Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2022 | Aug. 01, 2022 | |
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 | 52,534,353 | |
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, 2022 | |
Document Fiscal Year Focus | 2023 | |
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 $0.0001 per share | |
Security Exchange Name | NYSEAMER | |
Entity Interactive Data Current | Yes |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 8,053 | $ 10,460 |
Accounts receivable, net | 147 | 125 |
Inventory | 3,622 | 3,548 |
Deposits and advances | 905 | 978 |
Total current assets | 12,727 | 15,111 |
Intangible assets, net | 937 | 917 |
Property, plant, and equipment, net | 9,161 | 9,419 |
Claims and advances | 922 | 937 |
Operating lease asset | 419 | 450 |
Total long-term assets | 11,439 | 11,723 |
Total assets | 24,166 | 26,834 |
Current liabilities: | ||
Accounts payable | 456 | 981 |
Accrued liabilities and others | 1,200 | 1,457 |
Short-term loans | 3 | 3 |
Total current liabilities | 1,659 | 2,441 |
Long-term loans | 143 | 144 |
Other liabilities | 16 | 16 |
Operating lease liability | 308 | 341 |
Total non-current liabilities | 467 | 501 |
Total liabilities | 2,126 | 2,942 |
Commitments and Contingencies – See Note 12 | ||
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value: authorized 1,000,000 shares, no shares issued or outstanding as of June 30, 2022, and March 31, 2022. | 0 | 0 |
Common stock and additional paid-in capital, $0.0001 par value: 150,000,000 shares authorized; 51,840,603 and 51,054,017 shares issued and outstanding as of June 30, 2022 and March 31, 2022, respectively. | 117,171 | 116,019 |
Accumulated other comprehensive loss | (3,187) | (2,968) |
Accumulated deficit | (91,944) | (89,159) |
Total stockholders’ equity | 22,040 | 23,892 |
Total liabilities and stockholders’ equity | $ 24,166 | $ 26,834 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Jun. 30, 2022 | Mar. 31, 2022 |
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 | 51,840,603 | 51,054,017 |
Common stock, shares outstanding | 51,840,603 | 51,054,017 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||
Revenue | $ 212 | $ 77 |
Cost of revenue | (70) | (51) |
Gross profit | 142 | 26 |
Selling, general and administrative expenses | (1,550) | (1,776) |
Research and development expenses | (1,394) | (444) |
Operating loss | (2,802) | (2,194) |
Impairment of investment | 0 | (37) |
Other income, net | 17 | 443 |
Loss before income taxes | (2,785) | (1,788) |
Income tax expense/benefit | 0 | 0 |
Net loss attributable to common stockholders | (2,785) | (1,788) |
Foreign currency translation adjustments | (219) | (86) |
Comprehensive loss | $ (3,004) | $ (1,874) |
Loss per share attributable to common stockholders: | ||
Basic and diluted (in Dollars per share) | $ (50) | $ (40) |
Weighted-average number of shares used in computing loss per share amounts: (in Shares) | 51,616,598 | 47,910,866 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED 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, 2021 | $ 109,720 | $ (74,143) | $ (2,774) | $ 32,803 | |
Balances (in Shares) at Mar. 31, 2021 | 47,827,000 | ||||
Share based compensation & options to advisors and employees | 125 | 125 | |||
Issuance of common stock through offering (net of expenses) | 726 | 726 | |||
Issuance of common 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) | |||
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 | ||||
Balances at Mar. 31, 2022 | 116,019 | (89,159) | (2,968) | $ 23,892 | |
Balances (in Shares) at Mar. 31, 2022 | 51,054,000 | 51,054,017 | |||
Share based compensation & options to advisors and employees | 1,152 | $ 1,152 | |||
Share based compensation & options to advisors and employees (in Shares) | 787,000 | ||||
Net loss | (2,785) | (2,785) | |||
Loss on foreign currency translation | (219) | (219) | |||
Balances at Jun. 30, 2022 | $ 117,171 | $ (91,944) | $ (3,187) | $ 22,040 | |
Balances (in Shares) at Jun. 30, 2022 | 51,841,000 | 51,840,603 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Cash Flows [Abstract] | ||
Net loss | $ (2,785) | $ (1,788) |
Adjustment to reconcile net loss to net cash: | ||
Depreciation and amortization | 162 | 157 |
Impairment of non-marketable securities | 0 | 37 |
Common stock-based compensation and expenses, net | 1,152 | 125 |
Loss on sale of Fixed Asset | 68 | 0 |
Forgiveness of PPP Loan | 0 | (430) |
Changes in: | ||
Accounts receivables, net | (23) | 13 |
Inventory | (74) | 2 |
Deposits and advances | 73 | 4 |
Claims and advances | 15 | 7 |
Accounts payable | (524) | 90 |
Accrued and other liabilities | (258) | (46) |
Operating lease asset | 31 | (50) |
Operating lease liability | (33) | 28 |
Net cash used in operating activities | (2,196) | (1,851) |
Cash flow from investing activities: | ||
Purchase of property, plant, and equipment | (127) | (93) |
Acquisition and filing cost of patents and rights | (31) | (2) |
Net cash used in investing activities | (158) | (95) |
Cash flows from financing activities: | ||
Issuance of equity stock through offering (net of expenses) | 0 | 726 |
Proceeds from/repayment of long-term loan | (1) | 0 |
Net cash (used in)/provided by financing activities | (1) | 726 |
Effects of exchange rate changes on cash and cash equivalents | (52) | (9) |
Net decrease in cash and cash equivalents | (2,407) | (1,229) |
Cash and cash equivalents at the beginning of the period | 10,460 | 14,548 |
Cash and cash equivalents at the end of the period | 8,053 | 13,319 |
Supplementary information: | ||
Cash paid for interest | 0 | 0 |
Non-cash items: | ||
Common stock issued/granted for stock-based compensation, including patent acquisition | 1,152 | 125 |
Forgiveness of PPP Loan | 0 | (430) |
Amortization of operating lease | $ 28 | $ 27 |
BUSINESS DESCRIPTION
BUSINESS DESCRIPTION | 3 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Nature of Operations [Text Block] | NOTE 1 BUSINESS DESCRIPTION Overview IGC has two business segments: Infrastructure and Life Sciences. Infrastructure Segment The Infrastructure segment involves the execution of construction contracts and the rental of heavy construction equipment. Since our inception, the Company has operated its Infrastructure segment from India. Life Sciences Segment The Life Sciences segment involves our over the counter products (“OTC”) and our biopharmaceutical products. Over the Counter Products ● Holief™ is an all-natural, non-GMO, vegan, line of OTC products aimed at treating menstrual cramps (dysmenorrhea) and premenstrual symptoms (“PMS”). ● Sunday Seltzer™ is an all-natural, organic, carbonated energy drink with natural caffeine from green tea extract, CBD, vitamins B, vitamin C, no added sugars, and no preservatives. The energy drink is available in two flavors, pomegranate-lemon, and peach-ginger. In addition, Sunday Seltzer™ is also available in four flavors with CBD, vitamins B, vitamin C, and no caffeine. Both Holief™ and Sunday Seltzer™ are compliant with relevant federal, state, and local laws, and regulations. Biopharmaceutical Since 2014, this part of our business has focused primarily on the potential uses of phytocannabinoids, including Tetrahydrocannabinol (“THC”) and Cannabidiol (“CBD”), in combination with other compounds to treat multiple diseases, including Alzheimer’s. As a company engaged in the clinical-stage biopharmaceutical industry, we focus our research and development efforts, subject to results of future clinical trials, on seeking pharmaceutical solutions that may a) alleviate neuropsychiatric symptoms such as agitation, anxiety, and depression associated with dementia in Alzheimer’s disease; and b) halt the onset, progression, or cure Alzheimer’s disease. We currently have one investigational new drug candidate, “IGC-AD1,” in a Phase 2 clinical trial for agitation in dementia from Alzheimer’s. IGC-AD1 is a cannabis-based compound, which is made up of ultra-low doses of THC along with another compound as active ingredients. The second molecule, TGR-63, is an enzyme inhibitor that has been shown, in pre-clinical trials, to reduce neurotoxicity in Alzheimer’s cell lines. Neurotoxicity causes cell dysfunction and death in Alzheimer’s disease. If shown to be efficacious in halting this process, this inhibitor has the potential to treat Alzheimer’s disease by ameliorating Aβ plaques. The Company completed all dose escalation studies, and as announced by the Company on December 2, 2021, the results of the clinical trial have been submitted in the Clinical/Statistical Report (“CSR”) filed with U.S. Food and Drug Administration (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 55 million people around the world expected to be impacted by Alzheimer’s disease by 2030 (WHO, 2021). Phase 2 Clinical Trial Update The Company has initiated a protocol titled “A Phase 2, Multi-Center, Double-Blind, Randomized, Placebo-controlled, trial of the safety and efficacy of IGC-AD1 on agitation in participants with dementia due to Alzheimer’s disease.” The protocol is powered at 146 Alzheimer’s patients with half receiving placebo and is a superiority, parallel group study. While subject to changes, we expect to conduct the trial at three sites, one in Canada and two in the U.S. The primary end point is agitation in dementia due to Alzheimer’s disease as rated by the Cohen-Mansfield Agitation Inventory (CMAI) over a six-week period. The Phase 2 trial will also look at eleven exploratory objectives, including, changes in anxiety, changes in cognitive processes such as attention, orientation, language, and visual spatial skills as well as memory, changes in depression, delusions, hallucinations, euphoria/elation, apathy, disinhibition, irritability, aberrant motor behavior, sleep disorder, appetite, quality of life, and caregiver burden. In addition, we will assess the impact of an important gene (CYP2C9) that encodes an enzyme that is involved in metabolizing the active ingredients of IGC-AD1 and many other drugs. Each participant will receive two doses of IGC-AD1 (b.i.d.) or two doses of placebo per day for six-weeks. To the best of our knowledge, this is the first human clinical trial using ultra low doses of THC, in combination with another molecule, to treat symptoms of dementia in Alzheimer’s patients. THC is a naturally occurring cannabinoid produced by the cannabis plant. It is known for being a psychoactive substance that can impact mental processes in a positive or negative way depending on the dosage. THC is biphasic, meaning that low and high doses of the substance may affect mental and physiological processes in substantially different ways. For example, in some patients, low doses may relieve a symptom, whereas high doses may amplify a symptom. Ultimately, the goal of IGC’s research is to discover and analyze whether, and at what level of dosing, IGC-AD1 provides relief of a given symptom. IGC’s trial is based on micro dosing on patients suffering from Alzheimer’s disease. With further trials, subject to FDA approvals, the Company intends to pursue the efficacy of IGC-AD1 for indications of Agitation in patients with dementia from Alzheimer’s. Other Developments Our pipeline of investigational and development cannabinoid formulations also includes pain creams and tinctures for pain relief. We believe that the biopharmaceutical component of our Life Sciences strategy will at least take several more years to mature and involves considerable risk; however, we also believe it may involve greater defensible growth potential and first-to-market advantage. Although there can be no assurance, we believe this strategy has the potential to improve existing products and lead to the creation of new products, which, based on scientific study and research, may offer positive results for the management of certain conditions, symptoms, and side effects. While the bulk of our medium and longer-term focus is on clinical trials and getting IGC-AD1 to be an FDA approved drug, our shorter-term strategy, is to use our resources to provide white label services and market Holief™ and Sunday Seltzer™. We believe this may provide us with several profit opportunities, although there can be no assurance of such profit opportunities. The Company has filed fifteen (15) 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, 2022, we have four patents. In addition, we license two patent filings, from the: ● University of South Florida titled “Ultra-Low dose THC as a potential therapeutic and prophylactic agent for Alzheimer’s Disease.” The U.S. Patent and Trademark Office (“USPTO”) issued a 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; ● Jawaharlal Nehru Centre for Advanced Scientific Research (“JNCASR”) for exclusive global rights corresponding to the molecules, technology, patent, and patent filings that were the subject of JNCASR’s research into naphthalene monoimide (NMI) compounds and the role of NMI compounds have on neurotoxicity associated with Alzheimer’s Disease.” The U.S. Patent and Trademark Office (“USPTO”) issued a patent (#9230708 B2) for this filing on January 5, 2016. The Company is developing three brands, including Holief™, among others. Holief™ is a non-GMO, vegan, natural, women’s line of OTC products aimed at addressing dysmenorrhea and 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. Business Organization As of June 30, 2022, the Company had the following operating subsidiaries: Techni Bharathi Private Limited (TBL), IGCare LLC, Holi Hemp, LLC, IGC Pharma LLC, SAN Holdings LLC, Sunday Seltzer, LLC, Hamsa Biopharma India Pvt. Ltd., and Colombia-based beneficially-owned subsidiary Hamsa Biopharma Colombia SAS (formerly Hamsa Biochem SAS) (Hamsa). The Company’s fiscal year is the 52- or 53-week period that ends on March 31. The Company is a Maryland corporation established in 2005. The Company’s public filings with the SEC are available on www.sec.gov. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying condensed consolidated Balance Sheet as of June 30, 2022, and March 31, 2022, condensed consolidated statements of operations for the three months ended June 30, 2022, and 2021, and condensed consolidated statements of changes in stockholders’ deficit for the three months ended June 30, 2022, and 2021, and condensed consolidated statements of cash flows for the three months ended June 30, 2022, and 2021, are unaudited. The consolidated balance sheet as of March 31, 2022, has been derived from audited financial statements, and 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 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, 2022 (“Fiscal 2022”) contained in the Company’s Form 10-K for Fiscal 2022, filed with the SEC on June 23, 2022, 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 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 (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 the 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, 2022, and 2021. 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 relation 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.” Under the equity method, the Company’s share of the post-acquisition profits or losses of the equity investee is recognized in the consolidated statements of operations and its share of post-acquisition movements in accumulated other comprehensive income / (loss) is recognized in other comprehensive income / (loss). Where the Company does not have significant influence, the Company has accounted for the investment in accordance with ASC Topic 321, “Investments-Equity Securities.” As of June 30, 2022, the Company does not have any investment in marketable 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.” The Company expenses stock-based compensation to employees over the requisite vesting period based on the estimated grant-date fair value of the awards. The Company accounts for forfeitures as they occur. Stock-based awards are recognized on a straight-line basis over the requisite vesting period. For stock-based employee compensation cost recognized at any date will be at least equal to the amount attributable to the share-based compensation that is vested at that date. For performance-based awards, stock-based compensation expense is recognized over the expected performance achievement period of individual performance milestones when the achievement of each individual performance milestone becomes probable by best of management estimate. For performance-based awards with a vesting schedule based entirely on the attainment of performance conditions, stock-based compensation expense associated with each tranche is recognized over the expected achievement period for the operational milestone, beginning at the point in time when the relevant operational milestone is considered probable to be achieved. For market-based awards, stock-based compensation expense is recognized over the expected achievement period. The fair value of such awards is estimated on the grant date using binomial lattice model. The Company estimates the fair value of stock option grants using the Black-Scholes option-pricing model. The assumptions used in calculating the fair value of stock-based awards represent Management’s best estimates. Generally, the closing share price of the Company’s common stock on the date of grant is considered the fair value of the share. The volatility factor is determined based on the Company’s historical stock prices. The expected term represents the period that our stock-based awards are expected to be outstanding. The Company has never declared or paid any cash dividends. For further information refer to Note 14, “Stock-Based Compensation” of Notes to Consolidated Financial Statements. 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 $147 thousand of accounts receivable, net of provision for the doubtful debt of $92 thousand as of June 30, 2022, as compared to $124 thousand of accounts receivable, net of provision for the doubtful debt of $93 thousand as of March 31, 2022. 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 hemp crude oil, hemp-based isolate, growing crops, harvested 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. 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 include cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities, approximate their fair values due to the nature of the items. Please refer to Note 15 – “Fair Value of Financial Instruments”, for further information. Earnings/(Loss) per share The computation of basic loss per share for the three months ended June 30, 2022, excludes potentially dilutive securities of approximately 7.1 million shares which includes share options, unvested shares such as restricted shares and restricted share units, granted to employees, non-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, 2022, and 2021, used for the computation of basic earnings per share (“EPS”) is 51,616,598 and 47,910,866, respectively. Due to the loss incurred by the Company during the three months ended June 30, 2022, and 2021, 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, while there can be no assurance, we expect are likely to safeguard the Company against breaches. In the three months ended June 30, 2022, 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 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 has 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 a 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, 2022, and 2021 are as follows: (in thousands) Three months ended June 30, 2022 ($) 2021 ($) Infrastructure segment Rental income (1) 10 - Construction contracts (2) - 15 Life Sciences segment Wellness and lifestyle (3) 80 62 White labeling services (4) 122 - Total 212 77 (1) Rental income consists of income from rental of heavy construction equipment. (2) Construction contracts consist of the execution of contracts directly or through subcontractors. (3) Relates to revenue from the Life Sciences segment including the sale of wellness and lifestyle products such as hand sanitizers, bath bombs, lotions, gummies, beverages, hemp crude extract, hemp isolate, and hemp distillate. (4) Relates to revenue from the Life Sciences segment, including income white label services, which refers to a fully supported product or service that is made by us but sold by another company. 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 an ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as a 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, 2022. The Company categorizes leases at their inception as either operating or finance leases. On certain lease agreements, the Company may receive rent holidays and other incentives. The Company recognizes lease costs on a straight-line basis without regard to deferred payment terms, such as rent holidays, that defer the commencement date of required payments. Please refer to “Note 9 - Leases”, for further information. Recently issued 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. Accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the condensed financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its condensed financial statements. |
INVENTORY
INVENTORY | 3 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | NOTE 3 INVENTORY (in thousands) As of June 30, 2022 ($) As of March 31, 2022 ($) Raw materials 2,242 2,247 Work-in-Progress 628 584 Finished goods 752 717 Total 3,622 3,548 Inventory in the form of work-in-progress as of June 30, 2022, comprises, but it is not limited to, various hemp-based extracts such as hemp crude oil, hemp distillate, and hemp isolate. Finished goods comprises, but it’s not limited to, hand sanitizers, gummies, lotions, and beverages, among others. During the three months ended June 30, 2022, the Company wrote off approximately $73 thousand of inventory due to abnormal amounts of idle facility expense, freight, handling costs, scrap, and wasted material (spoilage). This charge was recorded in Selling, General, and Administrative Expenses. |
DEPOSITS AND ADVANCES
DEPOSITS AND ADVANCES | 3 Months Ended |
Jun. 30, 2022 | |
Deposits and Advances [Abstract] | |
Deposits and Advances [Text Block] | NOTE 4 DEPOSITS AND ADVANCES (in thousands) As of June 30, 2022 ($) As of March 31, 2022 ($) Advances to suppliers and consultants 159 170 Other receivables and deposits 495 472 Prepaid expense and other current assets 251 336 Total 905 978 The Advances to suppliers and consultants primarily relate to advances to suppliers in our Life Sciences and Infrastructure segments. Prepaid expense and other current assets include approximately $125 thousand of statutory advances as of June 30, 2022, as compared to $170 thousand as of March 31, 2022. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 3 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 5 INTANGIBLE ASSETS (in thousands) As of June 30, 2022 ($) As of March 31, 2022 ($) Amortized intangible assets Patents 522 290 Other intangibles 32 32 Accumulated amortization (61 ) (51 ) Total amortized intangible assets 493 271 Other intangible assets Patents 444 646 Other intangibles - - Total unamortized intangible assets 444 646 Total intangible assets 937 917 The value of intangible assets includes the cost of acquiring patent rights, supporting data, and the expense associated with filing 15 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, 2022, and 2021, amounted to approximately $10 thousand and $5 thousand, respectively. The Company regularly reviews its intangible assets to determine if any intangible asset is other-than-temporarily impaired, which would require the Company to record an impairment charge in the period and concluded that, as of June 30, 2022, there was no impairment. Estimated amortization expense (in thousands) ($) For the year ended 2024 11 For the year ended 2025 12 For the year ended 2026 14 For the year ended 2027 15 For the year ended 2028 16 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 3 Months Ended |
Jun. 30, 2022 | |
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, 2022 ($) As of March 31, 2022 ($) Land N/A 4,266 4,438 Buildings and facilities 25 2,966 2,810 Plant and machinery 5-20 4,351 4,594 Computer equipment 3 241 241 Office equipment 3-5 184 145 Furniture and fixtures 5 142 141 Vehicles 5 161 163 Construction in progress N/A - 108 Total gross value 12,311 12,639 Less: Accumulated depreciation (3,150 ) (3,220 ) Total property, plant, and equipment, net 9,161 9,419 The depreciation expense in the three months ended June 30, 2022, and 2021, amounted to approximately $152 thousand for each of the periods. The net decrease in total Property, Plant and Equipment is primarily due to depreciation and foreign exchange translations of a decrease in value of foreign currencies. As of June 30, 2022, the construction in progress related to the Maryland office extension is completed and moved to Building and facilities. For more information, please refer to Note 16 – “Segment Information” for the non-current assets other than financial instruments held in the country of domicile and foreign countries. |
CLAIMS AND ADVANCES
CLAIMS AND ADVANCES | 3 Months Ended |
Jun. 30, 2022 | |
Disclosure Text Block Supplement [Abstract] | |
Other Assets Disclosure [Text Block] | NOTE 8 CLAIMS AND ADVANCES (in thousands) As of June 30, 2022 ($) As of March 31, 2022 ($) Claims receivable (1) 354 368 Non-current advances (2) 568 569 Total 922 937 (1) The claims receivable is due from the Cochin International Airport (“CIA”) which 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 the value of the Indian Rupee. (2) Includes $200 thousand owed to one of our manufacturers for the purchase of equipment. |
LEASES
LEASES | 3 Months Ended |
Jun. 30, 2022 | |
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, 2022, and 2021 are approximately $45 thousand and $31 thousand, respectively. The Company also has four operating leases as of June 30, 2022. America Asia (in thousands) Three months ended June 30, 2022 ($) (in thousands) Three months ended June 30, 2021 ($) Operating lease costs 37 37 Short term lease costs 45 31 Variable lease costs - - Total lease costs 82 68 Right of use assets and lease liabilities for our operating leases were recorded in the consolidated balance sheet as follows: (in thousands) (in thousands) As of June 30, 2022 ($) As of March 31, 2022 ($) Assets Operating lease asset 419 450 Total lease assets 419 450 Liabilities Current liabilities: Accrued liabilities and others (current portion – operating lease liability) 126 123 Noncurrent liabilities: Operating lease liability (non-current portion – operating lease liability) 308 341 Total lease liability 434 464 (in thousands) As of June 30, 2022 ($) 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 26 Right-of-use assets obtained in exchange for operating lease obligations 419 As of June 30, 2022, the following table summarizes the maturity of our lease liabilities: June-23 149 June-24 149 June-25 133 June-26 87 June-27 - Less: Present value discount (84 ) Total lease liabilities 434 |
ACCRUED AND OTHER LIABILITIES
ACCRUED AND OTHER LIABILITIES | 3 Months Ended |
Jun. 30, 2022 | |
Accrued Liabilities Disclosure [Abstract] | |
Accrued Liabilities Disclosure [Text Block] | NOTE 10 ACCRUED AND OTHER LIABILITIES (in thousands) As of June 30, 2022 ($) As of March 31, 2022 ($) Compensation and other contributions 765 1,054 Provision for expenses 54 103 Other current liability 381 300 Total 1,200 1,457 Compensation and other contribution related liabilities consist of accrued salaries to employees. Provision for expenses includes provision for legal, professional, and marketing expenses. Other current liability also includes $126 thousand and $123 thousand of the current operating lease liability and statutory payables of approximately $29 thousand and $55 thousand as of June 30, 2022, and March 31, 2022, respectively. |
LOANS AND OTHER LIABILITIES
LOANS AND OTHER LIABILITIES | 3 Months Ended |
Jun. 30, 2022 | |
Loans and Other Liabilities [Abstract] | |
Loans and Other Liabilities [Text Block] | NOTE 11 LOANS AND OTHER LIABILITIES Loan as of June 30, 2022: 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 30 years from the date of the loan. For the three months ended June 30, 2022, the interest expense and principal payment for the EIDL was approximately $1 thousand and $1 thousand respectively and for the three months ended June 30, 2021, the interest expense was approximately $469. As of June 30, 2022, approximately $143 thousand of the loan is classified as Long-term loans and approximately $3 thousand as Short-term loans. Other Liability: (in thousands) As of June 30, 2022 ($) March 31, 2022 ($) Statutory reserve 16 16 Total 16 16 The statutory reserve is a gratuity reserve for employees in our subsidiaries in India. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jun. 30, 2022 | |
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, 2022, except as disclosed in legal proceedings section below. 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, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 13 SECURITIES As of June 30, 2022, the Company was authorized to issue up to 150,000,000 shares of common stock, par value $0.0001 per share, and 51,840,603 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, 2022. Our common stock is listed on the NYSE American (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 and 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. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Payment Arrangement [Text Block] | NOTE 14 STOCK-BASED COMPENSATION As of June 30, 2022, 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, non-employees, and advisors. In addition, 6.9 million restricted share units (RSUs) fair valued at $6.9 million with a weighted average value of $1 per share, have been granted but not yet issued from different Incentive Plans and Grants. This includes 3.9 million RSUs granted to employees and directors, which consists of a vesting schedule based entirely on the attainment of both operational milestones (performance conditions) and market conditions, assuming continued employment either as an employee or director with the Company. The performance based RSUs are accounted upon certification by Management confirming the probability of achievement of milestones. As of June 30, 2022, Management confirmed two of the milestones had been achieved and rest were considered probable to be achieved by March 31, 2027. Additionally, options held by advisors and directors to purchase 300 thousand shares of common stock fair valued at $278 thousand with a weighted average of $0.93 per share have been granted but are to be exercised over a service period ending in Fiscal 2031. Options exercised before the service period are expensed when exercised. The options are valued using a Black-Scholes Pricing Model and Market based RSU are valued based on a lattice model, with the following assumptions: Granted in Fiscal 2023 Granted in Fiscal 2022 Expected life of options 5 years 5 years Vested options 100 % 100 % Risk free interest rate 2.64 % 2.42 % Expected volatility 285 % 282 % 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, 2022, the Company’s share-based expense and option-based expense shown in Selling, General and Administrative expenses (including research and development) was $1.14 million and $8 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, 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 $5 thousand, respectively. Non-vested shares Shares (in thousands) (#) Weighted average grant date fair value ($) Non-vested shares as of March 31, 2022 5,283 1.17 Granted 1,660 0.43 Vested (1,022 ) (1.12 ) Cancelled/forfeited - - Non-vested shares as of June 30, 2022 5,921 0.98 Options Shares (in thousands) (#) Weighted average grant date fair value ($) Weighted average exercise price ($) Options outstanding as of March 31, 2022 300 0.93 0.34 Granted - - - Exercised - - - Cancelled/forfeited - - - Options outstanding as of June 30, 2022 300 0.93 0.34 There was a combined unrecognized expense of $5 million related to non-vested shares and share options that the Company expects to be recognized over the weighted average life of 3.25 years. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE 15 FAIR VALUE OF FINANCIAL INSTRUMENTS As of June 30, 2022, the Company’s marketable securities, if any, may consist of liquid funds, which have been classified as Level 1 of the fair value hierarchy because they have been valued using quoted prices in active markets. The Company’s cash and cash equivalents have also been classified as Level 1 on the same principle. Financial instruments are classified as current if they are expected to be liquidated within the next twelve months. The Company’s remaining investments have been classified as Level 3 instruments as there is little or no market data. Level 3 investments are valued using cost-method. For further information refer to Note 7, “Investments in Non-Marketable Securities.” The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of June 30, 2022, and March 31, 2022, and indicates the fair value hierarchy of the valuation techniques the Company used to determine such fair value: (in thousands) Level 1 ($) Level 2 ($) Level 3 ($) Total ($) June 30, 2022 Cash and cash equivalents: 8,053 - - 8,053 Total cash and cash equivalents 8,053 - - 8,053 Investments: -Marketable securities - - - - -Non-marketable securities - - - - Total Investments - - - - Level 1 ($) Level 2 ($) Level 3 ($) Total ($) March 31, 2022 Cash and cash equivalents: 10,460 - - 10,460 Total cash and cash equivalents 10,460 - - 10,460 Investments: -Marketable securities - - - - -Non-marketable securities - - - - Total investments - - - - |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 16 SEGMENT INFORMATION FASB ASC 280, “ Segment Reporting The Company’s CODM is the Company’s chief executive officer (“CEO”). The CEO reviews financial information presented on an operating segment basis for purposes of making operating decisions and assessing financial performance. Therefore, and before our Life Sciences segment started, the Company determined that it operated in a single operating and reportable segment. As of the date of this report and in preparation for the new and different source of revenue, the Company has determined that it operates in two operating and reportable segments: (a) Infrastructure segment and (b) Life Sciences segment. The Company does not include intercompany transfers between segments for Management reporting purposes. The following provides information required by ASC 280-10-50-38 “Entity-wide Information”: 1) The table below shows revenue reported by segment: Products and Services (in thousands) Segments Three months ended June 30, 2022 ($) Percentage of Total Revenue (%) Infrastructure segment 10 5 % Life Sciences segment 202 95 % Total 212 100 % (in thousands) Segments Three months ended June 30, 2021 ($) Percentage of Total Revenue (%) Infrastructure segment 15 19 % Life Sciences segment 62 81 % Total 77 100 % For information for revenue by product and service, refer Note 2, “Summary of Significant Accounting Policies”. 2) The table below shows the revenue attributed to the country of domicile (U.S.) and foreign countries. Revenue is generally attributed to the geographic location of customers: (in thousands) Segments Country Three months ended June 30, 2022 ($) Percentage of Total Revenue (%) Asia India 10 5 % America U.S. 202 95 % Total 212 100 % (in thousands) Segments Country Three months ended June 30, 2021 ($) Percentage of Total Revenue (%) Asia India 17 22 % America U.S. 60 78 % Total 77 100 % 3) The table below shows the non-current assets other than financial instruments held in the country of domicile and foreign countries. (in thousands) Nature of assets USA (Country of Domicile) ($) Foreign Countries (India, Hong Kong, and Colombia) ($) Total as of June 30, 2022 ($) Intangible assets, net 937 - 937 Property, plant, and equipment, net 4,843 4,318 9,161 Claims and advances 550 372 922 Operating lease asset 372 47 419 Total non-current assets 6,702 4,737 11,439 (in thousands) Nature of assets USA (Country of Domicile) ($) Foreign Countries (India, Hong Kong, and Colombia) ($) Total as of March 31, 2022 ($) Intangible assets, net 436 481 917 Property, plant, and equipment, net 4,978 4,441 9,419 Non-marketable securities - - - Claims and advances 550 387 937 Operating lease asset 396 54 450 Total non-current assets 6,360 5,363 11,723 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 17 SUBSEQUENT EVENTS None to report. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The accompanying condensed consolidated Balance Sheet as of June 30, 2022, and March 31, 2022, condensed consolidated statements of operations for the three months ended June 30, 2022, and 2021, and condensed consolidated statements of changes in stockholders’ deficit for the three months ended June 30, 2022, and 2021, and condensed consolidated statements of cash flows for the three months ended June 30, 2022, and 2021, are unaudited. The consolidated balance sheet as of March 31, 2022, has been derived from audited financial statements, and 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 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, 2022 (“Fiscal 2022”) contained in the Company’s Form 10-K for Fiscal 2022, filed with the SEC on June 23, 2022, specifically in Note 2 to the consolidated financial statements. |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The interim statements include the consolidated accounts of the Company and its subsidiaries. Intercompany accounts and transactions have been eliminated. In the opinion of 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 (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 the 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, 2022, and 2021. |
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 relation 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.” Under the equity method, the Company’s share of the post-acquisition profits or losses of the equity investee is recognized in the consolidated statements of operations and its share of post-acquisition movements in accumulated other comprehensive income / (loss) is recognized in other comprehensive income / (loss). Where the Company does not have significant influence, the Company has accounted for the investment in accordance with ASC Topic 321, “Investments-Equity Securities.” As of June 30, 2022, the Company does not have any investment in marketable 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.” The Company expenses stock-based compensation to employees over the requisite vesting period based on the estimated grant-date fair value of the awards. The Company accounts for forfeitures as they occur. Stock-based awards are recognized on a straight-line basis over the requisite vesting period. For stock-based employee compensation cost recognized at any date will be at least equal to the amount attributable to the share-based compensation that is vested at that date. For performance-based awards, stock-based compensation expense is recognized over the expected performance achievement period of individual performance milestones when the achievement of each individual performance milestone becomes probable by best of management estimate. For performance-based awards with a vesting schedule based entirely on the attainment of performance conditions, stock-based compensation expense associated with each tranche is recognized over the expected achievement period for the operational milestone, beginning at the point in time when the relevant operational milestone is considered probable to be achieved. For market-based awards, stock-based compensation expense is recognized over the expected achievement period. The fair value of such awards is estimated on the grant date using binomial lattice model. The Company estimates the fair value of stock option grants using the Black-Scholes option-pricing model. The assumptions used in calculating the fair value of stock-based awards represent Management’s best estimates. Generally, the closing share price of the Company’s common stock on the date of grant is considered the fair value of the share. The volatility factor is determined based on the Company’s historical stock prices. The expected term represents the period that our stock-based awards are expected to be outstanding. The Company has never declared or paid any cash dividends. For further information refer to Note 14, “Stock-Based Compensation” of Notes to Consolidated Financial Statements. |
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 $147 thousand of accounts receivable, net of provision for the doubtful debt of $92 thousand as of June 30, 2022, as compared to $124 thousand of accounts receivable, net of provision for the doubtful debt of $93 thousand as of March 31, 2022. |
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 hemp crude oil, hemp-based isolate, growing crops, harvested 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. 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. The carrying amounts of the Company’s financial instrument include cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities, approximate their fair values due to the nature of the items. Please refer to Note 15 – “Fair Value of Financial Instruments”, for further information. |
Earnings Per Share, Policy [Policy Text Block] | Earnings/(Loss) per share The computation of basic loss per share for the three months ended June 30, 2022, excludes potentially dilutive securities of approximately 7.1 million shares which includes share options, unvested shares such as restricted shares and restricted share units, granted to employees, non-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, 2022, and 2021, used for the computation of basic earnings per share (“EPS”) is 51,616,598 and 47,910,866, respectively. Due to the loss incurred by the Company during the three months ended June 30, 2022, and 2021, all the potential equity shares are anti-dilutive, and accordingly, the fully diluted EPS is equal to the basic EPS. |
Cyber-security Policy [Policy Text Block] | Cybersecurity We have a cybersecurity policy in place and have taken cybersecurity measures that, while there can be no assurance, we expect are likely to safeguard the Company against breaches. In the three months ended June 30, 2022, 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 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 has 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 a 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, 2022, and 2021 are as follows: (in thousands) Three months ended June 30, 2022 ($) 2021 ($) Infrastructure segment Rental income (1) 10 - Construction contracts (2) - 15 Life Sciences segment Wellness and lifestyle (3) 80 62 White labeling services (4) 122 - Total 212 77 (1) Rental income consists of income from rental of heavy construction equipment. (2) Construction contracts consist of the execution of contracts directly or through subcontractors. (3) Relates to revenue from the Life Sciences segment including the sale of wellness and lifestyle products such as hand sanitizers, bath bombs, lotions, gummies, beverages, hemp crude extract, hemp isolate, and hemp distillate. (4) Relates to revenue from the Life Sciences segment, including income white label services, which refers to a fully supported product or service that is made by us but sold by another company. |
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 an ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as a 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, 2022. The Company categorizes leases at their inception as either operating or finance leases. On certain lease agreements, the Company may receive rent holidays and other incentives. The Company recognizes lease costs on a straight-line basis without regard to deferred payment terms, such as rent holidays, that defer the commencement date of required payments. Please refer to “Note 9 - Leases”, for further information. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently issued 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. Accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the condensed financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its condensed financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Net sales disaggregated by significant products and services for the three months ended June 30, 2022, and 2021 are as follows: (in thousands) Three months ended June 30, 2022 ($) 2021 ($) Infrastructure segment Rental income (1) 10 - Construction contracts (2) - 15 Life Sciences segment Wellness and lifestyle (3) 80 62 White labeling services (4) 122 - Total 212 77 (1) Rental income consists of income from rental of heavy construction equipment. (2) Construction contracts consist of the execution of contracts directly or through subcontractors. (3) Relates to revenue from the Life Sciences segment including the sale of wellness and lifestyle products such as hand sanitizers, bath bombs, lotions, gummies, beverages, hemp crude extract, hemp isolate, and hemp distillate. (4) Relates to revenue from the Life Sciences segment, including income white label services, which refers to a fully supported product or service that is made by us but sold by another company. |
INVENTORY (Tables)
INVENTORY (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | (in thousands) As of June 30, 2022 ($) As of March 31, 2022 ($) Raw materials 2,242 2,247 Work-in-Progress 628 584 Finished goods 752 717 Total 3,622 3,548 |
DEPOSITS AND ADVANCES (Tables)
DEPOSITS AND ADVANCES (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Deposits and Advances [Abstract] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | (in thousands) As of June 30, 2022 ($) As of March 31, 2022 ($) Advances to suppliers and consultants 159 170 Other receivables and deposits 495 472 Prepaid expense and other current assets 251 336 Total 905 978 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | (in thousands) As of June 30, 2022 ($) As of March 31, 2022 ($) Amortized intangible assets Patents 522 290 Other intangibles 32 32 Accumulated amortization (61 ) (51 ) Total amortized intangible assets 493 271 Other intangible assets Patents 444 646 Other intangibles - - Total unamortized intangible assets 444 646 Total intangible assets 937 917 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated amortization expense (in thousands) ($) For the year ended 2024 11 For the year ended 2025 12 For the year ended 2026 14 For the year ended 2027 15 For the year ended 2028 16 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
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, 2022 ($) As of March 31, 2022 ($) Land N/A 4,266 4,438 Buildings and facilities 25 2,966 2,810 Plant and machinery 5-20 4,351 4,594 Computer equipment 3 241 241 Office equipment 3-5 184 145 Furniture and fixtures 5 142 141 Vehicles 5 161 163 Construction in progress N/A - 108 Total gross value 12,311 12,639 Less: Accumulated depreciation (3,150 ) (3,220 ) Total property, plant, and equipment, net 9,161 9,419 |
CLAIMS AND ADVANCES (Tables)
CLAIMS AND ADVANCES (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Other Assets, Noncurrent [Table Text Block] | (in thousands) As of June 30, 2022 ($) As of March 31, 2022 ($) Claims receivable (1) 354 368 Non-current advances (2) 568 569 Total 922 937 (1) The claims receivable is due from the Cochin International Airport (“CIA”) which 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 the value of the Indian Rupee. (2) Includes $200 thousand owed to one of our manufacturers for the purchase of equipment. |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Disclosure Text Block [Abstract] | |
Lease, Cost [Table Text Block] | (in thousands) Three months ended June 30, 2022 ($) (in thousands) Three months ended June 30, 2021 ($) Operating lease costs 37 37 Short term lease costs 45 31 Variable lease costs - - Total lease costs 82 68 (in thousands) (in thousands) As of June 30, 2022 ($) As of March 31, 2022 ($) Assets Operating lease asset 419 450 Total lease assets 419 450 Liabilities Current liabilities: Accrued liabilities and others (current portion – operating lease liability) 126 123 Noncurrent liabilities: Operating lease liability (non-current portion – operating lease liability) 308 341 Total lease liability 434 464 (in thousands) As of June 30, 2022 ($) 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 26 Right-of-use assets obtained in exchange for operating lease obligations 419 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | As of June 30, 2022, the following table summarizes the maturity of our lease liabilities: June-23 149 June-24 149 June-25 133 June-26 87 June-27 - Less: Present value discount (84 ) Total lease liabilities 434 |
ACCRUED AND OTHER LIABILITIES (
ACCRUED AND OTHER LIABILITIES (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Accrued Liabilities Disclosure [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | (in thousands) As of June 30, 2022 ($) As of March 31, 2022 ($) Compensation and other contributions 765 1,054 Provision for expenses 54 103 Other current liability 381 300 Total 1,200 1,457 |
LOANS AND OTHER LIABILITIES (Ta
LOANS AND OTHER LIABILITIES (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Loans and Other Liabilities [Abstract] | |
Schedule of Other Assets and Other Liabilities [Table Text Block] | Other Liability: (in thousands) As of June 30, 2022 ($) March 31, 2022 ($) Statutory reserve 16 16 Total 16 16 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The options are valued using a Black-Scholes Pricing Model and Market based RSU are valued based on a lattice model, with the following assumptions: Granted in Fiscal 2023 Granted in Fiscal 2022 Expected life of options 5 years 5 years Vested options 100 % 100 % Risk free interest rate 2.64 % 2.42 % Expected volatility 285 % 282 % 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, 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 $5 thousand, respectively. Non-vested shares Shares (in thousands) (#) Weighted average grant date fair value ($) Non-vested shares as of March 31, 2022 5,283 1.17 Granted 1,660 0.43 Vested (1,022 ) (1.12 ) Cancelled/forfeited - - Non-vested shares as of June 30, 2022 5,921 0.98 |
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, 2022 300 0.93 0.34 Granted - - - Exercised - - - Cancelled/forfeited - - - Options outstanding as of June 30, 2022 300 0.93 0.34 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
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, 2022, and March 31, 2022, 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, 2022 Cash and cash equivalents: 8,053 - - 8,053 Total cash and cash equivalents 8,053 - - 8,053 Investments: -Marketable securities - - - - -Non-marketable securities - - - - Total Investments - - - - Level 1 ($) Level 2 ($) Level 3 ($) Total ($) March 31, 2022 Cash and cash equivalents: 10,460 - - 10,460 Total cash and cash equivalents 10,460 - - 10,460 Investments: -Marketable securities - - - - -Non-marketable securities - - - - Total investments - - - - |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Products and Services [Table Text Block] | 1) The table below shows revenue reported by segment: (in thousands) Segments Three months ended June 30, 2022 ($) Percentage of Total Revenue (%) Infrastructure segment 10 5 % Life Sciences segment 202 95 % Total 212 100 % (in thousands) Segments Three months ended June 30, 2021 ($) Percentage of Total Revenue (%) Infrastructure segment 15 19 % Life Sciences segment 62 81 % Total 77 100 % |
Revenue from External Customers by Geographic Areas [Table Text Block] | 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, 2022 ($) Percentage of Total Revenue (%) Asia India 10 5 % America U.S. 202 95 % Total 212 100 % (in thousands) Segments Country Three months ended June 30, 2021 ($) Percentage of Total Revenue (%) Asia India 17 22 % America U.S. 60 78 % Total 77 100 % |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | 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, 2022 ($) Intangible assets, net 937 - 937 Property, plant, and equipment, net 4,843 4,318 9,161 Claims and advances 550 372 922 Operating lease asset 372 47 419 Total non-current assets 6,702 4,737 11,439 (in thousands) Nature of assets USA (Country of Domicile) ($) Foreign Countries (India, Hong Kong, and Colombia) ($) Total as of March 31, 2022 ($) Intangible assets, net 436 481 917 Property, plant, and equipment, net 4,978 4,441 9,419 Non-marketable securities - - - Claims and advances 550 387 937 Operating lease asset 396 54 450 Total non-current assets 6,360 5,363 11,723 |
BUSINESS DESCRIPTION (Details)
BUSINESS DESCRIPTION (Details) | 3 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Number of Operating Segments | 2 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | |
Accounting Policies [Abstract] | |||
Accounts Receivable, after Allowance for Credit Loss | $ 147 | $ 124 | |
Accounts Receivable, Allowance for Credit Loss | $ 92 | $ 93 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 7,100,000 | ||
Weighted Average Number of Shares Outstanding, Basic (in Shares) | 51,616,598 | 47,910,866 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Disaggregation of Revenue - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | ||
Infrastructure segment | |||
Revenue | $ 212 | $ 77 | |
Rental Income [Member] | |||
Infrastructure segment | |||
Revenue | [1] | 10 | 0 |
Construction [Member] | |||
Infrastructure segment | |||
Revenue | [2] | 0 | 15 |
Wellness and Lifestyle [Member] | |||
Infrastructure segment | |||
Revenue | [3] | 80 | 62 |
Tolling/White labeling service [Member] | |||
Infrastructure segment | |||
Revenue | [4] | $ 122 | $ 0 |
[1]Rental income consists of income from rental of heavy construction equipment.[2]Construction contracts consist of the execution of contracts directly or through subcontractors.[3]Relates to revenue from the Life Sciences segment including the sale of wellness and lifestyle products such as hand sanitizers, bath bombs, lotions, gummies, beverages, hemp crude extract, hemp isolate, and hemp distillate.[4]Relates to revenue from the Life Sciences segment, including income white label services, which refers to a fully supported product or service that is made by us but sold by another company. |
INVENTORY (Details)
INVENTORY (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2022 USD ($) | |
Inventory Disclosure [Abstract] | |
Inventory Write-down | $ 73 |
INVENTORY (Details) - Schedule
INVENTORY (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 |
Schedule of Inventory, Current [Abstract] | ||
Raw materials | $ 2,242 | $ 2,247 |
Work-in-Progress | 628 | 584 |
Finished goods | 752 | 717 |
Total | $ 3,622 | $ 3,548 |
DEPOSITS AND ADVANCES (Details)
DEPOSITS AND ADVANCES (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 |
Deposits and Advances [Abstract] | ||
Statutory Advances | $ 125 | $ 170 |
DEPOSITS AND ADVANCES (Detail_2
DEPOSITS AND ADVANCES (Details) - Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Advances to suppliers and consultants | $ 159 | $ 170 |
Other receivables and deposits | 495 | 472 |
Prepaid expense and other current assets | 251 | 336 |
Total | $ 905 | $ 978 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
INTANGIBLE ASSETS (Details) [Line Items] | ||
Number of Patents | 15 | |
Amortization of Intangible Assets | $ 10 | $ 5 |
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, 2022 | Mar. 31, 2022 |
Amortized intangible assets | ||
Accumulated amortization | $ (61) | $ (51) |
Total amortized intangible assets | 493 | 271 |
Other intangible assets | ||
Unamortized intangible assets | 444 | 646 |
Total intangible assets | 937 | 917 |
Patents [Member] | ||
Amortized intangible assets | ||
Intangibles | 522 | 290 |
Other Intangible Assets [Member] | ||
Amortized intangible assets | ||
Intangibles | 32 | 32 |
Patents [Member] | ||
Other intangible assets | ||
Unamortized intangible assets | 444 | 646 |
Other Intangible Assets [Member] | ||
Other 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, 2022 USD ($) |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |
For the year ended 2022 | $ 11 |
For the year ended 2023 | 12 |
For the year ended 2024 | 14 |
For the year ended 2025 | 15 |
For the year ended 2026 | $ 16 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 152 | $ 152 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT (Details) - Property, Plant and Equipment - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Mar. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 12,311 | $ 12,639 |
Less: Accumulated depreciation | (3,150) | (3,220) |
Total property, plant, and equipment, net | $ 9,161 | 9,419 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | N/A | |
Property, plant and equipment, gross | $ 4,266 | 4,438 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 25 | |
Property, plant and equipment, gross | $ 2,966 | 2,810 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 4,351 | 4,594 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 20 | |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 | |
Property, plant and equipment, gross | $ 241 | 241 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 184 | 145 |
Office Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 | |
Office Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 | |
Property, plant and equipment, gross | $ 142 | 141 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 | |
Property, plant and equipment, gross | $ 161 | 163 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | N/A | |
Property, plant and equipment, gross | $ 0 | $ 108 |
CLAIMS AND ADVANCES (Details)
CLAIMS AND ADVANCES (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2022 USD ($) | |
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, 2022 | Mar. 31, 2022 | |
Schedule of Other Assets, Noncurrent [Abstract] | |||
Claims receivable | [1] | $ 354 | $ 368 |
Other advances | [2] | 568 | 569 |
Total | $ 922 | $ 937 | |
[1]The claims receivable is due from the Cochin International Airport (“CIA”) which 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 the value of the Indian Rupee.[2]Includes $200 thousand owed to one of our manufacturers for the purchase of equipment. |
LEASES (Details)
LEASES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
LEASES (Details) [Line Items] | ||
Short-Term Lease, Cost | $ 45 | $ 31 |
UNITED STATES | ||
LEASES (Details) [Line Items] | ||
Operating Lease, Weighted Average Remaining Lease Term | 3 years 4 months 24 days | |
Lessee, Operating Lease, Discount Rate | 7% | |
UNITED STATES | Minimum [Member] | ||
LEASES (Details) [Line Items] | ||
Operating Lease, Expense | $ 122 | |
Asia [Member] | ||
LEASES (Details) [Line Items] | ||
Lessee, Operating Lease, Discount Rate | 7% | |
Asia [Member] | Minimum [Member] | ||
LEASES (Details) [Line Items] | ||
Operating Lease, Expense | $ 6 | |
Lessee, Operating Lease, Remaining Lease Term | 1 year 9 months | |
Asia [Member] | Maximum [Member] | ||
LEASES (Details) [Line Items] | ||
Lessee, Operating Lease, Remaining Lease Term | 2 years 6 months |
LEASES (Details) - Lease, Cost
LEASES (Details) - Lease, Cost - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | |
Lease, Cost [Abstract] | |||
Operating lease costs | $ 37 | $ 37 | |
Short term lease costs | 45 | 31 | |
Variable lease costs | 0 | 0 | |
Total lease costs | 82 | $ 68 | |
Assets | |||
Operating lease asset | 419 | $ 450 | |
Total lease assets | 419 | 450 | |
Liabilities | |||
Accrued liabilities and others (current portion – operating lease liability) | 126 | 123 | |
Operating lease liability (non-current portion – operating lease liability) | 308 | 341 | |
Total lease liability | 434 | $ 464 | |
– Operating cash flows from operating leases | 26 | ||
Right-of-use assets obtained in exchange for operating lease obligations | $ 419 |
LEASES (Details) - Lessee, Oper
LEASES (Details) - Lessee, Operating Lease, Liability, Maturity $ in Thousands | Jun. 30, 2022 USD ($) |
Lessee, Operating Lease, Liability, Maturity [Abstract] | |
June-23 | $ 149 |
June-24 | 149 |
June-25 | 133 |
June-26 | 87 |
June-27 | 0 |
Less: Present value discount | (84) |
Total Lease liabilities | $ 434 |
ACCRUED AND OTHER LIABILITIES_2
ACCRUED AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 |
Accrued Liabilities Disclosure [Abstract] | ||
Operating Lease, Liability, Current | $ 126 | $ 123 |
Accounts Payable, Other, Current | $ 29 | $ 55 |
ACCRUED AND OTHER LIABILITIES
ACCRUED AND OTHER LIABILITIES (Details) - Schedule of Accounts Payable and Accrued Liabilities - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 |
Schedule of Accounts Payable and Accrued Liabilities [Abstract] | ||
Compensation and other contributions | $ 765 | $ 1,054 |
Provision for expenses | 54 | 103 |
Other current liability | 381 | 300 |
Total | $ 1,200 | $ 1,457 |
LOANS AND OTHER LIABILITIES (De
LOANS AND OTHER LIABILITIES (Details) - USD ($) | 3 Months Ended | ||
Jun. 11, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | |
Loans and Other Liabilities [Abstract] | |||
Debt Instrument, Face Amount | $ 150,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | ||
Debt Instrument, Periodic Payment | $ 731,000 | ||
Debt Instrument, Term | 30 years | ||
Interest Expense, Debt | $ 1,000 | $ 469 | |
Repayments of Debt | 1,000 | ||
Loans Payable, Noncurrent | 143,000 | ||
Loans Payable, Current | $ 3,000 |
LOANS AND OTHER LIABILITIES (_2
LOANS AND OTHER LIABILITIES (Details) - Schedule of Loans and Other Liabilities - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 |
Schedule of Loans and Other Liabilities [Abstract] | ||
Statutory reserve | $ 16 | $ 16 |
Total | $ 16 | $ 16 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | 3 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 6% |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 12% |
SECURITIES (Details)
SECURITIES (Details) - USD ($) | 3 Months Ended | ||
Jun. 30, 2022 | Mar. 31, 2022 | 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 | 51,840,603 | 51,054,017 | |
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 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - USD ($) | 3 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
STOCK-BASED COMPENSATION (Details) [Line Items] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in Shares) | 300,000 | 300,000 | ||
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares (in Shares) | 6,900,000 | |||
Share-Based Payment Arrangement, Noncash Expense | $ 6,900,000 | |||
Weighted Average Price per Share (in Dollars per share) | $ 1 | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | 3,900,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in Shares) | 0 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $ 0.34 | $ 0.34 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 5,000,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period | 3 years 3 months | |||
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 | $ 278,000 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in Shares) | 300 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $ 0.93 | |||
General and Administrative Expense [Member] | ||||
STOCK-BASED COMPENSATION (Details) [Line Items] | ||||
Share-Based Payment Arrangement, Noncash Expense | $ 1,140 | $ 120,000 | ||
General and Administrative Expense [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
STOCK-BASED COMPENSATION (Details) [Line Items] | ||||
Share-Based Payment Arrangement, Noncash Expense | $ 8,000 | $ 5,000 |
STOCK-BASED COMPENSATION (Deta
STOCK-BASED COMPENSATION (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | 3 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Mar. 31, 2022 | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Abstract] | ||
Expected life of options | 5 years | 5 years |
Vested options | 100% | 100% |
Risk free interest rate | 2.64% | 2.42% |
Expected volatility | 285% | 282% |
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, 2022 $ / shares shares | |
Nonvested Restricted Stock Shares Activity [Abstract] | |
Balance, non-vested shares | shares | 5,283 |
Balance, Weighted average grant date fair value | $ / shares | $ 1.17 |
Granted, shares | shares | 1,660 |
Granted, Weighted average grant date fair value | $ / shares | $ 0.43 |
Vested, shares | shares | (1,022) |
Vested, Weighted average grant date fair value | $ / shares | $ (1.12) |
Cancelled/Forfeited, shares | shares | 0 |
Cancelled/Forfeited, Weighted average grant date fair value | $ / shares | $ 0 |
Balance, non-vested shares | shares | 5,921 |
Balance, Weighted average grant date fair value | $ / shares | $ 0.98 |
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, 2022 | Mar. 31, 2022 | |
Share-based Payment Arrangement, Option, Activity [Abstract] | ||
Options outstanding, shares (in Shares) | 300 | |
Options outstanding, Weighted average grant date fair value | $ 0.93 | $ 0.93 |
Options outstanding, Weighted average exercise price | $ 0.34 | $ 0.34 |
Granted, shares (in Shares) | 0 | |
Granted, Weighted average grant date fair value | $ 0 | |
Granted, Weighted average exercise price | $ 0 | |
Exercised, shares (in Shares) | 0 | |
Exercised, Weighted average grant date fair value | $ 0 | |
Exercised, Weighted average exercise price | $ 0 | |
Cancelled/Forfeited, shares (in Shares) | 0 | |
Cancelled/Forfeited, Weighted average grant date fair value | $ 0 | |
Cancelled/Forfeited, Weighted average exercise price | $ 0 | |
Options outstanding, shares (in Shares) | 300 |
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, 2022 | Mar. 31, 2022 |
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Cash and cash equivalents: | $ 8,053 | $ 10,460 |
Total cash and cash equivalents | 8,053 | 10,460 |
-Marketable securities | 0 | 0 |
-Non-marketable securities | 0 | 0 |
Total Investment | 0 | 0 |
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: | 8,053 | 10,460 |
Total cash and cash equivalents | 8,053 | 10,460 |
-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 | 0 | 0 |
Total Investment | $ 0 | $ 0 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) | 3 Months Ended |
Jun. 30, 2022 | |
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, 2022 | Jun. 30, 2021 | |
Revenue from External Customer [Line Items] | ||
Revenue | $ 212 | $ 77 |
Percentage of Total Revenue | 100% | 100% |
Legacy Infrastructure [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue | $ 10 | $ 15 |
Percentage of Total Revenue | 5% | 19% |
Plant and Cannabinoid [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue | $ 202 | $ 62 |
Percentage of Total Revenue | 95% | 81% |
SEGMENT INFORMATION (Details)_2
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | ||
Revenue | $ 212 | $ 77 |
Percentage of Total Revenue | 100% | 100% |
Asia [Member] | ||
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | ||
Revenue | $ 10 | $ 17 |
Percentage of Total Revenue | 5% | 22% |
UNITED STATES | ||
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | ||
Revenue | $ 202 | $ 60 |
Percentage of Total Revenue | 95% | 78% |
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, 2022 | Mar. 31, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Intangible assets, net | $ 937 | $ 917 |
Property, plant and equipment, net | 9,161 | 9,419 |
Non-marketable securities | 0 | |
Claims and advances | 922 | 937 |
Operating lease asset | 419 | 450 |
Total non-current assets | 11,439 | 11,723 |
Geographic Distribution, Domestic [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Intangible assets, net | 937 | 436 |
Property, plant and equipment, net | 4,843 | 4,978 |
Non-marketable securities | 0 | |
Claims and advances | 550 | 550 |
Operating lease asset | 372 | 396 |
Total non-current assets | 6,702 | 6,360 |
Geographic Distribution, Foreign [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Intangible assets, net | 0 | 481 |
Property, plant and equipment, net | 4,318 | 4,441 |
Non-marketable securities | 0 | |
Claims and advances | 372 | 387 |
Operating lease asset | 47 | 54 |
Total non-current assets | $ 4,737 | $ 5,363 |