Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2020 | Jul. 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 | 41,196,130 | |
Amendment Flag | false | |
Entity Central Index Key | 0001326205 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
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 | Jun. 30, 2020 | Mar. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 2,703 | $ 7,258 |
Marketable securities | 5,098 | 5,081 |
Accounts receivable, net | 264 | 133 |
Inventories | 6,523 | 4,245 |
Deposits and advances | 1,414 | 1,040 |
Total current assets | 16,002 | 17,757 |
Intangible assets, net | 275 | 252 |
Property, plant and equipment, net | 10,603 | 9,780 |
Non-Marketable securities | 260 | 11 |
Claims and advances | 606 | 610 |
Operating lease asset | 553 | 574 |
Total long-term assets | 12,297 | 11,227 |
Total assets | 28,299 | 28,984 |
Current liabilities: | ||
Accounts payable | 1,099 | 762 |
Accrued liabilities and others | 1,220 | 1,134 |
Short-term loans | 0 | 50 |
Total current liabilities | 2,319 | 1,946 |
Long-term loans | 630 | 0 |
Other liabilities | 16 | 16 |
Operating lease liability | 471 | 485 |
Total non-current liabilities | 1,117 | 501 |
Total liabilities | 3,436 | 2,447 |
Stockholders' equity: | ||
Preferred stock, $0.0001 par value: authorized 1,000,000 shares, no share issued or outstanding as on June 30, 2020 and March 31, 2020 | 0 | 0 |
Common stock and additional paid-in capital, $0.0001 par value: 150,000,000 shares authorized; 41,196,130 and 39,320,116 shares issued and outstanding as on June 30, 2020 and March 31, 2020, respectively. | 95,020 | 94,754 |
Accumulated other comprehensive loss | (2,908) | (2,850) |
Accumulated deficit | (67,249) | (65,367) |
Total stockholders' equity | 24,863 | 26,537 |
Total liabilities and stockholders' equity | $ 28,299 | $ 28,984 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Jun. 30, 2020 | Mar. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized shares | 1,000,000 | 1,000,000 |
Preferred stock, share issued | 0 | 0 |
Preferred stock, share outstanding | 0 | 0 |
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 | 41,196,130 | 39,320,116 |
Common stock, shares outstanding | 41,196,130 | 39,320,116 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||
Revenues | $ 584 | $ 1,649 |
Cost of revenues | (538) | (1,608) |
Gross profit | 46 | 41 |
Selling, general and administrative expenses | (1,755) | (1,249) |
Research and development expenses | (222) | (247) |
Operating loss | (1,931) | (1,455) |
Other income – net | 49 | 76 |
Loss before income taxes | (1,882) | (1,379) |
Income taxes expense | 0 | 0 |
Net loss attributable to common stockholders | (1,882) | (1,379) |
Foreign currency translation adjustments | (58) | 19 |
Comprehensive loss | $ (1,940) | $ (1,360) |
Loss per share attributable to common stockholders: | ||
Basic & diluted (in Dollars per share) | $ (0.05) | $ (0.03) |
Weighted-average number of shares used in computing loss per share amounts: (in Shares) | 40,189 | 39,508 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Private Placement [Member]Common Stock [Member] | Private Placement [Member]Common Stock Including Additional Paid in Capital [Member] | Private Placement [Member] | Common Stock [Member] | Common Stock Including Additional Paid in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances at Mar. 31, 2019 | $ 94,043 | $ (58,052) | $ (2,419) | $ 33,572 | ||||
Balances (in Shares) at Mar. 31, 2019 | 39,502,000 | |||||||
Common Stock based compensation & expenses, net | 208 | 208 | ||||||
Common Stock based compensation & expenses, net (in Shares) | 10,000 | |||||||
Net income loss | (1,379) | (1,379) | ||||||
Loss on foreign currency translation | 19 | 19 | ||||||
Balances at Jun. 30, 2019 | 94,251 | (59,431) | (2,400) | 32,420 | ||||
Balances (in Shares) at Jun. 30, 2019 | 39,512,000 | |||||||
Balances at Mar. 31, 2020 | 94,754 | (65,367) | (2,850) | $ 26,537 | ||||
Balances (in Shares) at Mar. 31, 2020 | 39,320,000 | 39,320,116 | ||||||
Common Stock based compensation & expenses, net | $ 166 | $ 166 | ||||||
Common Stock based compensation & expenses, net (in Shares) | 1,776,000 | |||||||
Common Stock issued for investment | 100 | $ 100 | ||||||
Common Stock issued for investment (in Shares) | 100,000 | |||||||
Net income loss | (1,882) | (1,882) | ||||||
Loss on foreign currency translation | (58) | (58) | ||||||
Balances at Jun. 30, 2020 | $ 95,020 | $ (67,249) | $ (2,908) | $ 24,863 | ||||
Balances (in Shares) at Jun. 30, 2020 | 41,196,000 | 41,196,130 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating activities: | ||
Net loss | $ (1,882) | $ (1,379) |
Adjustment to reconcile net loss to net cash: | ||
Depreciation and amortization | 77 | 17 |
Common stock-based compensation and expenses, net | 166 | 208 |
Changes in: | ||
Accounts receivables | (157) | (105) |
Inventory | (2,277) | (1,717) |
Deposits and advances | (479) | (71) |
Claims and advances | 24 | (17) |
Accounts payable | 377 | 192 |
Accrued and other liabilities | 163 | 0 |
Net cash used in operating activities | (3,988) | (2,872) |
Investing activities: | ||
Purchase of property, plant and equipment | (944) | (1,173) |
Investment in marketable securities | (17) | (5,009) |
Investment in non-marketable securities | (149) | 0 |
Acquisition and filing cost of patents and rights | (26) | (4) |
Net cash used in investing activities | (1,136) | (6,186) |
Financing activities: | ||
Proceeds from long- term loan | 580 | 0 |
Net cash provided by financing activities | 580 | 0 |
Effects of exchange rate changes on cash and cash equivalents | (11) | 2 |
Net increase/(decrease) in cash and cash equivalents | (4,555) | (9,056) |
Cash and cash equivalents at the beginning of the period | 7,258 | 25,610 |
Cash and cash equivalents at the end of the period | 2,703 | 16,554 |
Supplementary information: | ||
Cash paid for interest | 0 | 2 |
Non-cash items: | ||
Common stock issued/granted including ESOP, consultancy and patent acquisition | $ 166 | $ 15 |
BUSINESS DESCRIPTION
BUSINESS DESCRIPTION | 3 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Nature of Operations [Text Block] | NOTE 1 – BUSINESS DESCRIPTION Business IGC has two segments: Infrastructure and Life Sciences. The Company’s Infrastructure Business, managed from India, involves: (a) the execution of construction contracts, (b) the purchase and resale of physical commodities used in infrastructure and (c) the rental of heavy construction equipment. Information about our infrastructure products and service offerings is available at www.igcinc.us. Our revenue for the three months ended June 30, 2019 was primarily derived from this segment. The Company’s Life Sciences segment, formerly known as the Plant and Cannabinoid business, managed from the United States (“U.S.”), involves: (a) the development of potential new drugs, subject to applicable regulatory approvals, (b) several CBD-based and non-CBD-based products and brands in various stages of development, for sale online and through stores, including non-CBD-based hand sanitizers, among others, (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 and (f) the offering of tolling services like extraction and distillation to hemp farmers. Our revenue for the three months ended June 30, 2020, was primarily derived from this segment. The current COVID-19 pandemic and the associated social distancing and reduced foot traffic to stores continues to adversely impact our ability to distribute products and provide services. The Company’s principal office in the U.S. is in Maryland, and the Company has a facility in Washington State and offices in Colombia, Hong Kong, and India. Business updates ● On July 30, 2020, IGC received notice from the FDA to proceed with a 12-subject Phase 1 human clinical trial (“removal of full clinical hold”) on its Investigational New Drug Application (“INDA”), submitted under Section 505(i) of the Federal Food, Drug, and Cosmetic Act, for IGC-AD1. The Phase 1 trial will involve a randomized placebo controlled Multiple Ascending Dose (“MAD”) study to evaluate safety and tolerability of IGC-AD1 in subjects with mild to severe dementia due to Alzheimer’s disease. In addition, the study will evaluate pharmacokinetics (“PK”) and collect data on other factors. The Company’s IGC-AD1 formulation is based on a patent filed by the University of South Florida (“USF”) that uses a cannabinoid as one of the active ingredients. The Company has exclusive rights to the patent filing. ● The Company has suffered losses and setbacks due to the COVID-19 pandemic, including being delayed in executing an ongoing construction contract, being unable to commission equipment, and having to slow down operations because of COVID-19. ● In response to the COVID-19 pandemic, the Company manufactured and distributed alcohol-based hand sanitizers. The majority of our revenue for the three months ended June 30, 2020, is from the sale of hand sanitizers. In an effort to help some of the hardest hit communities, we donated hand sanitizers to the Federal Emergency Management Agency (“FEMA”), the Navajo Indians in Arizona, the Crow Indian reservation in Montana, and the Sioux reservation in South Dakota. ● The Company is executing a road building contract in Kerala, India valued at approximately $1.1 million. The Company estimates that it will take between 12 and 15 months to complete the work. Work on this project has been temporarily delayed due to COVID-19. We expect to re-start the project as soon as COVID-19 restrictions are lifted, and we are able to deploy our work force. ● On July 17, 2020, the Company filed a provisional patent application with the USPTO for its IGC-511 formulation for Cannabidiol based composition and method for treating pain. ● On July 6, 2020, the United States District Court for the District of Maryland entered an order formally and finally approving the January 2020 formal settlement agreement between the derivative plaintiffs, the Company, and the named defendant directors and officers, thereby resolving all pending derivative suits. All derivative actions have now been formally terminated. Please refer Part II, Item 1, Legal Proceedings. ● On May 12, 2020, the Company completed an investment under the terms of a Share Subscription Agreement (“SSA”) with Evolve I, Inc., a Washington corporation (“Evolve”), by transferring part of the consideration to Evolve. As of June 30, 2020, the Company owns an approximately 19.8% interest in Evolve. Business Organization As of June 30, 2020, the Company had the following direct operating subsidiaries: Techni Bharathi Private Limited (“TBL”), IGCare, LLC (“IGCare"), Holi Hemp, LLC (“Holi Hemp”), IGC Pharma, LLC (“IGC Pharma”), SAN Holdings, LLC (“SAN Holdings”), Sunday Seltzer, LLC (“Sunday Seltzer”) and Colombia-based beneficially owned subsidiary Hamsa Biochem SAS (“Hamsa”). 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. The Company’s filings are available on www.sec.gov. We have employees, contract workers and advisors in the U.S., India, Colombia, and Hong Kong. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jun. 30, 2020 | |
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. (“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, 2020 (“Fiscal 2020”) contained in the Company’s Form 10-K for Fiscal 2020, filed with the SEC on July 13, 2020, 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 U.S. 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 consolidated financial statements are prudent and reasonable. Significant estimates and assumptions are generally used for, but not limited to: allowance for uncollectible accounts receivable; sales returns; normal loss during production; future obligations under employee benefit plans; the useful lives of property, plant, 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 condensed 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 financials are denominated in the Indian Rupee (INR), the Hong Kong Dollar (HKD) or the Colombian Peso (COP). As a result, changes in the relative values of the U.S. Dollar (USD), the INR, the HKD or the COP affect financial statements. The accompanying financial statements are reported in USD. The INR, HKD and COP are the functional currencies for certain subsidiaries of the Company. The translation of the functional currencies into U.S. dollars is performed for assets and liabilities using the exchange rates in effect at the balance sheet date and for revenues and expenses using average exchange rates prevailing during the reporting periods. Adjustments resulting from the translation of functional currency financial statements to reporting currency are accumulated and reported as other comprehensive income/(loss), a separate component of shareholders’ equity. Transactions in currencies other than the functional currency during the year are converted into the functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the consolidated statements of operations. Reclassifications Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. A short-term loan in the amount of approximately $50 thousand has been reclassified to non-current liability from current liability. 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 ended June 30, 2020, and 2019. Short-term and long-term investments Our policy for short-term and long-term investments is to establish a high-quality portfolio that preserves principal, meets liquidity needs, avoids inappropriate concentrations, and delivers an appropriate yield in relationship to our investment guidelines and market conditions. Short-term and long-term investments consist of corporate, various government agency and municipal debt securities, as well as certificates of deposit that have maturity dates that are greater than 90 days. Certificates of deposit and commercial paper are carried at cost which approximates fair value. Available-for-sale securities: Investments in debt securities that are classified as available for sale shall be measured subsequently at fair value in the statement of financial position. Investments are initially measured at cost, which is the fair value of the consideration given for them, including transaction costs. Where the Company’s ownership interest is in excess of 20% and the Company has a significant influence, the Company has accounted for the investment based on the equity method in accordance with ASC Topic 323, “ Investments – Equity method and Joint Ventures Investments-Equity Securities As of June 30, 2020, investment in marketable securities is valued at fair value and investment in non-marketable securities with ownership less than 20% is valued at cost as per ASC Topic 321, “ Investments-Equity Securities Stock – Based Compensation The Company accounts for stock-based compensation to employees and non-employees in conformity with the provisions of ASC Topic 718, “ Stock-Based Compensation” 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. We had $264 thousand of accounts receivable, net of provision for doubtful debt of $9 thousand as of June 30, 2020, as compared to $133 thousand of accounts receivable, net of provision for doubtful debt of $9 thousand as of March 31, 2020. Inventory Inventory is valued at the lower of cost or net realizable value, net realizable value defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Inventory consists of raw materials, finished goods related to wellness products, hand sanitizers, finished CBD products, among others as well as work-in-progress such as extracted crude oil, CBD isolate, growing crops, and herbal oils, among others. Work-in-progress also includes product manufacturing in process, 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. Harvested crops are measured at net realizable value, 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. The Company believes its harvested crops do not have a readily available market. Hence, the Company values its harvested crops at cost. Please refer note – “Note 3 - Inventory”, for further information. Fair value of financial instruments ASC Topic 820, “ Fair Value Measurement 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 instrument includes cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate their fair values due to the nature of the items. Please refer to Note 16 - “Fair Value of Financial Instruments”, for further information. Earnings/(Loss) per Share The computation of basic loss per share for the three months ended June 30, 2020, excludes potentially dilutive securities of approximately 3.2 million shares which includes share options, unvested shares such as restricted shares and restricted share units, granted to employees and advisors, 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 months ended June 30, 2020 and 2019, used for the computation of basic earnings per share (“EPS”) is 40,189,222 and 39,508,110, respectively. Due to the loss incurred during the three months ended June 30, 2020 and 2019, all the potential equity shares are anti-dilutive and accordingly, the fully diluted EPS is equal to the basic EPS. Cybersecurity We have a cybersecurity policy in place and tighter cybersecurity measures to safeguard against hackers. In three months ended June 30, 2020, there were no impactful breaches in cybersecurity. Leases Lessor Accounting Under the 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 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. 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 Accounting The Company adopted ASU 2016-02 effective April 1, 2019 using the modified retrospective approach. The 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 Topic 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. Under ASU 2016-02 (Topic 842), lessees are required to recognize the following for all leases (with the exception of short-term leases) on the commencement date: (i) lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. At the commencement date, the Company recognizes the lease liability at the present value of the lease payments not yet paid, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate for the same term as the underlying lease. The right-of-use asset is recognized initially at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All right-of-use assets are reviewed for impairment. There was no impairment for right-of-use lease assets as of June 30, 2020. The Company categorizes leases at their inception as either operating or finance 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. Please refer “Note 9 - Leases”, for further information. Changes to U.S. GAAP are established by the FASB in the form of accounting standards updates (ASUs) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. Newly issued ASUs not listed below are expected to have no impact on the Company’s consolidated financial position and results of operations, because either the ASU is not applicable, or the impact is expected to be immaterial. Not yet adopted Investments, Derivatives and Hedging: Recently adopted Disclosures: Collaborative Arrangement : Intangibles-Goodwill and Other-Internal-Use Software |
INVENTORY
INVENTORY | 3 Months Ended |
Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | NOTE 3 – INVENTORY (in thousands) As of June 30, 2020 ($) As of March 31, 2020 ($) Raw Materials 1,803 227 Work-in-Progress 3,911 3,713 Finished Goods 809 305 Total 6,523 4,245 Inventory in the form of work-in-progress as of June 30, 2020, is comprised of, but not limited to, various hemp-based extracts such as crude oil, hemp distillate, and hemp isolate. The Company accounts all hemp extracts as work-in-progress until they are in the processing facility. Inventory also includes cost related to growing crops like seeds, fertilizer, other raw materials, labor, farm related overheads and the depreciation of farming equipment, hand sanitizers, personal protection equipment, among others. |
DEPOSITS AND ADVANCES
DEPOSITS AND ADVANCES | 3 Months Ended |
Jun. 30, 2020 | |
Deposits and Advances [Abstract] | |
Deposits and Advances [Text Block] | NOTE 4 – DEPOSITS AND ADVANCES (in thousands) As of June 30, 2020 ($) As of March 31, 2020 ($) Advances to suppliers and consultants 1,110 558 Other advances 68 16 Advances for Property, Plant and Equipment 72 259 Statutory advances 29 27 Prepaid expense and other current assets 135 180 Total 1,414 1,040 The Advances to suppliers and consultants primarily relate to advance to suppliers in our Life Sciences and Infrastructure segment. Advances for Property, Plant and Equipment include an advance paid for equipment for our processing facility in the State of Washington. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 3 Months Ended |
Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 5 – INTANGIBLE ASSETS Amortized intangible assets (in thousands) As of June 30, 2020 ($) As of March 31, 2020 ($) Patents 125 125 Other intangibles 20 20 Accumulated amortization (13 ) (10 ) Total amortized intangible assets 132 135 Unamortized intangible assets Patents 118 107 Trademarks 13 10 Other intangibles 12 Total unamortized intangible assets 143 117 Total Intangible assets 275 252 The value of intangible assets includes the cost of acquiring patent rights, supporting data, and the expense associated with filing 10 patents and 32 trademarks. It also includes acquisition costs related to brands and domains. The amortization of patent and patent rights is up to 20 years, commencing from the date of grant. The amortization of website and domains is up to 10 years. Trademarks and other patents that have not been granted have not been amortized. The Company uses the straight-line method to determine the amortization expense for its definite lived intangible assets. The amortization expense in three months ended June 30, 2020 and 2019, amounted to approximately $3 thousand and nil, respectively. The Company regularly reviews its intangible assets to determine if any intangible asset is other-than-temporarily impaired, which would require the Company to record an impairment charge in the period and concluded that, as of June 30, 2020, there was no impairment. Estimated amortization expense (in thousands) ($) For the year ended 2021 11 For the year ended 2022 13 For the year ended 2023 16 For the year ended 2024 19 For the year ended 2025 22 |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 3 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020 ($) As of March 31, 2020 ($) Land N/A 4,461 4,508 Buildings & facilities 25 3,038 2,540 Plant and machinery 5-20 4,332 3,867 Computer equipment 3 200 194 Office equipment 5 105 106 Furniture and fixtures 5 120 104 Vehicles 5 120 120 Construction in progress N/A 652 768 Total Gross Value 13,028 12,207 Less: Accumulated depreciation (2,425 ) (2,427 ) Total Property, plant and equipment, net 10,603 9,780 Depreciation expense in the three months ended June 30, 2020 and 2019, amounted to approximately $74 thousand and $17 thousand, respectively. The net increase in total Property, Plant & Equipment is primarily due to the set-up of product manufacturing, processing, and packaging facilities, in the U.S. subsidiaries. The net decrease in land and accumulated depreciation is primarily due to foreign exchange translations because of a decline in value of foreign currencies. The construction is progress relates to the Washington facility under construction. For more information, please refer to Note 18 – Segment Information for the non-current assets other than financial instruments held in the country of domicile and foreign countries. |
INVESTMENTS IN NON-MARKETABLE S
INVESTMENTS IN NON-MARKETABLE SECURITIES | 3 Months Ended |
Jun. 30, 2020 | |
ASU 2016-01 Transition [Abstract] | |
Cost-method Investments, Description [Text Block] | NOTE 7 – INVESTMENTS IN NON-MARKETABLE SECURITIES (in thousands) As of June 30, 2020 ($) As of March 31, 2020 ($) Investment in equity shares of unlisted company 11 11 Investment in Evolve I (i) 249 - Total 260 11 (i) On May 12, 2020, the Company completed an investment under the terms of the Share Subscription Agreement (“SSA”) with Evolve I, Inc., a Washington corporation (“Evolve”), by transferring part of the consideration to Evolve. As of June 30, 2020, the Company owns approximately 19.8% interest in Evolve. The Company regularly reviews its investment portfolio to determine if any security is other-than-temporarily impaired, which would require the Company to record an impairment charge in the period. |
CLAIMS AND ADVANCES
CLAIMS AND ADVANCES | 3 Months Ended |
Jun. 30, 2020 | |
Disclosure Text Block Supplement [Abstract] | |
Other Assets Disclosure [Text Block] | NOTE 8 – CLAIMS AND ADVANCES (in thousands) As of June 30, 2020 ($) As of March 31, 2020 ($) Claims receivable (1) 370 374 Non-current deposits 24 24 Non-current advances (2) 212 212 Total 606 610 (1) The claims receivable is due from the Cochin International Airport (“CIA”) that is partially owned by the State Government of Kerala. As of March 31, 2020, 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. |
LEASES
LEASES | 3 Months Ended |
Jun. 30, 2020 | |
Disclosure Text Block [Abstract] | |
Lessee, Operating Leases [Text Block] | NOTE 9 – LEASES 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 three months ended June 30, 2020 and 2019 are approximately $63 thousand and $39 thousand, respectively. The Company also has an operating lease as of June 30, 2020. In November 2019, the Company entered into an office lease agreement with a lease term of less than 12 months. This lease was amended in March 2020, with a new lease term from March 1, 2020 to November 30, 2025. The annual lease expense is approximately $127 thousand. The lease contract does not contain any material residual value guarantees or material restrictive covenants. The remaining lease term for the operating lease is 5.4 year and discount rate of 7%. The lease does not provide a readily determinable implicit rate. Therefore, the Company discounts lease payments based on an estimate of its incremental borrowing rate. (in thousands) Three months ended June 30, 2020 ($) Operating lease costs 31 Short term lease costs 63 Variable lease costs - Total lease costs 94 Right of use assets and lease liabilities for our operating leases were recorded in the consolidated balance sheet as follows: (in thousands) As of June 30, 2020 ($) Assets Operating lease asset 553 Total lease assets 553 Liabilities Current liabilities: Accrued liabilities and others (current portion – operating lease liability) 84 Noncurrent liabilities: Operating lease liability (non-current portion – operating lease liability) 471 Total lease liability 555 (in thousands) As of June 30, 2020 ($) Supplemental cash flow and non-cash information related to leases is as follows: Cash paid for amounts included in the measurement of lease liabilities – Operating cash flows from operating leases 19 Right-of-use assets obtained in exchange for operating lease obligations 571 As of June 30, 2020, the following table summarizes the maturity of our lease liabilities: Mar-21 117 Mar-22 119 Mar-23 122 Mar-24 126 Mar-25 129 Mar-26 54 Less: Present value discount (112 ) Total Lease liabilities 555 |
ACCRUED AND OTHER LIABILITIES
ACCRUED AND OTHER LIABILITIES | 3 Months Ended |
Jun. 30, 2020 | |
Accrued Liabilities Disclosure [Abstract] | |
Accrued Liabilities Disclosure [Text Block] | NOTE 10 – ACCRUED AND OTHER LIABILITIES (in thousands) As of June 30, 2020 ($) As of March 31, 2020 ($) Salaries and other contribution 537 424 Provision for expenses 462 412 Other current liability 221 298 Total 1,220 1,134 Salaries and other contribution related liabilities consist of accrued salaries to employees. Provision for expenses include provision for legal, professional, and marketing expenses, including a provision of $200 thousand for the lawsuit as discussed in Note 12, “Commitments and Contingencies”. Other current liability also includes $84 thousand and $89 thousand of current operating lease liability and statutory payables of approximately $35 thousand and $27 thousand as of June 30, 2020 and March 31, 2020, respectively. |
LOANS AND OTHER LIABILITIES
LOANS AND OTHER LIABILITIES | 3 Months Ended |
Jun. 30, 2020 | |
Loans and Other Liabilities [Abstract] | |
Loans and Other Liabilities [Text Block] | NOTE 11 – LOANS AND OTHER LIABILITIES Long -term loans: As of June 30, 2020, the Company has the following loans: a) The Company had one secured loan of $50 thousand, at an annual interest rate of 15%. b) On May 3, 2020, the Company signed the Paycheck Protection Program Promissory Note and Agreement for a loan of approximately $430,000. The Loan is established under the terms and conditions of the SBA program of the United States Small Business Administration (“SBA”) and the USA CARES Act (2020)(H.R. 748)(15 U.S.C 636 et seq.) (the “Act”) and matures after 2 years on May 3, 2022, with monthly repayments of approximately $18,000 commencing November, 2020. Interest will accrue on the outstanding principal balance at an annual fixed rate of 1.00%. c) On June 11, 2020, the Company also received an Economic Injury Disaster Loan for approximately $150 thousand at an annual interest rate of 3.75%. The Company must pay principal and interest payments of $731 every month beginning June 2021. SBA will apply each installment payment first to pay interest accrued to the day SBA receives the payment and will then apply any remaining balance to reduce principal. All remaining principal and accrued interest is due and payable in 30 years from the date of the loan. Other Liability: (in thousands) As of June 30, As of March 30, 2020 ($) 2020 ($) Statutory reserve 16 16 Total 16 16 The statutory reserve is a gratuity reserve for employees in our subsidiaries in India. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 12 – 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 June 30, 2020, except as disclosed below. As of June 30, 2020, 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. Those derivative suits have now been settled. Pursuant to the settlement agreement, which was filed with the Court as an exhibit to an Amended Consent Motion for Preliminary Approval of Derivative Settlement on April 30, 2020, the Company will adopt certain corporate governance modifications, and the derivative plaintiffs will receive $200,000.00 from the Company’s insurer to cover their attorneys’ fees and a nominal service award. The Company has recorded a provision for $200,000 as of June 30, 2020. On June 30, 2020, the Court held a hearing to evaluate the fairness and reasonableness of the settlement and to determine whether the settlement will be approved. On July 6, 2020, the Court entered an order formally and finally approving the settlement and resolving all pending derivative suits. 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 | 3 Months Ended |
Jun. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 13 – SECURITIES As of June 30, 2020, the Company was authorized to issue up to 150,000,000 shares of common stock, par value $0.0001 per share, and 41,196,130 shares of common stock were issued and outstanding. The Company is also authorized to issue up to 1,000,000 shares of preferred stock, par value $0.0001 per share, and no preferred shares were issued and outstanding as of June 30, 2020. 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 or market. 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 | 3 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 14 – 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. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement [Text Block] | NOTE 15 – STOCK-BASED COMPENSATION As of June 30, 2020, under both the Company’s previous 2008 and current 2018 Omnibus Incentive Plans, a total of 8,207,627 shares of common stock have been issued to employees and advisors. 1.9 million restricted share units fair valued at $798 thousand with a weighted average value of $0.43 per share, have been granted but not yet issued from different Incentive Plans and Grants. Additionally, options held by advisors to purchase 160 thousand shares of common stock fair valued at $65 thousand with a weighted average of $0.4 per share, that have been granted but are to be issued over a vesting period, between Fiscal 2020 and Fiscal 2024. The options are fair valued using a Black-Scholes Pricing Model with the following assumptions: Granted in Fiscal 2021 Granted in Fiscal 2020 Expected life of options 5 years 5 years Vested options 100 % 100 % Risk free interest rate 2.57 % 2.57 % Expected volatility 249 % 249 % 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 selling, general and administrative expenses (including research and development). For the three months ended June 30, 2020, the Company’s share-based expense and option-based expense shown in selling, general and administrative expenses (including research and development) are $160 thousand and $6 thousand, respectively. 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 selling, general and administrative expenses (including research and development). For the three months ended June 30, 2019, the Company’s share-based expense and option-based expense shown in selling, general and administrative expenses (including research and development) are $202 thousand and $6 thousand, respectively. Non-vested shares Shares (in thousands) (#) Weighted average grant date fair value ($) Non-vested shares as on March 31, 2020 1,851 0.40 Granted - - Vested (70 ) 0.45 Cancelled/Forfeited - - Non-vested shares as on June 30, 2020 1,781 0.40 Options Shares (in thousands) (#) Weighted average grant date fair value ($) Weighted average exercise price ($) Options outstanding as on March 31, 2020 160 0.40 0.39 Granted - - - Exercised - - - Cancelled/Forfeited - - - Options outstanding as on June 30, 2020 160 0.40 0.39 There was a combined unrecognized expense of $505 thousand related to non-vested shares and share options that the Company expects to be recognized over weighted average life of 1.03 years. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE 16 – FAIR VALUE OF FINANCIAL INSTRUMENTS As of June 30, 2020, the Company’s marketable securities consist of liquid 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 marketable securities is comprised of re-invested income of approximately $10 thousand and approximately $7 thousand unrealized gain during the three months ended June 30, 2020. The Company’s cash and cash equivalents have also been classified as Level 1 on the same principle. Financial instruments are classified as current if they are expected to be liquidated within the next twelve months. The Company’s remaining investments have been classified as Level 3 instruments as there is little or no market data. Level 3 investments are valued using cost-method. For further information refer Note 7 – Investments in Non-Marketable Securities. The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of June 30, 2020 and March 31, 2020, and indicates the fair value hierarchy of the valuation techniques the Company used to determine such fair value: (in thousands) Level 1 ($) Level 2 ($) Level 3 ($) Total ($) June 30, 2020 Cash and cash equivalents: 2,703 - - 2,703 Total cash and cash equivalents 2,703 - - 2,703 Investments: -Marketable securities 5,098 - - 5,098 -Non-marketable securities - - 260 260 Total Investments 5,098 - 260 5,358 Level 1 ($) Level 2 ($) Level 3 ($) Total ($) March 31, 2020 Cash and cash equivalents: 7,258 - - 7,258 Total cash and cash equivalents 7,258 - - 7,258 Investments: -Marketable securities 5,081 - - 5,081 -Non-marketable securities - - 11 11 Total Investment 5,081 - 11 5,092 |
REVENUE RECOGNITION
REVENUE RECOGNITION | 3 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | NOTE 17 – REVENUE RECOGNITION Revenue in the Infrastructure Business is recognized for the renting business when the equipment is rented, and terms of the agreement have been fulfilled during the period. The revenue from the purchase and resale of physical infrastructure commodities is recognized once the bill of lading along with the invoice have been transferred to the customer. Net sales disaggregated by significant products and services for the three months ended June 30, 2020 and 2019 were as follows: (in thousands) Three months ended June 30, 2020 ($) 2019 ($) Infrastructure segment Rental income (1) - 3 Construction contracts (2) - - Purchase and resale of physical commodities (3) - 1,542 Life Sciences segment Wellness and Lifestyle (4) 584 104 Tolling/White labeling service (5) - - Total 584 1,649 (1) Rental income consists of income from rental of heavy construction equipment. (2) Construction income consists of the execution of contracts directly or through subcontractors. The Company expects to complete the project within 12 to15 months, depending on the status of the COVID-19 pandemic. (3) Relates to the income from purchase and resale of physical commodities used in infrastructure, like steel, wooden doors, marble, and tiles. (4) Relates to revenue from Life Sciences segment such as sale of hand sanitizer, hemp crude extract, hemp isolate, and hemp distillate and royalty income from the sale of Hyalolex™, now named Hyalolex™ Drops of Clarity™. (5) Relates to income from tolling and white label services. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 18 – SEGMENT INFORMATION FASB ASC No. 280, “ Segment Reporting 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 Life Sciences segment 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) Life Sciences segment. The Company does not include intercompany transfers between segments for Management reporting purposes. The following provides information required by ASC 280-10-50-38 “Entity-wide Information”: 1) The table below shows revenue reported by segment: Product & Service (in thousands) Segments Three months ended June 30, 2020 ($) Percentage of Total Revenue (%) Infrastructure segment - - % Life Sciences segment 584 100 % Total 584 100 % (in thousands) Segments Three months ended June 30, 2019 ($) Percentage of Total Revenue (%) Infrastructure segment 1,545 94 % Life Sciences segment 104 6 % Total 1,649 100 % For information for revenue by product and service, refer Note 17, “Revenue Recognition”. 2) The table below shows the revenue attributed to the country of domicile (U.S.) and foreign countries. Revenue is generally attributed to the geographic location of customers: (in thousands) Segments Country Three months ended June 30, 2020 ($) Percentage of Total Revenue (%) Asia (1) India - - % (2) Hong Kong - - % North America U.S. 584 100 % Total 584 100 % (in thousands) Segments Country Three months ended June 30, 2019 ($) Percentage of Total Revenue (%) Asia (1) India 3 - % (2) Hong Kong 1,542 94 % North America U.S. 104 6 % Total 1,649 100 % 3) The table below shows the non-current assets other than financial instruments held in the country of domicile and foreign countries. (in thousands) Nature of Assets USA (Country of Domicile) ($) Foreign Countries (India, Hong Kong, and Colombia) ($) Total as of June 30, 2020 ($) Intangible assets, net 275 - 275 Property, plant and equipment, net 6,087 4,516 10,603 Investments in unlisted securities 249 11 260 Claims and advances 200 406 606 Operating lease asset 553 - 553 Total non-current assets 7,364 4,933 12,297 (in thousands) Nature of Assets USA (Country of Domicile) ($) Foreign Countries (India Hong Kong and Colombia) ($) Total as of March 31, 2020 ($) Intangible assets, net 252 - 252 Property, plant and equipment, net 5,216 4,564 9,780 Investments in unlisted securities - 11 11 Claims and advances 200 410 610 Operating lease asset 574 - 574 Total non-current assets 6,242 4,985 11,227 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 19 – SUBSEQUENT EVENTS On August 18, 2020, the Company received an official USPTO Notice of Allowance for its U.S. Trademark NO3A™, U.S. Serial Number: 88694194. On August 5, 2020, the USPTO issued the Company a patent (#10751300) for the Company’s cannabinoid formulation (IGC-502) for the treatment of seizures in humans and veterinary animals. On July 30, 2020, IGC received approval from the FDA to proceed with Phase 1 human clinical trials (“removal of full clinical hold”) on its Investigational New Drug Application (“INDA”) for IGC-AD1 submitted under Section 505(i) of the Federal Food, Drug, and Cosmetic Act. The Phase 1 trial will involve a randomized placebo controlled Multiple Ascending Dose (“MAD”) study to evaluate safety and tolerability of IGC-AD1 in subjects with dementia due to Alzheimer’s disease. In addition, the study will evaluate pharmacokinetics (“PK”) and collect data on other factors. The drug IGC-AD1 is based on a patent filed by the University of South Florida (“USF”) that uses a cannabinoid as one of the active ingredients. The Company has exclusive rights to the patent filing. On July 17, 2020, the Company filed a provisional patent application with the USPTO for its IGC-511 formulation for Cannabidiol based composition and method for treating pain. In January 2020, the Company entered into a binding agreement for the settlement of three previously disclosed derivative lawsuits: Erny v. Mukunda, et al. Hamdan v. Mukunda, et al. Patel v. Mukunda, et al. On May 26, 2020, the Company received an official USPTO Notice of Allowance for its U.S. Trademark Holief™, U.S. Serial Number: 88690835. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
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. (“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, 2020 (“Fiscal 2020”) contained in the Company’s Form 10-K for Fiscal 2020, filed with the SEC on July 13, 2020, 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 U.S. 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 consolidated financial statements are prudent and reasonable. Significant estimates and assumptions are generally used for, but not limited to: allowance for uncollectible accounts receivable; sales returns; normal loss during production; future obligations under employee benefit plans; the useful lives of property, plant, 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 condensed 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 financials are denominated in the Indian Rupee (INR), the Hong Kong Dollar (HKD) or the Colombian Peso (COP). As a result, changes in the relative values of the U.S. Dollar (USD), the INR, the HKD or the COP affect financial statements. The accompanying financial statements are reported in USD. The INR, HKD and COP are the functional currencies for certain subsidiaries of the Company. The translation of the functional currencies into U.S. dollars is performed for assets and liabilities using the exchange rates in effect at the balance sheet date and for revenues and expenses using average exchange rates prevailing during the reporting periods. Adjustments resulting from the translation of functional currency financial statements to reporting currency are accumulated and reported as other comprehensive income/(loss), a separate component of shareholders’ equity. Transactions in currencies other than the functional currency during the year are converted into the functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the consolidated statements of operations. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. A short-term loan in the amount of approximately $50 thousand has been reclassified to non-current liability from current liability. |
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 ended June 30, 2020, and 2019. |
Investment, Policy [Policy Text Block] | Short-term and long-term investments Our policy for short-term and long-term investments is to establish a high-quality portfolio that preserves principal, meets liquidity needs, avoids inappropriate concentrations, and delivers an appropriate yield in relationship to our investment guidelines and market conditions. Short-term and long-term investments consist of corporate, various government agency and municipal debt securities, as well as certificates of deposit that have maturity dates that are greater than 90 days. Certificates of deposit and commercial paper are carried at cost which approximates fair value. Available-for-sale securities: Investments in debt securities that are classified as available for sale shall be measured subsequently at fair value in the statement of financial position. Investments are initially measured at cost, which is the fair value of the consideration given for them, including transaction costs. Where the Company’s ownership interest is in excess of 20% and the Company has a significant influence, the Company has accounted for the investment based on the equity method in accordance with ASC Topic 323, “ Investments – Equity method and Joint Ventures Investments-Equity Securities As of June 30, 2020, investment in marketable securities is valued at fair value and investment in non-marketable securities with ownership less than 20% is valued at cost as per ASC Topic 321, “ Investments-Equity Securities |
Share-based Payment Arrangement [Policy Text Block] | Stock – Based Compensation The Company accounts for stock-based compensation to employees and non-employees in conformity with the provisions of ASC Topic 718, “ Stock-Based Compensation” |
Accounts 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. We had $264 thousand of accounts receivable, net of provision for doubtful debt of $9 thousand as of June 30, 2020, as compared to $133 thousand of accounts receivable, net of provision for doubtful debt of $9 thousand as of March 31, 2020. |
Inventory, Policy [Policy Text Block] | Inventory Inventory is valued at the lower of cost or net realizable value, net realizable value defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Inventory consists of raw materials, finished goods related to wellness products, hand sanitizers, finished CBD products, among others as well as work-in-progress such as extracted crude oil, CBD isolate, growing crops, and herbal oils, among others. Work-in-progress also includes product manufacturing in process, 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. Harvested crops are measured at net realizable value, 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. The Company believes its harvested crops do not have a readily available market. Hence, the Company values its harvested crops at cost. |
Lessee, Leases [Policy Text Block] | Leases Lessor Accounting Under the 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 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. 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 Accounting The Company adopted ASU 2016-02 effective April 1, 2019 using the modified retrospective approach. The 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 Topic 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. Under ASU 2016-02 (Topic 842), lessees are required to recognize the following for all leases (with the exception of short-term leases) on the commencement date: (i) lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. At the commencement date, the Company recognizes the lease liability at the present value of the lease payments not yet paid, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate for the same term as the underlying lease. The right-of-use asset is recognized initially at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All right-of-use assets are reviewed for impairment. There was no impairment for right-of-use lease assets as of June 30, 2020. The Company categorizes leases at their inception as either operating or finance 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. Please refer “Note 9 - Leases”, for further information. Changes to U.S. GAAP are established by the FASB in the form of accounting standards updates (ASUs) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. Newly issued ASUs not listed below are expected to have no impact on the Company’s consolidated financial position and results of operations, because either the ASU is not applicable, or the impact is expected to be immaterial. |
Fair Value Measurement, Policy [Policy Text Block] | Fair value of financial instruments ASC Topic 820, “ Fair Value Measurement 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 instrument includes cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate their fair values due to the nature of the items. Please refer to Note 16 - “Fair Value of Financial Instruments”, for further information |
Earnings Per Share, Policy [Policy Text Block] | Earnings/(Loss) per Share The computation of basic loss per share for the three months ended June 30, 2020, excludes potentially dilutive securities of approximately 3.2 million shares which includes share options, unvested shares such as restricted shares and restricted share units, granted to employees and advisors, 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 months ended June 30, 2020 and 2019, used for the computation of basic earnings per share (“EPS”) is 40,189,222 and 39,508,110, respectively. Due to the loss incurred during the three months ended June 30, 2020 and 2019, all the potential equity shares are anti-dilutive and accordingly, the fully diluted EPS is equal to the basic EPS. |
Cyber-security Policy [Policy Text Block] | Cybersecurity We have a cybersecurity policy in place and tighter cybersecurity measures to safeguard against hackers. In three months ended June 30, 2020, there were no impactful breaches in cybersecurity. |
New Accounting Pronouncements, Policy [Policy Text Block] | Not yet adopted Investments, Derivatives and Hedging: Recently adopted Disclosures: Collaborative Arrangement : Intangibles-Goodwill and Other-Internal-Use Software |
INVENTORY (Tables)
INVENTORY (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | (in thousands) As of June 30, 2020 ($) As of March 31, 2020 ($) Raw Materials 1,803 227 Work-in-Progress 3,911 3,713 Finished Goods 809 305 Total 6,523 4,245 |
DEPOSITS AND ADVANCES (Tables)
DEPOSITS AND ADVANCES (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Deposits and Advances [Abstract] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | (in thousands) As of June 30, 2020 ($) As of March 31, 2020 ($) Advances to suppliers and consultants 1,110 558 Other advances 68 16 Advances for Property, Plant and Equipment 72 259 Statutory advances 29 27 Prepaid expense and other current assets 135 180 Total 1,414 1,040 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Amortized intangible assets (in thousands) As of June 30, 2020 ($) As of March 31, 2020 ($) Patents 125 125 Other intangibles 20 20 Accumulated amortization (13 ) (10 ) Total amortized intangible assets 132 135 Unamortized intangible assets Patents 118 107 Trademarks 13 10 Other intangibles 12 Total unamortized intangible assets 143 117 Total Intangible assets 275 252 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated amortization expense (in thousands) ($) For the year ended 2021 11 For the year ended 2022 13 For the year ended 2023 16 For the year ended 2024 19 For the year ended 2025 22 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020 ($) As of March 31, 2020 ($) Land N/A 4,461 4,508 Buildings & facilities 25 3,038 2,540 Plant and machinery 5-20 4,332 3,867 Computer equipment 3 200 194 Office equipment 5 105 106 Furniture and fixtures 5 120 104 Vehicles 5 120 120 Construction in progress N/A 652 768 Total Gross Value 13,028 12,207 Less: Accumulated depreciation (2,425 ) (2,427 ) Total Property, plant and equipment, net 10,603 9,780 |
INVESTMENTS IN NON-MARKETABLE_2
INVESTMENTS IN NON-MARKETABLE SECURITIES (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
ASU 2016-01 Transition [Abstract] | |
Investment [Table Text Block] | (in thousands) As of June 30, 2020 ($) As of March 31, 2020 ($) Investment in equity shares of unlisted company 11 11 Investment in Evolve I (i) 249 - Total 260 11 (i) On May 12, 2020, the Company completed an investment under the terms of the Share Subscription Agreement (“SSA”) with Evolve I, Inc., a Washington corporation (“Evolve”), by transferring part of the consideration to Evolve. As of June 30, 2020, the Company owns approximately 19.8% interest in Evolve. |
CLAIMS AND ADVANCES (Tables)
CLAIMS AND ADVANCES (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Other Assets, Noncurrent [Table Text Block] | (in thousands) As of June 30, 2020 ($) As of March 31, 2020 ($) Claims receivable (1) 370 374 Non-current deposits 24 24 Non-current advances (2) 212 212 Total 606 610 (1) The claims receivable is due from the Cochin International Airport (“CIA”) that is partially owned by the State Government of Kerala. As of March 31, 2020, 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. |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Disclosure Text Block [Abstract] | |
Lease, Cost [Table Text Block] | In November 2019, the Company entered into an office lease agreement with a lease term of less than 12 months. This lease was amended in March 2020, with a new lease term from March 1, 2020 to November 30, 2025. The annual lease expense is approximately $127 thousand. The lease contract does not contain any material residual value guarantees or material restrictive covenants. The remaining lease term for the operating lease is 5.4 year and discount rate of 7%. The lease does not provide a readily determinable implicit rate. Therefore, the Company discounts lease payments based on an estimate of its incremental borrowing rate. (in thousands) Three months ended June 30, 2020 ($) Operating lease costs 31 Short term lease costs 63 Variable lease costs - Total lease costs 94 |
Lessee, Operating Lease, Disclosure [Table Text Block] | (in thousands) As of June 30, 2020 ($) Assets Operating lease asset 553 Total lease assets 553 Liabilities Current liabilities: Accrued liabilities and others (current portion – operating lease liability) 84 Noncurrent liabilities: Operating lease liability (non-current portion – operating lease liability) 471 Total lease liability 555 (in thousands) As of June 30, 2020 ($) Supplemental cash flow and non-cash information related to leases is as follows: Cash paid for amounts included in the measurement of lease liabilities – Operating cash flows from operating leases 19 Right-of-use assets obtained in exchange for operating lease obligations 571 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | As of June 30, 2020, the following table summarizes the maturity of our lease liabilities: Mar-21 117 Mar-22 119 Mar-23 122 Mar-24 126 Mar-25 129 Mar-26 54 Less: Present value discount (112 ) Total Lease liabilities 555 |
ACCRUED AND OTHER LIABILITIES (
ACCRUED AND OTHER LIABILITIES (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Accrued Liabilities Disclosure [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | (in thousands) As of June 30, 2020 ($) As of March 31, 2020 ($) Salaries and other contribution 537 424 Provision for expenses 462 412 Other current liability 221 298 Total 1,220 1,134 |
LOANS AND OTHER LIABILITIES (Ta
LOANS AND OTHER LIABILITIES (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Loans and Other Liabilities [Abstract] | |
Schedule of Other Assets and Other Liabilities [Table Text Block] | Other Liability: (in thousands) As of June 30, As of March 30, 2020 ($) 2020 ($) Statutory reserve 16 16 Total 16 16 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
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 2021 Granted in Fiscal 2020 Expected life of options 5 years 5 years Vested options 100 % 100 % Risk free interest rate 2.57 % 2.57 % Expected volatility 249 % 249 % Expected dividend yield Nil Nil |
Nonvested Restricted Stock Shares Activity [Table Text Block] | 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 selling, general and administrative expenses (including research and development). For the three months ended June 30, 2019, the Company’s share-based expense and option-based expense shown in selling, general and administrative expenses (including research and development) are $202 thousand and $6 thousand, respectively. Non-vested shares Shares (in thousands) (#) Weighted average grant date fair value ($) Non-vested shares as on March 31, 2020 1,851 0.40 Granted - - Vested (70 ) 0.45 Cancelled/Forfeited - - Non-vested shares as on June 30, 2020 1,781 0.40 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Options Shares (in thousands) (#) Weighted average grant date fair value ($) Weighted average exercise price ($) Options outstanding as on March 31, 2020 160 0.40 0.39 Granted - - - Exercised - - - Cancelled/Forfeited - - - Options outstanding as on June 30, 2020 160 0.40 0.39 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [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 June 30, 2020 and March 31, 2020, and indicates the fair value hierarchy of the valuation techniques the Company used to determine such fair value: Level 1 ($) Level 2 ($) Level 3 ($) Total ($) June 30, 2020 Cash and cash equivalents: 2,703 - - 2,703 Total cash and cash equivalents 2,703 - - 2,703 Investments: -Marketable securities 5,098 - - 5,098 -Non-marketable securities - - 260 260 Total Investments 5,098 - 260 5,358 Level 1 ($) Level 2 ($) Level 3 ($) Total ($) March 31, 2020 Cash and cash equivalents: 7,258 - - 7,258 Total cash and cash equivalents 7,258 - - 7,258 Investments: -Marketable securities 5,081 - - 5,081 -Non-marketable securities - - 11 11 Total Investment 5,081 - 11 5,092 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Net sales disaggregated by significant products and services for the three months ended June 30, 2020 and 2019 were as follows: (in thousands) Three months ended June 30, 2020 ($) 2019 ($) Infrastructure segment Rental income (1) - 3 Construction contracts (2) - - Purchase and resale of physical commodities (3) - 1,542 Life Sciences segment Wellness and Lifestyle (4) 584 104 Tolling/White labeling service (5) - - Total 584 1,649 (1) Rental income consists of income from rental of heavy construction equipment. (2) Construction income consists of the execution of contracts directly or through subcontractors. The Company expects to complete the project within 12 to15 months, depending on the status of the COVID-19 pandemic. (3) Relates to the income from purchase and resale of physical commodities used in infrastructure, like steel, wooden doors, marble, and tiles. (4) Relates to revenue from Life Sciences segment such as sale of hand sanitizer, hemp crude extract, hemp isolate, and hemp distillate and royalty income from the sale of Hyalolex™, now named Hyalolex™ Drops of Clarity™. (5) Relates to income from tolling and white label services. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Products and Services [Table Text Block] | The table below shows revenue reported by segment: (in thousands) Segments Three months ended June 30, 2020 ($) Percentage of Total Revenue (%) Infrastructure segment - - % Life Sciences segment 584 100 % Total 584 100 % (in thousands) Segments Three months ended June 30, 2019 ($) Percentage of Total Revenue (%) Infrastructure segment 1,545 94 % Life Sciences segment 104 6 % Total 1,649 100 % |
Revenue from External Customers by Geographic Areas [Table Text Block] | 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 Three months ended June 30, 2020 ($) Percentage of Total Revenue (%) Asia (1) India - - % (2) Hong Kong - - % North America U.S. 584 100 % Total 584 100 % (in thousands) Segments Country Three months ended June 30, 2019 ($) Percentage of Total Revenue (%) Asia (1) India 3 - % (2) Hong Kong 1,542 94 % North America U.S. 104 6 % Total 1,649 100 % |
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 June 30, 2020 ($) Intangible assets, net 275 - 275 Property, plant and equipment, net 6,087 4,516 10,603 Investments in unlisted securities 249 11 260 Claims and advances 200 406 606 Operating lease asset 553 - 553 Total non-current assets 7,364 4,933 12,297 (in thousands) Nature of Assets USA (Country of Domicile) ($) Foreign Countries (India Hong Kong and Colombia) ($) Total as of March 31, 2020 ($) Intangible assets, net 252 - 252 Property, plant and equipment, net 5,216 4,564 9,780 Investments in unlisted securities - 11 11 Claims and advances 200 410 610 Operating lease asset 574 - 574 Total non-current assets 6,242 4,985 11,227 |
BUSINESS DESCRIPTION (Details)
BUSINESS DESCRIPTION (Details) - USD ($) $ in Millions | Feb. 15, 2020 | Jan. 23, 2020 | Dec. 18, 2014 |
Accounting Policies [Abstract] | |||
Contract with Customer, Asset, after Allowance for Credit Loss | $ 1.1 | ||
Equity Method Investment, Ownership Percentage | 19.80% | 19.80% |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | |
Accounting Policies [Abstract] | |||
Accounts Receivable, after Allowance for Credit Loss | $ 264 | $ 133 | |
Accounts Receivable, Allowance for Credit Loss | $ 9 | $ 9 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 3,200,000 | ||
Weighted Average Number of Shares Outstanding, Basic (in Shares) | 40,189,222 | 39,508,110 |
INVENTORY (Details) - Schedule
INVENTORY (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Schedule of Inventory, Current [Abstract] | ||
Raw Materials | $ 1,803 | $ 227 |
Work-in-Progress | 3,911 | 3,713 |
Finished Goods | 809 | 305 |
Total | $ 6,523 | $ 4,245 |
DEPOSITS AND ADVANCES (Details)
DEPOSITS AND ADVANCES (Details) - Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Advances to suppliers and consultants | $ 1,110 | $ 558 |
Other advances | 68 | 16 |
Advances for Property, Plant and Equipment | 72 | 259 |
Statutory advances | 29 | 27 |
Prepaid expense and other current assets | 135 | 180 |
Total | $ 1,414 | $ 1,040 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | |
INTANGIBLE ASSETS (Details) [Line Items] | ||
Number of Patents | 10 | |
Number of Trademarks | 32 | |
Amortization of Intangible Assets | $ 3 | |
Patents [Member] | ||
INTANGIBLE ASSETS (Details) [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years | |
Internet Domain Names [Member] | ||
INTANGIBLE ASSETS (Details) [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years |
INTANGIBLE ASSETS (Details) - S
INTANGIBLE ASSETS (Details) - Schedule of Intangible Assets And Goodwill - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
INTANGIBLE ASSETS (Details) - Schedule of Intangible Assets And Goodwill [Line Items] | ||
Accumulated amortization | $ (13) | $ (10) |
Total amortized intangible assets | 132 | 135 |
Unamortized intangible assets | ||
Unamortized intangible assets | 143 | 117 |
Total Intangible assets | 275 | 252 |
Patents [Member] | ||
Unamortized intangible assets | ||
Unamortized intangible assets | 118 | 107 |
Trademarks [Member] | ||
Unamortized intangible assets | ||
Unamortized intangible assets | 13 | 10 |
Unclassified Indefinite-lived Intangible Assets [Member] | ||
Unamortized intangible assets | ||
Unamortized intangible assets | 12 | |
Patents [Member] | ||
INTANGIBLE ASSETS (Details) - Schedule of Intangible Assets And Goodwill [Line Items] | ||
Intangibles | 125 | 125 |
Other Intangible Assets [Member] | ||
INTANGIBLE ASSETS (Details) - Schedule of Intangible Assets And Goodwill [Line Items] | ||
Intangibles | $ 20 | $ 20 |
INTANGIBLE ASSETS (Details) -_2
INTANGIBLE ASSETS (Details) - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense $ in Thousands | Jun. 30, 2020USD ($) |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |
For the year ended 2021 | $ 11 |
For the year ended 2022 | 13 |
For the year ended 2023 | 16 |
For the year ended 2024 | 19 |
For the year ended 2025 | $ 22 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 74 | $ 17 |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - Property, Plant and Equipment - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 13,028 | $ 12,207 |
Less: Accumulated depreciation | (2,425) | (2,427) |
Net Assets | $ 10,603 | 9,780 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | ||
Property, plant and equipment, gross | $ 4,461 | 4,508 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 25 years | |
Property, plant and equipment, gross | $ 3,038 | 2,540 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 4,332 | 3,867 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 20 years | |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Property, plant and equipment, gross | $ 200 | 194 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Property, plant and equipment, gross | $ 105 | 106 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Property, plant and equipment, gross | $ 120 | 104 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Property, plant and equipment, gross | $ 120 | 120 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | ||
Property, plant and equipment, gross | $ 652 | $ 768 |
INVESTMENTS IN NON-MARKETABLE_3
INVESTMENTS IN NON-MARKETABLE SECURITIES (Details) | Feb. 15, 2020 | Dec. 18, 2014 |
ASU 2016-01 Transition [Abstract] | ||
Equity Method Investment, Ownership Percentage | 19.80% | 19.80% |
INVESTMENTS IN NON-MARKETABLE_4
INVESTMENTS IN NON-MARKETABLE SECURITIES (Details) - Schedule of Investments - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | |
INVESTMENTS IN NON-MARKETABLE SECURITIES (Details) - Schedule of Investments [Line Items] | |||
Investment | $ 260 | $ 11 | |
Investment in Equity Shares of Unlisted Company Associates [Member] | |||
INVESTMENTS IN NON-MARKETABLE SECURITIES (Details) - Schedule of Investments [Line Items] | |||
Investment | 11 | 11 | |
Middle Town Partners Co [Member] | |||
INVESTMENTS IN NON-MARKETABLE SECURITIES (Details) - Schedule of Investments [Line Items] | |||
Investment | [1] | $ 249 | $ 0 |
[1] | On May 12, 2020, the Company completed an investment under the terms of the Share Subscription Agreement ("SSA") with Evolve I, Inc., a Washington corporation ("Evolve"), by transferring part of the consideration to Evolve. As of June 30, 2020, the Company owns approximately 19.8% interest in Evolve. |
CLAIMS AND ADVANCES (Details)
CLAIMS AND ADVANCES (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2020USD ($) | |
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 | Jun. 30, 2020 | Mar. 31, 2020 | |
Schedule of Other Assets, Noncurrent [Abstract] | |||
Claims receivable | [1] | $ 370 | $ 374 |
Non-current deposits | 24 | 24 | |
Non-current advances | [2] | 212 | 212 |
Total | $ 606 | $ 610 | |
[1] | The claims receivable is due from the Cochin International Airport ("CIA") that is partially owned by the State Government of Kerala. As of March 31, 2020, 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 $200 thousand to one of our manufacturers for the purchase of equipment, at an annual interest rate of three percent (3%), due on April 1, 2021. |
LEASES (Details)
LEASES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure Text Block [Abstract] | ||
Short-term Lease, Cost | $ 63 | $ 39 |
Operating Leases, Rent Expense, Minimum Rentals | $ 127 | |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 146 days | |
Lessee, Operating Lease, Discount Rate | 7.00% |
LEASES (Details) - Lease, Cost
LEASES (Details) - Lease, Cost - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Lease, Cost [Abstract] | ||
Operating lease costs | $ 31 | |
Short term lease costs | 63 | $ 39 |
Variable lease costs | 0 | |
Total lease costs | $ 94 |
LEASES (Details) - Lessee, Oper
LEASES (Details) - Lessee, Operating Lease, Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2020 | |
Assets | ||
Operating lease asset | $ 553 | $ 574 |
Liabilities | ||
Accrued liabilities and others (current portion – operating lease liability) | 84 | 89 |
Operating lease liability (non-current portion – operating lease liability) | 471 | $ 485 |
Total lease liability | 555 | |
Operating cash flows from operating leases | 19 | |
Right-of-use assets obtained in exchange for operating lease obligations | 571 | |
Operating Lease Asset [Member] | ||
Assets | ||
Operating lease asset | $ 553 |
LEASES (Details) - Lessee, Op_2
LEASES (Details) - Lessee, Operating Lease, Liability, Maturity $ in Thousands | Jun. 30, 2020USD ($) |
Lessee, Operating Lease, Liability, Maturity [Abstract] | |
Mar-21 | $ 117 |
Mar-22 | 119 |
Mar-23 | 122 |
Mar-24 | 126 |
Mar-25 | 129 |
Mar-26 | 54 |
Less: Present value discount | (112) |
Total Lease liabilities | $ 555 |
ACCRUED AND OTHER LIABILITIES_2
ACCRUED AND OTHER LIABILITIES (Details) - USD ($) | Apr. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 |
Accrued Liabilities Disclosure [Abstract] | |||
Litigation Settlement, Amount Awarded to Other Party | $ 200,000 | $ 200,000 | |
Operating Lease, Liability, Current | 84,000 | $ 89,000 | |
Accounts Payable, Other, Current | $ 35,000 | $ 27,000 |
ACCRUED AND OTHER LIABILITIES
ACCRUED AND OTHER LIABILITIES (Details) - Schedule of Accounts Payable and Accrued Liabilities - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Schedule of Accounts Payable and Accrued Liabilities [Abstract] | ||
Salaries and other contribution | $ 537 | $ 424 |
Provision for expenses | 462 | 412 |
Other current liability | 221 | 298 |
Total | $ 1,220 | $ 1,134 |
LOANS AND OTHER LIABILITIES (De
LOANS AND OTHER LIABILITIES (Details) - USD ($) | Jun. 11, 2020 | May 03, 2020 | Jun. 30, 2020 | Mar. 31, 2020 |
LOANS AND OTHER LIABILITIES (Details) [Line Items] | ||||
Short-term Debt | $ 0 | $ 50,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 1.00% | ||
Debt Instrument, Face Amount | $ 150,000 | $ 430,000 | ||
Debt Instrument, Term | 30 years | 2 years | ||
Debt Instrument, Periodic Payment | $ 731 | $ 18,000 | ||
Notes Payable, Other Payables [Member] | ||||
LOANS AND OTHER LIABILITIES (Details) [Line Items] | ||||
Short-term Debt | $ 50,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 15.00% |
LOANS AND OTHER LIABILITIES (_2
LOANS AND OTHER LIABILITIES (Details) - Schedule of Loans and Other Liabilities - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Schedule of Loans and Other Liabilities [Abstract] | ||
Statutory reserve | $ 16 | $ 16 |
Total | $ 16 | $ 16 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) | Apr. 30, 2020 | Jun. 30, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Litigation Settlement, Amount Awarded to Other Party (in Dollars) | $ 200,000 | $ 200,000 |
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 | 3 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2020 | |
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, Issued | 41,196,130 | 39,320,116 |
Common Stock, Shares, Outstanding | 41,196,130 | 39,320,116 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $ 0.0001 | $ 0.0001 |
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 $5.00 in exchange for each share of common stock | |
Units Outstanding | 91,472 | |
Unit Call Feature | Ten units may be separated into one share of common stock and 20 warrants (IGC: IW) which effectively allows the holder to exercise the warrants into two shares of common stock |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) | 3 Months Ended |
Jun. 30, 2020USD ($) | |
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 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Mar. 30, 2020 | |
STOCK-BASED COMPENSATION (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 160,000 | 160,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 0 | |||
Share-based Payment Arrangement, Noncash Expense | $ 202 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $ 0.39 | $ 0.39 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 505 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year 10 days | |||
General and Administrative Expense [Member] | ||||
STOCK-BASED COMPENSATION (Details) [Line Items] | ||||
Share-based Payment Arrangement, Noncash Expense | $ 160 | |||
Share-based Payment Arrangement, Option [Member] | ||||
STOCK-BASED COMPENSATION (Details) [Line Items] | ||||
Share-based Payment Arrangement, Noncash Expense | $ 6 | |||
Share-based Payment Arrangement, Option [Member] | General and Administrative Expense [Member] | ||||
STOCK-BASED COMPENSATION (Details) [Line Items] | ||||
Share-based Payment Arrangement, Noncash Expense | $ 6 | |||
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) | 8,207,627 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 1,900,000 | |||
Share-based Payment Arrangement, Noncash Expense | $ 798 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $ 0.43 | |||
Advisors [Member] | 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) | 160,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $ 0.4 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 65 |
STOCK-BASED COMPENSATION (Deta
STOCK-BASED COMPENSATION (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
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% | 2.57% |
Expected volatility | 249.00% | 249.00% |
Expected dividend yield |
STOCK-BASED COMPENSATION (De_2
STOCK-BASED COMPENSATION (Details) - Nonvested Restricted Stock Shares Activity shares in Thousands | 3 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Nonvested Restricted Stock Shares Activity [Abstract] | |
Balance, non-vested shares | shares | 1,851 |
Balance, Weighted average grant date fair value | $ / shares | $ 0.40 |
Granted, shares | shares | 0 |
Granted, Weighted average grant date fair value | $ / shares | $ 0 |
Vested, shares | shares | (70) |
Vested, Weighted average grant date fair value | $ / shares | $ 0.45 |
Cancelled/Forfeited, shares | shares | 0 |
Cancelled/Forfeited, Weighted average grant date fair value | $ / shares | $ 0 |
Balance, non-vested shares | shares | 1,781 |
Balance, Weighted average grant date fair value | $ / shares | $ 0.40 |
STOCK-BASED COMPENSATION (De_3
STOCK-BASED COMPENSATION (Details) - Share-based Payment Arrangement, Option, Activity - $ / shares shares in Thousands | Mar. 31, 2020 | Jun. 30, 2020 |
Share-based Payment Arrangement, Option, Activity [Abstract] | ||
Options outstanding, shares (in Shares) | 160 | |
Options outstanding, Weighted average grant date fair value | $ 0.40 | $ 0.40 |
Options outstanding, Weighted average exercise price | $ 0.39 | $ 0.39 |
Granted, shares (in Shares) | 0 | |
Granted, Weighted average grant date fair value | $ 0 | |
Granted, Weighted average exercise price | $ 0 | |
Exercised, shares (in Shares) | 0 | |
Exercised, Weighted average grant date fair value | $ 0 | |
Exercised, Weighted average exercise price | $ 0 | |
Cancelled/Forfeited, shares (in Shares) | 0 | |
Cancelled/Forfeited, Weighted average grant date fair value | $ 0 | |
Cancelled/Forfeited, Weighted average exercise price | $ 0 | |
Options outstanding, shares (in Shares) | 160 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2020USD ($) | |
Fair Value Disclosures [Abstract] | |
Increase (Decrease) in Marketable Securities, Restricted | $ 10 |
Marketable Securities, Gain (Loss) | $ 7 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 |
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Cash and cash equivalents: | $ 2,703 | $ 7,258 | ||
Total cash and cash equivalents | 2,703 | 7,258 | $ 16,554 | $ 25,610 |
-Marketable securities | 5,098 | 5,081 | ||
-Non-marketable securities | 260 | 11 | ||
Total Investment | 5,358 | 5,092 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Cash and cash equivalents: | 2,703 | 7,258 | ||
Total cash and cash equivalents | 2,703 | 7,258 | ||
-Marketable securities | 5,098 | 5,081 | ||
-Non-marketable securities | 0 | 0 | ||
Total Investment | 5,098 | 5,081 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Cash and cash equivalents: | 0 | 0 | ||
Total cash and cash equivalents | 0 | 0 | ||
-Marketable securities | 0 | 0 | ||
-Non-marketable securities | 0 | 0 | ||
Total Investment | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Cash and cash equivalents: | 0 | 0 | ||
Total cash and cash equivalents | 0 | 0 | ||
-Marketable securities | 0 | 0 | ||
-Non-marketable securities | 260 | 11 | ||
Total Investment | $ 260 | $ 11 |
REVENUE RECOGNITION (Details)
REVENUE RECOGNITION (Details) | 3 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Timing of Satisfaction of Performance Obligation and Payment | 12 to15 months |
REVENUE RECOGNITION (Details) -
REVENUE RECOGNITION (Details) - Disaggregation of Revenue - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Infrastructure segment | |||
Revenues | $ 584 | $ 1,649 | |
Rental Income [Member] | Legacy Infrastructure [Member] | |||
Infrastructure segment | |||
Revenues | [1] | 0 | 3 |
Construction [Member] | Legacy Infrastructure [Member] | |||
Infrastructure segment | |||
Revenues | [2] | 0 | 0 |
Purchase and Resale of Physical Commodities [Member] | Legacy Infrastructure [Member] | |||
Infrastructure segment | |||
Revenues | [3] | 0 | 1,542 |
Wellness and Lifestyle [Member] | Life Sciences [Member] | |||
Infrastructure segment | |||
Revenues | [4] | 584 | 104 |
Tolling/White labeling service [Member] | Life Sciences [Member] | |||
Infrastructure segment | |||
Revenues | [5] | $ 0 | $ 0 |
[1] | Rental income consists of income from rental of heavy construction equipment. | ||
[2] | Construction income consists of the execution of contracts directly or through subcontractors. The Company expects to complete the project within 12 to15 months, depending on the status of the COVID-19 pandemic. | ||
[3] | Relates to the income from purchase and resale of physical commodities used in infrastructure, like steel, wooden doors, marble, and tiles. | ||
[4] | Relates to revenue from Life Sciences segment such as sale of hand sanitizer, hemp crude extract, hemp isolate, and hemp distillate and royalty income from the sale of Hyalolex, now named Hyalolex Drops of Clarity. | ||
[5] | Relates to income from tolling and white label services. |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) | 3 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 2 |
Number of Reportable Segments | 2 |
SEGMENT INFORMATION (Details) -
SEGMENT INFORMATION (Details) - Revenue from External Customers by Products and Services - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue from External Customer [Line Items] | ||
Revenue | $ 584 | $ 1,649 |
Percentage of Total Revenue | 100.00% | 100.00% |
Legacy Infrastructure [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue | $ 0 | $ 1,545 |
Percentage of Total Revenue | 0.00% | 94.00% |
Plant and Cannabinoid [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue | $ 584 | $ 104 |
Percentage of Total Revenue | 100.00% | 6.00% |
SEGMENT INFORMATION (Details)_2
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | ||
Revenue | $ 584 | $ 1,649 |
Percentage of Total Revenue | 100.00% | 100.00% |
INDIA | Asia [Member] | ||
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | ||
Revenue | $ 0 | $ 3 |
Percentage of Total Revenue | 0.00% | 0.00% |
HONG KONG | Asia [Member] | ||
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | ||
Revenue | $ 0 | $ 1,542 |
Percentage of Total Revenue | 0.00% | 94.00% |
North America [Member] | ||
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | ||
Revenue | $ 584 | $ 104 |
Percentage of Total Revenue | 100.00% | 6.00% |
SEGMENT INFORMATION (Details)_3
SEGMENT INFORMATION (Details) - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Intangible assets, net | $ 275 | $ 252 |
Property, plant and equipment, net | 10,603 | 9,780 |
Investments in unlisted securities | 260 | 11 |
Claims and advances | 606 | 610 |
Operating lease asset | 553 | 574 |
Total long-term assets | 12,297 | 11,227 |
Geographic Distribution, Domestic [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Intangible assets, net | 275 | 252 |
Property, plant and equipment, net | 6,087 | 5,216 |
Investments in unlisted securities | 249 | 0 |
Claims and advances | 200 | 200 |
Operating lease asset | 553 | 574 |
Total long-term assets | 7,364 | 6,242 |
Geographic Distribution, Foreign [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Intangible assets, net | 0 | 0 |
Property, plant and equipment, net | 4,516 | 4,564 |
Investments in unlisted securities | 11 | 11 |
Claims and advances | 406 | 410 |
Operating lease asset | 0 | 0 |
Total long-term assets | $ 4,933 | $ 4,985 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) | Apr. 30, 2020 | Jun. 30, 2020 |
Subsequent Events [Abstract] | ||
Litigation Settlement, Amount Awarded to Other Party | $ 200,000 | $ 200,000 |