Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2021 | Aug. 03, 2021 | |
Document Information Line Items | ||
Entity Registrant Name | INDIA GLOBALIZATION CAPITAL, INC. | |
Trading Symbol | IGC | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --03-31 | |
Entity Common Stock, Shares Outstanding | 49,784,017 | |
Amendment Flag | false | |
Entity Central Index Key | 0001326205 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-32830 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 20-2760393 | |
Entity Address, Address Line One | 10224 Falls Road | |
Entity Address, City or Town | Potomac | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20854 | |
City Area Code | 301 | |
Local Phone Number | 983-0998 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Security Exchange Name | NYSE | |
Entity Interactive Data Current | Yes |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 13,319 | $ 14,548 |
Accounts receivable, net | 162 | 175 |
Inventory | 5,476 | 5,478 |
Non-marketable securities | 0 | 80 |
Deposits and advances | 3,233 | 3,236 |
Total current assets | 22,190 | 23,517 |
Intangible assets, net | 405 | 407 |
Property, plant and equipment, net | 10,704 | 10,840 |
Non-marketable securities | 11 | 12 |
Claims and advances | 596 | 603 |
Operating lease asset | 538 | 488 |
Total long-term assets | 12,254 | 12,350 |
Total assets | 34,444 | 35,867 |
Current liabilities: | ||
Accounts payable | 567 | 476 |
Accrued liabilities and others | 1,542 | 1,588 |
Short-term loans | 3 | 304 |
Total current liabilities | 2,112 | 2,368 |
Long-term loans | 147 | 276 |
Other liabilities | 15 | 15 |
Operating lease liability | 433 | 405 |
Total non-current liabilities | 595 | 696 |
Total liabilities | 2,707 | 3,064 |
Stockholders' equity: | ||
Preferred stock, $0.0001 par value: authorized 1,000,000 shares, no shares issued or outstanding as of June 30, 2021 and March 31, 2021. | 0 | 0 |
Common stock and additional paid-in capital, $0.0001 par value: 150,000,000 shares authorized; 48,284,017 and 47,827,273 shares issued and outstanding as of June 30, 2021 and March 31, 2021, respectively. | 110,528 | 109,720 |
Accumulated other comprehensive loss | (2,860) | (2,774) |
Accumulated deficit | (75,931) | (74,143) |
Total stockholders' equity | 31,737 | 32,803 |
Total liabilities and stockholders' equity | $ 34,444 | $ 35,867 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Jun. 30, 2021 | Mar. 31, 2021 |
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 | 48,284,017 | 47,827,273 |
Common stock, shares outstanding | 48,284,017 | 47,827,273 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||
Revenue | $ 77 | $ 584 |
Cost of revenue | (51) | (538) |
Gross profit | 26 | 46 |
Selling, general and administrative expenses | (1,776) | (1,755) |
Research and development expenses | (444) | (222) |
Operating loss | (2,194) | (1,931) |
Impairment of investment | (37) | 0 |
Other income, net | 443 | 49 |
Loss before income taxes | (1,788) | (1,882) |
Net loss attributable to common stockholders | (1,788) | (1,882) |
Foreign currency translation adjustments | (86) | (58) |
Comprehensive loss | $ (1,874) | $ (1,940) |
Loss per share attributable to common stockholders: | ||
Basic & diluted (in Dollars per share) | $ (0.04) | $ (0.05) |
Weighted-average number of shares used in computing loss per share amounts: (in Shares) | 47,910,866 | 40,189,222 |
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, 2020 | $ 94,754 | $ (65,367) | $ (2,850) | $ 26,537 | |
Balances (in Shares) at Mar. 31, 2020 | 39,320,000 | ||||
Share based compensation & options to advisors and employees | 166 | 166 | |||
Share based compensation & options to advisors and employees (in Shares) | 1,776,000 | ||||
Common stock issued for investment | 100 | 100 | |||
Common stock issued for investment (in Shares) | 100,000 | ||||
Net loss | (1,882) | (1,882) | |||
Gain (loss) on foreign currency translation | (58) | (58) | |||
Balances at Jun. 30, 2020 | 95,020 | (67,249) | (2,908) | 24,863 | |
Balances (in Shares) at Jun. 30, 2020 | 41,196,000 | ||||
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 | |||
Share based compensation & options to advisors and employees | 125 | $ 125 | |||
Issuance of equity stock through offering (net of expenses) | 726 | 726 | |||
Issuance of equity stock through offering (net of expenses) (in Shares) | 500,000 | ||||
Other Adjustments | (43) | (43) | |||
Other Adjustments (in Shares) | (43,000) | ||||
Net loss | (1,788) | (1,788) | |||
Gain (loss) on foreign currency translation | (86) | (86) | |||
Balances at Jun. 30, 2021 | $ 110,528 | $ (75,931) | $ (2,860) | $ 31,737 | |
Balances (in Shares) at Jun. 30, 2021 | 48,284,000 | 48,284,017 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Cash Flows [Abstract] | ||
Net loss | $ (1,788) | $ (1,882) |
Adjustment to reconcile net loss to net cash: | ||
Depreciation and amortization | 157 | 77 |
Impairment of investment | 37 | 0 |
Common stock-based compensation and expenses, net | 125 | 166 |
Forgiveness of PPP Loan | (430) | 0 |
Changes in: | ||
Accounts receivables | 13 | (157) |
Inventory | 2 | (2,277) |
Deposits and advances | 4 | (479) |
Claims and advances | 7 | 24 |
Accounts payable | 90 | 377 |
Accrued and other liabilities | (46) | 163 |
Operating lease asset | (50) | 0 |
Operating lease liability | 28 | 0 |
Net cash used in operating activities | (1,851) | (3,988) |
Investing activities: | ||
Purchase of property, plant, and equipment | (93) | (944) |
Investment in marketable securities | 0 | (17) |
Investment in non-marketable securities | 0 | (149) |
Acquisition and filing cost of patents and rights | (2) | (26) |
Net cash used in investing activities | (95) | (1,136) |
Financing activities: | ||
Issuance of equity stock through offering (net of expenses) | 726 | 0 |
Proceeds from long- term loan | 0 | 580 |
Net cash provided by financing activities | 726 | 580 |
Effects of exchange rate changes on cash and cash equivalents | (9) | (11) |
Net decrease in cash and cash equivalents | (1,229) | (4,555) |
Cash and cash equivalents at the beginning of the period | 14,548 | 7,258 |
Cash and cash equivalents at the end of the period | 13,319 | 2,703 |
Non-cash items: | ||
Common stock issued/granted including ESOP, consultancy, and patent acquisition | 125 | 166 |
Amortization of operating lease | 27 | 21 |
Forgiveness of PPP Loan | $ (430) | $ 0 |
BUSINESS DESCRIPTION
BUSINESS DESCRIPTION | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Nature of Operations [Text Block] | NOTE 1 BUSINESS DESCRIPTION Business Since 2014, we have focused a portion of our business on application of phytocannabinoids such as Tetrahydrocannabinol (“THC”) and Cannabidiol (“CBD”), among others, in combination with other compounds, to address efficacy for various ailments, especially Alzheimer's disease. As previously disclosed, IGC submitted IGC-AD1, our investigational drug candidate for Alzheimer’s, to the U.S. Food and Drug Administration (“FDA”) under Section 505(i) of the Federal Food, Drug, and Cosmetic Act and received approval, on July 30, 2020, to proceed with the Phase 1 trial, on Alzheimer’s patients. The Company has completed all dose escalation studies associated with the Phase 1 trial and is in the process of compiling safety and tolerability data for submission to the FDA. The Company is motivated by the potential that, with future successful results from appropriate further trials, IGC-AD1 could contribute to relief for some of the 50 million people around the world expected to be impacted by Alzheimer's disease by 2030 (WHO, 2020). The Company has filed twelve patent applications to address various diseases such as Alzheimer's, Central Nervous System (“CNS”) disorders, pain, stammering, seizures in cats and dogs, eating disorders, stress-relief and calm-restoring beverage, and fatigue. As of June 30, 2021, we have been awarded three patents. In addition, we license a patent filing from the University of South Florida titled “Ultra-Low dose THC as a potential therapeutic and prophylactic agent for Alzheimer’s Disease.” The USPTO issued patent (#11,065,225) for this filing on July 20, 2021. The granted patent relates to IGC’s proprietary formulation, IGC-AD1, intended to assist in the treatment of individuals living with Alzheimer’s disease. The Company is developing three brands, including Holief™, among others. Holief is a non-GMO, vegan, natural, women’s line of over-the-counter (“OTC”) products, aimed at addressing dysmenorrhea and pre-menstrual-symptoms (“PMS”) in women. Holief, in development, seeks to connect, via a cloud-based platform, women with health care professionals who can help address dysmenorrhea, or period cramps, and PMS. Approximately 31.3 million (Statista, 2021) women in America suffer from dysmenorrhea and PMS. Since our inception, the Company has operated its Infrastructure business segment from India. The infrastructure business segment 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. Information about our infrastructure products and service offerings is available at www.igcinc.us. The infrastructure sector has been severely hampered by the COVID-19 pandemic, especially in India and Hong Kong. COVID-19 update We believe that the current COVID-19 pandemic and its impact on certain aspects of the economy have negatively impacted our revenue and increased our expenses. In response, we have made and continue to make efforts to decrease our overhead expenses and have oriented our primary focus on the human trials on IGC-AD1. IGC remains committed to its Infrastructure business line and intends to continue pursuing the execution of construction contracts, the purchase and resale of physical commodities used in infrastructure, and the rental of heavy construction equipment as the COVID-19 pandemic allows. Business Organization As of June 30, 2021, the Company had the following direct operating subsidiaries: Techni Bharathi Private Limited (“TBL”), IGCare, LLC (“IGCare"), Holi Hemp, LLC (“Holi Hemp”), IGC Pharma, LLC (“IGC Pharma”), SAN Holdings, LLC (“SAN Holdings”), Sunday Seltzer, LLC (“Sunday Seltzer”) and Colombia-based beneficially owned subsidiary Hamsa Biochem SAS (“Hamsa”). The Company’s fiscal year is the 52-week 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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying unaudited condensed consolidated financial statements (“interim statements”) of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) as determined by the Financial Accounting Standards Board (the “FASB”) within its Accounting Standards Codification (“ASC”) and under the rules and regulations of the Securities Exchange Commission (“SEC”). Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of Management, all adjustments, and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with the Company’s audited consolidated financial statements for the fiscal year ended March 31, 2021 (“Fiscal 2021”) contained in the Company’s Form 10-K for Fiscal 2021, filed with the SEC on June 14, 2021, specifically in Note 2 to the consolidated financial statements. Principles of consolidation The interim statements include the consolidated accounts of the Company and its subsidiaries. Intercompany accounts and transactions have been eliminated. In the opinion of the Management, the interim statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Management believes that the estimates and assumptions used in the preparation of the consolidated financial statements are prudent and reasonable. Significant estimates and assumptions are generally used for, but not limited to, allowance for uncollectible accounts receivable; sales returns; normal loss during production; future obligations under employee benefit plans; the useful lives of property, plant equipment; intangible assets; valuations; impairment of goodwill and investments; recoverability of advances; the valuation of options granted and warrants issued; and income tax and deferred tax valuation allowances, if any. Actual results could differ from those estimates. Appropriate changes in estimates are made as Management becomes aware of changes in circumstances surrounding the estimates. Critical accounting estimates could change from period to period and could have a material impact on IGC’s results, operations, financial position, and cash flows. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the condensed consolidated financial statements. Presentation and functional currencies IGC operates in India, U.S., Colombia and Hong Kong and a portion of the Company’s financials are denominated in the Indian Rupee (“INR”), the Hong Kong Dollar (“HKD”) or the Colombian Peso (“COP”). As a result, changes in the relative values of the U.S. Dollar (“USD”), the INR, the HKD or the COP affect our financial statements. The accompanying financial statements are reported in USD. The INR, HKD and COP are the functional currencies for certain subsidiaries of the Company. The translation of the functional currencies into U.S. dollars is performed for assets and liabilities using the exchange rates in effect at the balance sheet date and for revenues and expenses using average exchange rates prevailing during the reporting periods. Adjustments resulting from the translation of functional currency financial statements to reporting currency are accumulated and reported as other comprehensive income/(loss), a separate component of shareholders’ equity. Transactions in currencies other than the functional currency during the year are converted into the functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the consolidated statements of operations. Impairment of long lived assets The Company reviews its long-lived assets, with finite lives, for impairment whenever events or changes in business circumstances indicate that the carrying amount of assets may not be fully recoverable. Such circumstances include, though are not limited to, significant or sustained declines in revenues or earnings, future anticipated cash flows, business plans and material adverse changes in the economic climate, such as changes in operating environment, competitive information, and impact of changes in government policies. For assets that the Company intends to hold for use, if the total of the expected future undiscounted cash flows produced by the assets or subsidiary company is less than the carrying amount of the assets, a loss is recognized for the difference between the fair value and carrying value of the assets. For assets, the Company intends to dispose of by sale, a loss is recognized for the amount by which the estimated fair value less cost to sell is less than the carrying value of the assets. Fair value is determined based on quoted market prices, if available, or other valuation techniques including discounted future net cash flows. Unlike goodwill, long-lived assets are assessed for impairment only where there are any specific indicators for impairment. No impairment has been recorded for the three months ended June 30, 2021, and 2020. 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 Stock based compensation The Company accounts for stock-based compensation to employees and non-employees in conformity with the provisions of ASC Topic 718, “ Stock-Based Compensation Accounts receivable We make estimates of the collectability of our accounts receivable by analyzing historical payment patterns, customer concentrations, customer creditworthiness, and current economic trends. If the financial condition of a customer deteriorates, additional allowances may be required. We had $162 thousand of accounts receivable, net of provision for doubtful debt of $63 thousand as of June 30, 2021, as compared to $175 thousand of accounts receivable, net of provision for doubtful debt of $63 thousand as of March 31, 2021. 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. Fair value of financial instruments ASC 820, “ Fair Value Measurement Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts of the Company’s financial instrument includes cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate their fair values due to the nature of the items. Please refer to Note 15 - “Fair Value of Financial Instruments”, for further information. Loss per share The computation of basic loss per share for the three months ended June 30, 2021, excludes potentially dilutive securities of approximately 1.9 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 the three months ended June 30, 2021 and 2020, used for the computation of basic earnings per share (“EPS”) is 47,910,866 and 40,189,222 respectively. Due to the loss incurred by the Company during the three months ended June 30, 2021 and 2020, all the potential equity shares are anti-dilutive and accordingly, the fully diluted EPS is equal to the basic EPS. Cybersecurity We have a cybersecurity policy in place and have taken cybersecurity measures that we expect are likely to safeguard the Company against breaches. In the three months ended June 30, 2021, there were no impactful breaches in cybersecurity. Intangible assets The Company's intangible assets are accounted for in accordance with ASC Topic 350, Intangibles Goodwill and Other. Intangible assets having indefinite lives are not amortized, but instead 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. We perform an impairment analysis on March 1 annually on the indefinite-lived intangible assets following the steps laid out in ASC 350-30-35-18. Our annual impairment analysis includes a qualitative assessment to determine if it is necessary to perform the quantitative impairment test. In performing a qualitative assessment, we review events and circumstances that could affect the significant inputs used to determine if the fair value is less than the carrying value of the intangible assets. If a quantitative analysis is necessary, we would analyze various aspects including revenues from the business, associated with the intangible assets. In addition, intangible assets will be tested on an interim basis if an event or circumstance indicates that it is more likely than not that an impairment loss has been incurred. The Company has analyzed a variety of factors in light of the known impact to date of the COVID-19 pandemic on its business to determine if a circumstance could trigger an impairment loss, and, at this time and based on the information presently known, does not believe it is more likely than not that an impairment loss has been incurred. 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. 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 performance 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 and Life Sciences segment. Revenue in the Infrastructure Business is recognized for the renting business when the equipment is rented, and terms of the agreement have been fulfilled during the period. The revenue from the purchase and resale of physical infrastructure commodities is recognized once the bill of lading along with the invoice have been transferred to the customer. 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 the three months ended June 30, 2021 and 2020 are as follows: (in thousands) Three months ended June 30, 2021 ($) 2020 ($) Infrastructure segment Rental income (1) - - Construction contracts (2) 15 - Purchase and resale of physical commodities (3) - - Life Sciences segment Wellness and Lifestyle (4) 62 584 Tolling/White labeling service (5) - - Total 77 584 (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, lotion, 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. 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 most the Company’s new leases as compared to similar existing leases; however, certain categories of new leases could have different revenue recognition patterns as compared to similar existing leases. For leases that are accounted for as operating leases, income is recognized on a straight-line basis over the term of the lease contract. Generally, when a lease is more than 180 days delinquent (where more than three monthly payments are owed), the lease is classified as being on nonaccrual and the Company stops recognizing leasing income on that date. Payments received on leases in nonaccrual status generally reduce the lease receivable. Leases on nonaccrual status remain classified as such until there is sustained payment performance that, in the Company’s judgment, would indicate that all contractual amounts will be collected in full. Lessee Accounting The Company adopted ASU 2016-02 effective April 1, 2019 using the modified retrospective approach. The standard establishes a right-of-use model (“ROU”) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. In connection with the adoption, the Company will elect to utilize the modified retrospective presentation whereby the Company will continue to present prior period financial statements and disclosures under ASC Topic 840. In addition, the Company will elect the transition package of three practical expedients permitted within the standard, which eliminates the requirements to reassess prior conclusions about lease identification, lease classification and initial direct costs. Further, the Company will adopt a short-term lease exception policy, permitting us to not apply the recognition requirements of this standard to short-term leases (i.e., leases with terms of 12 months or less), and an accounting policy to account for lease and non-lease components as a single component for certain classes of assets. Under ASU 2016-02 (Topic 842), lessees are required to recognize the following for all leases (with the exception of short-term leases) on the commencement date: (i) lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. At the commencement date, the Company recognizes the lease liability at the present value of the lease payments not yet paid, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate for the same term as the underlying lease. The right-of-use asset is recognized initially at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All right-of-use assets are reviewed for impairment. There was no impairment for right-of-use lease assets as of June 30, 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 “Note 9 - Leases”, for further information. Recently issued and adopted accounting pronouncements Changes to U.S. GAAP are established by the FASB in the form of accounting standards updates (ASUs) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. Newly issued ASUs not listed below are expected to have no impact on the Company’s consolidated financial position and results of operations, because either the ASU is not applicable, or the impact is expected to be immaterial. |
INVENTORY
INVENTORY | 3 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | NOTE 3 INVENTORY (in thousands) As of June 30, 2021 ($) As of March 31, 2021 ($) Raw materials 2,329 2,294 Work-in-Progress 2,199 2,199 Finished goods 948 985 Total 5,476 5,478 Inventory in the form of work-in-progress as of June 30, 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, gummies, lotions, beverages, and personal protection equipment, among others. During the three months ended June 30, 2021, there was write down of inventory of approximately $60 thousand. Write downs are due to abnormal amounts of idle facility expense, freight, handling costs, scrap, and wasted material (spoilage). This charge was recorded in Selling, General and Administrative expenses. As previously reported, one of our vendors holding $1.74 million of our inventory had reported a theft at their facility. The vendor has filed an insurance claim. The Company moved the amount associated with the stolen inventory to Deposits and Advances. The Company continues to pursue the vendor for compensation. |
DEPOSITS AND ADVANCES
DEPOSITS AND ADVANCES | 3 Months Ended |
Jun. 30, 2021 | |
Deposits and Advances [Abstract] | |
Deposits and Advances [Text Block] | NOTE 4 DEPOSITS AND ADVANCES (in thousands) As of June 30, 2021 ($) As of March 31, 2021 ($) Advances to suppliers and consultants 1,273 1,295 Advances for property, plant and equipment 12 4 Other receivables 1,741 1,741 Prepaid expense and other current assets 207 196 Total 3,233 3,236 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 as of June 30, 2021, as compared to $29 thousand as of June 30, 2020. Please refer to Note 3, “Inventory,” for details of Other receivables. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 3 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 5 INTANGIBLE ASSETS Amortized intangible assets (in thousands) As of June 30, 2021 ($) As of March 31, 2021 ($) Patents 220 220 Other intangibles 32 32 Accumulated amortization (31 ) (26 ) Total amortized intangible assets 221 226 Indefinite lived intangible assets Patents 184 181 Other intangibles - - Total unamortized intangible assets 184 181 Total intangible assets 405 407 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 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 the three months ended June 30, 2021 and 2020, amounted to approximately $5 thousand and $3 thousand, respectively. The Company regularly reviews its intangible assets to determine if any intangible asset is other-than-temporarily impaired, which would require the Company to record an impairment charge in the period and concluded that, as of June 30, 2021, there was no impairment. Estimated amortization expense (in thousands) ($) For the year ended 2022 22 For the year ended 2023 24 For the year ended 2024 27 For the year ended 2025 29 For the year ended 2026 32 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 3 Months Ended |
Jun. 30, 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 June 30, 2021 ($) As of March 31, 2021 ($) Land N/A 4,530 4,606 Buildings & facilities 25 3,817 3,817 Plant and machinery 5-20 4,555 4,579 Computer equipment 3 224 216 Office equipment 3-5 130 111 Furniture and fixtures 5 132 130 Vehicles 5 164 165 Construction in progress N/A 108 50 Total gross value 13,660 13,674 Less: Accumulated depreciation (2,956 ) (2,834 ) Total property, plant and equipment, net 10,704 10,840 The depreciation expense in the three months ended June 30, 2021, and 2020, amounted to approximately $152 thousand and $74 thousand, respectively. The net decrease in total Property, Plant & Equipment is primarily due to depreciation and foreign exchange translations. The net decrease in land is primarily due to foreign exchange translations because of a decline in value of foreign currencies. The construction in progress relates to the Maryland facility extension . For more information, please refer to Note 16 – Segment Information for the non-current assets other than financial instruments held in the country of domicile and foreign countries. |
INVESTMENTS IN NON-MARKETABLE S
INVESTMENTS IN NON-MARKETABLE SECURITIES | 3 Months Ended |
Jun. 30, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Investment [Text Block] | NOTE 7 INVESTMENTS IN NON-MARKETABLE SECURITIES Short-term investment (in thousands) As of June 30, 2021 ($) As of March 31, 2021 ($) Investment in Evolve I (i) - 80 Total - 80 (i) On May 12, 2020, the Company acquired an 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 exit the acquisition. As of June 30, 2021, the Company received back partial shares of IGC common stock, which had been given pursuant to the SSA, in exchange for the return of its shareholding in Evolve. Accordingly, the Company cancelled the partial shares received by it and impaired its remaining investment of approximately $37 thousand. Long-term investment (in thousands) As of June 30, 2021 ($) As of March 31, 2021 ($) Investment in equity shares of unlisted company 11 12 Total 11 12 The Company regularly reviews its investment portfolio to determine if any security is permanently impaired, which would require the Company to record an impairment charge in the period. |
CLAIMS AND ADVANCES
CLAIMS AND ADVANCES | 3 Months Ended |
Jun. 30, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Other Assets Disclosure [Text Block] | NOTE 8 CLAIMS AND ADVANCES (in thousands) As of June 30, 2021 ($) As of March 31, 2021 ($) Claims receivable (1) 375 382 Non-current deposits 18 18 Non-current advances (2) 203 203 Total 596 603 (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, the Company believes it will be difficult to receive the amount in the next 12 months because of the time required for legal collection proceedings. The decrease in claims receivable was mainly due to foreign exchange translation as a result of a decrease in value of Indian Rupee. (2) Includes a loan of $200 thousand to one of our manufacturers for the purchase of equipment. |
LEASES
LEASES | 3 Months Ended |
Jun. 30, 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 the three months ended June 30, 2021 and 2020 are approximately $31 thousand and $63 thousand, respectively. The Company also has four operating leases as of June 30, 2021. U.S India (in thousands) Three months ended June 30, 2021 ($) (in thousands) Three months ended June 30, 2020 ($) Operating lease costs 37 31 Short term lease costs 31 63 Variable lease costs - - Total lease costs 68 94 Right of use assets and lease liabilities for our operating leases were recorded in the consolidated balance sheet as follows: (in thousands) (in thousands) As of June 30, 2021 ($) As of March 31, 2021 ($) Assets Operating lease asset 538 488 Total lease assets 538 488 Liabilities Current liabilities: Accrued liabilities and others (current portion – operating lease liability) 114 90 Noncurrent liabilities: Operating lease liability (non-current portion – operating lease liability) 433 405 Total lease liability 547 495 (in thousands) As of June 30, 2021 ($) Supplemental cash flow and non-cash information related to leases is as follows: Cash paid for amounts included in the measurement of lease liabilities – Operating cash flows from operating leases 27 Right-of-use assets obtained in exchange for operating lease obligations 538 As of June 30, 2021, the following table summarizes the maturity of our lease liabilities: Jun-22 145 Jun-23 150 Jun-24 150 Jun-25 132 Jun-26 54 Less: Present value discount (84 ) Total lease liabilities 547 |
ACCRUED AND OTHER LIABILITIES
ACCRUED AND OTHER LIABILITIES | 3 Months Ended |
Jun. 30, 2021 | |
Accrued Liabilities Disclosure [Abstract] | |
Accrued Liabilities Disclosure [Text Block] | NOTE 10 ACCRUED AND OTHER LIABILITIES (in thousands) As of June 30, 2021 ($) As of March 31, 2021 ($) Compensation and other contributions 816 849 Provision for expenses 255 309 Other current liability 471 430 Total 1,542 1,588 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 $114 thousand and $90 thousand of current operating lease liability and statutory payables of approximately $35 thousand and $24 thousand as of June 30, 2021 and March 31, 2021, respectively. |
LOANS AND OTHER LIABILITIES
LOANS AND OTHER LIABILITIES | 3 Months Ended |
Jun. 30, 2021 | |
Loans and Other Liabilities [Abstract] | |
Loans and Other Liabilities [Text Block] | NOTE 11 LOANS AND OTHER LIABILITIES Forgiveness of Paycheck Protection Program Promissory Note: 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 was 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 was to mature after 2 years on May 3, 2022, with monthly repayments of approximately $18 thousand commencing November 1, 2020 and interest accrued on the outstanding principal balance at an annual fixed rate of 1.00%. On June 10, 2021, the Company received forgiveness for the full amount borrowed of approximately $430 thousand. This is accounted as other income, net. Loan as of June 30, 2021: On June 11, 2020, the Company received an Economic Injury Disaster Loan (“EIDL”) 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. For the three months ended June 30, 2021, the interest expense for the EIDL was approximately $469. As of June 30, 2021, approximately $147 thousand of the loan is classified as Long-term loans and approximately $3 thousand as Short-term loans. Other Liability: (in thousands) As of June 30, 2021 ($) March 31, 2021 ($) Statutory reserve 15 15 Total 15 15 The statutory reserve is a gratuity reserve for employees in our subsidiaries in India. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jun. 30, 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 condensed consolidated financial statements as of June 30, 2021, except as disclosed below. As of June 30, 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. The Company filed a motion to dismiss on October 11, 2019, which the court denied on January 29, 2021. 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 June 30, 2021. For the current state of the consolidated Shareholder Class Action Litigation, please refer to Part II, Item 1 – Legal Proceedings. In the U.S., we provide health insurance, life insurance, and a 401(k) plan wherein the Company matches up to 6% of the employee’s pre-tax contribution up to a maximum annual amount determined by the IRS. In accordance with applicable Indian laws, the Company provides for gratuity, a defined benefit retirement plan (“Gratuity Plan”) covering certain categories of employees. The Gratuity Plan provides a lump sum payment to vested employees, at retirement or termination of employment, an amount based on the respective employee’s last drawn salary and the years of employment with the Company. In addition, employees receive benefits from a provident fund, a defined contribution plan. The employee and employer each make monthly contributions to the plan equal to 12% of the covered employee’s salary. The contribution is made to the Indian Government’s provident fund. |
SECURITIES
SECURITIES | 3 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 13 SECURITIES As of June 30, 2021, the Company was authorized to issue up to 150,000,000 shares of common stock, par value $0.0001 per share, and 48,284,017 shares of common stock were issued and outstanding. The Company is also authorized to issue up to 1,000,000 shares of preferred stock, par value $0.0001 per share, and no preferred shares were issued and outstanding as of June 30, 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 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 (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. During the three months ended June 30, 2021, the Company raised approximately $726 thousand of net proceeds from issuance of equity stock through the offering. The Company may use these funds for working capital and capital expenditures, 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 | 3 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement [Text Block] | NOTE 14 STOCK-BASED COMPENSATION As of June 30, 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, 1.7 million restricted share units fair valued at $805 thousand with a weighted average value of $0.47 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, that have been granted but are to be issued over a vesting period, between Fiscal 2023 and Fiscal 2026. 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 2022 Granted in Fiscal 2021 Expected life of options 5 years 5 years Vested options 100 % 100 % Risk free interest rate 1.61 % 0.68 % Expected volatility 281 % 249 % Expected dividend yield Nil Nil The expense associated with share-based payments to employees, directors, advisors, and contractors is allocated over the vesting or service period and recognized in the Selling, general and administrative expenses (including research and development). For the three months ended June 30, 2021, the Company’s share-based expense and option-based expense shown in Selling, general and administrative expenses (including research and development) was $120 thousand and $5 thousand, respectively. The expense associated with share-based payments to employees, directors, advisors, and contractors is allocated over the vesting or service period and recognized in the Selling, general and administrative expenses (including research and development). For the three months ended June 30, 2020, the Company’s share-based expense and option-based expense shown in selling, general and administrative expenses (including research and development) was $160 thousand and $6 thousand, respectively. Non-vested shares Shares (in thousands) (#) Weighted average grant date fair value ($) Non-vested shares as of March 31, 2021 173 0.85 Granted 82 1.25 Vested (82 ) (1.25 ) Cancelled/forfeited - - Non-vested shares as of June 30, 2021 173 0.85 Options Shares (in thousands) (#) Weighted average grant date fair value ($) Weighted average exercise price ($) Options outstanding as of March 31, 2021 210 0.46 0.36 Granted - - - Exercised - - - Cancelled/forfeited - - - Options outstanding as of June 30, 2021 210 0.46 0.36 There was a combined unrecognized expense of $117 thousand related to non-vested shares and share options that the Company expects to be recognized over weighted average life of 1.82 years. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE 15 FAIR VALUE OF FINANCIAL INSTRUMENTS As of June 30, 2021, the Company’s marketable securities, if any, may consist of liquid funds, which have been classified as Level 1 of the fair value hierarchy because they have been valued using quoted prices in active markets. The Company’s cash and cash equivalents have also been classified as Level 1 on the same principle. Financial instruments are classified as current if they are expected to be liquidated within the next twelve months. The Company’s remaining investments have been classified as Level 3 instruments as there is little or no market data. Level 3 investments are valued using cost-method. For further information refer Note 7, “Investments in Non-Marketable Securities.” The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of June 30, 2021 and March 31, 2021, and indicates the fair value hierarchy of the valuation techniques the Company used to determine such fair value: (in thousands) Level 1 ($) Level 2 ($) Level 3 ($) Total ($) June 30, 2021 Cash and cash equivalents: 13,319 - - 13,319 Total cash and cash equivalents 13,319 - - 13,319 Investments: -Marketable securities - - - - -Non-marketable securities - - 11 11 Total Investments - - 11 11 Level 1 ($) Level 2 ($) Level 3 ($) Total ($) March 31, 2021 Cash and cash equivalents: 14,548 - - 14,548 Total cash and cash equivalents 14,548 - - 14,548 Investments: -Marketable securities - - - - -Non-marketable securities - - 92 92 Total investments - - 92 92 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 16 SEGMENT INFORMATION FASB ASC 280, “ Segment Reporting The Company’s CODM is the Company’s chief executive officer (“CEO”). The CEO reviews financial information presented on an operating segment basis for purposes of making operating decisions and assessing financial performance. Therefore, and before our Life Sciences segment started, the Company had determined that it operated in a single operating and reportable segment. As of the date of this report and in preparation for the new and different source of revenue, the Company has determined that it operates in two operating and reportable segments: (a) Infrastructure Business and (b) Life Sciences segment. The Company does not include intercompany transfers between segments for Management reporting purposes. The following provides information required by ASC 280-10-50-38 “Entity-wide Information”: 1) The table below shows revenue reported by segment: Product & Service (in thousands) Segments Three months ended June 30, 2021 ($) Percentage of Total Revenue (%) Infrastructure segment 15 19 % Life Sciences segment 62 81 % Total 77 100 % (in thousands) Segments Three months ended June 30, 2020 ($) Percentage of Total Revenue (%) Infrastructure segment - - % Life Sciences segment 584 100 % Total 584 100 % For information for revenue by product and service, refer Note 2, “Summary of Significant Accounting Policies”. 2) The table below shows the revenue attributed to the country of domicile (U.S.) and foreign countries. Revenue is generally attributed to the geographic location of customers: (in thousands) Segments Country Three months ended June 30, 2021 ($) Percentage of Total Revenue (%) Asia (1) India 17 22 % (2) Hong Kong - - % America U.S. and Colombia 60 78 % Total 77 100 % (in thousands) Segments Country Three months ended June 30, 2020 ($) Percentage of Total Revenue (%) Asia (1) India - - % (2) Hong Kong - - % America U.S. and Colombia 584 100 % Total 584 100 % 3) The table below shows the non-current assets other than financial instruments held in the country of domicile and foreign countries. (in thousands) Nature of assets USA (Country of Domicile) ($) Foreign Countries (India, Hong Kong, and Colombia) ($) Total as of June 30, 2021 ($) Intangible assets, net 405 - 405 Property, plant and equipment, net 6,168 4,536 10,704 Non-marketable securities - 11 11 Claims and advances 200 396 596 Operating lease asset 466 72 538 Total non-current assets 7,239 5,015 12,254 (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 Non-marketable securities - 12 12 Claims and advances 200 403 603 Operating lease asset 488 - 488 Total non-current assets 7,323 5,027 12,350 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 17 SUBSEQUENT EVENTS ● Patent ● ATM ● Employment contract |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The interim statements include the consolidated accounts of the Company and its subsidiaries. Intercompany accounts and transactions have been eliminated. In the opinion of the Management, the interim statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Management believes that the estimates and assumptions used in the preparation of the consolidated financial statements are prudent and reasonable. Significant estimates and assumptions are generally used for, but not limited to, allowance for uncollectible accounts receivable; sales returns; normal loss during production; future obligations under employee benefit plans; the useful lives of property, plant equipment; intangible assets; valuations; impairment of goodwill and investments; recoverability of advances; the valuation of options granted and warrants issued; and income tax and deferred tax valuation allowances, if any. Actual results could differ from those estimates. Appropriate changes in estimates are made as Management becomes aware of changes in circumstances surrounding the estimates. Critical accounting estimates could change from period to period and could have a material impact on IGC’s results, operations, financial position, and cash flows. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the condensed consolidated financial statements. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Presentation and functional currencies IGC operates in India, U.S., Colombia and Hong Kong and a portion of the Company’s financials are denominated in the Indian Rupee (“INR”), the Hong Kong Dollar (“HKD”) or the Colombian Peso (“COP”). As a result, changes in the relative values of the U.S. Dollar (“USD”), the INR, the HKD or the COP affect our financial statements. The accompanying financial statements are reported in USD. The INR, HKD and COP are the functional currencies for certain subsidiaries of the Company. The translation of the functional currencies into U.S. dollars is performed for assets and liabilities using the exchange rates in effect at the balance sheet date and for revenues and expenses using average exchange rates prevailing during the reporting periods. Adjustments resulting from the translation of functional currency financial statements to reporting currency are accumulated and reported as other comprehensive income/(loss), a separate component of shareholders’ equity. Transactions in currencies other than the functional currency during the year are converted into the functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the consolidated statements of operations. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long lived assets The Company reviews its long-lived assets, with finite lives, for impairment whenever events or changes in business circumstances indicate that the carrying amount of assets may not be fully recoverable. Such circumstances include, though are not limited to, significant or sustained declines in revenues or earnings, future anticipated cash flows, business plans and material adverse changes in the economic climate, such as changes in operating environment, competitive information, and impact of changes in government policies. For assets that the Company intends to hold for use, if the total of the expected future undiscounted cash flows produced by the assets or subsidiary company is less than the carrying amount of the assets, a loss is recognized for the difference between the fair value and carrying value of the assets. For assets, the Company intends to dispose of by sale, a loss is recognized for the amount by which the estimated fair value less cost to sell is less than the carrying value of the assets. Fair value is determined based on quoted market prices, if available, or other valuation techniques including discounted future net cash flows. Unlike goodwill, long-lived assets are assessed for impairment only where there are any specific indicators for impairment. No impairment has been recorded for the three months ended June 30, 2021, and 2020. |
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 |
Share-based Payment Arrangement [Policy Text Block] | Stock based compensation The Company accounts for stock-based compensation to employees and non-employees in conformity with the provisions of ASC Topic 718, “ Stock-Based Compensation |
Accounts Receivable [Policy Text Block] | Accounts receivable We make estimates of the collectability of our accounts receivable by analyzing historical payment patterns, customer concentrations, customer creditworthiness, and current economic trends. If the financial condition of a customer deteriorates, additional allowances may be required. We had $162 thousand of accounts receivable, net of provision for doubtful debt of $63 thousand as of June 30, 2021, as compared to $175 thousand of accounts receivable, net of provision for doubtful debt of $63 thousand as of March 31, 2021. |
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. |
Fair Value Measurement, Policy [Policy Text Block] | Fair value of financial instruments ASC 820, “ Fair Value Measurement Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. |
Earnings Per Share, Policy [Policy Text Block] | Loss per share The computation of basic loss per share for the three months ended June 30, 2021, excludes potentially dilutive securities of approximately 1.9 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. |
Cyber-security Policy [Policy Text Block] | Cybersecurity We have a cybersecurity policy in place and have taken cybersecurity measures that we expect are likely to safeguard the Company against breaches. In the three months ended June 30, 2021, there were no impactful breaches in cybersecurity. |
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 having indefinite lives are not amortized, but instead 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. We perform an impairment analysis on March 1 annually on the indefinite-lived intangible assets following the steps laid out in ASC 350-30-35-18. Our annual impairment analysis includes a qualitative assessment to determine if it is necessary to perform the quantitative impairment test. In performing a qualitative assessment, we review events and circumstances that could affect the significant inputs used to determine if the fair value is less than the carrying value of the intangible assets. If a quantitative analysis is necessary, we would analyze various aspects including revenues from the business, associated with the intangible assets. In addition, intangible assets will be tested on an interim basis if an event or circumstance indicates that it is more likely than not that an impairment loss has been incurred. The Company has analyzed a variety of factors in light of the known impact to date of the COVID-19 pandemic on its business to determine if a circumstance could trigger an impairment loss, and, at this time and based on the information presently known, does not believe it is more likely than not that an impairment loss has been incurred. 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. |
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 performance 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 and Life Sciences segment. Revenue in the Infrastructure Business is recognized for the renting business when the equipment is rented, and terms of the agreement have been fulfilled during the period. The revenue from the purchase and resale of physical infrastructure commodities is recognized once the bill of lading along with the invoice have been transferred to the customer. 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 the three months ended June 30, 2021 and 2020 are as follows: (in thousands) Three months ended June 30, 2021 ($) 2020 ($) Infrastructure segment Rental income (1) - - Construction contracts (2) 15 - Purchase and resale of physical commodities (3) - - Life Sciences segment Wellness and Lifestyle (4) 62 584 Tolling/White labeling service (5) - - Total 77 584 (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, lotion, 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. |
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 most the Company’s new leases as compared to similar existing leases; however, certain categories of new leases could have different revenue recognition patterns as compared to similar existing leases. For leases that are accounted for as operating leases, income is recognized on a straight-line basis over the term of the lease contract. Generally, when a lease is more than 180 days delinquent (where more than three monthly payments are owed), the lease is classified as being on nonaccrual and the Company stops recognizing leasing income on that date. Payments received on leases in nonaccrual status generally reduce the lease receivable. Leases on nonaccrual status remain classified as such until there is sustained payment performance that, in the Company’s judgment, would indicate that all contractual amounts will be collected in full. Lessee Accounting The Company adopted ASU 2016-02 effective April 1, 2019 using the modified retrospective approach. The standard establishes a right-of-use model (“ROU”) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. In connection with the adoption, the Company will elect to utilize the modified retrospective presentation whereby the Company will continue to present prior period financial statements and disclosures under ASC Topic 840. In addition, the Company will elect the transition package of three practical expedients permitted within the standard, which eliminates the requirements to reassess prior conclusions about lease identification, lease classification and initial direct costs. Further, the Company will adopt a short-term lease exception policy, permitting us to not apply the recognition requirements of this standard to short-term leases (i.e., leases with terms of 12 months or less), and an accounting policy to account for lease and non-lease components as a single component for certain classes of assets. Under ASU 2016-02 (Topic 842), lessees are required to recognize the following for all leases (with the exception of short-term leases) on the commencement date: (i) lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. At the commencement date, the Company recognizes the lease liability at the present value of the lease payments not yet paid, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate for the same term as the underlying lease. The right-of-use asset is recognized initially at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All right-of-use assets are reviewed for impairment. There was no impairment for right-of-use lease assets as of June 30, 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 “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 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. |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The accompanying unaudited condensed consolidated financial statements (“interim statements”) of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) as determined by the Financial Accounting Standards Board (the “FASB”) within its Accounting Standards Codification (“ASC”) and under the rules and regulations of the Securities Exchange Commission (“SEC”). Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of Management, all adjustments, and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with the Company’s audited consolidated financial statements for the fiscal year ended March 31, 2021 (“Fiscal 2021”) contained in the Company’s Form 10-K for Fiscal 2021, filed with the SEC on June 14, 2021, specifically in Note 2 to the consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Net sales disaggregated by significant products and services for the three months ended June 30, 2021 and 2020 are as follows: (in thousands) Three months ended June 30, 2021 ($) 2020 ($) Infrastructure segment Rental income (1) - - Construction contracts (2) 15 - Purchase and resale of physical commodities (3) - - Life Sciences segment Wellness and Lifestyle (4) 62 584 Tolling/White labeling service (5) - - Total 77 584 (1) Rental income consists of income from rental of heavy construction equipment. (2) Construction income consists of the execution of contracts directly or through subcontractors. (3) Relates to the income from purchase and resale of physical commodities used in infrastructure, like steel, wooden doors, marble, and tiles. (4) Relates to revenue from wellness and lifestyle segment such as sale of hand sanitizer, bath bombs, lotion, gummies, beverages, hemp crude extract, hemp isolate, and hemp distillate and royalty income from the sale of Hyalolex™, now named Hyalolex™ Drops of Clarity™. (5) Relates to income from tolling and white label services. |
INVENTORY (Tables)
INVENTORY (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | (in thousands) As of June 30, 2021 ($) As of March 31, 2021 ($) Raw materials 2,329 2,294 Work-in-Progress 2,199 2,199 Finished goods 948 985 Total 5,476 5,478 |
DEPOSITS AND ADVANCES (Tables)
DEPOSITS AND ADVANCES (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Deposits and Advances [Abstract] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | (in thousands) As of June 30, 2021 ($) As of March 31, 2021 ($) Advances to suppliers and consultants 1,273 1,295 Advances for property, plant and equipment 12 4 Other receivables 1,741 1,741 Prepaid expense and other current assets 207 196 Total 3,233 3,236 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Amortized intangible assets (in thousands) As of June 30, 2021 ($) As of March 31, 2021 ($) Patents 220 220 Other intangibles 32 32 Accumulated amortization (31 ) (26 ) Total amortized intangible assets 221 226 Indefinite lived intangible assets Patents 184 181 Other intangibles - - Total unamortized intangible assets 184 181 Total intangible assets 405 407 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated amortization expense (in thousands) ($) For the year ended 2022 22 For the year ended 2023 24 For the year ended 2024 27 For the year ended 2025 29 For the year ended 2026 32 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 3 Months Ended |
Jun. 30, 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 June 30, 2021 ($) As of March 31, 2021 ($) Land N/A 4,530 4,606 Buildings & facilities 25 3,817 3,817 Plant and machinery 5-20 4,555 4,579 Computer equipment 3 224 216 Office equipment 3-5 130 111 Furniture and fixtures 5 132 130 Vehicles 5 164 165 Construction in progress N/A 108 50 Total gross value 13,660 13,674 Less: Accumulated depreciation (2,956 ) (2,834 ) Total property, plant and equipment, net 10,704 10,840 |
INVESTMENTS IN NON-MARKETABLE_2
INVESTMENTS IN NON-MARKETABLE SECURITIES (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Investment [Table Text Block] | (in thousands) As of June 30, 2021 ($) As of March 31, 2021 ($) Investment in Evolve I (i) - 80 Total - 80 (i) On May 12, 2020, the Company acquired an 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 exit the acquisition. As of June 30, 2021, the Company received back partial shares of IGC common stock, which had been given pursuant to the SSA, in exchange for the return of its shareholding in Evolve. Accordingly, the Company cancelled the partial shares received by it and impaired its remaining investment of approximately $37 thousand. (in thousands) As of June 30, 2021 ($) As of March 31, 2021 ($) Investment in equity shares of unlisted company 11 12 Total 11 12 |
CLAIMS AND ADVANCES (Tables)
CLAIMS AND ADVANCES (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Other Assets, Noncurrent [Table Text Block] | (in thousands) As of June 30, 2021 ($) As of March 31, 2021 ($) Claims receivable (1) 375 382 Non-current deposits 18 18 Non-current advances (2) 203 203 Total 596 603 (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, the Company believes it will be difficult to receive the amount in the next 12 months because of the time required for legal collection proceedings. The decrease in claims receivable was mainly due to foreign exchange translation as a result of a decrease in value of Indian Rupee. (2) Includes a loan of $200 thousand to one of our manufacturers for the purchase of equipment. |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Disclosure Text Block [Abstract] | |
Lease, Cost [Table Text Block] | India (in thousands) Three months ended June 30, 2021 ($) (in thousands) Three months ended June 30, 2020 ($) Operating lease costs 37 31 Short term lease costs 31 63 Variable lease costs - - Total lease costs 68 94 (in thousands) (in thousands) As of June 30, 2021 ($) As of March 31, 2021 ($) Assets Operating lease asset 538 488 Total lease assets 538 488 Liabilities Current liabilities: Accrued liabilities and others (current portion – operating lease liability) 114 90 Noncurrent liabilities: Operating lease liability (non-current portion – operating lease liability) 433 405 Total lease liability 547 495 (in thousands) As of June 30, 2021 ($) Supplemental cash flow and non-cash information related to leases is as follows: Cash paid for amounts included in the measurement of lease liabilities – Operating cash flows from operating leases 27 Right-of-use assets obtained in exchange for operating lease obligations 538 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | As of June 30, 2021, the following table summarizes the maturity of our lease liabilities: Jun-22 145 Jun-23 150 Jun-24 150 Jun-25 132 Jun-26 54 Less: Present value discount (84 ) Total lease liabilities 547 |
ACCRUED AND OTHER LIABILITIES (
ACCRUED AND OTHER LIABILITIES (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Accrued Liabilities Disclosure [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | (in thousands) As of June 30, 2021 ($) As of March 31, 2021 ($) Compensation and other contributions 816 849 Provision for expenses 255 309 Other current liability 471 430 Total 1,542 1,588 |
LOANS AND OTHER LIABILITIES (Ta
LOANS AND OTHER LIABILITIES (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Loans and Other Liabilities [Abstract] | |
Schedule of Other Assets and Other Liabilities [Table Text Block] | Other Liability: (in thousands) As of June 30, 2021 ($) March 31, 2021 ($) Statutory reserve 15 15 Total 15 15 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended |
Jun. 30, 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 2022 Granted in Fiscal 2021 Expected life of options 5 years 5 years Vested options 100 % 100 % Risk free interest rate 1.61 % 0.68 % Expected volatility 281 % 249 % Expected dividend yield Nil Nil |
Nonvested Restricted Stock Shares Activity [Table Text Block] | The expense associated with share-based payments to employees, directors, advisors, and contractors is allocated over the vesting or service period and recognized in the Selling, general and administrative expenses (including research and development). For the three months ended June 30, 2020, the Company’s share-based expense and option-based expense shown in selling, general and administrative expenses (including research and development) was $160 thousand and $6 thousand, respectively. Non-vested shares Shares (in thousands) (#) Weighted average grant date fair value ($) Non-vested shares as of March 31, 2021 173 0.85 Granted 82 1.25 Vested (82 ) (1.25 ) Cancelled/forfeited - - Non-vested shares as of June 30, 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, 2021 210 0.46 0.36 Granted - - - Exercised - - - Cancelled/forfeited - - - Options outstanding as of June 30, 2021 210 0.46 0.36 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Jun. 30, 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 June 30, 2021 and March 31, 2021, and indicates the fair value hierarchy of the valuation techniques the Company used to determine such fair value: Level 1 ($) Level 2 ($) Level 3 ($) Total ($) June 30, 2021 Cash and cash equivalents: 13,319 - - 13,319 Total cash and cash equivalents 13,319 - - 13,319 Investments: -Marketable securities - - - - -Non-marketable securities - - 11 11 Total Investments - - 11 11 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 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Jun. 30, 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 Three months ended June 30, 2021 ($) Percentage of Total Revenue (%) Infrastructure segment 15 19 % Life Sciences segment 62 81 % Total 77 100 % (in thousands) Segments Three months ended June 30, 2020 ($) Percentage of Total Revenue (%) Infrastructure segment - - % Life Sciences segment 584 100 % Total 584 100 % |
Revenue from External Customers by Geographic Areas [Table Text Block] | The table below shows the revenue attributed to the country of domicile (U.S.) and foreign countries. Revenue is generally attributed to the geographic location of customers: (in thousands) Segments Country Three months ended June 30, 2021 ($) Percentage of Total Revenue (%) Asia (1) India 17 22 % (2) Hong Kong - - % America U.S. and Colombia 60 78 % Total 77 100 % (in thousands) Segments Country Three months ended June 30, 2020 ($) Percentage of Total Revenue (%) Asia (1) India - - % (2) Hong Kong - - % America U.S. and Colombia 584 100 % Total 584 100 % |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | The table below shows the non-current assets other than financial instruments held in the country of domicile and foreign countries. (in thousands) Nature of assets USA (Country of Domicile) ($) Foreign Countries (India, Hong Kong, and Colombia) ($) Total as of June 30, 2021 ($) Intangible assets, net 405 - 405 Property, plant and equipment, net 6,168 4,536 10,704 Non-marketable securities - 11 11 Claims and advances 200 396 596 Operating lease asset 466 72 538 Total non-current assets 7,239 5,015 12,254 (in thousands) Nature of assets USA (Country of Domicile) ($) 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 Non-marketable securities - 12 12 Claims and advances 200 403 603 Operating lease asset 488 - 488 Total non-current assets 7,323 5,027 12,350 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | |
Accounting Policies [Abstract] | |||
Accounts Receivable, after Allowance for Credit Loss | $ 162 | $ 175 | |
Accounts Receivable, Allowance for Credit Loss | $ 63 | $ 63 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 1,900,000 | ||
Weighted Average Number of Shares Outstanding, Basic (in Shares) | 47,910,866 | 40,189,222 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Disaggregation of Revenue - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | ||
Infrastructure segment | |||
Revenue | $ 77 | $ 584 | |
Rental Income [Member] | |||
Infrastructure segment | |||
Revenue | [1] | 0 | 0 |
Construction [Member] | |||
Infrastructure segment | |||
Revenue | [2] | 15 | 0 |
Purchase and Resale of Physical Commodities [Member] | |||
Infrastructure segment | |||
Revenue | [3] | 0 | 0 |
Wellness and Lifestyle [Member] | |||
Infrastructure segment | |||
Revenue | [4] | 62 | 584 |
Tolling/White labeling service [Member] | |||
Infrastructure segment | |||
Revenue | [5] | $ 0 | $ 0 |
[1] | Rental income consists of income from rental of heavy construction equipment. | ||
[2] | Construction income consists of the execution of contracts directly or through subcontractors. | ||
[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, lotion, 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. |
INVENTORY (Details)
INVENTORY (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | ||
Inventory Write-down | $ 60 | |
Other Inventory, Net of Reserves | $ 1,741 | $ 1,741 |
INVENTORY (Details) - Schedule
INVENTORY (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 |
Schedule of Inventory, Current [Abstract] | ||
Raw materials | $ 2,329 | $ 2,294 |
Work-in-Progress | 2,199 | 2,199 |
Finished goods | 948 | 985 |
Total | $ 5,476 | $ 5,478 |
DEPOSITS AND ADVANCES (Details)
DEPOSITS AND ADVANCES (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Deposits and Advances [Abstract] | |
Statutory Advances | $ 36 |
DEPOSITS AND ADVANCES (Detail_2
DEPOSITS AND ADVANCES (Details) - Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Advances to suppliers and consultants | $ 1,273 | $ 1,295 |
Advances for property, plant and equipment | 12 | 4 |
Other receivables | 1,741 | 1,741 |
Prepaid expense and other current assets | 207 | 196 |
Total | $ 3,233 | $ 3,236 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | |
INTANGIBLE ASSETS (Details) [Line Items] | ||
Number of Patents | 12 | |
Amortization of Intangible Assets | $ 5 | $ 3 |
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 | Jun. 30, 2021 | Mar. 31, 2021 |
INTANGIBLE ASSETS (Details) - Schedule of Intangible Assets And Goodwill [Line Items] | ||
Accumulated amortization | $ (31) | $ (26) |
Total amortized intangible assets | 221 | 226 |
Indefinite lived intangible assets | ||
Unamortized intangible assets | 184 | 181 |
Total intangible assets | 405 | 407 |
Patents [Member] | ||
INTANGIBLE ASSETS (Details) - Schedule of Intangible Assets And Goodwill [Line Items] | ||
Intangibles | 220 | 220 |
Other Intangible Assets [Member] | ||
INTANGIBLE ASSETS (Details) - Schedule of Intangible Assets And Goodwill [Line Items] | ||
Intangibles | 32 | 32 |
Patents [Member] | ||
Indefinite lived intangible assets | ||
Unamortized intangible assets | 184 | 181 |
Trademarks [Member] | ||
Indefinite lived intangible assets | ||
Unamortized intangible assets | $ 0 | $ 0 |
INTANGIBLE ASSETS (Details) -_2
INTANGIBLE ASSETS (Details) - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense $ in Thousands | Jun. 30, 2021USD ($) |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |
For the year ended 2022 | $ 22 |
For the year ended 2023 | 24 |
For the year ended 2024 | 27 |
For the year ended 2025 | 29 |
For the year ended 2026 | $ 32 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 152 | $ 74 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT (Details) - Property, Plant and Equipment - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 13,660 | $ 13,674 |
Less: Accumulated depreciation | (2,956) | (2,834) |
Net Assets | $ 10,704 | 10,840 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | N/A | |
Property, plant and equipment, gross | $ 4,530 | 4,606 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 3,817 | 3,817 |
Property, plant and equipment, useful life | 25 years | |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 4,555 | 4,579 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 224 | 216 |
Property, plant and equipment, useful life | 3 years | |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 130 | 111 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 132 | 130 |
Property, plant and equipment, useful life | 5 years | |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 164 | 165 |
Property, plant and equipment, useful life | 5 years | |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | N/A | |
Property, plant and equipment, gross | $ 108 | $ 50 |
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 | 3 Months Ended | |
Jun. 30, 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 | $ 37 |
INVESTMENTS IN NON-MARKETABLE_4
INVESTMENTS IN NON-MARKETABLE SECURITIES (Details) - Schedule of Investments - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | |
INVESTMENTS IN NON-MARKETABLE SECURITIES (Details) - Schedule of Investments [Line Items] | |||
Investment | $ 0 | $ 80 | |
Investment | 11 | 12 | |
Evolve I, Inc. [Member] | |||
INVESTMENTS IN NON-MARKETABLE SECURITIES (Details) - Schedule of Investments [Line Items] | |||
Investment | [1] | 0 | 80 |
Investment in Equity Shares of Unlisted Company Associates [Member] | |||
INVESTMENTS IN NON-MARKETABLE SECURITIES (Details) - Schedule of Investments [Line Items] | |||
Investment | $ 11 | $ 12 | |
[1] | On May 12, 2020, the Company acquired an 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 exit the acquisition. As of June 30, 2021, the Company received back partial shares of IGC common stock, which had been given pursuant to the SSA, in exchange for the return of its shareholding in Evolve. Accordingly, the Company cancelled the partial shares received by it and impaired its remaining investment of approximately $37 thousand. |
CLAIMS AND ADVANCES (Details)
CLAIMS AND ADVANCES (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Disclosure Text Block Supplement [Abstract] | |
Payments to Acquire Notes Receivable | $ 200 |
CLAIMS AND ADVANCES (Details) -
CLAIMS AND ADVANCES (Details) - Schedule of Other Assets, Noncurrent - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | |
Schedule of Other Assets, Noncurrent [Abstract] | |||
Claims receivable | [1] | $ 375 | $ 382 |
Non-current deposits | 18 | 18 | |
Other advances | [2] | 203 | 203 |
Total | $ 596 | $ 603 | |
[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, the Company believes it will be difficult to receive the amount in the next 12 months because of the time required for legal collection proceedings. The decrease in claims receivable was mainly due to foreign exchange translation as a result of a decrease in value of Indian Rupee | ||
[2] | Includes a loan of $200 thousand to one of our manufacturers for the purchase of equipment. |
LEASES (Details)
LEASES (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
LEASES (Details) [Line Items] | |||
Short-term Lease, Cost | $ 31 | $ 63 | |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 5 months 1 day | ||
Lessee, Operating Lease, Discount Rate | 7.00% | 7.00% | |
Minimum [Member] | |||
LEASES (Details) [Line Items] | |||
Operating Lease, Expense | $ 120 | $ 26 | |
Lessee, Operating Lease, Remaining Lease Term | 2 years 8 months 12 days | ||
Maximum [Member] | |||
LEASES (Details) [Line Items] | |||
Lessee, Operating Lease, Remaining Lease Term | 3 years 6 months |
LEASES (Details) - Lease, Cost
LEASES (Details) - Lease, Cost - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | |
Lease, Cost [Abstract] | |||
Operating lease costs | $ 37 | $ 31 | |
Short term lease costs | 31 | 63 | |
Variable lease costs | 0 | 0 | |
Total lease costs | 68 | $ 94 | |
Assets | |||
Operating lease asset | 538 | $ 488 | |
Total lease assets | 538 | 488 | |
Liabilities | |||
Accrued liabilities and others (current portion – operating lease liability) | 114 | 90 | |
Operating lease liability (non-current portion – operating lease liability) | 433 | 405 | |
Total lease liability | 547 | $ 495 | |
– Operating cash flows from operating leases | 27 | ||
Right-of-use assets obtained in exchange for operating lease obligations | $ 538 |
LEASES (Details) - Lessee, Oper
LEASES (Details) - Lessee, Operating Lease, Liability, Maturity $ in Thousands | Jun. 30, 2021USD ($) |
Lessee, Operating Lease, Liability, Maturity [Abstract] | |
Jun-22 | $ 145 |
Jun-23 | 150 |
Jun-24 | 150 |
Jun-25 | 132 |
Jun-26 | 54 |
Less: Present value discount | (84) |
Total Lease liabilities | $ 547 |
ACCRUED AND OTHER LIABILITIES_2
ACCRUED AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 |
Accrued Liabilities Disclosure [Abstract] | ||
Operating Lease, Liability, Current | $ 114 | $ 90 |
Accounts Payable, Other, Current | $ 35 | $ 24 |
ACCRUED AND OTHER LIABILITIES
ACCRUED AND OTHER LIABILITIES (Details) - Schedule of Accounts Payable and Accrued Liabilities - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 |
Schedule of Accounts Payable and Accrued Liabilities [Abstract] | ||
Compensation and other contributions | $ 816 | $ 849 |
Provision for expenses | 255 | 309 |
Other current liability | 471 | 430 |
Total | $ 1,542 | $ 1,588 |
LOANS AND OTHER LIABILITIES (De
LOANS AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands | Jun. 11, 2020 | Jun. 30, 2021 | May 03, 2020 |
Loans and Other Liabilities [Abstract] | |||
Debt Instrument, Face Amount | $ 150 | $ 430 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | ||
Debt Instrument, Periodic Payment | $ 731 | ||
Debt Instrument, Term | 30 years | ||
Interest Expense, Debt | $ 469 | ||
Loans Payable, Current | 147 | ||
Loans Payable, Noncurrent | $ 3 |
LOANS AND OTHER LIABILITIES (_2
LOANS AND OTHER LIABILITIES (Details) - Schedule of Loans and Other Liabilities - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 |
Schedule of Loans and Other Liabilities [Abstract] | ||
Statutory reserve | $ 15 | $ 15 |
Total | $ 15 | $ 15 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | 3 Months Ended |
Jun. 30, 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 ($) | 3 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Jan. 13, 2021 | |
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 | 48,284,017 | 47,827,273 | ||
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 | ||
Units Outstanding | 91,472 | |||
Unit, description | Ten units may be separated into one share of common stock. | |||
Sales Agreement, Offering, Maximum (in Dollars) | $ 75,000,000 | |||
Proceeds from Issuance or Sale of Equity (in Dollars) | $ 726,000 | $ 0 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
STOCK-BASED COMPENSATION (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 210,000 | 210,000 | ||
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares (in Shares) | 1,700,000 | |||
Share-based Payment Arrangement, Noncash Expense | $ 805 | |||
Weighted Average Price per Share (in Dollars per share) | $ 0.47 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $ 0.36 | $ 0.36 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 117 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year 9 months 25 days | |||
General and Administrative Expense [Member] | ||||
STOCK-BASED COMPENSATION (Details) [Line Items] | ||||
Share-based Payment Arrangement, Noncash Expense | $ 120 | $ 160 | ||
General and Administrative Expense [Member] | Share-based Payment Arrangement, Option [Member] | ||||
STOCK-BASED COMPENSATION (Details) [Line Items] | ||||
Share-based Payment Arrangement, Noncash Expense | $ 5 | $ 6 | ||
ESOP 2008 Omnibus Plan [Member] | ||||
STOCK-BASED COMPENSATION (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 8,337,627 | |||
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 | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 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 | 1.61% | 0.68% |
Expected volatility | 281.00% | 249.00% |
Expected dividend yield |
STOCK-BASED COMPENSATION (De_2
STOCK-BASED COMPENSATION (Details) - Nonvested Restricted Stock Shares Activity shares in Thousands | 3 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Nonvested Restricted Stock Shares Activity [Abstract] | |
Balance, non-vested shares | shares | 173 |
Balance, Weighted average grant date fair value | $ / shares | $ 0.85 |
Granted, shares | shares | 82 |
Granted, Weighted average grant date fair value | $ / shares | $ 1.25 |
Vested, shares | shares | (82) |
Vested, Weighted average grant date fair value | $ / shares | $ (1.25) |
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 | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
Share-based Payment Arrangement, Option, Activity [Abstract] | ||
Options outstanding, shares (in Shares) | 210 | |
Options outstanding, Weighted average grant date fair value | $ 0.46 | $ 0.46 |
Options outstanding, Weighted average exercise price | $ 0.36 | $ 0.36 |
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 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 |
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Cash and cash equivalents: | $ 13,319 | $ 14,548 | ||
Total cash and cash equivalents | 13,319 | 14,548 | $ 2,703 | $ 7,258 |
-Marketable securities | 0 | 0 | ||
-Non-marketable securities | 11 | 92 | ||
Total Investment | 11 | 92 | ||
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: | 13,319 | 14,548 | ||
Total cash and cash equivalents | 13,319 | 14,548 | ||
-Marketable securities | 0 | 0 | ||
-Non-marketable securities | 0 | 0 | ||
Total Investment | 0 | 0 | ||
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 | 11 | 92 | ||
Total Investment | $ 11 | $ 92 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) | 3 Months Ended |
Jun. 30, 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 | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue from External Customer [Line Items] | ||
Revenue | $ 77 | $ 584 |
Percentage of Total Revenue | 100.00% | 100.00% |
Legacy Infrastructure [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue | $ 15 | $ 0 |
Percentage of Total Revenue | 19.00% | 0.00% |
Plant and Cannabinoid [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue | $ 62 | $ 584 |
Percentage of Total Revenue | 81.00% | 100.00% |
SEGMENT INFORMATION (Details)_2
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | ||
Revenue | $ 77 | $ 584 |
Percentage of Total Revenue | 100.00% | 100.00% |
North America [Member] | ||
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | ||
Revenue | $ 60 | $ 584 |
Percentage of Total Revenue | 78.00% | 100.00% |
Asia [Member] | INDIA | ||
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | ||
Revenue | $ 17 | $ 0 |
Percentage of Total Revenue | 22.00% | 0.00% |
Asia [Member] | HONG KONG | ||
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | ||
Revenue | $ 0 | $ 0 |
Percentage of Total Revenue | 0.00% | 0.00% |
SEGMENT INFORMATION (Details)_3
SEGMENT INFORMATION (Details) - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Intangible assets, net | $ 405 | $ 407 |
Property, plant and equipment, net | 10,704 | 10,840 |
Investments in unlisted securities | 11 | 12 |
Claims and advances | 596 | 603 |
Operating lease asset | 538 | 488 |
Total long-term assets | 12,254 | 12,350 |
Geographic Distribution, Domestic [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Intangible assets, net | 405 | 407 |
Property, plant and equipment, net | 6,168 | 6,228 |
Investments in unlisted securities | 0 | 0 |
Claims and advances | 200 | 200 |
Operating lease asset | 466 | 488 |
Total long-term assets | 7,239 | 7,323 |
Geographic Distribution, Foreign [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Intangible assets, net | 0 | 0 |
Property, plant and equipment, net | 4,536 | 4,612 |
Investments in unlisted securities | 11 | 12 |
Claims and advances | 396 | 403 |
Operating lease asset | 72 | 0 |
Total long-term assets | $ 5,015 | $ 5,027 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] - USD ($) | 1 Months Ended | |
Jul. 31, 2021 | Jul. 23, 2021 | |
SUBSEQUENT EVENTS (Details) [Line Items] | ||
Proceeds from Issuance or Sale of Equity | $ 3,400,000 | |
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 300,000 |