing leases; however, certain categories of new leases could have different revenue recognition patterns as compared to similar existing leases. Lessee Accounting The Company adopted ASU 2016-02 effective April 1, 2019 using the modified retrospective approach. The new standard establishes a right-of-use model (“ROU”) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. In connection with the adoption, the Company will elect to utilize the modified retrospective presentation whereby the Company will continue to present prior period financial statements and disclosures under ASC 840. In addition, the Company will elect the transition package of three practical expedients permitted within the standard, which eliminates the requirements to reassess prior conclusions about lease identification, lease classification and initial direct costs. Further, the Company will adopt a short-term lease exception policy, permitting us to not apply the recognition requirements of this standard to short-term leases (i.e. leases with terms of 12 months or less) and an accounting policy to account for lease and non-lease components as a single component for certain classes of assets. The Company has concluded that all lease arrangements would be classified as short-term in nature and as such, not recorded on the balance sheet. The standard did not materially affect the Company's consolidated net earnings or have any impact on cash flows. Not yet adopted Disclosures: Collaborative Arrangement : The Company is evaluating the impact of this update. Intangibles-Goodwill and Other-Internal-Use Software Credit Losses: |
INVENTORY
INVENTORY | 9 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | NOTE 3 – INVENTORY (in thousands) As of December 31, 2019 ($) As of March 31, 2019 ($) Raw Materials - - Work-in-Progress 3,585 248 Finished Goods - - Total 3,585 248 Inventory in the form of work-in-progress as of December 31, 2019, is comprised of, but not limited to, various hemp-based extracts such as, crude oil, hemp distillate, and hemp isolate. The Company accounts all hemp extracts as work-in-progress until they are in the processing facility. Inventory also includes cost related to growing crops like seeds, fertilizer, other raw materials, labor, farm related overhead and the depreciation of farming equipment. |
DEPOSITS AND ADVANCES
DEPOSITS AND ADVANCES | 9 Months Ended |
Dec. 31, 2019 | |
Disclosure Text Block Supplement [Abstract] | |
Other Current Assets [Text Block] | NOTE 4 – DEPOSITS AND ADVANCES (in thousands) As of December 31, 2019 ($) As of March 31, 2019 ($) Advances to suppliers and consultants 392 600 Other advances 162 120 Advances for Property, Plant and Equipment 893 - Statutory advances 45 43 Prepaid expense and other current assets 82 18 Total 1574 781 The Advances to suppliers and consultants primarily relates to retainers given to attorneys and advance to suppliers in our infrastructure business. Advances for Property, Plant and Equipment include advance paid for equipment for processing facility in the State of Washington. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 9 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 5 – INTANGIBLE ASSETS (in thousands) As of December 31, 2019 ($) As of March 31, 2019 ($) Patent & other intangible assets at the beginning of the period 184 128 Patent acquisition and filing expenses 69 56 Amortization (6 ) - Total 247 184 The value of intangible assets includes the cost of acquiring patent rights, supporting data, and the expense associated with filing patents and trademarks. The amortization of patent rights is between 13 to 15 years, commencing in Fiscal 2020. The Company uses the straight-line method to determine the amortization expense for its definite lived intangible assets. |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 9 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 6 – PROPERTY, PLANT AND EQUIPMENT, NET (in thousands, except useful life) Useful Life (years) As of December 31, 2019 ($) As of March 31, 2019 ($) Land N/A 4,732 4,872 Buildings & facilities 25 2,805 1,268 Plant and machinery 5-20 2,810 1,603 Computer equipment 3 182 165 Office equipment 5 105 109 Furniture and fixtures 5 90 61 Vehicles 5 108 279 Total Gross Value 10,832 8,357 Less: Accumulated depreciation (2,145 ) (2,471 ) Total Property, plant and equipment, net 8,687 5,886 Depreciation expense in the nine months ended December 31, 2019, and December 31, 2018, amounted to approximately $63 thousand and $44 thousand, respectively. Depreciation expense in the three months ended December 31, 2019, and December 31, 2018, amounted to approximately $22 thousand and $15 thousand, respectively. The net increase in total Property, Plant & Equipment is primarily due to the purchase of an office building, a facility for clinical trials in Puerto Rico, and set-up of hemp cultivation, product manufacturing, processing and packaging facilities, in the U.S. subsidiaries during the nine months ended December 31, 2019. The net decrease in land and accumulated depreciation is primarily due to foreign exchange translations as a result of a decline in value of Indian Rupee. For more information, please refer to Note 16 – Segment Information for the non-current assets other than financial instruments held in the country of domicile and foreign countries. |
INVESTMENTS IN UNLISTED SECURIT
INVESTMENTS IN UNLISTED SECURITIES | 9 Months Ended |
Dec. 31, 2019 | |
ASU 2016-01 Transition [Abstract] | |
Cost-method Investments, Description [Text Block] | NOTE 7 – INVESTMENTS IN UNLISTED SECURITIES (in thousands) As of December 31, 2019 ($) As of March 31, 2019 ($) Investment in equity shares of unlisted company 21 21 Investment in MTP (i) 773 773 Total 794 794 (i) Pursuant to the December 18, 2014 Purchase Agreement with Apogee, we issued Apogee 1.2 million shares of IGC’s common stock valued at $888 thousand for the purchase of a 24.9% ownership interest in Midtown Partners & Co., LLC (“MTP”). During Fiscal 2018, after considering several factors, the Company concluded that it no longer had significant influence over MTP. Hence, we do not record any impact from MTP’s earnings/(losses) and instead we maintain the same value of approximately $773 thousand since Fiscal 2018. The Company regularly reviews its investment portfolio to determine if any security is other-than-temporarily impaired, which would require the Company to record an impairment charge in the period. We concluded that, as of December 31, 2019, no impairment provision was required against the carrying value of investments. |
CLAIMS AND ADVANCES
CLAIMS AND ADVANCES | 9 Months Ended |
Dec. 31, 2019 | |
Disclosure Text Block Supplement [Abstract] | |
Other Assets Disclosure [Text Block] | NOTE 9 – CLAIMS AND ADVANCES (in thousands) As of December 31, 2019 ($) As of March 31, 2019 ($) Claims receivable (1) 392 404 Non-current deposits 25 18 Non-current advances (2) 451 456 Total 868 878 (1) The claims receivable is due from the Cochin International Airport (“CIA”) that is partially owned by the State Government of Kerala. As of December 31, 2019, the receivable is due for over one year. The Company continues to carry the full value of the receivables without interest and without any impairment, because it believes that there is minimal risk that CIA will become insolvent and unable to make the payment. While the Company has initiated collection proceedings, it believes it will be difficult to receive the amount in the next 12 months because of the time required for legal collection proceedings. The decrease in Claims receivable was mainly due to foreign exchange translation as a result of a decline in value of Indian Rupee. (2) Includes a loan of $200 thousand, to one of our manufacturers, for the purchase of equipment, at an annual interest rate of three percent (3%), due on April 1, 2021. |
ACCRUED AND OTHER LIABILITIES
ACCRUED AND OTHER LIABILITIES | 9 Months Ended |
Dec. 31, 2019 | |
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | |
Other Liabilities Disclosure [Text Block] | NOTE 10 – ACCRUED AND OTHER LIABILITIES (in thousands) As of December 31, 2019 ($) As of March 31, 2019 ($) Salaries and other contribution 216 115 Provision for expenses 192 355 Other current liability 244 39 Total 652 509 Salaries and other contribution related liabilities consist of accrued salaries to employees. Provision for expenses include provision for legal, professional, and marketing expenses. Other current liability also includes statutory payables of approximately $3 thousand and $4 thousand as of December 31, 2019, and March 31, 2019, respectively. The increase in other current liability is due to increase in general and administrative expense payable as on December 31, 2019. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 11 – COMMITMENTS AND CONTINGENCIES The Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. There are no such matters that are deemed material to the condensed consolidated financial statements as of December 31, 2019. As of December 31, 2019, several law firms have filed shareholder lawsuits, including three derivative suits (two of which have been consolidated), citing, among other things, the NYSE American delisting proceedings initiated in October 2018 (and overturned in February 2019) and subsequent fall in share price. During the quarter ended September 30, 2019, the Company reached a preliminary agreement to resolve all derivative suits, subject to agreement on specific final terms of settlement and approval by the court. In January 2020, the Company and the named defendant directors and officers reached agreement with the plaintiffs in all pending derivative lawsuits on specific final terms of settlement, and all parties executed a mutually acceptable settlement agreement. The Company anticipates the derivative plaintiffs will imminently seek court approval regarding the same. See Note 17 – Subsequent Events. The Company intends to vigorously defend all other actions. The exact amount of liability, if any, arising from such lawsuits cannot be determined at this stage. Accordingly, no provision has been made in the consolidated financial statements as of December 31, 2019. See Part II – Other Information. For the current state of the consolidated Shareholder Class Action Litigation, please refer to Note 17 - Subsequent Events. In the U.S., we provide health insurance, life insurance, and a 401(k) plan wherein the Company matches up to 6% of the employee’s pre-tax contribution up to a maximum annual amount determined by the IRS. In accordance with applicable Indian laws, the Company provides for gratuity, a defined benefit retirement plan (“Gratuity Plan”) covering certain categories of employees. The Gratuity Plan provides a lump sum payment to vested employees, at retirement or termination of employment, an amount based on the respective employee’s last drawn salary and the years of employment with the Company. In addition, employees receive benefits from a provident fund, a defined contribution plan. The employee and employer each make monthly contributions to the plan equal to 12% of the covered employee’s salary. The contribution is made to the Indian Government’s provident fund. |
SECURITIES
SECURITIES | 9 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 12 – SECURITIES As of December 31, 2019, the Company was authorized to issue up to 150,000,000 shares of common stock, par value $0.0001, and 39,571,407 shares of common stock were issued and outstanding. The Company has 11,672,178 outstanding public warrants (IGC: IW) to purchase 1,167,217 shares of common stock by surrendering 10 warrants and a payment of $5.00 in exchange for each share of common stock. We have 91,472 units outstanding that can be separated into common stock and warrants. We have one security listed on the NYSE American: common stock, $.0001 par value (ticker symbol: IGC). This security also trades on the Frankfurt, Stuttgart, and Berlin stock exchanges (ticker symbol: IGS1). We have redeemable warrants quoted on the OTC markets (ticker symbol: IGC.IW, CUSIP number 45408X118 expiring on March 8, 2021) to purchase common stock. The units are not listed on an exchange. Ten units may be separated into one share of common stock and 20 warrants (IGC: IW) which effectively allows the holder to exercise the warrants into two shares of common stock. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 13 – RELATED PARTY TRANSACTIONS We pay an affiliate of our CEO $4,500 per month for office space and certain general and administrative services, provided in Maryland, and $6,100 per month for facilities and services provided in the State of Washington. The payment for the facilities and services provided in the State of Washington ended on December 31, 2019. As of December 31, 2019, the Company had one secured loan of $50 thousand due to a related party through, December 31, 2019, at an annual interest rate of 15%. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement [Text Block] | NOTE 14 – STOCK-BASED COMPENSATION During the nine months ended December 31, 2019, under the combined 2008 and renewed 2018 Omnibus Incentive Plans (“IGC ESOP Plan”), no stock options have been granted. During the nine months ended December 31, 2019, 107 thousand restricted share units, vesting over three years, have been granted as inducement shares to employees, which are not part of IGC ESOP plan. Under the IGC ESOP Plans, as of December 31, 2019, a total of 6,432,127 shares of common stock have been issued to employees and advisors, 1,765,000 restricted share units fair valued at $667 thousand with a weighted average value of $0.38 per share, along with options held by Advisors to purchase 210,000 shares of common stock fair valued at $94 thousand with a weighted average exercise price of $0.45 per share, are granted but are to be issued over vesting period, vesting between Fiscal 2020 and Fiscal 2024. The options are fair valued using a Black-Scholes Pricing Model with the following assumptions: Granted in Fiscal 2020 Granted in Fiscal 2019 Expected life of options 5 years 5 years Vested options 100 % 100 % Risk free interest rate 2.57 % 0.70 % Expected volatility 249 % 119.5 % Expected dividend yield Nil Nil The expense associated with share-based payments to employees, directors, advisors and contractors is allocated over the vesting or service period and recognized in the general and administrative expenses (including research and development). For the three months ended December 31, 2019, the Company’s share-based expense and option-based expense shown in general and administrative expenses (including research and development) were $191 thousand and $6 thousand, respectively. For the nine months ended December 31, 2019, the Company’s share-based expense and option-based expense shown in general and administrative expenses and (including research and development) were $525 thousand and $17 thousand, respectively. For the three months ended December 31, 2018, the share-based expense and option-based expense for employees and advisors were $13 thousand and $13 thousand, respectively, of which $13 thousand share-based expense and $13 thousand option-based expense related to general and administrative expenses (including research and development). For the nine months ended December 31, 2018, the share-based expense and option-based expense for employees and advisors were $269 thousand and $42 thousand, respectively, of which $256 thousand share-based expense and $32 thousand option-based expense related to general and administrative expenses (including research and development). Summary of Options (in thousands) Number of Options as of December 31, 2019 Number of Options as of March 31, 2019 Opening balance 270 650 Option granted during the period - 110 Option exercised during the period (60 ) (490 ) Closing balance 210 270 |
REVENUE RECOGNITION
REVENUE RECOGNITION | 9 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | NOTE 15 – REVENUE RECOGNITION Revenue in the Infrastructure Business is recognized for the renting and contracting business once the performance obligation as per the agreement has been satisfied by the Company. In the Plant and Cannabinoid Business, the revenue from the cannabinoid-based products is recognized once control of the goods has been transferred to the customer and the performance obligation has been completed, which is upon shipping. Net sales are comprised of gross revenues less product returns, trade discounts and customer allowances, which include costs associated with off-invoice mark-downs and other price reductions, as well as trade promotions. These incentive costs are recognized at the later of the date on which the Company recognizes the related revenue or the date on which the Company offers the incentive. Currently the Company does not have a formal return policy and historically our returns have been immaterial. The revenue from the cannabinoid-based products and therapies like Hyalolex TM Net sales disaggregated by significant products and services for the nine months ended December 31, 2019, and the nine months ended December 31, 2018, were as follows: (in thousands) Nine Months Ended December 31, 2019 ($) 2018 ($) Infrastructure Business Rental and construction contract income (1) 106 63 Purchase and resale of infrastructure commodities (2) 3,553 3,511 Plant and Cannabinoid Business Plant and Cannabinoid products and therapies (3) 384 - Total 4,043 3,574 (1) Rental income consists of income from short-term rental of heavy construction equipment. Construction contract income consists of execution contracts, subcontracts for construction. There was revenue of $102 thousand from construction contracts during the nine months ended December 31, 2019, recognized pursuant to the cost-to-cost input measure. (2) Relates to the income from purchase and resale of physical commodities used in infrastructure. (3) Relates to revenue from plant and cannabinoid-based products and therapies such as Hyalolex TM |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 16 – SEGMENT INFORMATION FASB ASC No. 280, “Segment Reporting” establishes standards for reporting information about reportable segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group (“CODM”), in deciding how to allocate resources and in assessing performance. The CODM evaluates revenues and gross profits based on product lines and routes to market. Based on our integration and Management strategies, we operate in two reportable segments: (i) Infrastructure Business and (ii) Plant and Cannabinoids Business. The Company’s CODM is the Company’s chief executive officer (“CEO”). The CEO reviews financial information presented on an operating segment basis for purposes of making operating decisions and assessing financial performance. Therefore, and before our Plant and Cannabinoid Business started, the Company had determined that it operated in a single operating and reportable segment. As of the date of this report and in preparation for the new and different source of revenue, the Company has determined that it operates in two operating and reportable segments: a) Infrastructure Business and b) Plant and Cannabinoid Business. The following provides information required by ASC 280-10-50-38 “Entity-wide Information”: 1) The table below shows revenue reported by product and service: Product & Service (in thousands) Segments Nine months Ended December 31, 2019 ($) Percentage of Total Revenue (%) Infrastructure Business 3,659 91 % Plant and Cannabinoid Business 384 9 % Total 4,043 100 % Segments Nine months Ended December 31, 2018 ($) Percentage of Total Revenue (%) Infrastructure Business 3,574 100 % Plant and Cannabinoid Business - - Total 3,574 100 % 2) The table below shows the revenue attributed to the country of domicile (U.S.) and foreign countries. Revenue is generally attributed to the geographic location of customers: (in thousands) Segments Country Nine months Ended December 31, 2019 ($) Percentage of Total Revenue (%) Asia (1) India 106 3 % (2) Hong Kong 3,553 88 % North America U.S. 384 9 % Total 4,043 100 % (in thousands) Segments Country Nine months Ended December 31, 2018 ($) Percentage of Total Revenue (%) Asia (1) India 63 2 % (2) Hong Kong 3,511 98 % North America U.S. - - Total 3,574 100 % 3) The table below shows the non-current assets other than financial instruments held in the country of domicile and foreign countries. (in thousands) Nature of Assets USA (Country of Domicile) ($) Foreign Countries (India, Hong Kong and Colombia) ($) Total as of December 31, 2019 ($) Intangible assets, net 247 - 247 Property, plant and equipment, net 3,890 4,797 8,687 Investments in unlisted securities 773 21 794 Claims and advances 440 428 868 Total non-current assets 5,350 5,246 10,596 (in thousands) Nature of Assets USA (Country of Domicile) ($) Foreign Countries (India Hong Kong and Colombia) ($) Total as of March 31, 2019 ($) Intangible assets, net 184 - 184 Property, plant and equipment, net 958 4,928 5,886 Investments in unlisted securities 773 21 794 Claims and advances 440 438 878 Total non-current assets 2,355 5,387 7,742 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 17 – SUBSEQUENT EVENTS During January 2020, a total of 251,291 shares were cancelled. The Company signed a non-binding term sheet to purchase Evolve1, Inc., a hemp-based product development company, effective January 1, 2020, for a total consideration of approximately $6 million in combination of stock and cash, out which approximately $5 million set out as a three year earn out and the remaining paid for meeting certain deliverables in the first year. Evolve had minimal revenue in 2019. On January 7, 2020, at the Annual Meeting, the Company’s shareholders (i) elected Mr. Ram Mukunda to the Company’s Board of Directors; (ii) ratified the appointment of Manohar Chowdhry & Associates as the Company’s independent registered public accounting firm for the 2020 fiscal year; and (iii) approved the grant of 2,000,000 shares of common stock to be granted from time to time to the Company’s current and new employees, advisors, directors, and consultants. In January 2020, the Company and the named defendant directors and officers reached agreement with the plaintiffs in all pending derivative lawsuits on specific final terms of settlement, and all parties executed a mutually acceptable settlement agreement. The Company anticipates the derivative plaintiffs will imminently seek court approval of the settlement. On or around February 7, 2020 the Department of Health Medicinal Cannabis, in Puerto Rico granted the Company an research and development license to conduct the medical trial on IGC-AD1, in Puerto Rico, on patients suffering from Alzheimer’s disease. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The accompanying unaudited condensed consolidated financial statements (“interim statements”) of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) as determined by the Financial Accounting Standards Board (the “FASB”) within its Accounting Standards Codification (“ASC”) and under the rules and regulations of the Securities Exchange Commission (“SEC”). Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of Management, all adjustments and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with the Company’s audited consolidated financial statements for the fiscal year ended March 31, 2019 (“Fiscal 2019”) contained in the Company’s Form 10-K for Fiscal 2019, filed with the SEC on June 14, 2019, specifically in Note 2 to the consolidated financial statements. |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The interim statements include the consolidated accounts of the Company and its subsidiaries. Intercompany accounts and transactions have been eliminated. In the opinion of the Management, the interim statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Management believes that the estimates and assumptions used in the preparation of the interim statements are prudent and reasonable. Significant estimates and assumptions are generally used for, but not limited to: allowance for uncollectible accounts receivable; future obligations under employee benefit plans; the useful lives of property, plant and equipment; intangible assets; valuations; impairment of goodwill and investments; recoverability of advances; the valuation of options granted and warrants issued; and income tax and deferred tax valuation allowances, if any. Actual results could differ from those estimates. Appropriate changes in estimates are made as Management becomes aware of changes in circumstances surrounding the estimates. Critical accounting estimates could change from period to period and could have a material impact on IGC’s results, operations, financial position and cash flows. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the consolidated financial statements. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Presentation and functional currencies IGC operates in India, U.S., Colombia, and Hong Kong, and a substantial portion of the Company’s transactions are denominated in the Indian Rupee (“INR”), Colombian Peso (“COP”), or the Hong Kong Dollar (“HKD”). The local currency is the functional currency for the operations outside the U.S. Changes in the exchange rates between this currency and the Company’s reporting currency are partially responsible for some of the periodic changes in the consolidated financial statements. Assets and liabilities of the Company’s foreign operations are translated into U.S. dollars (“USD”) at the spot rate in effect at the applicable reporting date. Revenues and expenses of the Company’s foreign operations are translated at the average exchange rate during the applicable period. The resulting unrealized cumulative translation adjustment is recorded as a component of accumulated other comprehensive income/(loss) in stockholders’ equity. Transaction gains and losses related to foreign exchange are recognized in the consolidated statements of operations. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long – lived assets The Company reviews its long-lived assets, with finite lives, for impairment whenever events or changes in business circumstances indicate that the carrying amount of assets may not be fully recoverable. Such circumstances include, though are not limited to, significant or sustained declines in revenues or earnings, future anticipated cash flows, business plans and material adverse changes in the economic climate, such as changes in operating environment, competitive information and impact of changes in government policies. For assets that the Company intends to hold for use, if the total of the expected future undiscounted cash flows produced by the assets or subsidiary company is less than the carrying amount of the assets, a loss is recognized for the difference between the fair value and carrying value of the assets. For assets the Company intends to dispose of by sale, a loss is recognized for the amount by which the estimated fair value less cost to sell is less than the carrying value of the assets. Fair value is determined based on quoted market prices, if available, or other valuation techniques including discounted future net cash flows. Unlike goodwill, long-lived assets are assessed for impairment only where there are any specific indicators for impairment. No impairment has been recorded for the three months and nine months ended December 31, 2019 and 2018. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill represents the excess cost of an acquisition over the fair value of our share of net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill on acquisition of subsidiaries would be disclosed separately. Goodwill is stated at cost less impairment losses incurred, if any. As of December 31, 2019, there was no Goodwill. |
Receivable [Policy Text Block] | Accounts receivable We make estimates of the collectability of our accounts receivable by analyzing historical payment patterns, customer concentrations, customer creditworthiness, and current economic trends. If the financial condition of a customer deteriorates, additional allowances may be required. Regarding our collection policy on commodity trading receivables, there are three types of trades: (1) payment guaranteed through letters of credit, (2) deposit or spot payment on delivery, or (3) delivery on credit. With the first type of trade: our policy for collection was to ask the customer to open a letter of credit with a bank. The typical terms of the letter of credit were that 100% of the payment was made when the material was shipped. With the second type of trade, customers paid on delivery. On the third type of trade, our policy was to allow the customer to have a payment credit term of 90-120 days. We had $154,629 of accounts receivable, net of provision, for doubtful debt of $6 thousand as of December 31, 2019. |
Inventory, Policy [Policy Text Block] | Inventory Inventory is valued at the lower of cost or market, or at sales price (fair value) less costs of disposal when certain conditions are met. The term market means current replacement cost, provided that it meets both the following conditions: a) market shall not exceed the net realizable value, and b) market shall not be less than net realizable value reduced by an allowance for an approximately normal profit margin. This valuation requires us to make judgments, based on currently available information, about the likely method of disposition, such as through sales to individual customers, returns to product vendors, or liquidations, and expected recoverable values of each disposition category. These assumptions about future disposition of inventory are inherently uncertain and changes in our estimates and assumptions may require us to recognize material write-downs in the future. Inventory consists of raw materials, finished goods and work-in-progress such as extracted crude oil, growing crops and crude oil in process. Work-in-progress also includes costs of growing hemp, in accordance with applicable laws and regulations including but not limited to labor, utilities, fertilizers and irrigation. Inventory is primarily accounted for using the weighted average cost method. Primary costs include raw materials, packaging, direct labor, overhead, shipping and the depreciation of manufacturing equipment. Manufacturing overhead and related expenses include salaries, wages, employee benefits, utilities, maintenance and property taxes. Crops are segregated into “growing crops” and “harvested crops.” Growing crops are valued at the lower of cost or market value. Direct and indirect development costs of groves, orchards and vineyards are required to be capitalized during the development period and depreciated over the estimated useful life of the particular asset. Harvested crops are measured at sales price less costs of disposal, with changes recognized in profit or loss only when the harvested crop: - has a reliable, readily determinable and realizable market value; - has relatively insignificant and predictable costs of disposal; and - is available for immediate delivery. See Note 3, Inventory of this report for further information. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair value of financial instruments FASB ASC No. 820, “Fair Value Measurement” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts of the Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable and accrued and other liabilities, which is approximate to their fair values due to the nature of the items. As of December 31, 2019, the Company’s short-term investment consists of mutual funds, which have been classified as Level 1 of the fair value hierarchy because they have been valued using quoted prices in active markets. The increase in value of mutual funds is comprised of re-invested income of approximately $63 thousand and immaterial unrealized gain during the nine months ended December 31, 2019. The Company’s cash and cash equivalents have also been classified as Level 1 on the same principle. Financial instruments are classified as current if they are expected to be liquidated within the next twelve months. The Company’s remaining investments have been classified as Level 3 instruments as there is little or no market data. Level 3 investments are valued using cost-method. For further information refer to Note 7 – Investments in Unlisted Securities, which is classified as a non-current asset. The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of December 31, 2019 and March 31, 2019, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value: Level 1 ($) Level 2 ($) Level 3 ($) Total ($) December 31, 2019 Cash and cash equivalents: 10,129 - - 10,129 Total cash and cash equivalents 10,129 - - 10,129 Investments: -Short-term investment in mutual fund 5,063 - - 5,063 -Investment in unlisted securities - - 794 794 Total Investments 5,063 - 794 5,857 Level 1 ($) Level 2 ($) Level 3 ($) Total ($) March 31, 2019 Cash and cash equivalents: 25,610 - - 25,610 Total cash and cash equivalents 25,610 - - 25,610 Investments: -Short-term investment in mutual fund - - - - -Investment in unlisted securities - - 794 794 Total Investment - - 794 794 |
Earnings Per Share, Policy [Policy Text Block] | Earnings/(Loss) per Share The computation of basic loss per share for the nine months ended December 31, 2019, excludes potentially dilutive securities of 3.41 million shares which includes share options, unvested shares granted to employees, warrants, and shares from the conversion of outstanding units, if any, because their inclusion would be anti-dilutive. The weighted average number of shares outstanding for the three and nine months ended December 31, 2019 and 2018, used for the computation of basic earnings per share (“EPS”) is 39,571,407 and 39,543,480 and 39,356,515 and 34,034,657, respectively. Due to the loss incurred during the nine-month periods ended December 31, 2019, and December 31, 2018, all the potential equity shares are anti-dilutive and accordingly, the fully diluted EPS is equal to the basic EPS. |
Lessee, Leases [Policy Text Block] | Leases Lessor For leases that are accounted for as operating leases, income is recognized on a straight-line basis over the term of the lease contract. Generally, when a lease is more than 180 days delinquent (where more than three monthly payments are owed), the lease is classified as being on nonaccrual and the Company stops recognizing leasing income on that date. Payments received on leases in nonaccrual status generally reduce the lease receivable. Leases on nonaccrual status remain classified as such until there is sustained payment performance that, in the Company’s judgment, would indicate that all contractual amounts will be collected in full. Lessee The Company categorizes leases at their inception as either operating or capital leases. On certain lease agreements, the Company may receive rent holidays and other incentives. The Company recognizes lease costs on a straight-line basis without regard to deferred payment terms, such as rent holidays, that defer the commencement date of required payments. The Company has short-term leases primarily consisting of spaces with the remaining lease term being less than or equal to 12 months. The total short- term lease expense and cash paid for the nine months ended December 31, 2019 and December 31, 2018, are $154 thousand and $111 thousand, respectively. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Recently adopted ASC 842, Leases In February 2016, the FASB established Topic 842, Leases, by issuing ASU No. 2016-02 (“ASU 2016-02”), which requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU No. 2018-10, Codification Improvements to Topic 842, Leases; ASU No. 2018-11, Targeted Improvements; and ASU No. 2018-20, Narrow-Scope Improvements for Lessors. Lessor Accounting For lessors, however, the accounting remains largely unchanged from the current model, changes have been made to align certain lessor and lessee accounting guidance and the key aspects of the lessor accounting model with new revenue recognition standard. Under the new guidance, contract consideration will be allocated to its lease components and non-lease components (such as maintenance). For the Company as a lessor, any non-lease components will be accounted for under ASC Topic 606, Revenue from Contracts with Customers, unless the Company elects a lessor practical expedient to not separate the non-lease components from the associated lease component. The amendments in ASU 2018-11 also provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (“Topic 606”). To elect the practical expedient, the timing and pattern of transfer of the lease and non-lease components must be the same and the lease component must meet the criteria to be classified as an operating lease if accounted for separately. If these criteria are met, the single component will be accounted for under either Topic 842 or Topic 606 depending on which component(s) are predominant. The lessor practical expedient to not separate non-lease components from the associated component must be elected for all existing and new leases. As lessor, the Company expects that post-adoption substantially all existing leases will have no change in the timing of revenue recognition until their expiration or termination. The Company expects to elect the lessor practical expedient to not separate non-lease components such as maintenance from the associated lease for all existing and new leases and to account for the combined component as a single lease component. The timing of revenue recognition is expected to be the same for the majority of the Company’s new leases as compared to similar existing leases; however, certain categories of new leases could have different revenue recognition patterns as compared to similar existing leases. Lessee Accounting The Company adopted ASU 2016-02 effective April 1, 2019 using the modified retrospective approach. The new standard establishes a right-of-use model (“ROU”) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. In connection with the adoption, the Company will elect to utilize the modified retrospective presentation whereby the Company will continue to present prior period financial statements and disclosures under ASC 840. In addition, the Company will elect the transition package of three practical expedients permitted within the standard, which eliminates the requirements to reassess prior conclusions about lease identification, lease classification and initial direct costs. Further, the Company will adopt a short-term lease exception policy, permitting us to not apply the recognition requirements of this standard to short-term leases (i.e. leases with terms of 12 months or less) and an accounting policy to account for lease and non-lease components as a single component for certain classes of assets. The Company has concluded that all lease arrangements would be classified as short-term in nature and as such, not recorded on the balance sheet. The standard did not materially affect the Company's consolidated net earnings or have any impact on cash flows. Not yet adopted Disclosures: Collaborative Arrangement : The Company is evaluating the impact of this update. Intangibles-Goodwill and Other-Internal-Use Software Credit Losses: |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of December 31, 2019 and March 31, 2019, and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value: Level 1 ($) Level 2 ($) Level 3 ($) Total ($) December 31, 2019 Cash and cash equivalents: 10,129 - - 10,129 Total cash and cash equivalents 10,129 - - 10,129 Investments: -Short-term investment in mutual fund 5,063 - - 5,063 -Investment in unlisted securities - - 794 794 Total Investments 5,063 - 794 5,857 Level 1 ($) Level 2 ($) Level 3 ($) Total ($) March 31, 2019 Cash and cash equivalents: 25,610 - - 25,610 Total cash and cash equivalents 25,610 - - 25,610 Investments: -Short-term investment in mutual fund - - - - -Investment in unlisted securities - - 794 794 Total Investment - - 794 794 |
INVENTORY (Tables)
INVENTORY (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | (in thousands) As of December 31, 2019 ($) As of March 31, 2019 ($) Raw Materials - - Work-in-Progress 3,585 248 Finished Goods - - Total 3,585 248 |
DEPOSITS AND ADVANCES (Tables)
DEPOSITS AND ADVANCES (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Disclosure Text Block Supplement [Abstract] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | (in thousands) As of December 31, 2019 ($) As of March 31, 2019 ($) Advances to suppliers and consultants 392 600 Other advances 162 120 Advances for Property, Plant and Equipment 893 - Statutory advances 45 43 Prepaid expense and other current assets 82 18 Total 1574 781 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | (in thousands) As of December 31, 2019 ($) As of March 31, 2019 ($) Patent & other intangible assets at the beginning of the period 184 128 Patent acquisition and filing expenses 69 56 Amortization (6 ) - Total 247 184 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Property Plant and Equipment Table [Member] | |
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) [Line Items] | |
Property, Plant and Equipment [Table Text Block] | (in thousands, except useful life) Useful Life (years) As of December 31, 2019 ($) As of March 31, 2019 ($) Land N/A 4,732 4,872 Buildings & facilities 25 2,805 1,268 Plant and machinery 5-20 2,810 1,603 Computer equipment 3 182 165 Office equipment 5 105 109 Furniture and fixtures 5 90 61 Vehicles 5 108 279 Total Gross Value 10,832 8,357 Less: Accumulated depreciation (2,145 ) (2,471 ) Total Property, plant and equipment, net 8,687 5,886 |
INVESTMENTS IN UNLISTED SECUR_2
INVESTMENTS IN UNLISTED SECURITIES (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
ASU 2016-01 Transition [Abstract] | |
Investment [Table Text Block] | (in thousands) As of December 31, 2019 ($) As of March 31, 2019 ($) Investment in equity shares of unlisted company 21 21 Investment in MTP (i) 773 773 Total 794 794 (i) Pursuant to the December 18, 2014 Purchase Agreement with Apogee, we issued Apogee 1.2 million shares of IGC’s common stock valued at $888 thousand for the purchase of a 24.9% ownership interest in Midtown Partners & Co., LLC (“MTP”). During Fiscal 2018, after considering several factors, the Company concluded that it no longer had significant influence over MTP. Hence, we do not record any impact from MTP’s earnings/(losses) and instead we maintain the same value of approximately $773 thousand since Fiscal 2018. |
CLAIMS AND ADVANCES (Tables)
CLAIMS AND ADVANCES (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Other Assets, Noncurrent [Table Text Block] | (in thousands) As of December 31, 2019 ($) As of March 31, 2019 ($) Claims receivable (1) 392 404 Non-current deposits 25 18 Non-current advances (2) 451 456 Total 868 878 (1) The claims receivable is due from the Cochin International Airport (“CIA”) that is partially owned by the State Government of Kerala. As of December 31, 2019, the receivable is due for over one year. The Company continues to carry the full value of the receivables without interest and without any impairment, because it believes that there is minimal risk that CIA will become insolvent and unable to make the payment. While the Company has initiated collection proceedings, it believes it will be difficult to receive the amount in the next 12 months because of the time required for legal collection proceedings. The decrease in Claims receivable was mainly due to foreign exchange translation as a result of a decline in value of Indian Rupee. (2) Includes a loan of $200 thousand, to one of our manufacturers, for the purchase of equipment, at an annual interest rate of three percent (3%), due on April 1, 2021. |
ACCRUED AND OTHER LIABILITIES (
ACCRUED AND OTHER LIABILITIES (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | (in thousands) As of December 31, 2019 ($) As of March 31, 2019 ($) Salaries and other contribution 216 115 Provision for expenses 192 355 Other current liability 244 39 Total 652 509 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The options are fair valued using a Black-Scholes Pricing Model with the following assumptions: Granted in Fiscal 2020 Granted in Fiscal 2019 Expected life of options 5 years 5 years Vested options 100 % 100 % Risk free interest rate 2.57 % 0.70 % Expected volatility 249 % 119.5 % Expected dividend yield Nil Nil |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Summary of Options (in thousands) Number of Options as of December 31, 2019 Number of Options as of March 31, 2019 Opening balance 270 650 Option granted during the period - 110 Option exercised during the period (60 ) (490 ) Closing balance 210 270 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Net sales disaggregated by significant products and services for the nine months ended December 31, 2019, and the nine months ended December 31, 2018, were as follows: (in thousands) Nine Months Ended December 31, 2019 ($) 2018 ($) Infrastructure Business Rental and construction contract income (1) 106 63 Purchase and resale of infrastructure commodities (2) 3,553 3,511 Plant and Cannabinoid Business Plant and Cannabinoid products and therapies (3) 384 - Total 4,043 3,574 (1) Rental income consists of income from short-term rental of heavy construction equipment. Construction contract income consists of execution contracts, subcontracts for construction. There was revenue of $102 thousand from construction contracts during the nine months ended December 31, 2019, recognized pursuant to the cost-to-cost input measure. (2) Relates to the income from purchase and resale of physical commodities used in infrastructure. (3) Relates to revenue from plant and cannabinoid-based products and therapies such as Hyalolex TM |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Products and Services [Table Text Block] | 1) The table below shows revenue reported by product and service: (in thousands) Segments Nine months Ended December 31, 2019 ($) Percentage of Total Revenue (%) Infrastructure Business 3,659 91 % Plant and Cannabinoid Business 384 9 % Total 4,043 100 % Segments Nine months Ended December 31, 2018 ($) Percentage of Total Revenue (%) Infrastructure Business 3,574 100 % Plant and Cannabinoid Business - - Total 3,574 100 % |
Revenue from External Customers by Geographic Areas [Table Text Block] | Revenue is generally attributed to the geographic location of customers: (in thousands) Segments Country Nine months Ended December 31, 2019 ($) Percentage of Total Revenue (%) Asia (1) India 106 3 % (2) Hong Kong 3,553 88 % North America U.S. 384 9 % Total 4,043 100 % (in thousands) Segments Country Nine months Ended December 31, 2018 ($) Percentage of Total Revenue (%) Asia (1) India 63 2 % (2) Hong Kong 3,511 98 % North America U.S. - - Total 3,574 100 % |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | The table below shows the non-current assets other than financial instruments held in the country of domicile and foreign countries. (in thousands) Nature of Assets USA (Country of Domicile) ($) Foreign Countries (India, Hong Kong and Colombia) ($) Total as of December 31, 2019 ($) Intangible assets, net 247 - 247 Property, plant and equipment, net 3,890 4,797 8,687 Investments in unlisted securities 773 21 794 Claims and advances 440 428 868 Total non-current assets 5,350 5,246 10,596 (in thousands) Nature of Assets USA (Country of Domicile) ($) Foreign Countries (India Hong Kong and Colombia) ($) Total as of March 31, 2019 ($) Intangible assets, net 184 - 184 Property, plant and equipment, net 958 4,928 5,886 Investments in unlisted securities 773 21 794 Claims and advances 440 438 878 Total non-current assets 2,355 5,387 7,742 |
BUSINESS DESCRIPTION (Details)
BUSINESS DESCRIPTION (Details) - USD ($) $ in Thousands | Jan. 24, 2020 | Dec. 31, 2019 |
BUSINESS DESCRIPTION (Details) [Line Items] | ||
Other Commitment | $ 650 | |
Subsequent Event [Member] | ||
BUSINESS DESCRIPTION (Details) [Line Items] | ||
Other Commitment | $ 1,200 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||||
Accounts Receivable, after Allowance for Credit Loss | $ 154,629 | $ 154,629 | ||
Accounts Receivable, Allowance for Credit Loss | $ 6,000 | $ 6,000 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,410,000 | |||
Weighted Average Number of Shares Outstanding, Basic | 39,571,407 | 39,543,480 | 39,356,515 | 34,034,657 |
Operating Leases, Rent Expense | $ 154,000 | $ 111,000 | ||
Re-Invested Income on Mutual Funds [Member] | ||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | $ 63 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Fair Value, by Balance Sheet Grouping - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents: | $ 10,129 | $ 25,610 | $ 27,033 | $ 1,658 |
Total cash and cash equivalents | 10,129 | 25,610 | ||
-Short-term investment | 5,063 | 0 | ||
-Investment in unlisted securities | 794 | 794 | ||
Total Investment | 5,857 | 794 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents: | 10,129 | 25,610 | ||
Total cash and cash equivalents | 10,129 | 25,610 | ||
-Short-term investment | 5,063 | 0 | ||
-Investment in unlisted securities | 0 | 0 | ||
Total Investment | 5,063 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents: | 0 | 0 | ||
Total cash and cash equivalents | 0 | 0 | ||
-Short-term investment | 0 | 0 | ||
-Investment in unlisted securities | 0 | 0 | ||
Total Investment | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents: | 0 | 0 | ||
Total cash and cash equivalents | 0 | 0 | ||
-Short-term investment | 0 | 0 | ||
-Investment in unlisted securities | 794 | 794 | ||
Total Investment | $ 794 | $ 794 |
INVENTORY (Details) - Schedule
INVENTORY (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Schedule of Inventory, Current [Abstract] | ||
Raw Materials | $ 0 | $ 0 |
Work-in-Progress | 3,585 | 248 |
Finished Goods | 0 | 0 |
Total | $ 3,585 | $ 248 |
DEPOSITS AND ADVANCES (Detai
DEPOSITS AND ADVANCES (Details) - Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Advances to suppliers and consultants | $ 392 | $ 600 |
Other advances | 162 | 120 |
Advances for Property, Plant and Equipment | 893 | 0 |
Statutory advances | 45 | 43 |
Prepaid expense and other current assets | 82 | 18 |
Total | $ 1,574 | $ 781 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) | 9 Months Ended |
Dec. 31, 2019 | |
Minimum [Member] | |
INTANGIBLE ASSETS (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 13 years |
Maximum [Member] | |
INTANGIBLE ASSETS (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 15 years |
INTANGIBLE ASSETS (Details) - S
INTANGIBLE ASSETS (Details) - Schedule of Intangible Assets And Goodwill - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
INTANGIBLE ASSETS (Details) - Schedule of Intangible Assets And Goodwill [Line Items] | ||
Patent & other intangible assets at the beginning of the period | $ 184 | $ 128 |
Total | 247 | 184 |
Patents [Member] | ||
INTANGIBLE ASSETS (Details) - Schedule of Intangible Assets And Goodwill [Line Items] | ||
Patent acquisition and filing expenses | 69 | 56 |
Distribution Rights [Member] | ||
INTANGIBLE ASSETS (Details) - Schedule of Intangible Assets And Goodwill [Line Items] | ||
Amortization | $ (6) | $ 0 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 22 | $ 15 | $ 63 | $ 44 |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - Property, Plant and Equipment - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 10,832 | $ 8,357 |
Less: Accumulated depreciation | (2,145) | (2,471) |
Net Assets | $ 8,687 | 5,886 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | ||
Property, plant and equipment, gross | $ 4,732 | 4,872 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 25 years | |
Property, plant and equipment, gross | $ 2,805 | 1,268 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,810 | 1,603 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Property, plant and equipment, gross | $ 182 | 165 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Property, plant and equipment, gross | $ 105 | 109 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Property, plant and equipment, gross | $ 90 | 61 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Property, plant and equipment, gross | $ 108 | $ 279 |
Minimum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Maximum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 20 years |
INVESTMENTS IN UNLISTED SECUR_3
INVESTMENTS IN UNLISTED SECURITIES (Details) - Middle Town Partners Co [Member] - USD ($) $ in Thousands, shares in Millions | Dec. 18, 2014 | Dec. 31, 2019 | Mar. 31, 2019 | |
INVESTMENTS IN UNLISTED SECURITIES (Details) [Line Items] | ||||
Stock Issued During Period, Shares, Acquisitions (in Shares) | 1.2 | |||
Stock Issued During Period, Value, Acquisitions | $ 888 | |||
Cost Method Investment, Ownership Percentage | 24.90% | |||
Cost Method Investments | [1] | $ 773 | $ 773 | |
[1] | Pursuant to the December 18, 2014 Purchase Agreement with Apogee, we issued Apogee 1.2 million shares of IGC's common stock valued at $888 thousand for the purchase of a 24.9% ownership interest in Midtown Partners & Co., LLC ("MTP"). During Fiscal 2018, after considering several factors, the Company concluded that it no longer had significant influence over MTP. Hence, we do not record any impact from MTP's earnings/(losses) and instead we maintain the same value of approximately $773 thousand since Fiscal 2018. |
INVESTMENTS IN UNLISTED SECUR_4
INVESTMENTS IN UNLISTED SECURITIES (Details) - Schedule of Investments - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 | |
INVESTMENTS IN UNLISTED SECURITIES (Details) - Schedule of Investments [Line Items] | |||
Investment | $ 794 | $ 794 | |
Investment in Equity Shares of Unlisted Company Associates [Member] | |||
INVESTMENTS IN UNLISTED SECURITIES (Details) - Schedule of Investments [Line Items] | |||
Investment | 21 | 21 | |
Middle Town Partners Co [Member] | |||
INVESTMENTS IN UNLISTED SECURITIES (Details) - Schedule of Investments [Line Items] | |||
Investment | [1] | $ 773 | $ 773 |
[1] | Pursuant to the December 18, 2014 Purchase Agreement with Apogee, we issued Apogee 1.2 million shares of IGC's common stock valued at $888 thousand for the purchase of a 24.9% ownership interest in Midtown Partners & Co., LLC ("MTP"). During Fiscal 2018, after considering several factors, the Company concluded that it no longer had significant influence over MTP. Hence, we do not record any impact from MTP's earnings/(losses) and instead we maintain the same value of approximately $773 thousand since Fiscal 2018. |
CLAIMS AND ADVANCES (Details)
CLAIMS AND ADVANCES (Details) $ in Thousands | 9 Months Ended |
Dec. 31, 2019USD ($) | |
Disclosure Text Block Supplement [Abstract] | |
Payments to Acquire Notes Receivable | $ 200 |
Debt Instrument, Interest Rate During Period | 3.00% |
CLAIMS AND ADVANCES (Details) -
CLAIMS AND ADVANCES (Details) - Schedule of Other Assets, Noncurrent - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 | |
Schedule of Other Assets, Noncurrent [Abstract] | |||
Claims receivable | [1] | $ 392 | $ 404 |
Non-current deposits | 25 | 18 | |
Other advances | [2] | 451 | 456 |
Total | $ 868 | $ 878 | |
[1] | The claims receivable is due from the Cochin International Airport ("CIA") that is partially owned by the State Government of Kerala. As of December 31, 2019, the receivable is due for over one year. The Company continues to carry the full value of the receivables without interest and without any impairment, because it believes that there is minimal risk that CIA will become insolvent and unable to make the payment. While the Company has initiated collection proceedings, it believes it will be difficult to receive the amount in the next 12 months because of the time required for legal collection proceedings. The decrease in Claims receivable was mainly due to foreign exchange translation as a result of a decline in value of Indian Rupee. | ||
[2] | Includes a loan of $200 thousand, to one of our manufacturers, for the purchase of equipment, at an annual interest rate of three percent (3%), due on April 1, 2021. |
ACCRUED AND OTHER LIABILITIES_2
ACCRUED AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | ||
Accounts Payable, Other, Current | $ 3 | $ 4 |
ACCRUED AND OTHER LIABILITIES
ACCRUED AND OTHER LIABILITIES (Details) - Schedule of Accounts Payable and Accrued Liabilities - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 |
Schedule of Accounts Payable and Accrued Liabilities [Abstract] | ||
Salaries and other contribution | $ 216 | $ 115 |
Provision for expenses | 192 | 355 |
Other current liability | 244 | 39 |
Total | $ 652 | $ 509 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | 9 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 6.00% |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 12.00% |
SECURITIES (Details)
SECURITIES (Details) - $ / shares | 9 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2019 | |
Stockholders' Equity Note [Abstract] | ||
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 |
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common Stock, Shares, Outstanding | 39,571,407 | 39,501,407 |
Common Stock, Shares, Issued | 39,571,407 | 39,501,407 |
Class of Warrant or Right, Outstanding | 11,672,178 | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,167,217 | |
Warrant Description of Call Feature | 10 warrants and a payment of $5.00 in exchange for each share | |
Units Outstanding | 91,472 | |
Units Issued | 91,472 | |
Unit, Call Feature | Ten units may be separated into one share of common stock and 20 warrants (IGC: IW) which effectively allows the holder to exercise the warrants into two shares of common stock. |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) | 9 Months Ended |
Dec. 31, 2019USD ($) | |
Monthly Payment for Office Space and Certain General and Administrative Services [Member] | Affiliated Entity [Member] | |
RELATED PARTY TRANSACTIONS (Details) [Line Items] | |
Related Party Transaction, Amounts of Transaction | $ 4,500 |
Monthly Payment for Facilities and Services Provided [Member] | Affiliated Entity [Member] | |
RELATED PARTY TRANSACTIONS (Details) [Line Items] | |
Related Party Transaction, Amounts of Transaction | 6,100 |
Notes Payable, Other Payables [Member] | |
RELATED PARTY TRANSACTIONS (Details) [Line Items] | |
Notes Payable, Related Parties | $ 50 |
Note Payable Instrument, Interest | 15.00% |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
STOCK-BASED COMPENSATION (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 0 | 110,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 210,000 | 210,000 | 270,000 | 650,000 | ||
Share-based Payment Arrangement, Noncash Expense | $ 13 | $ 269,000 | ||||
Share-based Payment Arrangement, Expense | 13,000 | $ 524,000 | 515,000 | |||
Share-based Payment Arrangement, Option [Member] | ||||||
STOCK-BASED COMPENSATION (Details) [Line Items] | ||||||
Share-based Payment Arrangement, Noncash Expense | 13,000 | |||||
Share-based Payment Arrangement, Expense | 256,000 | |||||
General and Administrative Expense [Member] | ||||||
STOCK-BASED COMPENSATION (Details) [Line Items] | ||||||
Share-based Payment Arrangement, Noncash Expense | $ 191,000 | $ 13,000 | 525,000 | 32,000 | ||
General and Administrative Expense [Member] | Share-based Payment Arrangement, Option [Member] | ||||||
STOCK-BASED COMPENSATION (Details) [Line Items] | ||||||
Share-based Payment Arrangement, Noncash Expense | $ 42,000 | |||||
Research and Development Expense [Member] | ||||||
STOCK-BASED COMPENSATION (Details) [Line Items] | ||||||
Share-based Payment Arrangement, Noncash Expense | $ 6,000 | $ 17,000 | ||||
2018 Omnibus Incentive Plan [Member] | Restricted Stock [Member] | ||||||
STOCK-BASED COMPENSATION (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 107,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
ESOP 2008 Omnibus Plan [Member] | ||||||
STOCK-BASED COMPENSATION (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 94,000 | 94,000 | ||||
ESOP 2008 Omnibus Plan [Member] | Restricted Stock [Member] | ||||||
STOCK-BASED COMPENSATION (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 1,765,000 | 1,765,000 | ||||
ESOP 2008 Omnibus Plan [Member] | Common Stock Issued to Employees and Advisors [Member] | ||||||
STOCK-BASED COMPENSATION (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 6,432,127 | 6,432,127 | ||||
ESOP 2008 Omnibus Plan [Member] | Restricted Stock Yet to be Issued [Member] | ||||||
STOCK-BASED COMPENSATION (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 667,000 | $ 667,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $ 0.38 | $ 0.38 | ||||
ESOP 2008 Omnibus Plan [Member] | Options Held by Advisors [Member] | ||||||
STOCK-BASED COMPENSATION (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 210,000 | 210,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $ 0.45 | $ 0.45 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | between Fiscal 2020 and Fiscal 2024 |
STOCK-BASED COMPENSATION (Deta
STOCK-BASED COMPENSATION (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Abstract] | ||
Expected life of options | 5 years | 5 years |
Vested options | 100.00% | 100.00% |
Risk free interest rate | 2.57% | 0.70% |
Expected volatility | 249.00% | 119.50% |
Expected dividend yield |
STOCK-BASED COMPENSATION (De_2
STOCK-BASED COMPENSATION (Details) - Share-based Compensation, Stock Options, Activity - shares shares in Thousands | 9 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Mar. 31, 2019 | |
Share-based Compensation, Stock Options, Activity [Abstract] | ||
Opening balance | 270 | 650 |
Option granted during the period | 0 | 110 |
Option exercised during the period | (60) | (490) |
Closing balance | 210 | 270 |
REVENUE RECOGNITION (Details)
REVENUE RECOGNITION (Details) $ in Thousands | 9 Months Ended |
Dec. 31, 2019USD ($) | |
Construction [Member] | |
REVENUE RECOGNITION (Details) [Line Items] | |
Revenues | $ 102 |
REVENUE RECOGNITION (Details) -
REVENUE RECOGNITION (Details) - Disaggregation of Revenue - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Infrastructure Business | |||||
Revenues | $ 573 | $ 1,285 | $ 4,043 | $ 3,574 | |
Rental Income [Member] | Legacy Infrastructure [Member] | |||||
Infrastructure Business | |||||
Revenues | [1] | 106 | 63 | ||
Purchase and resale of infrastructure commodities [Member] | Legacy Infrastructure [Member] | |||||
Infrastructure Business | |||||
Revenues | [2] | 3,553 | 3,511 | ||
Plant and Cannabinoid products and therapies [Member] | Plant and Cannabinoid Business [Member] | |||||
Infrastructure Business | |||||
Revenues | [3] | $ 384 | $ 0 | ||
[1] | Rental income consists of income from short-term rental of heavy construction equipment. Construction contract income consists of execution contracts, subcontracts for construction. There was revenue of $102 thousand from construction contracts during the nine months ended December 31, 2019, recognized pursuant to the cost-to-cost input measure. | ||||
[2] | Relates to the income from purchase and resale of physical commodities used in infrastructure. | ||||
[3] | Relates to revenue from plant and cannabinoid-based products and therapies such as HyalolexTM and hemp extracts. |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) | 9 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 2 |
Number of Operating Segments | 2 |
SEGMENT INFORMATION (Details) -
SEGMENT INFORMATION (Details) - Revenue from External Customers by Products and Services - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from External Customer [Line Items] | ||||
Total Revenue | $ 573 | $ 1,285 | $ 4,043 | $ 3,574 |
Percentage of Total Revenue | 100.00% | 100.00% | ||
Legacy Infrastructure [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Total Revenue | $ 3,659 | $ 3,574 | ||
Percentage of Total Revenue | 91.00% | 100.00% | ||
Alternative Therapies [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Total Revenue | $ 384 | $ 0 | ||
Percentage of Total Revenue | 9.00% | 0.00% |
SEGMENT INFORMATION (Details)_2
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | ||||
Revenue | $ 573 | $ 1,285 | $ 4,043 | $ 3,574 |
Percentage of Total Revenue | 100.00% | 100.00% | ||
INDIA | ||||
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | ||||
Revenue | $ 106 | $ 63 | ||
Percentage of Total Revenue | 3.00% | 2.00% | ||
HONG KONG | ||||
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | ||||
Revenue | $ 3,553 | $ 3,511 | ||
Percentage of Total Revenue | 88.00% | 98.00% | ||
UNITED STATES | ||||
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | ||||
Revenue | $ 384 | $ 0 | ||
Percentage of Total Revenue | 9.00% | 0.00% |
SEGMENT INFORMATION (Details)_3
SEGMENT INFORMATION (Details) - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas - USD ($) $ in Thousands | Dec. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Intangible assets, net | $ 247 | $ 184 | $ 128 |
Property, plant and equipment, net | 8,687 | 5,886 | |
Investments in unlisted securities | 794 | 794 | |
Claims and advances | 868 | 878 | |
Total long-term assets | 10,596 | 7,742 | |
Geographic Distribution, Domestic [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Intangible assets, net | 247 | 184 | |
Property, plant and equipment, net | 3,890 | 958 | |
Investments in unlisted securities | 773 | 773 | |
Claims and advances | 440 | 440 | |
Total long-term assets | 5,350 | 2,355 | |
Geographic Distribution, Foreign [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Intangible assets, net | 0 | 0 | |
Property, plant and equipment, net | 4,797 | 4,928 | |
Investments in unlisted securities | 21 | 21 | |
Claims and advances | 428 | 438 | |
Total long-term assets | $ 5,246 | $ 5,387 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] - USD ($) $ in Millions | Jan. 07, 2020 | Jan. 01, 2020 |
SUBSEQUENT EVENTS (Details) [Line Items] | ||
Business Combination, Consideration Transferred | $ 6 | |
Business Combination, Contingent Consideration, Liability | $ 5 | |
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture (in Shares) | 2,000,000 |