Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Jun. 07, 2021 | Sep. 30, 2020 | |
Document Information Line Items | |||
Entity Registrant Name | India Globalization Capital, Inc. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Common Stock, Shares Outstanding | 48,327,273 | ||
Entity Public Float | $ 38,046,963 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001326205 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Mar. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Interactive Data Current | Yes |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 14,548 | $ 7,258 |
Marketable securities | 0 | 5,081 |
Accounts receivable, net | 175 | 133 |
Inventory | 5,478 | 4,245 |
Non-Marketable securities | 80 | 0 |
Deposits and advances | 3,236 | 1,040 |
Total current assets | 23,517 | 17,757 |
Intangible assets, net | 407 | 252 |
Property, plant and equipment, net | 10,840 | 9,780 |
Non-Marketable securities | 12 | 11 |
Claims and advances | 603 | 610 |
Operating lease asset | 488 | 574 |
Total long-term assets | 12,350 | 11,227 |
Total assets | 35,867 | 28,984 |
Current liabilities: | ||
Accounts payable | 476 | 762 |
Accrued liabilities and others | 1,588 | 1,134 |
Short-term loans | 304 | 50 |
Total current liabilities | 2,368 | 1,946 |
Long-term loans | 276 | 0 |
Other liabilities | 15 | 16 |
Operating lease liability | 405 | 485 |
Total non-current liabilities | 696 | 501 |
Total liabilities | 3,064 | 2,447 |
Stockholders' equity: | ||
Preferred stock, $0.0001 par value: authorized 1,000,000 shares, no shares issued or outstanding as of March 31, 2021 or March 31, 2020. | 0 | 0 |
Common stock and additional paid-in capital, $0.0001 par value: 150,000,000 shares authorized; 47,827,273 and 39,320,116 shares issued and outstanding as of March 31, 2021 and March 31, 2020, respectively. | 109,720 | 94,754 |
Accumulated other comprehensive loss | (2,774) | (2,850) |
Accumulated deficit | (74,143) | (65,367) |
Total stockholders' equity | 32,803 | 26,537 |
Total liabilities and stockholders' equity | $ 35,867 | $ 28,984 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Mar. 31, 2021 | 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, shares issued | 0 | 0 |
Preferred stock, shares 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 | 47,827,273 | 39,320,116 |
Common stock, shares outstanding | 47,827,273 | 39,320,116 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Revenue | $ 898 | $ 4,072 |
Cost of revenue | (785) | (3,957) |
Gross Profit | 113 | 115 |
Selling, general and administrative expenses | (7,908) | (5,968) |
Research and development expenses | (929) | (1,011) |
Operating loss | (8,724) | (6,864) |
Impairment of investment | (169) | (782) |
Other income, net | 82 | 331 |
Loss before income taxes | (8,811) | (7,315) |
Income tax expense/benefit | 0 | 0 |
Net loss attributable to common stockholders | (8,811) | (7,315) |
Foreign currency translation adjustments | 76 | (431) |
Comprehensive loss | $ (8,735) | $ (7,746) |
Loss per share attributable to common stockholders: | ||
Basic & diluted (in Dollars per share) | $ (0.21) | $ (0.19) |
Weighted-average number of shares used in computing loss per share amounts: (in Shares) | 41,963,382 | 39,490,014 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Common Stock Including Additional Paid in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances at Mar. 31, 2019 | $ 94,043 | $ (58,052) | $ (2,419) | $ 33,572 | |
Balances (in Shares) at Mar. 31, 2019 | 39,502,000 | ||||
Share based compensation & options to advisors and employees | 711 | 711 | |||
Share based compensation & options to advisors and employees (in Shares) | 70,000 | ||||
Cancellation of shares (in Shares) | (252,000) | ||||
Net loss | (7,315) | (7,315) | |||
Gain (loss) on foreign currency translation | (431) | (431) | |||
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 | |||
Share based compensation & options to advisors and employees | 708 | $ 708 | |||
Share based compensation & options to advisors and employees (in Shares) | 1,894,000 | ||||
Common stock issued for ATM | 14,158 | 14,158 | |||
Common stock issued for ATM (in Shares) | 6,513,000 | ||||
Common stock issued for investment | 100 | 100 | |||
Common stock issued for investment (in Shares) | 100,000 | ||||
Deconsolidation adjustment | 35 | 35 | |||
Net loss | (8,811) | (8,811) | |||
Gain (loss) on foreign currency translation | 76 | 76 | |||
Balances at Mar. 31, 2021 | $ 109,720 | $ (74,143) | $ (2,774) | $ 32,803 | |
Balances (in Shares) at Mar. 31, 2021 | 47,827,000 | 47,827,273 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (8,811) | $ (7,315) |
Adjustment to reconcile net loss to net cash: | ||
Depreciation and amortization | 478 | 144 |
Impairment of investment | 169 | 782 |
Common stock-based compensation and expenses, net | 658 | 770 |
Changes in: | ||
Accounts receivables, net | (42) | (49) |
Inventory | (1,233) | (3,998) |
Deposits and advances | (2,198) | (259) |
Claims and advances | 93 | (307) |
Accounts payable | (287) | 442 |
Accrued and other liabilities | 373 | 1,113 |
Net cash used in operating activities | (10,800) | (8,677) |
Cash flow from investing activities: | ||
Purchase of property, plant, and equipment | (1,470) | (4,389) |
Sale of property, plant, and equipment | 47 | 0 |
Investment in marketable securities | 5,081 | (5,081) |
Investment in non-marketable securities | (149) | 0 |
Acquisition and filing cost of patents and rights | (122) | (77) |
Net cash (used in)/provided by investing activities | 3,387 | (9,547) |
Cash flows from financing activities: | ||
Issuance of equity stock through public offering (net of expenses) | 14,158 | (59) |
Issuance of equity stock through private placement (net of expenses) | 0 | 0 |
Repayment of loan | (50) | 0 |
Proceeds from borrowings, net | 580 | 0 |
Net cash (used in)/provided by financing activities | 14,688 | (59) |
Effects of exchange rate changes on cash and cash equivalents | 15 | (69) |
Net increase/(decrease) in cash and cash equivalents | 7,290 | (18,352) |
Cash and cash equivalents at the beginning of the period | 7,258 | 25,610 |
Cash and cash equivalents at the end of the period | 14,548 | 7,258 |
Supplementary information: | ||
Cash paid for interest | 0 | 8 |
Non-cash items: | ||
Common stock issued/granted including ESOP, consultancy | 658 | 770 |
Common stock issued/granted other than ESOP, consultancy | 150 | 0 |
Amortization of operating lease | $ 22 | $ 7 |
NATURE OF OPERATIONS AND MANAGE
NATURE OF OPERATIONS AND MANAGEMENT'S PLANS | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Nature of Operations [Text Block] | NOTE 1 NATURE OF OPERATIONS AND MANAGEMENT S PLANS Since 2014, our team has been committed to researching the application of cannabinoids such as Tetrahydrocannabinol (“THC”) and Cannabidiol (“CBD”) in combination with other compounds to address various ailments, including Alzheimer's disease. With our research, we have developed intellectual property, formulations, and wellness and lifestyle brands. In Fiscal 2021, we were awarded a patent for our cannabinoid-based formulation treatment of seizures in humans and veterinary animals. This followed our Fiscal 2019 and Fiscal 2020 awards of patents for our formulation addressing pain and formulations addressing Cachexia and eating disorders, respectively. Since 2014, the Company has also filed nine other patent applications to address various diseases such as Alzheimer's, pain, stammering, seizures, eating disorders, and fatigue, among others. IGC has two segments: Life Sciences and Infrastructure. The Company’s Life Sciences segment, managed from the United States, involves: a) the development of potential new drugs, subject to applicable regulatory approvals, b) hand sanitizers and several hemp-based CBD products and brands, in various stages of development, for sale online and through stores, c) wholesale of hemp extracts including hemp crude extract and hemp isolate, among others, d) white labeling of hemp-based products and e) the offering of tolling services like extraction and distillation to hemp farmers. Our revenue in Fiscal 2021 was primarily derived from this business segment. The Company’s Infrastructure segment, managed from India, involves: (a) the execution of construction contracts, (b) the rental of heavy construction equipment, and (c) the purchase and resale of physical commodities used in infrastructure. Our revenue in Fiscal 2020 was primarily derived from this business. Information about our infrastructure products and service offerings is available at www.igcinc.us. In the Pharmaceutical channel, we created a patent-pending formulation based on ultra-low dosing of THC in combination with other compounds that, in Fiscal 2021, under an INDA filed with the FDA, underwent the first phase of a phase 1 trial on safety and tolerability. The phase 1 trial is ongoing at the time of this filing. We are motivated by the potential that, with future successful results after appropriate further trials, IGC-AD1 could contribute to symptom relief for some of the 50 million people around the world that are expected to be impacted by Alzheimer's disease by 2030 (WHO, 2020). Data from pre-clinical studies, including cell lines and animal models, showed the formulation, IGC-AD1, inhibited the accumulation of the neurotoxic protein beta-amyloid (“Aβ”) that leads to the buildup of plaques, as well as the hyperphosphorylation of tau that leads to Neuro Fibrillary Tangles (“NFT”) two of the hallmarks of Alzheimer's disease. In pre-clinical studies, certain combinations of IGC-AD1 also showed memory improvement and neurogenesis. For the Retail Channel, in Fiscal 2021, we developed wellness and lifestyle brands, Holief™, Herbo™, and Sunday Seltzer™. We plan on marketing these brands, including to the U.S. based Latino market, which is among the fastest-growing segment in the U.S. GDP that in 2018 was around $2.6 Trillion. (Forbes, 2020). It is projected that the Hispanic population will reach 111.22 million by 2060 from 59 million in 2018 (Statista, 2021). The Company’s principal office is located in the U.S. in Maryland. Additionally, the Company has a facility in Washington and offices in Colombia, Hong Kong, and India. As of March 31, 2021, the Company had the following direct operating subsidiaries: Techni Bharathi Private Limited (TBL), IGCare LLC, Holi Hemp LLC, IGC Pharma LLC, SAN Holdings LLC, Sunday Seltzer, LLC 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. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 2 SIGNIFICANT ACCOUNTING POLICIES a) Principles of consolidation The consolidated financial statements include the accounts of the Company and all its subsidiaries. Intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. Transactions between the Company and its subsidiaries are eliminated in the consolidated financial statements. b) Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. (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 consolidated financial statements. c) Revenue recognition The Company recognizes revenue under ASC 606, Revenue from Contracts with Customers ASC 606 prescribes a 5-step process to achieve its core principle. The Company recognizes revenue from trading, rental, or product sales as follows: I. Identify the contract with the customer. II. Identify the contractual performance obligations. III. Determine the amount of consideration/price for the transaction. IV. Allocate the determined amount of consideration/price to the contractual obligations. V. Recognize revenue when or as the performing party satisfies performance obligations. The consideration/price for the transaction (performance obligation(s)) is determined as per the agreement or invoice (contract) for the services and products in the Infrastructure segment and Life Sciences segment. Refer to Note 17 - “Revenue Recognition.” d) Cost of Revenue Our cost of revenue includes costs associated with in-house and outsourced distribution, labor expense, components, manufacturing overhead, and outbound freight for our products division. In our products division, cost of revenue also includes the cost of refurbishing or repackaging, if required, on products returned by customers that will be offered for resale. (e) Earnings/(Loss) per Share The computation of basic loss per share for Fiscal 2021, excludes potentially dilutive securities of approximately 1.8 million shares which includes share options, unvested shares such as restricted shares and restricted share units, granted to employees and advisors, 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 Fiscal 2021 and 2020, used for the computation of basic earnings per share (“EPS”) is 41,963,382 and 39,490,014, respectively. Due to the loss incurred during Fiscal 2021 and 2020, all the potential equity shares are anti-dilutive and accordingly, the fully diluted EPS is equal to the basic EPS. f) Income taxes The Company accounts for income taxes under the asset and liability method, in accordance with ASC 740, Income Taxes, which requires an entity to recognize deferred tax liabilities and assets. Deferred tax assets and liabilities are recognized for the future tax consequence attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the enacted tax rate expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. A valuation allowance is established and recorded when management determines that some or all of the deferred tax assets are not likely to be realized and therefore, it is necessary to reduce deferred tax assets to the amount expected to be realized. In evaluating a tax position for recognition, management evaluates whether it is more-likely-than-not that a position will be sustained upon examination, including resolution of related appeals or litigation processes, based on technical merits of the position. If the tax position meets the more-likely-than-not recognition threshold, the tax position is measured and recognized in the Company’s financial statements as the largest amount of tax benefit that, in management’s judgment, is greater than 50% likely of being realized upon settlement. As of March 31, 2021, and 2020, there was no significant liability for income tax associated with unrecognized tax benefits. g) 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 $175 thousand of accounts receivable, net of provision for doubtful debt of $63 thousand as of March 31, 2021, as compared to $133 thousand of accounts receivable, net of provision for doubtful debt of $9 thousand as of March 31, 2020. h) Cash and cash equivalents For financial statement purposes, the Company considers all highly liquid debt instruments with maturity of three months or less, to be cash equivalents. The Company maintains its cash in bank accounts in the U.S., India, Colombia, and Hong Kong, which at times may exceed applicable insurance limits. The cash and cash equivalents in the Company on March 31, 2021 and 2020, was approximately $14,548 thousand and $7,258 thousand, respectively. i) 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 March 31, 2021, 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. j) Property, plant, and equipment (PP&E) Property and equipment are recorded at cost net of accumulated depreciation and depreciated over their estimated useful lives using the straight-line method. Upon retirement or disposition, cost and related accumulated depreciation of the property and equipment are de-recognized, and any gain or loss is reflected in the results of operation. Cost of additions and substantial improvements to property and equipment are capitalized. The cost of maintenance and repairs of the property and equipment are charged to operating expenses as incurred. k) Fair value of financial instruments ASC 820, “Fair Value Measurement” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts of the Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate their fair values due to the nature of the items. Please refer to Note 15, “Fair value of financial instruments,” for further information. l) Concentration of credit risk and significant customers Financial instruments, which potentially expose the Company to concentrations of credit risk, are primarily comprised of cash and cash equivalents, investments, accounts receivable and unbilled accounts receivable, if any. The Company places its cash, investments in highly rated financial institutions. The Company adheres to a formal investment policy with the primary objective of preservation of principal, which contains credit rating minimums and diversification requirements. Management believes its credit policies reflect normal industry terms and business risk. The Company does not anticipate non-performance by the counterparties and, accordingly, does not require collateral. During Fiscal 2021, sales were spread across customers in Asia and U.S. and the credit concentration risk is low. m) 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. n) Commitments and contingencies Liabilities for loss contingencies arising from claims, assessments, litigations, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. We record associated legal fees as incurred. Information regarding our commitments and contingencies is incorporated by reference in Note 12, “Commitments and contingencies” of this Annual Report on Form 10-K. o) 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. p) Intangible assets The Company's intangible assets are accounted for in accordance with ASC Topic 350, Intangibles Goodwill and Other. Intangible assets with finite useful lives are amortized using the straight-line method over their estimated period of benefit. In accordance with ASC 360-10-35-21, definite lived intangibles are reviewed annually or more frequently if events or changes in circumstances indicate that the assets might be impaired, to assess whether their fair value exceeds their carrying value. The Company intends to capitalize trademarks and related expenses exceeding $2,500 per trademark. Management may also capitalize trademarks and related expenses up to $2,500 per trademark based on its potential and benefit in coming years. q) Inventory Inventory is valued at the lower of cost or net realizable value, which is 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 hemp-based products, beverages, among others as well as work-in-progress such as extracted crude oil, hemp-based 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 to Note 3, “Inventory,” for further information. Abnormal amounts of idle facility expense, freight, handling costs, scrap, discontinued products and wasted material (spoilage) are expensed in the period they are incurred. r) Cybersecurity We have a cybersecurity policy in place and tighter cybersecurity measures to safeguard against hackers. In Fiscal 2021, there were no impactful breaches in cybersecurity. s) Research and Development Expenses During Fiscal 2021 and 2020, the Company recorded research and development expenses of approximately $0.9 million and $1 million, respectively. All research and development costs are expensed in the period in which they are incurred. t) Leases Lessor Accounting Under the current ASU 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 March 31, 2021. 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 to Note 9, “Leases,” for further information. u) Recently issued and adopted accounting pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“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. Recently adopted Disclosures: Collaborative Arrangement Intangibles-Goodwill and Other-Internal-Use Software : |
INVENTORY
INVENTORY | 12 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | NOTE 3 INVENTORY (in thousands) As of March 31, 2021 ($) As of March 31, 2020 ($) Raw Materials 2,294 227 Work-in-Progress 2,199 3,713 Finished Goods 985 305 Total 5,478 4,245 Inventory in the form of work-in-progress as of March 31, 2021, is comprised of, but not limited to, various hemp-based extracts such as crude oil, hemp distillate, and hemp isolate. 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, beverages, and personal protection equipment, among others. During Fiscal 2021, the Company wrote off approximately $307 thousand of inventory due to abnormal amounts of idle facility expense, freight, handling costs, scrap, and wasted material (spoilage) as compared to approximately zero for Fiscal 2020. This charge was recorded in Selling, general and administrative expenses. One of our vendors that holds $1.74 million of our inventory reported a theft at their facility. The Company moved the amount associated with the inventory to Deposits and Advances. |
DEPOSITS AND ADVANCES
DEPOSITS AND ADVANCES | 12 Months Ended |
Mar. 31, 2021 | |
Deposits and Advances [Abstract] | |
Deposits and Advances [Text Block] | NOTE 4 DEPOSITS AND ADVANCES (in thousands) As of March 31, 2021 ($) As of March 31, 2020 ($) Advances to suppliers and consultants 1,295 558 Advances for Property, Plant and Equipment 4 259 Other receivables 1,741 - Prepaid expense and other current assets 196 223 Total 3,236 1,040 The Advances to suppliers and consultants primarily relate to advances to suppliers in our Life Sciences and Infrastructure segment. Advances for Property, Plant and Equipment include an advance paid for equipment. Prepaid and other current assets include approximately $36 thousand statutory advances for Fiscal 2021, as compared to 27 thousand in Fiscal 2020. Please refer to Note 3, “Inventory,” for details of Other receivables. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 5 INTANGIBLE ASSETS Amortized intangible assets (in thousands) As of March 31, 2021 ($) As of March 31, 2020 ($) Patents 220 125 Other intangibles 32 20 Accumulated amortization (26 ) (10 ) Total amortized intangible assets 226 135 Indefinite lived intangible assets Patents 181 107 Other intangibles - 10 Total unamortized intangible assets 181 117 Total Intangible assets 407 252 The value of intangible assets includes the cost of acquiring patent rights, supporting data, and the expense associated with filing 12 patents. It also includes acquisition costs related to brands, domains, and licenses. The amortization of patent and patent rights with finite life is up to 20 years, commencing from the date of grant or acquisition. The amortization expense in Fiscal 2021 and 2020, amounted to approximately $16 thousand and $10 thousand, respectively. The Company regularly reviews its intangible assets to determine if any intangible asset is other-than-temporarily impaired, which would require the Company to record an impairment charge in the period and concluded that, as of March 31, 2021, there was no impairment. Estimated amortization expense (in thousands) ($) For the year ended 2022 18 For the year ended 2023 19 For the year ended 2024 21 For the year ended 2025 23 For the year ended 2026 26 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 6 PROPERTY, PLANT, AND EQUIPMENT (in thousands, except useful life) Useful Life (years) As of March 31, 2021 ($) As of March 31, 2020 ($) Land N/A 4,606 4,508 Buildings & facilities 25 3,817 2,540 Plant and machinery 5-20 4,579 3,867 Computer equipment 3 216 194 Office equipment 3-5 111 106 Furniture and fixtures 5 130 104 Vehicles 5 165 120 Construction in progress N/A 50 768 Total Gross Value 13,674 12,207 Less: Accumulated depreciation (2,834 ) (2,427 ) Total Property, plant and equipment, net 10,840 9,780 Depreciation expense in Fiscal 2021 and 2020, amounted to approximately $462 thousand and $134 thousand, respectively. The net increase in total Property, Plant & Equipment is primarily due to the set-up of product manufacturing, processing, and packaging facilities, in the U.S. subsidiaries. The net increase in land is primarily due to foreign exchange translations because of an increase in value of foreign currencies. The construction in progress relates to the Washington facility under construction. For more information, please refer to Note 18, “Segment Information” for the non-current assets other than financial instruments held in the country of domicile and foreign countries. |
INVESTMENTS IN NON-MARKETABLE S
INVESTMENTS IN NON-MARKETABLE SECURITIES | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Investment [Text Block] | NOTE 7 INVESTMENTS IN NON-MARKETABLE SECURITIES Short-term investment (in thousands) As of March 31, 2021 ($) As of March 31, 2020 ($) Investment in Evolve I (i) 80 - Total 80 - (i) On May 12, 2020, the Company acquired approximately 19.8% shareholding in Evolve I, Inc., a Washington corporation (“Evolve”) under the terms of a Share Subscription Agreement (“SSA”) for a consideration of approximately $249 thousand. However, based on an assessment of the business environment, the Company decided to dispose the holding and amicably exit the acquisition. In light of the above, the Company recorded an impairment charge of $169 thousand as of March 31, 2021. Long-term investment (in thousands) As of March 31, 2021 ($) As of March 31, 2020 ($) Investment in equity shares of unlisted company 12 11 Total 12 11 The Company regularly reviews its investment portfolio to determine if any security is permanently impaired, which would require the Company to record an impairment charge in the period. |
CLAIMS AND ADVANCES
CLAIMS AND ADVANCES | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Other Assets Disclosure [Text Block] | NOTE 8 CLAIMS AND ADVANCES (in thousands) As of March 31, 2021 ($) As of March 31, 2020 ($) Claims receivable (1) 382 374 Non-current deposits 18 24 Non-current advances (2) 203 212 Total 603 610 (1) The claims receivable is due from the Cochin International Airport (“CIA”) that is partially owned by the State Government of Kerala. While the Company has initiated collection proceedings in the Commercial Court of Ernakulam, 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 increase in claims receivable was mainly due to foreign exchange translation as a result of an increase 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 | 12 Months Ended |
Mar. 31, 2021 | |
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 Fiscal 2021 and 2020 are approximately $233 thousand and $206 thousand, respectively. The Company also has an operating lease as of March 31, 2021. 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 $122 thousand. The lease contract does not contain any material residual value guarantees or material restrictive covenants. The weighted average remaining lease term for the operating lease is 4.67 year and discount rate of 7%. The lease does not provide a readily determinable implicit rate. Therefore, the Company discounts lease payments based on an estimate of its incremental borrowing rate. (in thousands) Year Ended March 31, 2021 ($) (in thousands) Year Ended March 31, 2020 ($) Operating lease costs 123 10 Short term lease costs 233 206 Total lease costs 356 216 Right of use assets and lease liabilities for our operating leases were recorded in the consolidated balance sheet as follows: (in thousands) (in thousands) Year Ended March 31, 2021 ($) Year Ended March 31, 2020 ($) Assets Operating lease asset 488 574 Total lease assets 488 574 Liabilities Current liabilities: Accrued liabilities and others (current portion – operating lease liability) 90 89 Noncurrent liabilities: Operating lease liability (non-current portion – operating lease liability) 405 485 Total lease liability 495 574 Supplemental cash flow and non-cash information related to leases is as follows: (in thousands) Year Ended March 31, 2021 ($) (in thousands) Year Ended March 31, 2020 ($) Cash paid for amounts included in the measurement of lease liabilities –Operating cash flows from operating leases 79 10 Right-of-use assets obtained in exchange for operating lease obligations 488 581 As of March 31, 2021, the following table summarizes the maturity of our lease liabilities: Mar-22 119 Mar-23 122 Mar-24 125 Mar-25 128 Mar-26 87 Less: Present value discount (86 ) Total Lease liabilities 495 |
ACCRUED LIABILITIES AND OTHERS
ACCRUED LIABILITIES AND OTHERS | 12 Months Ended |
Mar. 31, 2021 | |
Accrued Liabilities Disclosure [Abstract] | |
Accrued Liabilities Disclosure [Text Block] | NOTE 10 ACCRUED LIABILITIES AND OTHERS (in thousands) As of March 31, 2021 ($) As of March 31, 2020 ($) Compensation and other contributions 849 424 Provision for expenses 309 412 Other current liability 430 298 Total 1,588 1,134 Compensation and other contribution related liabilities consist of accrued salaries to employees. Provision for expenses include provision for legal, professional, and marketing expenses. Other current liability also includes $90 thousand and $89 thousand of current operating lease liability and statutory payables of approximately $24 thousand and $27 thousand as of March 31, 2021 and March 31, 2020, respectively. |
LOANS AND OTHER LIABILITIES
LOANS AND OTHER LIABILITIES | 12 Months Ended |
Mar. 31, 2021 | |
Loans and Other Liabilities [Abstract] | |
Loans and Other Liabilities [Text Block] | NOTE 11 LOANS AND OTHER LIABILITIES Short-term and Long -term loans: During Fiscal 2021, the Company repaid a secured loan of $50 thousand. As of March 31, 2021, the Company has the following loans: a) On May 3, 2020, the Company signed the Paycheck Protection Program Promissory Note (the “PPP Note”) and Agreement for a loan of approximately $430 thousand. The Loan is established pursuant to the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and administered by the U.S. Small Business Administration (“SBA”). The PPP Note matures after 2 years on May 3, 2022, with monthly repayments of approximately $18 thousand commencing November 1, 2020. Interest will accrue on the outstanding principal balance at an annual fixed rate of 1.00%. For the year ended March 31, 2021, the interest expense for the PPP Note was approximately $3 thousand. As of March 31, 2021, approximately $302 thousand of the loan is classified as Short-term loans and approximately $128 thousand of the loan as Long-term loans. The CARES Act and the PPP Note provide a mechanism for forgiveness of up to the full amount borrowed. Under the PPP Note, the Company may apply for and be granted forgiveness for all or part of the PPP Note. The amount of loan proceeds eligible for forgiveness is based on a formula that takes into account a number of factors, including the amount of loan proceeds used by the Company during the eight or twenty-four week period after the loan origination for certain purposes including payroll costs, rent payments on certain leases, and certain qualified utility payments, provided that at least 60% of the loan amount is used for eligible payroll costs; the employer maintaining or rehiring employees and maintaining salaries at certain levels; and other factors. Subject to the other requirements and limitations on loan forgiveness, only loan proceeds spent on payroll and other eligible costs during the covered eight or twenty-four-week period will qualify for forgiveness. Forgiveness of the loan is dependent on the Company having initially qualified for the loan and qualifying for the forgiveness of such loan based on future adherence to the forgiveness criteria. As of March 31, 2021, the loan liability for the PPP Note principal repayment was approximately $90 thousand. The Company believes it has used the entire loan amount for qualifying expense, though no assurance is provided that the Company will obtain forgiveness of the PPP Note in whole or in part. b) 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 5, 2021. The 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. As of March 31, 2021, approximately $148 thousand of the loan is classified as Long-term loans and approximately $2 thousand as Short-term loans. Other Liability: (in thousands) As of March 31, 2021 ($) 2020 ($) Statutory reserve 15 16 Total 15 16 The statutory reserve is a gratuity reserve for employees in our subsidiaries in India. |
COMMITMENTS AND CONTINGENCY
COMMITMENTS AND CONTINGENCY | 12 Months Ended |
Mar. 31, 2021 | |
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 consolidated financial statements as of March 31, 2021, except as disclosed below. As of March 31, 2021, several law firms have filed shareholder lawsuits, two of which have been consolidated and remain pending, citing, among other things, the Company’s September 25, 2018 press release and the NYSE American delisting proceedings initiated in October 2018 (and overturned in February 2019) and subsequent fall in share price. Class Action Defendants, including the Company, have reached a preliminary agreement in principle to settle the litigation, subject to agreement to final settlement terms and approval by the United States District Court for the District of Maryland. The Company anticipates that a final settlement will be executed and approved sometime in Fiscal 2022, although there can be no assurance thereof. The Company has created a provision for $200,000 as of March 31, 2021. For the current state of the consolidated Shareholder Class Action Litigation, please refer to Item 3 – Legal Proceedings, and Note 19 - Subsequent Events. In the U.S., we provide health insurance, life insurance, and a 401(k) plan wherein the Company matches up to 6% of the employee’s pre-tax contribution up to a maximum annual amount determined by the IRS. In accordance with applicable Indian laws, the Company provides for gratuity, a defined benefit retirement plan (“Gratuity Plan”) covering certain categories of employees. The Gratuity Plan provides a lump sum payment to vested employees, at retirement or termination of employment, an amount based on the respective employee’s last drawn salary and the years of employment with the Company. In addition, employees receive benefits from a provident fund, a defined contribution plan. The employee and employer each make monthly contributions to the plan equal to 12% of the covered employee’s salary. The contribution is made to the Indian Government’s provident fund. |
SECURITIES
SECURITIES | 12 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 13 SECURITIES As of March 31, 2021, the Company was authorized to issue up to 150,000,000 shares of common stock, par value $0.0001 per share, and 47,827,273 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 March 31, 2021. 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). The Company had 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. The warrants expired on March 8, 2021. As on March 31, 2021 the Company has no outstanding warrants. The Company also has 91,472 units outstanding that can be separated into common stock. Ten units may be separated into one share of common stock. The unit holders are requested to contact the Company or our transfer agent, Continental Stock Transfer & Trust, to separate their units into common stock. On January 13, 2021, the Company entered into a Sales Agreement (the “Agreement”) with The Benchmark Company, LLC (“Benchmark”) (the “Sales Agent”) pursuant to which the Sales Agent is acting as the Company’s sales agent with respect to the issuance and sale of up to $75,000,000 of the Company’s shares of common stock, par value $0.0001 per share (the “Shares”), from time to time in an “at the market” (“ATM”) offering as defined in Rule 415(a)(4) of the Securities Act of 1933, as amended (the “Offering”). As of March 31, 2021, the Company raised approximately $14.2 million from the ATM, net of commission. The management may use these funds for working capital and capital expenditure requirements, along with clinical trials, share repurchases, debt repayments, investments, including but not limited to, mutual funds, treasury bonds, cryptocurrencies, and other asset classes. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement [Text Block] | NOTE 14 STOCK-BASED COMPENSATION As of March 31, 2021, under both the Company’s previous 2008 and current 2018 Omnibus Incentive Plans, a total of 8,337,627 shares of common stock have been issued to employees and advisors. In addition, 1.6 million restricted share units fair valued at $703 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 210,000 shares of common stock fair valued at $96 thousand with a weighted average of $0.46 per share, have been granted but are to be issued over a vesting period, between Fiscal 2023 and Fiscal 2025. Options granted and issued before the vesting period are expensed when issued. 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 0.68 % 2.57 % Expected volatility 249 % 249.5 % Expected dividend yield Nil Nil The expense associated with share-based payments to employees, directors, advisors, and contractors is allocated over the vesting or service period and recognized in the Selling, general and administrative expenses (including research and development). For Fiscal 2021, the Company’s share-based expense and option-based expense shown in Selling, general and administrative expenses (including research and development) was $589 thousand and $69 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 Common Stock and Additional Paid in Capital. For Fiscal 2020, the Company’s share-based expense and option-based expense shown in Selling, general and administrative expenses (including research and development) was $747 thousand and $23 thousand, respectively. Non-vested shares Shares (in thousands) (#) Weighted average grant date fair value ($) Non-vested shares as of March 31, 2020 1,851 0.40 Granted 60 1.17 Vested (1,518 ) 0.39 Cancelled/Forfeited (220 ) 0.39 Non-vested shares as of March 31, 2021 173 0.85 Options Shares (in thousands) (#) Weighted average grant date fair value ($) Weighted average exercise price ($) Options outstanding as of March 31, 2020 160 0.40 0.39 Granted 150 0.64 0.30 Exercised (100 ) 0.64 0.30 Cancelled/Forfeited - - - Options outstanding as of March 31, 2021 210 0.46 0.36 There was a combined unrecognized expense of $140 thousand related to non-vested shares and share options that the Company expects to be recognized over weighted average life of 2.07 years. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE 15 FAIR VALUE OF FINANCIAL INSTRUMENTS As of March 31, 2021, the Company’s marketable securities consist of liquid funds, which have been classified as Level 1 of the fair value hierarchy because they have been valued using quoted prices in active markets. The Company’s cash and cash equivalents have also been classified as Level 1 on the same principle. Financial instruments are classified as current if they are expected to be liquidated within the next twelve months. The Company’s remaining investments have been classified as Level 3 instruments as there is little or no market data. Level 3 investments are valued using cost-method. For further information refer Note 7, “Investments in Non-Marketable Securities.” The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of March 31, 2021 and 2020, and indicates the fair value hierarchy of the valuation techniques the Company used to determine such fair value: (in thousands) Level 1 ($) Level 2 ($) Level 3 ($) Total ($) March 31, 2021 Cash and cash equivalents: 14,548 - - 14,548 Total cash and cash equivalents 14,548 - - 14,548 Investments: -Marketable securities - - - - -Non-marketable securities - - 92 92 Total Investments - - 92 92 Level 1 ($) Level 2 ($) Level 3 ($) Total ($) March 31, 2020 Cash and cash equivalents: 7,258 - - 7,258 Total cash and cash equivalents 7,258 - - 7,258 Investments: -Marketable securities 5,081 - - 5,081 -Non-marketable securities - - 11 11 Total Investment 5,081 - 11 5,092 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 16 INCOME TAXES The Company calculates its provision for foreign and U.S. federal income taxes based on the current tax law. As the Company maintains a full valuation allowance against its deferred tax assets, there is no income tax expense recorded related to this change other than the Federal AMT credit which are refundable due to the passage of tax reform. Due to the Company’s history of losses and uncertainty of future taxable income, a valuation allowance sufficient to fully offset net operating losses and other deferred tax assets has been established. The valuation allowance will be maintained until sufficient positive evidence exists to support a conclusion that a valuation allowance is not necessary. Income tax expense/(benefit) for each of the years ended March 31 consists of the following: Year Ended March 31, (in thousands) Income Tax Expense 2021 ($) 2020 ($) Net Income Loss before tax (8,811 ) (7,315 ) Tax rate 21 % 21 % Expected income tax recovery (1,850 ) (1,536 ) Impact of tax rate differences in foreign jurisdictions (33 ) (7 ) Tax rate changes and other adjustments (78 ) (3,085 ) Permanent differences 19 243 Change in valuation allowance 1,942 4,385 - - The significant components of deferred income tax expense/(benefit) from operations before non-controlling interest for each of the years ended March 31 are approximated as following: Year Ended March 31, (in thousands) Deferred income taxes 2021 ($) 2020 ($) Net operating loss carry-forwards foreign 536 618 Non-capital loss carry-forwards – USA 7,373 5,087 Temporary differences (827 ) (562 ) Net deferred tax asset 7,082 5,143 Valuation allowance (7,082 ) (5,143 ) - - The table below sets forth the details of expiration of the non-financial carried forward losses of the Company as of March 31, 2021 as under: Year Amount (in thousands) ($) 2022 394 2023 37 2024 1,627 2025 52 2026 345 2027 3 2028 14 2029 34 2030 37 2031 3,081 2032 4,141 2033 627 2034 1,269 2035 1,735 2036 1,176 2037 819 2038 1,256 2039 4,132 2040 7,932 2041 8,904 Total 37,615 Realization of deferred tax assets, including those related to net operating loss carryforwards, are dependent upon future earnings, if any, of which the timing and amount are uncertain. Accordingly, the net deferred tax assets have been fully offset by a valuation allowance. Based upon the Company’s current operating results management cannot conclude that it is more likely than not that such assets will be realized. The Company files income tax returns in India, Hong Kong, Colombia, and the U.S. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 12 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | NOTE 17 REVENUE RECOGNITION Revenue in the Infrastructure segment 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. Revenue from the execution of infrastructure contracts is recognized on the basis of the output method as and when part of the performance obligation has been completed and approval from the contracting agency has been obtained after survey of the performance completion as of that date. In the Life Sciences segment, the revenue from the wellness and lifestyle business is recognized once goods have been sold to the customer and the performance obligation has been completed. In retail sales, we offer consumer products through our online stores. Revenue is recognized when control of the goods is transferred to the customer. This generally occurs upon our delivery to a third-party carrier or, to the customer directly. Revenue from tolling services is recognized when the performance obligation, such as processing of the material, has been completed and output material has been transferred to the customer. We license our products to processors. The royalty income from licensing is recognized once goods have been sold by the processor to its customers. Net sales disaggregated by significant products and services for Fiscal 2021 and 2020 are as follows: (in thousands) Year ended March 31, 2021 ($) 2020 ($) Infrastructure segment Rental income (1) 1 7 Construction contracts (2) 174 101 Purchase and resale of physical commodities (3) - 3,553 Life Sciences segment Wellness and lifestyle (4) 688 386 Tolling/White labeling service (5) 35 25 Total 898 4,072 (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. (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 wellness and lifestyle segment such as sale of hand sanitizer, bath bombs, gummies, beverages, 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 | 12 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 18 SEGMENT INFORMATION FASB ASC 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 segment 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 Fiscal 2021 ($) Percentage of Total Revenue (%) Infrastructure segment 175 20 % Life Sciences segment 723 80 % Total 898 100 % (in thousands) Segments Fiscal 2020 ($) Percentage of Total Revenue (%) Infrastructure segment 3,661 90 % Life Sciences segment 411 10 % Total 4,072 100 % 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 Fiscal 2021 ($) Percentage of Total Revenue (%) Asia (1) India 175 20 % (2) Hong Kong - - % America U.S. and Colombia 723 80 % Total 898 100 % (in thousands) Segments Country Fiscal 2020 ($) Percentage of Total Revenue (%) Asia (1) India 108 3 % (2) Hong Kong 3,553 87 % America U.S. and Colombia 411 10 % Total 4,072 100 % 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 March 31, 2021 ($) Intangible assets, net 407 - 407 Property, plant and equipment, net 6,228 4,612 10,840 Investments in unlisted securities - 12 12 Claims and advances 200 403 603 Operating lease asset 488 - 488 Total non-current assets 7,323 5,027 12,350 (in thousands) Nature of Assets USA (Country of Domicile) ($) 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 | 12 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 19 SUBSEQUENT EVENTS After March 31, 2021, the Company raised approximately $790 thousand from the ATM, net of commission, as of June 7, 2021. On May 14, 2021, the Company announced it had completed Cohort 1 of three cohorts in its Phase 1 trial. This was followed by Company announcement for completion of Cohort 2 on June 7, 2021. On April 6, 2021, after the close of the Company’s Fiscal Year 2021, the plaintiffs and the Class Action Defendants in the Tchathou shareholder class action litigation reached a preliminary agreement in principle to settle all pending shareholder litigation matters, including the Tchatchou and Harris-Carr matters described above in Item 3 – Legal Proceedings. The settlement is subject to the agreement and execution of formal settlement documentation and approval by the United States District Court for the District of Maryland. At present, the vast majority of the settlement is expected to be paid by the Company’s insurance policy. The Company and the Class Action Defendants are represented by counsel in the litigation. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The consolidated financial statements include the accounts of the Company and all its subsidiaries. Intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. Transactions between the Company and its subsidiaries are eliminated in the consolidated financial statements. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. (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 consolidated financial statements. |
Revenue [Policy Text Block] | Revenue recognition The Company recognizes revenue under ASC 606, Revenue from Contracts with Customers ASC 606 prescribes a 5-step process to achieve its core principle. The Company recognizes revenue from trading, rental, or product sales as follows: I. Identify the contract with the customer. II. Identify the contractual performance obligations. III. Determine the amount of consideration/price for the transaction. IV. Allocate the determined amount of consideration/price to the contractual obligations. V. Recognize revenue when or as the performing party satisfies performance obligations. The consideration/price for the transaction (performance obligation(s)) is determined as per the agreement or invoice (contract) for the services and products in the Infrastructure segment and Life Sciences segment. Refer to Note 17 - “Revenue Recognition.” |
Cost of Goods and Service [Policy Text Block] | Cost of Revenue Our cost of revenue includes costs associated with in-house and outsourced distribution, labor expense, components, manufacturing overhead, and outbound freight for our products division. In our products division, cost of revenue also includes the cost of refurbishing or repackaging, if required, on products returned by customers that will be offered for resale. |
Earnings Per Share, Policy [Policy Text Block] | Earnings/(Loss) per Share The computation of basic loss per share for Fiscal 2021, excludes potentially dilutive securities of approximately 1.8 million shares which includes share options, unvested shares such as restricted shares and restricted share units, granted to employees and advisors, 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 Fiscal 2021 and 2020, used for the computation of basic earnings per share (“EPS”) is 41,963,382 and 39,490,014, respectively. Due to the loss incurred during Fiscal 2021 and 2020, all the potential equity shares are anti-dilutive and accordingly, the fully diluted EPS is equal to the basic EPS. |
Income Tax, Policy [Policy Text Block] | Income taxes The Company accounts for income taxes under the asset and liability method, in accordance with ASC 740, Income Taxes, which requires an entity to recognize deferred tax liabilities and assets. Deferred tax assets and liabilities are recognized for the future tax consequence attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the enacted tax rate expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. A valuation allowance is established and recorded when management determines that some or all of the deferred tax assets are not likely to be realized and therefore, it is necessary to reduce deferred tax assets to the amount expected to be realized. In evaluating a tax position for recognition, management evaluates whether it is more-likely-than-not that a position will be sustained upon examination, including resolution of related appeals or litigation processes, based on technical merits of the position. If the tax position meets the more-likely-than-not recognition threshold, the tax position is measured and recognized in the Company’s financial statements as the largest amount of tax benefit that, in management’s judgment, is greater than 50% likely of being realized upon settlement. As of March 31, 2021, and 2020, there was no significant liability for income tax associated with unrecognized tax benefits. |
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 $175 thousand of accounts receivable, net of provision for doubtful debt of $63 thousand as of March 31, 2021, as compared to $133 thousand of accounts receivable, net of provision for doubtful debt of $9 thousand as of March 31, 2020. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents For financial statement purposes, the Company considers all highly liquid debt instruments with maturity of three months or less, to be cash equivalents. The Company maintains its cash in bank accounts in the U.S., India, Colombia, and Hong Kong, which at times may exceed applicable insurance limits. The cash and cash equivalents in the Company on March 31, 2021 and 2020, was approximately $14,548 thousand and $7,258 thousand, respectively. |
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 March 31, 2021, 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. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant, and equipment (PP&E) Property and equipment are recorded at cost net of accumulated depreciation and depreciated over their estimated useful lives using the straight-line method. Upon retirement or disposition, cost and related accumulated depreciation of the property and equipment are de-recognized, and any gain or loss is reflected in the results of operation. Cost of additions and substantial improvements to property and equipment are capitalized. The cost of maintenance and repairs of the property and equipment are charged to operating expenses as incurred. |
Fair Value Measurement, Policy [Policy Text Block] | Fair value of financial instruments ASC 820, “Fair Value Measurement” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts of the Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate their fair values due to the nature of the items. Please refer to Note 15, “Fair value of financial instruments,” for further information |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk and significant customers Financial instruments, which potentially expose the Company to concentrations of credit risk, are primarily comprised of cash and cash equivalents, investments, accounts receivable and unbilled accounts receivable, if any. The Company places its cash, investments in highly rated financial institutions. The Company adheres to a formal investment policy with the primary objective of preservation of principal, which contains credit rating minimums and diversification requirements. Management believes its credit policies reflect normal industry terms and business risk. The Company does not anticipate non-performance by the counterparties and, accordingly, does not require collateral. During Fiscal 2021, sales were spread across customers in Asia and U.S. and the credit concentration risk is low. |
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. |
Commitments and Contingencies, Policy [Policy Text Block] | Commitments and contingencies Liabilities for loss contingencies arising from claims, assessments, litigations, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. We record associated legal fees as incurred. Information regarding our commitments and contingencies is incorporated by reference in Note 12, “Commitments and contingencies” of this Annual Report on Form 10-K. |
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. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible assets The Company's intangible assets are accounted for in accordance with ASC Topic 350, Intangibles Goodwill and Other. Intangible assets with finite useful lives are amortized using the straight-line method over their estimated period of benefit. In accordance with ASC 360-10-35-21, definite lived intangibles are reviewed annually or more frequently if events or changes in circumstances indicate that the assets might be impaired, to assess whether their fair value exceeds their carrying value. The Company intends to capitalize trademarks and related expenses exceeding $2,500 per trademark. Management may also capitalize trademarks and related expenses up to $2,500 per trademark based on its potential and benefit in coming years. |
Inventory, Policy [Policy Text Block] | Inventory Inventory is valued at the lower of cost or net realizable value, which is 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 hemp-based products, beverages, among others as well as work-in-progress such as extracted crude oil, hemp-based 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 to Note 3, “Inventory,” for further information. Abnormal amounts of idle facility expense, freight, handling costs, scrap, discontinued products and wasted material (spoilage) are expensed in the period they are incurred. |
Cyber-security Policy [Policy Text Block] | Cybersecurity We have a cybersecurity policy in place and tighter cybersecurity measures to safeguard against hackers. In Fiscal 2021, there were no impactful breaches in cybersecurity. |
Research, Development, and Computer Software, Policy [Policy Text Block] | Research and Development Expenses During Fiscal 2021 and 2020, the Company recorded research and development expenses of approximately $0.9 million and $1 million, respectively. All research and development costs are expensed in the period in which they are incurred. |
Lessee, Leases [Policy Text Block] | Leases Lessor Accounting Under the current ASU 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 March 31, 2021. 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 to Note 9, “Leases,” for further information. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently issued and adopted accounting pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“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. Recently adopted Disclosures: Collaborative Arrangement Intangibles-Goodwill and Other-Internal-Use Software : |
INVENTORY (Tables)
INVENTORY (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | (in thousands) As of March 31, 2021 ($) As of March 31, 2020 ($) Raw Materials 2,294 227 Work-in-Progress 2,199 3,713 Finished Goods 985 305 Total 5,478 4,245 |
DEPOSITS AND ADVANCES (Tables)
DEPOSITS AND ADVANCES (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Deposits and Advances [Abstract] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | (in thousands) As of March 31, 2021 ($) As of March 31, 2020 ($) Advances to suppliers and consultants 1,295 558 Advances for Property, Plant and Equipment 4 259 Other receivables 1,741 - Prepaid expense and other current assets 196 223 Total 3,236 1,040 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Amortized intangible assets (in thousands) As of March 31, 2021 ($) As of March 31, 2020 ($) Patents 220 125 Other intangibles 32 20 Accumulated amortization (26 ) (10 ) Total amortized intangible assets 226 135 Indefinite lived intangible assets Patents 181 107 Other intangibles - 10 Total unamortized intangible assets 181 117 Total Intangible assets 407 252 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated amortization expense (in thousands) ($) For the year ended 2022 18 For the year ended 2023 19 For the year ended 2024 21 For the year ended 2025 23 For the year ended 2026 26 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Property Plant and Equipment Table [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Tables) [Line Items] | |
Property, Plant and Equipment [Table Text Block] | (in thousands, except useful life) Useful Life (years) As of March 31, 2021 ($) As of March 31, 2020 ($) Land N/A 4,606 4,508 Buildings & facilities 25 3,817 2,540 Plant and machinery 5-20 4,579 3,867 Computer equipment 3 216 194 Office equipment 3-5 111 106 Furniture and fixtures 5 130 104 Vehicles 5 165 120 Construction in progress N/A 50 768 Total Gross Value 13,674 12,207 Less: Accumulated depreciation (2,834 ) (2,427 ) Total Property, plant and equipment, net 10,840 9,780 |
INVESTMENTS IN NON-MARKETABLE_2
INVESTMENTS IN NON-MARKETABLE SECURITIES (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Investment [Table Text Block] | (in thousands) As of March 31, 2021 ($) As of March 31, 2020 ($) Investment in Evolve I (i) 80 - Total 80 - (in thousands) As of March 31, 2021 ($) As of March 31, 2020 ($) Investment in equity shares of unlisted company 12 11 Total 12 11 (i) On May 12, 2020, the Company acquired approximately 19.8% shareholding in Evolve I, Inc., a Washington corporation (“Evolve”) under the terms of a Share Subscription Agreement (“SSA”) for a consideration of approximately $249 thousand. However, based on an assessment of the business environment, the Company decided to dispose the holding and amicably exit the acquisition. In light of the above, the Company recorded an impairment charge of $169 thousand as of March 31, 2021. |
CLAIMS AND ADVANCES (Tables)
CLAIMS AND ADVANCES (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Other Assets, Noncurrent [Table Text Block] | (in thousands) As of March 31, 2021 ($) As of March 31, 2020 ($) Claims receivable (1) 382 374 Non-current deposits 18 24 Non-current advances (2) 203 212 Total 603 610 (1) The claims receivable is due from the Cochin International Airport (“CIA”) that is partially owned by the State Government of Kerala. While the Company has initiated collection proceedings in the Commercial Court of Ernakulam, 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 increase in claims receivable was mainly due to foreign exchange translation as a result of an increase 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) | 12 Months Ended |
Mar. 31, 2021 | |
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 $122 thousand. The lease contract does not contain any material residual value guarantees or material restrictive covenants. The weighted average remaining lease term for the operating lease is 4.67 year and discount rate of 7%. The lease does not provide a readily determinable implicit rate. Therefore, the Company discounts lease payments based on an estimate of its incremental borrowing rate. (in thousands) Year Ended March 31, 2021 ($) (in thousands) Year Ended March 31, 2020 ($) Operating lease costs 123 10 Short term lease costs 233 206 Total lease costs 356 216 |
Lessee, Operating Lease, Disclosure [Table Text Block] | (in thousands) (in thousands) Year Ended March 31, 2021 ($) Year Ended March 31, 2020 ($) Assets Operating lease asset 488 574 Total lease assets 488 574 Liabilities Current liabilities: Accrued liabilities and others (current portion – operating lease liability) 90 89 Noncurrent liabilities: Operating lease liability (non-current portion – operating lease liability) 405 485 Total lease liability 495 574 Supplemental cash flow and non-cash information related to leases is as follows: (in thousands) Year Ended March 31, 2021 ($) (in thousands) Year Ended March 31, 2020 ($) Cash paid for amounts included in the measurement of lease liabilities –Operating cash flows from operating leases 79 10 Right-of-use assets obtained in exchange for operating lease obligations 488 581 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | As of March 31, 2021, the following table summarizes the maturity of our lease liabilities: Mar-22 119 Mar-23 122 Mar-24 125 Mar-25 128 Mar-26 87 Less: Present value discount (86 ) Total Lease liabilities 495 |
ACCRUED LIABILITIES AND OTHERS
ACCRUED LIABILITIES AND OTHERS (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Accrued Liabilities Disclosure [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | (in thousands) As of March 31, 2021 ($) As of March 31, 2020 ($) Compensation and other contributions 849 424 Provision for expenses 309 412 Other current liability 430 298 Total 1,588 1,134 |
LOANS AND OTHER LIABILITIES (Ta
LOANS AND OTHER LIABILITIES (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Loans and Other Liabilities [Abstract] | |
Schedule of Other Assets and Other Liabilities [Table Text Block] | Other Liability: (in thousands) As of March 31, 2021 ($) 2020 ($) Statutory reserve 15 16 Total 15 16 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
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 0.68 % 2.57 % Expected volatility 249 % 249.5 % 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 Common Stock and Additional Paid in Capital. For Fiscal 2020, the Company’s share-based expense and option-based expense shown in Selling, general and administrative expenses (including research and development) was $747 thousand and $23 thousand, respectively. Non-vested shares Shares (in thousands) (#) Weighted average grant date fair value ($) Non-vested shares as of March 31, 2020 1,851 0.40 Granted 60 1.17 Vested (1,518 ) 0.39 Cancelled/Forfeited (220 ) 0.39 Non-vested shares as of March 31, 2021 173 0.85 |
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 of March 31, 2020 160 0.40 0.39 Granted 150 0.64 0.30 Exercised (100 ) 0.64 0.30 Cancelled/Forfeited - - - Options outstanding as of March 31, 2021 210 0.46 0.36 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 and 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 ($) Total ($) March 31, 2021 Cash and cash equivalents: 14,548 - - 14,548 Total cash and cash equivalents 14,548 - - 14,548 Investments: -Marketable securities - - - - -Non-marketable securities - - 92 92 Total Investments - - 92 92 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 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Income tax expense/(benefit) for each of the years ended March 31 consists of the following: Year Ended March 31, (in thousands) Income Tax Expense 2021 ($) 2020 ($) Net Income Loss before tax (8,811 ) (7,315 ) Tax rate 21 % 21 % Expected income tax recovery (1,850 ) (1,536 ) Impact of tax rate differences in foreign jurisdictions (33 ) (7 ) Tax rate changes and other adjustments (78 ) (3,085 ) Permanent differences 19 243 Change in valuation allowance 1,942 4,385 - - |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The significant components of deferred income tax expense/(benefit) from operations before non-controlling interest for each of the years ended March 31 are approximated as following: Year Ended March 31, (in thousands) Deferred income taxes 2021 ($) 2020 ($) Net operating loss carry-forwards foreign 536 618 Non-capital loss carry-forwards – USA 7,373 5,087 Temporary differences (827 ) (562 ) Net deferred tax asset 7,082 5,143 Valuation allowance (7,082 ) (5,143 ) - - |
Summary of Operating Loss Carryforwards [Table Text Block] | The table below sets forth the details of expiration of the non-financial carried forward losses of the Company as of March 31, 2021 as under: Year Amount (in thousands) ($) 2022 394 2023 37 2024 1,627 2025 52 2026 345 2027 3 2028 14 2029 34 2030 37 2031 3,081 2032 4,141 2033 627 2034 1,269 2035 1,735 2036 1,176 2037 819 2038 1,256 2039 4,132 2040 7,932 2041 8,904 Total 37,615 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Net sales disaggregated by significant products and services for Fiscal 2021 and 2020 are as follows: (in thousands) Year ended March 31, 2021 ($) 2020 ($) Infrastructure segment Rental income (1) 1 7 Construction contracts (2) 174 101 Purchase and resale of physical commodities (3) - 3,553 Life Sciences segment Wellness and lifestyle (4) 688 386 Tolling/White labeling service (5) 35 25 Total 898 4,072 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Products and Services [Table Text Block] | The table below shows revenue reported by segment: (in thousands) Segments Fiscal 2021 ($) Percentage of Total Revenue (%) Infrastructure segment 175 20 % Life Sciences segment 723 80 % Total 898 100 % (in thousands) Segments Fiscal 2020 ($) Percentage of Total Revenue (%) Infrastructure segment 3,661 90 % Life Sciences segment 411 10 % Total 4,072 100 % |
Revenue from External Customers by Geographic Areas [Table Text Block] | The table below shows the revenue attributed to the country of domicile (U.S.) and foreign countries. Revenue is generally attributed to the geographic location of customers: (in thousands) Segments Country Fiscal 2021 ($) Percentage of Total Revenue (%) Asia (1) India 175 20 % (2) Hong Kong - - % America U.S. and Colombia 723 80 % Total 898 100 % (in thousands) Segments Country Fiscal 2020 ($) Percentage of Total Revenue (%) Asia (1) India 108 3 % (2) Hong Kong 3,553 87 % America U.S. and Colombia 411 10 % Total 4,072 100 % |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | The table below shows the non-current assets other than financial instruments held in the country of domicile and foreign countries. (in thousands) Nature of Assets USA (Country of Domicile) ($) Foreign Countries (India, Hong Kong, and Colombia) ($) Total as of March 31, 2021 ($) Intangible assets, net 407 - 407 Property, plant and equipment, net 6,228 4,612 10,840 Investments in unlisted securities - 12 12 Claims and advances 200 403 603 Operating lease asset 488 - 488 Total non-current assets 7,323 5,027 12,350 (in thousands) Nature of Assets USA (Country of Domicile) ($) Foreign Countries (India Hong Kong and Colombia) ($) Total as of March 31, 2020 ($) Intangible assets, net 252 - 252 Property, plant and equipment, net 5,216 4,564 9,780 Investments in unlisted securities - 11 11 Claims and advances 200 410 610 Operating lease asset 574 - 574 Total non-current assets 6,242 4,985 11,227 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 1,800,000 | |
Weighted Average Number of Shares Outstanding, Basic (in Shares) | 41,963,382 | 39,490,014 |
Accounts Receivable, after Allowance for Credit Loss | $ 175 | $ 133 |
Accounts Receivable, Allowance for Credit Loss | 63 | 9 |
Research and Development Expense | 929 | 1,011 |
Foreign Subsidiaries [Member] | ||
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ||
Cash | $ 14,548 | $ 7,258 |
INVENTORY (Details)
INVENTORY (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | ||
Inventory Write-down | $ 307 | $ 0 |
Other Inventory, Net of Reserves | $ 1,741 | $ 0 |
INVENTORY (Details) - Schedule
INVENTORY (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Schedule of Inventory, Current [Abstract] | ||
Raw Materials | $ 2,294 | $ 227 |
Work-in-Progress | 2,199 | 3,713 |
Finished Goods | 985 | 305 |
Total | $ 5,478 | $ 4,245 |
DEPOSITS AND ADVANCES (Details)
DEPOSITS AND ADVANCES (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Deposits and Advances [Abstract] | ||
Statutory Advances | $ 36 | $ 27 |
DEPOSITS AND ADVANCES (Detail_2
DEPOSITS AND ADVANCES (Details) - Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Advances to suppliers and consultants | $ 1,295 | $ 558 |
Advances for Property, Plant and Equipment | 4 | 259 |
Other receivables | 1,741 | 0 |
Prepaid expense and other current assets | 196 | 223 |
Total | $ 3,236 | $ 1,040 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | |
INTANGIBLE ASSETS (Details) [Line Items] | ||
Number of Patents | 12 | |
Amortization of Intangible Assets | $ 16 | $ 10 |
Patents [Member] | ||
INTANGIBLE ASSETS (Details) [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years |
INTANGIBLE ASSETS (Details) - S
INTANGIBLE ASSETS (Details) - Schedule of Intangible Assets And Goodwill - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
INTANGIBLE ASSETS (Details) - Schedule of Intangible Assets And Goodwill [Line Items] | ||
Accumulated amortization | $ (26) | $ (10) |
Total amortized intangible assets | 226 | 135 |
Indefinite lived intangible assets | ||
Unamortized intangible assets | 181 | 117 |
Total Intangible assets | 407 | 252 |
Patents [Member] | ||
INTANGIBLE ASSETS (Details) - Schedule of Intangible Assets And Goodwill [Line Items] | ||
Intangibles | 220 | 125 |
Other Intangible Assets [Member] | ||
INTANGIBLE ASSETS (Details) - Schedule of Intangible Assets And Goodwill [Line Items] | ||
Intangibles | 32 | 20 |
Patents [Member] | ||
Indefinite lived intangible assets | ||
Unamortized intangible assets | 181 | 107 |
Trademarks [Member] | ||
Indefinite lived intangible assets | ||
Unamortized intangible assets | $ 0 | $ 10 |
INTANGIBLE ASSETS (Details) -_2
INTANGIBLE ASSETS (Details) - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense $ in Thousands | Mar. 31, 2021USD ($) |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |
For the year ended 2022 | $ 18 |
For the year ended 2023 | 19 |
For the year ended 2024 | 21 |
For the year ended 2025 | 23 |
For the year ended 2026 | $ 26 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 462 | $ 134 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT (Details) - Property, Plant and Equipment - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 13,674 | $ 12,207 |
Less: Accumulated depreciation | (2,834) | (2,427) |
Net Assets | $ 10,840 | 9,780 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | ||
Property, plant and equipment, gross | $ 4,606 | 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 | $ 3,817 | 2,540 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 4,579 | 3,867 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Property, plant and equipment, gross | $ 216 | 194 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 111 | 106 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Property, plant and equipment, gross | $ 130 | 104 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Property, plant and equipment, gross | $ 165 | 120 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | ||
Property, plant and equipment, gross | $ 50 | $ 768 |
Minimum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Minimum [Member] | Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Maximum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 20 years | |
Maximum [Member] | Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years |
INVESTMENTS IN NON-MARKETABLE_3
INVESTMENTS IN NON-MARKETABLE SECURITIES (Details) - Evolve I, Inc. [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | May 12, 2020 | |
INVESTMENTS IN NON-MARKETABLE SECURITIES (Details) [Line Items] | ||
Equity Method Investment, Ownership Percentage | 19.80% | |
Investments | $ 249 | |
Other than Temporary Impairment Losses, Investments | $ 169 |
INVESTMENTS IN NON-MARKETABLE_4
INVESTMENTS IN NON-MARKETABLE SECURITIES (Details) - Schedule of Investments - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | |
INVESTMENTS IN NON-MARKETABLE SECURITIES (Details) - Schedule of Investments [Line Items] | |||
Investment | $ 80 | $ 0 | |
Investment | 12 | 11 | |
Evolve I, Inc. [Member] | |||
INVESTMENTS IN NON-MARKETABLE SECURITIES (Details) - Schedule of Investments [Line Items] | |||
Investment | [1] | 80 | 0 |
Investment in Equity Shares of Unlisted Company Associates [Member] | |||
INVESTMENTS IN NON-MARKETABLE SECURITIES (Details) - Schedule of Investments [Line Items] | |||
Investment | $ 12 | $ 11 | |
[1] | On May 12, 2020, the Company acquired approximately 19.8% shareholding in Evolve I, Inc., a Washington corporation (“Evolve”) under the terms of a Share Subscription Agreement (“SSA”) for a consideration of approximately $249 thousand. However, based on an assessment of the business environment, the Company decided to dispose the holding and amicably exit the acquisition. In light of the above, the Company recorded an impairment charge of $169 thousand as of March 31, 2021 |
CLAIMS AND ADVANCES (Details)
CLAIMS AND ADVANCES (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2021USD ($) | |
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 | Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of Other Assets, Noncurrent [Abstract] | |||
Claims receivable | [1] | $ 382 | $ 374 |
Non-current deposits | 18 | 24 | |
Other advances | [2] | 203 | 212 |
Total | $ 603 | $ 610 | |
[1] | The claims receivable is due from the Cochin International Airport (“CIA”) that is partially owned by the State Government of Kerala. While the Company has initiated collection proceedings in the Commercial Court of Ernakulam, 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 increase in claims receivable was mainly due to foreign exchange translation as a result of an increase 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 | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure Text Block [Abstract] | |||
Short-term Lease, Cost | $ 233 | $ 206 | |
Operating Leases, Rent Expense, Minimum Rentals | $ 122 | ||
Operating Lease, Weighted Average Remaining Lease Term | 4 years 244 days | 4 years 244 days | |
Lessee, Operating Lease, Discount Rate | 7.00% | 7.00% |
LEASES (Details) - Lease, Cost
LEASES (Details) - Lease, Cost - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Lease, Cost [Abstract] | ||
Operating lease costs | $ 123 | $ 10 |
Short term lease costs | 233 | 206 |
Total lease costs | $ 356 | $ 216 |
LEASES (Details) - Lessee, Oper
LEASES (Details) - Lessee, Operating Lease, Disclosure - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Assets | ||
Operating lease asset | $ 488 | $ 574 |
Liabilities | ||
Accrued liabilities and others (current portion – operating lease liability) | 90 | 89 |
Operating lease liability (non-current portion – operating lease liability) | 405 | 485 |
Total lease liability | 495 | 574 |
Operating cash flows from operating leases | 79 | 10 |
Right-of-use assets obtained in exchange for operating lease obligations | 488 | 581 |
Operating Lease Asset [Member] | ||
Assets | ||
Operating lease asset | $ 488 | $ 574 |
LEASES (Details) - Lessee, Op_2
LEASES (Details) - Lessee, Operating Lease, Liability, Maturity $ in Thousands | Mar. 31, 2021USD ($) |
Lessee, Operating Lease, Liability, Maturity [Abstract] | |
Mar-22 | $ 119 |
Mar-23 | 122 |
Mar-24 | 125 |
Mar-25 | 128 |
Mar-26 | 87 |
Less: Present value discount | (86) |
Total Lease liabilities | $ 495 |
ACCRUED LIABILITIES AND OTHER_2
ACCRUED LIABILITIES AND OTHERS (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Accrued Liabilities Disclosure [Abstract] | ||
Operating Lease, Liability, Current | $ 90 | $ 89 |
Accounts Payable, Other, Current | $ 24 | $ 27 |
ACCRUED LIABILITIES AND OTHER_3
ACCRUED LIABILITIES AND OTHERS (Details) - Schedule of Accounts Payable and Accrued Liabilities - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Schedule of Accounts Payable and Accrued Liabilities [Abstract] | ||
Compensation and other contributions | $ 849 | $ 424 |
Provision for expenses | 309 | 412 |
Other current liability | 430 | 298 |
Total | $ 1,588 | $ 1,134 |
LOANS AND OTHER LIABILITIES (De
LOANS AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands | Jun. 11, 2020 | May 03, 2020 | Mar. 31, 2021 |
LOANS AND OTHER LIABILITIES (Details) [Line Items] | |||
Debt Instrument, Face Amount | $ 150 | $ 430 | |
Debt Instrument, Term | 30 years | 2 years | |
Debt Instrument, Periodic Payment | $ 731 | $ 18 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 1.00% | |
Interest Expense, Debt | $ 3 | ||
Notes and Loans Payable, Current | 302 | ||
Notes and Loans, Noncurrent | 128 | ||
Debt Instrument, Description | Under the PPP Note, the Company may apply for and be granted forgiveness for all or part of the PPP Note. The amount of loan proceeds eligible for forgiveness is based on a formula that takes into account a number of factors, including the amount of loan proceeds used by the Company during the eight or twenty-four week period after the loan origination for certain purposes including payroll costs, rent payments on certain leases, and certain qualified utility payments, provided that at least 60% of the loan amount is used for eligible payroll costs; the employer maintaining or rehiring employees and maintaining salaries at certain levels; and other factors. Subject to the other requirements and limitations on loan forgiveness, only loan proceeds spent on payroll and other eligible costs during the covered eight or twenty-four-week period will qualify for forgiveness. Forgiveness of the loan is dependent on the Company having initially qualified for the loan and qualifying for the forgiveness of such loan based on future adherence to the forgiveness criteria. As of March 31, 2021, the loan liability for the PPP Note principal repayment was approximately $90 thousand. The Company believes it has used the entire loan amount for qualifying expense, though no assurance is provided that the Company will obtain forgiveness of the PPP Note in whole or in part. | ||
Notes Payable | 90 | ||
Loans Payable, Current | 148 | ||
Loans Payable, Noncurrent | 2 | ||
Notes Payable, Other Payables [Member] | |||
LOANS AND OTHER LIABILITIES (Details) [Line Items] | |||
Repayments of Debt | $ 50 |
LOANS AND OTHER LIABILITIES (_2
LOANS AND OTHER LIABILITIES (Details) - Schedule of Loans and Other Liabilities - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Schedule of Loans and Other Liabilities [Abstract] | ||
Statutory reserve | $ 15 | $ 16 |
Total | $ 15 | $ 16 |
COMMITMENTS AND CONTINGENCY (De
COMMITMENTS AND CONTINGENCY (Details) | 12 Months Ended |
Mar. 31, 2021USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation Settlement, Amount Awarded to Other Party (in Dollars) | $ 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) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Jan. 13, 2021 | 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 | $ 0.0001 |
Common Stock, Shares, Issued | 47,827,273 | 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 | ||
Sales Agreement, Offering, Maximum (in Dollars) | $ 75,000,000 | ||
Unit, description | Ten units may be separated into one share of common stock. |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | 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) | 210,000 | 160,000 | |
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares (in Shares) | 1,600,000 | ||
Share-based Payment Arrangement, Noncash Expense | $ 703 | ||
Weighted Average Price per Share (in Dollars per share) | $ 0.43 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 150,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $ 0.36 | $ 0.39 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 140 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years 25 days | ||
General and Administrative Expense [Member] | |||
STOCK-BASED COMPENSATION (Details) [Line Items] | |||
Share-based Payment Arrangement, Noncash Expense | $ 589 | $ 747 | |
General and Administrative Expense [Member] | Share-based Payment Arrangement, Option [Member] | |||
STOCK-BASED COMPENSATION (Details) [Line Items] | |||
Share-based Payment Arrangement, Noncash Expense | $ 69 | $ 23 | |
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) | 8,337,627 | ||
Share-based Payment Arrangement, Noncash Expense | $ 96 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 210,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $ 0.46 |
STOCK-BASED COMPENSATION (Deta
STOCK-BASED COMPENSATION (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
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 | 0.68% | 2.57% |
Expected volatility | 249.00% | 249.50% |
Expected dividend yield |
STOCK-BASED COMPENSATION (De_2
STOCK-BASED COMPENSATION (Details) - Nonvested Restricted Stock Shares Activity shares in Thousands | 12 Months Ended |
Mar. 31, 2021$ / 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 | 60 |
Granted, Weighted average grant date fair value | $ / shares | $ 1.17 |
Vested, shares | shares | (1,518) |
Vested, Weighted average grant date fair value | $ / shares | $ 0.39 |
Cancelled/Forfeited, shares | shares | (220) |
Cancelled/Forfeited, Weighted average grant date fair value | $ / shares | $ 0.39 |
Balance, non-vested shares | shares | 173 |
Balance, Weighted average grant date fair value | $ / shares | $ 0.85 |
STOCK-BASED COMPENSATION (De_3
STOCK-BASED COMPENSATION (Details) - Share-based Payment Arrangement, Option, Activity - $ / shares shares in Thousands | Mar. 31, 2020 | Mar. 31, 2021 |
Share-based Payment Arrangement, Option, Activity [Abstract] | ||
Options outstanding, shares (in Shares) | 160 | |
Options outstanding, Weighted average grant date fair value | $ 0.40 | $ 0.46 |
Options outstanding, Weighted average exercise price | $ 0.39 | $ 0.36 |
Granted, shares (in Shares) | 150 | |
Granted | $ 640 | |
Granted | $ 300 | |
Exercised, shares (in Shares) | (100) | |
Exercised, Weighted average grant date fair value | $ 0.64 | |
Exercised, Weighted average exercise price | $ 0.30 | |
Options outstanding, shares (in Shares) | 210 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | 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: | $ 14,548 | $ 7,258 | |
Total cash and cash equivalents | 14,548 | 7,258 | $ 25,610 |
-Marketable securities | 0 | 5,081 | |
-Non-marketable securities | 92 | 11 | |
Total Investment | 92 | 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: | 14,548 | 7,258 | |
Total cash and cash equivalents | 14,548 | 7,258 | |
-Marketable securities | 0 | 5,081 | |
-Non-marketable securities | 0 | 0 | |
Total Investment | 0 | 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 | 92 | 11 | |
Total Investment | $ 92 | $ 11 |
INCOME TAXES (Details) - Schedu
INCOME TAXES (Details) - Schedule of Effective Income Tax Rate Reconciliation - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of Effective Income Tax Rate Reconciliation [Abstract] | ||
Net Income Loss before tax | $ (8,811) | $ (7,315) |
Tax rate | 21.00% | 21.00% |
Expected income tax recovery | $ (1,850) | $ (1,536) |
Impact of tax rate differences in foreign jurisdictions | (33) | (7) |
Tax rate changes and other adjustments | (78) | (3,085) |
Permanent differences | 19 | 243 |
Change in valuation allowance | 1,942 | 4,385 |
Effective income tax rate | $ 0 | $ 0 |
INCOME TAXES (Details) - Sche_2
INCOME TAXES (Details) - Schedule of Components of Income Tax Expense (Benefit) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Schedule of Components of Income Tax Expense (Benefit) [Abstract] | ||
Net operating loss carry-forwards foreign | $ 536 | $ 618 |
Non-capital loss carry-forwards – USA | 7,373 | 5,087 |
Temporary differences | (827) | (562) |
Net deferred tax asset | 7,082 | 5,143 |
Valuation allowance | (7,082) | (5,143) |
Net deferred tax expense | $ 0 | $ 0 |
INCOME TAXES (Details) - Summar
INCOME TAXES (Details) - Summary of Operating Loss Carryforwards $ in Thousands | Mar. 31, 2021USD ($) |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 37,615 |
Expiring 2022 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 394 |
Expiring 2023 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 37 |
Expiring 2024 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 1,627 |
Expiring 2025 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 52 |
Expiring 2026 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 345 |
Expiring 2027 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 3 |
Expiring 2028 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 14 |
Expiring 2029 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 34 |
Expiring 2030 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 37 |
Expiring 2031 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 3,081 |
Expiring 2032 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 4,141 |
Expiring 2033 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 627 |
Expiring 2034 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 1,269 |
Expiring 2035 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 1,735 |
Expiring 2036 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 1,176 |
Expiring 2037 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 819 |
Expiring 2038 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 1,256 |
Expiring 2039 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 4,132 |
Expiring 2040 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 7,932 |
Expiring Fiscal Year 2041 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 8,904 |
REVENUE RECOGNITION (Details) -
REVENUE RECOGNITION (Details) - Disaggregation of Revenue - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Infrastructure segment | |||
Revenues | $ 898 | $ 4,072 | |
Rental Income [Member] | Legacy Infrastructure [Member] | |||
Infrastructure segment | |||
Revenues | [1] | 1 | 7 |
Construction [Member] | Legacy Infrastructure [Member] | |||
Infrastructure segment | |||
Revenues | [2] | 174 | 101 |
Purchase and Resale of Physical Commodities [Member] | Legacy Infrastructure [Member] | |||
Infrastructure segment | |||
Revenues | [3] | 0 | 3,553 |
Wellness and Lifestyle [Member] | Life Sciences [Member] | |||
Infrastructure segment | |||
Revenues | [4] | 688 | 386 |
Tolling/White labeling service [Member] | Life Sciences [Member] | |||
Infrastructure segment | |||
Revenues | [5] | $ 35 | $ 25 |
[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. | ||
[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 wellness and lifestyle segment such as sale of hand sanitizer, bath bombs, gummies, beverages, 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) | 12 Months Ended |
Mar. 31, 2021 | |
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 | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue from External Customer [Line Items] | ||
Revenue | $ 898 | $ 4,072 |
Percentage of Total Revenue | 100.00% | 100.00% |
Legacy Infrastructure [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue | $ 175 | $ 3,661 |
Percentage of Total Revenue | 20.00% | 90.00% |
Plant and Cannabinoid [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue | $ 723 | $ 411 |
Percentage of Total Revenue | 80.00% | 10.00% |
SEGMENT INFORMATION (Details)_2
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | ||
Revenue | $ 898 | $ 4,072 |
Percentage of Total Revenue | 100.00% | 100.00% |
North America [Member] | ||
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | ||
Revenue | $ 723 | $ 411 |
Percentage of Total Revenue | 80.00% | 10.00% |
Asia [Member] | INDIA | ||
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | ||
Revenue | $ 175 | $ 108 |
Percentage of Total Revenue | 20.00% | 3.00% |
Asia [Member] | HONG KONG | ||
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | ||
Revenue | $ 0 | $ 3,553 |
Percentage of Total Revenue | 0.00% | 87.00% |
SEGMENT INFORMATION (Details)_3
SEGMENT INFORMATION (Details) - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Intangible assets, net | $ 407 | $ 252 |
Property, plant and equipment, net | 10,840 | 9,780 |
Investments in unlisted securities | 12 | 11 |
Claims and advances | 603 | 610 |
Operating lease asset | 488 | 574 |
Total long-term assets | 12,350 | 11,227 |
Geographic Distribution, Domestic [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Intangible assets, net | 407 | 252 |
Property, plant and equipment, net | 6,228 | 5,216 |
Investments in unlisted securities | 0 | 0 |
Claims and advances | 200 | 200 |
Operating lease asset | 488 | 574 |
Total long-term assets | 7,323 | 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 | 4,612 | 4,564 |
Investments in unlisted securities | 12 | 11 |
Claims and advances | 403 | 410 |
Operating lease asset | 0 | 0 |
Total long-term assets | $ 5,027 | $ 4,985 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ in Thousands | 2 Months Ended |
Jun. 07, 2021USD ($) | |
Subsequent Event [Member] | |
SUBSEQUENT EVENTS (Details) [Line Items] | |
Proceeds from Issuance or Sale of Equity | $ 790 |