Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Jul. 06, 2023 | Sep. 30, 2022 | |
Document Information Line Items | |||
Entity Registrant Name | IGC PHARMA, INC. | ||
Trading Symbol | IGC | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Common Stock, Shares Outstanding | 53,077,436 | ||
Entity Public Float | $ 20,812,750 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001326205 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Mar. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Annual 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 | ||
Security Exchange Name | NYSE | ||
Entity Interactive Data Current | Yes | ||
Document Financial Statement Error Correction [Flag] | true | ||
Document Financial Statement Restatement Recovery Analysis [Flag] | true | ||
Auditor Firm ID | 5341 | ||
Auditor Name | CONSOLIDATED" id="sjs-B40">nter;margin:0pt;">CONSOLIDATED | ||
Auditor Location | nter;margin:0p |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 3,196 | $ 10,460 |
Accounts receivable, net | 107 | 125 |
Short term investments | 154 | 0 |
Inventory | 2,651 | 3,548 |
Deposits and advances | 358 | 978 |
Total current assets | 6,466 | 15,111 |
Non-current assets: | ||
Intangible assets, net | 1,170 | 917 |
Property, plant and equipment, net | 8,213 | 9,419 |
Claims and advances | 1,003 | 937 |
Operating lease asset | 326 | 450 |
Total non-current assets | 10,712 | 11,723 |
Total assets | 17,178 | 26,834 |
Current liabilities: | ||
Accounts payable | 530 | 981 |
Accrued liabilities and others | 1,368 | 1,460 |
Total current liabilities | 1,898 | 2,441 |
Non-current liabilities: | ||
Long-term loans | 141 | 144 |
Other liabilities | 21 | 16 |
Operating lease liability | 207 | 341 |
Total non-current liabilities | 369 | 501 |
Total liabilities | 2,267 | 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 March 31, 2023, or March 31, 2022. | 0 | 0 |
Common stock and additional paid-in capital, $0.0001 par value: 150,000,000 shares authorized; 53,077,436 and 51,054,017 shares issued and outstanding as of March 31, 2023, and March 31, 2022, respectively. | 118,965 | 116,019 |
Accumulated other comprehensive loss | (3,389) | (2,968) |
Accumulated deficit | (100,665) | (89,159) |
Total stockholders’ equity | 14,911 | 23,892 |
Total liabilities and stockholders’ equity | $ 17,178 | $ 26,834 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Mar. 31, 2023 | 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 | 53,077,436 | 51,054,017 |
Common stock, shares outstanding | 53,077,436 | 51,054,017 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Revenue | $ 911 | $ 397 |
Cost of revenue | (469) | (203) |
Gross profit | 442 | 194 |
Selling, general and administrative expenses | (8,552) | (13,292) |
Research and development expenses | (3,461) | (2,330) |
Operating loss | (11,571) | (15,428) |
Impairment of investment | 0 | (49) |
Other income, net | 65 | 461 |
Loss before income taxes | (11,506) | (15,016) |
Income tax expense/benefit | 0 | 0 |
Net loss attributable to common stockholders | (11,506) | (15,016) |
Foreign currency translation adjustments | (421) | (194) |
Comprehensive loss | $ (11,927) | $ (15,210) |
Net loss per share attributable to common stockholders: | ||
Basic and diluted (in Dollars per share) | $ (0.22) | $ (0.3) |
Weighted-average number of shares used in computing loss per share amounts: (in Shares) | 52,576,258 | 49,991,631 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Common Stock Including Additional Paid in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances at Mar. 31, 2021 | $ 109,720 | $ (74,143) | $ (2,774) | $ 32,803 | |
Balances (in Shares) at Mar. 31, 2021 | 47,827,000 | ||||
Common stock-based compensation & expenses, net | 2,197 | 2,197 | |||
Common stock-based compensation & expenses, net (in Shares) | 1,520,000 | ||||
Issuance of common stock through offering (net of expenses) | 4,145 | 4,145 | |||
Issuance of common stock through offering (net of expenses) (in Shares) | 1,750,000 | ||||
Other adjustments | (43) | (43) | |||
Other adjustments (in Shares) | (43,000) | ||||
Net loss | (15,016) | (15,016) | |||
Gain on foreign currency translation | (194) | (194) | |||
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 | |||
Common stock-based compensation & expenses, net | 2,843 | $ 2,843 | |||
Common stock-based compensation & expenses, net (in Shares) | 1,815,000 | ||||
Issuance of common stock through offering (net of expenses) | 103 | 103 | |||
Issuance of common stock through offering (net of expenses) (in Shares) | 208,000 | ||||
Net loss | (11,506) | (11,506) | |||
Gain on foreign currency translation | (421) | (421) | |||
Balances at Mar. 31, 2023 | $ 118,965 | $ (100,665) | $ (3,389) | $ 14,911 | |
Balances (in Shares) at Mar. 31, 2023 | 53,077,000 | 53,077,436 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (11,506) | $ (15,016) |
Adjustment to reconcile net loss to net cash: | ||
Depreciation and amortization | 657 | 651 |
Provision for bad debt | 126 | 1,718 |
Permanent impairment of PPE | 0 | 833 |
Impairment of non-marketable securities | 0 | 49 |
Common stock-based compensation and expenses, net | 2,843 | 2,197 |
Net loss on sale of property, plant, and equipment | 39 | 0 |
Forgiveness of PPP Loan | 0 | (430) |
Changes in: | ||
Accounts receivables, net | 5 | 50 |
Inventory | 897 | 1,930 |
Deposits and advances | 591 | 541 |
Claims and advances | (150) | (334) |
Accounts payable | (451) | 504 |
Accrued and other liabilities | (88) | (129) |
Operating lease asset | 124 | 38 |
Operating lease liability | (134) | (64) |
Net cash used in operating activities | (7,047) | (7,462) |
Cash flow from investing activities: | ||
Purchase of property, plant, and equipment | (310) | (236) |
Sale of property, plant, and equipment | 538 | 29 |
Investment in short-term investments | (154) | 0 |
Acquisition and filing cost of patents and rights | (309) | (535) |
Net cash used in investing activities | (235) | (742) |
Cash flows from financing activities: | ||
Net proceeds from the issuance of common stock | 103 | 4,145 |
Repayment of long-term loan | (3) | (3) |
Net cash provided by financing activities | 100 | 4,142 |
Effects of exchange rate changes on cash and cash equivalents | (82) | (26) |
Net decrease in cash and cash equivalents | (7,264) | (4,088) |
Cash and cash equivalents at the beginning of the period | 10,460 | 14,548 |
Cash and cash equivalents at the end of the period | 3,196 | 10,460 |
Non-cash items: | ||
Common stock issued/granted for stock-based compensation, including patent acquisition | 2,842 | 2,197 |
Forgiveness of PPP Loan | $ 0 | $ (430) |
NATURE OF OPERATIONS AND MANAGE
NATURE OF OPERATIONS AND MANAGEMENT’S PLANS | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations [Text Block] | NOTE 1 NATURE OF OPERATIONS AND MANAGEMENT S PLANS Since 2014, our team has been committed to researching the application of cannabinoids such as THC and CBD in combination with other compounds to address various ailments, including Alzheimer’s disease. With our research, we have developed intellectual property, formulations, and wellness and lifestyle brands. IGC submitted IGC-AD1, our investigational drug candidate for Alzheimer’s, to the FDA under Section 505(i) of the Federal Food, Drug, and Cosmetic Act and received approval on July 30, 2020, to proceed with the Phase 1 trial on Alzheimer’s patients. The Company 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 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, 2020). 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. The Company has filed forty-one (41) 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 March 31, 2023, our portfolio includes nine granted patents. In addition, we license a patent filing from the University of South Florida titled “Ultra-Low dose THC as a potential therapeutic and prophylactic agent for Alzheimer’s Disease.” The USPTO issued a patent (#11,065,225) for this filing on July 20, 2021. As of March 31, 2023, 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 IGC Pharma SAS (formerly Hamsa Biopharma Colombia SAS) (Hamsa). The Company’s fiscal year is the 52- or 53-week period that ends on March 31. The Company’ principal office is in Maryland established in 2005. Additionally, the Company have offices in Washington state, Colombia, South America, and India. The Company’s filings are available on www.sec.gov. IGC has two segments: Life Sciences and Infrastructure. Life Sciences Segment Pharmaceutical Over the Counter Products Infrastructure Segment The Company’s infrastructure business has been operating since 2008, it includes: (i) Execution of Construction Contracts and (ii) Rental of Heavy Construction Equipment. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 2 SIGNIFICANT ACCOUNTING POLICIES a) Principles of consolidation The consolidated financial statements include the accounts of the Company and all its subsidiaries. Intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. Transactions between the Company and its subsidiaries are eliminated in the consolidated financial statements. b) Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Management believes that the estimates and assumptions used in the preparation of the consolidated financial statements are prudent and reasonable. Significant estimates and assumptions are generally used for, but not limited to allowance for uncollectible accounts receivable; sales returns; normal loss during production; future obligations under employee benefit plans; the useful lives of property, plant, and equipment; intangible assets; valuations; impairment of goodwill and investments; recoverability of advances; the valuation of options granted, and warrants issued; and income tax and deferred tax valuation allowances, if any. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Critical accounting estimates could change from period to period and could have a material impact on IGC’s results, operations, financial position, and cash flows. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the consolidated financial statements. c) Revenue recognition The Company recognizes revenue under ASC 606, Revenue from Contracts with Customers ASC 606 prescribes a 5-step process to achieve its core principle. The Company recognizes revenue from trading, rental, or product sales as follows: I. Identify the contract with the customer. II. Identify the contractual performance obligations. III. Determine the amount of consideration/price for the transaction. IV. Allocate the determined amount of consideration/price to the contractual obligations. V. Recognize revenue when or as the performing party satisfies performance obligations. The consideration/price for the transaction (performance obligation(s)) is determined as per the agreement or invoice (contract) for the services and products in the Infrastructure segment and Life Sciences segment. Refer to Note 17 – “Revenue Recognition.” d) Cost of Revenue Our cost of revenue includes costs associated with in-house and outsourced distribution, labor expense, components, manufacturing overhead, and outbound freight for our products division. In our products division, cost of revenue also includes the cost of refurbishing or repackaging, if required, on products returned by customers that will be offered for resale. e) Earnings/(Loss) per Share The computation of basic loss per share for Fiscal 2023, excludes potentially dilutive securities of approximately 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 Fiscal 2023 and 2022, used for the computation of basic earnings per share (EPS) is 52,576,258 and 49,991,631, respectively. Due to the loss incurred during Fiscal 2023 and 2022, all the potential equity shares are anti-dilutive, and accordingly, the fully diluted EPS is equal to the basic EPS. f) Going Concern: The Company assesses and determines its ability to continue as a going concern in accordance with the provisions of ASC Subtopic 205-40, " Presentation of Financial Statements Going Concern The Company is currently in a clinical trial stage and, thus, has not yet achieved profitability. The Company expects to continue to incur significant operating and net losses and negative cash flows from operations in the near future. For the years ended March 31, 2023, and March 31, 2022, the Company incurred net losses of $11.5 million and $15 million, respectively. As of March 31, 2023, the Company’s cash and cash equivalents totaled $3.2 million. On June 30, 2023, the Company successfully obtained a working capital credit facility totaling $12 million and, in addition, sold 10,000,000 shares for $3,000,000. The equity and the credit facility serve to minimize ongoing liquidity requirements and ensure the Company’s ability to sustain its operations. Furthermore, the Company intends to raise additional funds through private placement and ATM offerings, subject to market conditions. Please refer to Note 19, “Subsequent Event,” for further information. The Company estimates that its current cash and cash equivalents balance with working capital and equity investment is sufficient to support operations beyond the twelve months following the date these consolidated financial statements and footnotes were issued. These estimates are based on assumptions that may prove to be wrong, and the Company could use its available capital resources sooner than it currently expects. g) Income taxes The Company accounts for income taxes under the asset and liability method, in accordance with ASC 740, Income Taxes, which requires an entity to recognize deferred tax liabilities and assets. Deferred tax assets and liabilities are recognized for the future tax consequence attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the enacted tax rate expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. A valuation allowance is established and recorded when management determines that some or all of the deferred tax assets are not likely to be realized and therefore, it is necessary to reduce deferred tax assets to the amount expected to be realized. In evaluating a tax position for recognition, management evaluates whether it is more-likely-than-not that a position will be sustained upon examination, including resolution of related appeals or litigation processes, based on technical merits of the position. If the tax position meets the more-likely-than-not recognition threshold, the tax position is measured and recognized in the Company’s financial statements as the largest amount of tax benefit that, in management’s judgment, is greater than 50% likely of being realized upon settlement. As of March 31, 2023, and 2022, there was no significant liability for income tax associated with unrecognized tax benefits. h) 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 $107 thousand of accounts receivable, net of provision for doubtful debt of $17 thousand as of March 31, 2023, as compared to $125 thousand of accounts receivable, net of provision for doubtful debt of $93 thousand as of March 31, 2022. i) Cash and cash equivalents For financial statement purposes, the Company considers all highly liquid debt instruments with a maturity of three months or less to be cash equivalents. The Company maintains its cash in bank accounts in the U.S., India, Colombia, and Hong Kong, which at times may exceed applicable insurance limits. The cash and cash equivalents in the Company on March 31, 2023, and 2022, were approximately $3,196 thousand and $10,460 thousand, respectively. j) 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 agencies 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 a cost which approximates fair value. Available-for-sale securities: Investments in debt securities that are classified as available for sale shall be measured subsequently at fair value in the statement of financial position. Investments are initially measured at cost, which is the fair value of the consideration given for them, including transaction costs. Where the Company’s ownership interest is in excess of 20% and the Company has a significant influence, the Company has accounted for the investment based on the equity method in accordance with ASC Topic 323, “ Investments Equity method and Joint Ventures. Investments-Equity Securities. As of March 31, 2023, investment in marketable securities is valued at fair value and investment in non-marketable securities with ownership less than 20% is valued at cost as per ASC Topic 321, “ Investments-Equity Securities. k) Property, plant, and equipment (PP&E) Property, plant, and equipment are recorded at cost net of accumulated depreciation and depreciated over their estimated useful lives using the straight-line method. Upon retirement or disposition, cost and related accumulated depreciation of the Property, plant and equipment are de-recognized, and any gain or loss is reflected in the results of operation. Cost of additions and substantial improvements to property and equipment are capitalized. The cost of maintenance and repairs of the property and equipment are charged to operating expenses as incurred. l) Fair value of financial instruments ASC 820, “Fair Value Measurement” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts of the Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximately their fair values due to the nature of the items. Please refer to Note 15, “Fair value of financial instruments,” for further information. m) Concentration of credit risk and significant customers Financial instruments, which potentially expose the Company to concentrations of credit risk, are primarily comprised of cash and cash equivalents, investments, accounts receivable and unbilled accounts receivable, if any. The Company places its cash investments in highly rated financial institutions. The Company adheres to a formal investment policy with the primary objective of preservation of principal, which contains credit rating minimums and diversification requirements. Management believes its credit policies reflect normal industry terms and business risk. The Company does not anticipate non-performance by the counterparties and, accordingly, does not require collateral. During Fiscal 2023, sales were spread across customers in Asia and U.S. and the credit concentration risk is low. n) 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. 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. 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 Monte Carlo simulations. 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. o) Commitments and contingencies Liabilities for loss contingencies arising from claims, assessments, litigations, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. We record associated legal fees as incurred. Information regarding our commitments and contingencies is incorporated by reference in Note 12, “Commitments and contingencies” of this Annual Report on Form 10-K. p) 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. q) Intangible assets The Company’s intangible assets are accounted for in accordance with ASC Topic 350, Intangibles Goodwill and Other. Intangible assets with finite useful lives are amortized using the straight-line method over their estimated period of benefit. In accordance with ASC 360-10-35-21, definite lived intangibles are reviewed annually or more frequently if events or changes in circumstances indicate that the assets might be impaired, to assess whether their fair value exceeds their carrying value. The Company intends to capitalize trademarks and related expenses exceeding $2,500 per trademark. Management may also capitalize trademarks and related expenses up to $2,500 per trademark based on its potential and benefit in coming years. r) 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 finished goods related to wellness products, hand sanitizers, finished hemp-based products, beverages. Work-and in-progress consist of products in the manufacturing process as on reporting date, including but not limited to primary cost. 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. We capitalize inventory costs related to our investigational drug, provided that management determines there is a potential alternative use for the inventory in future research and development projects or other purposes. As of March 31, 2023, and 2022, our consolidated balance sheet reported approximately $407 thousand and no clinical trial-related inventory, respectively. Abnormal amounts of idle facility expense, freight, handling costs, scrap, discontinued products and wasted material (spoilage) are expensed in the period they are incurred. Please refer to Note 3, “Inventory,” for further information. s) Cybersecurity We have a cybersecurity policy in place and tighter cybersecurity measures to safeguard against hackers. In Fiscal 2023, there were no impactful breaches in cybersecurity. t) Research and Development Expenses During Fiscal 2023 and 2022, the Company recorded research and development expenses of approximately $3.5 million and $2.3 million, respectively. All research and development costs are expensed in the period in which they are incurred. u) 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 a lessor, the Company expects that post-adoption substantially all existing leases will have no change in the timing of revenue recognition until their expiration or termination. The Company expects to elect the lessor practical expedient to not separate non-lease components such as maintenance from the associated lease for all existing and new leases and to account for the combined component as a single lease component. The timing of revenue recognition is expected to be the same for the majority of the Company’s new leases as compared to similar existing leases; however, certain categories of new leases could have different revenue recognition patterns as compared to similar existing leases. For leases that are accounted for as operating leases, income is recognized on a straight-line basis over the term of the lease contract. Generally, when a lease is more than 180 days delinquent (where more than three monthly payments are owed), the lease is classified as being nonaccrual and the Company stops recognizing leasing income on that date. Payments received on leases in nonaccrual status generally reduce the lease receivable. Leases on nonaccrual status remain classified as such until there is sustained payment performance that, in the Company’s judgment, would indicate that all contractual amounts will be collected in full. Lessee Accounting The Company adopted ASU 2016-02 effective April 1, 2019, using the modified retrospective approach. The standard establishes a right-of-use model (ROU) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. In connection with the adoption, the Company will elect to utilize the modified retrospective presentation whereby the Company will continue to present prior period financial statements and disclosures under ASC Topic 840. In addition, the Company will elect the transition package of three practical expedients permitted within the standard, which eliminates the requirements to reassess prior conclusions about lease identification, lease classification and initial direct costs. Further, the Company will adopt a short-term lease exception policy, permitting us to not apply the recognition requirements of this standard to short-term leases (i.e., leases with terms of 12 months or less), and an accounting policy to account for lease and non-lease components as a single component for certain classes of assets. Under ASU 2016-02 (Topic 842), lessees are required to recognize the following for all leases (with the exception of short-term leases) on the commencement date: (i) lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. At the commencement date, the Company recognizes the lease liability at the present value of the lease payments not yet paid, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate for the same term as the underlying lease. The right-of-use asset is recognized initially at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All right-of-use assets are reviewed for impairment. There was no impairment for right-of-use lease assets as of March 31, 2023. 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. v) Recently issued and adopted accounting pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (ASUs) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. Newly issued ASUs not listed are expected to have no impact on the Company’s consolidated financial position and results of operations, because either the ASU is not applicable, or the impact is expected to be immaterial. |
INVENTORY
INVENTORY | 12 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | NOTE 3 INVENTORY (in thousands) As of March 31, 2023 ($) As of March 31, 2022 ($) Raw materials 2,100 2,247 Work-in-progress 18 584 Finished goods 533 717 Total 2,651 3,548 Work-and in-progress consist of products in the manufacturing process as on reporting date, including but not limited to gummies, tincture, and hemp derivatives. Finished goods comprise, but is not limited to, hand sanitizers, gummies, lotions, and beverages, among others. During Fiscal 2023, the Company charged $376 thousand of inventory in selling, general and administration due to product expiration, handling costs, scrap, and wasted material (spoilage) as compared to approximately $252 thousand for Fiscal 2022. This charge was recorded in Selling, general, and administrative expenses. |
DEPOSITS AND ADVANCES
DEPOSITS AND ADVANCES | 12 Months Ended |
Mar. 31, 2023 | |
Deposits And Advances Abstract | |
Deposits and Advances [Text Block] | NOTE 4 DEPOSITS AND ADVANCES (in thousands) As of March 31, 2023 ($) As of March 31, 2022 ($) Advances to suppliers and consultants 72 170 Other receivables and deposits 24 472 Prepaid expense and other current assets 262 336 Total 358 978 The Advances to suppliers and consultants primarily relate to advances to suppliers in our Life Sciences and Infrastructure segment. Prepaid and other current assets include approximately $25 thousand in statutory advances for Fiscal 2023, as compared to $170 thousand in Fiscal 2022. The Company decided to move advances paid to suppliers worth approximately $164 thousand to claims and advances, considering recovering might take more than 12 months. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 5 INTANGIBLE ASSETS Amortized intangible assets (in thousands) As of March 31, 2023 ($) As of March 31, 2022 ($) Patents 709 290 Other intangibles 34 32 Accumulated amortization (107 ) (51 ) Total amortized intangible assets 636 271 Unamortized intangible assets Patents 534 646 Other intangibles - - Total unamortized intangible assets 534 646 Total intangible assets 1,170 917 The value of intangible assets includes the cost of acquiring patent rights, supporting data, and the expense associated with filing of forty-one (41) patent applications in different countries along with nine (9) granted 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 Fiscal 2023 and 2022 amounted to approximately $57 thousand and $24 thousand, respectively. The Company regularly reviews its intangible assets to determine if any intangible asset is other-than-temporarily impaired, which would require the Company to record an impairment charge in the period and concluded that, as of March 31, 2023, there was no impairment. Estimated amortization expense (in thousands) ($) For the year ended 2024 62 For the year ended 2025 69 For the year ended 2026 75 For the year ended 2027 83 For the year ended 2028 91 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 6 PROPERTY, PLANT, AND EQUIPMENT (in thousands, except useful life) Useful Life (years) As of March 31, 2023 ($) As of March 31, 2022 ($) Land N/A 4,100 4,438 Buildings and facilities 25 2,298 2,810 Plant and machinery 5-20 3,335 4,593 Computer equipment’s 3 138 241 Office equipment’s 3-5 84 145 Furniture and fixtures 5 92 141 Vehicles 5 102 163 Construction in progress N/A - 108 Total gross value 10,149 12,639 Less: Accumulated depreciation (1,936 ) (3,220 ) Total property, plant and equipment, net 8,213 9,419 The depreciation expense in Fiscal 2023 and 2022 amounted to approximately $600 thousand and $627 thousand, respectively. The net decrease in total property, plant, and equipment (net) is primarily due to depreciation and foreign exchange translations because of a decrease in value of foreign currencies. In addition, Fiscal 2023, the Company disposed of fully depreciated assets in the amount of approximately $1.6 million from its subsidiaries. This resulted in a reduction in the value of total gross assets but did not affect the net value of assets as the disposed assets had previously been fully depreciated. The Company sold a property in Puerto Rico for net proceeds of approximately $485 thousand (acquired for approximately $480 thousand) and accounted for a profit of approximately $5 thousand in other income. For more information, please refer to Note 18, “Segment Information” for the non-current assets other than financial instruments held in the country of domicile and foreign countries. |
CLAIMS AND ADVANCES
CLAIMS AND ADVANCES | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Other Assets Disclosure [Text Block] | NOTE 8 CLAIMS AND ADVANCES (in thousands) As of March 31, 2023 ($) As of March 31, 2022 ($) Claims receivable (1) 951 368 Non-current deposits 27 - Non-current advances 25 569 Total 1,003 937 (1) The claims receivable is due from different vendors. While the Company has initiated collection proceedings internally or with the appropriate authorities, it believes receiving the amount in the next 12 months will be challenging because of the time required for collection proceedings. The Company decided to move advances paid to some suppliers worth approximately $164 thousand to claims and advances, considering recovering might take more than 12 months. Includes $140 thousand owed to one of our manufacturers for the equipment purchase. |
LEASES
LEASES | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Text Block [Abstract] | |
Lessee, Operating Leases [Text Block] | NOTE 9 LEASES The Company has short-term leases primarily consisting of spaces with the remaining lease term being less than or equal to 12 months. The total short- term lease expense and cash paid for Fiscal 2023 and 2022 are approximately $178 thousand. The Company also has four operating leases as of March 31, 2023. America Asia (in thousands) Year Ended March 31, 2023 ($) (in thousands) Year Ended March 31, 2022 ($) Operating lease costs 148 149 Short term lease costs 178 178 Total lease costs 326 327 Right of use assets and lease liabilities for our operating leases were recorded in the consolidated balance sheet as follows: (in thousands) (in thousands) Year Ended March 31, 2023 ($) Year Ended March 31, 2022 ($) Assets Operating lease asset 326 450 Total lease assets 326 450 Liabilities Current liabilities: Accrued liabilities and others (current portion – operating lease liability) 133 123 Noncurrent liabilities: Operating lease liability (non-current portion – operating lease liability) 207 341 Total lease liability 340 464 Supplemental cash flow and non-cash information related to leases is as follows: (in thousands) Year Ended March 31, 2023 ($) (in thousands) Year Ended March 31, 2022 ($) Cash paid for amounts included in the measurement of lease liabilities –Operating cash flows from operating leases 118 109 Right-of-use assets obtained in exchange for operating lease obligations 326 450 As of March 31, 2023, the following table summarizes the maturity of our lease liabilities: Mar-24 151 Mar-25 133 Mar-26 87 Mar-27 - Less: Present value discount (31 ) Total Lease liabilities 340 |
ACCRUED LIABILITIES AND OTHERS
ACCRUED LIABILITIES AND OTHERS | 12 Months Ended |
Mar. 31, 2023 | |
Accrued Liabilities Disclosure Abstract | |
Accrued Liabilities Disclosure [Text Block] | NOTE 10 ACCRUED LIABILITIES AND OTHERS (in thousands) As of March 31, 2023 ($) As of March 31, 2022 ($) Compensation and other contributions 619 1,054 Provision for expenses 258 103 Short-term lease liability 133 123 Other current liability 358 180 Total 1,368 1,460 Compensation and other contribution-related liabilities consist of accrued salaries to employees. In addition, provision for expenses includes provision for legal, professional, and marketing expenses. Other current liability also includes statutory payables of approximately $31 thousand and 55 thousand as of March 31, 2023, and March 31, 2022, respectively, and approximately $3 thousand of short-term loans as of March 31, 2023, and March 31, 2022, respectively. |
LOANS AND OTHER LIABILITIES
LOANS AND OTHER LIABILITIES | 12 Months Ended |
Mar. 31, 2023 | |
Loans And Other Liabilities Abstract | |
Loans and Other Liabilities [Text Block] | NOTE 11 LOANS AND OTHER LIABILITIES Loan as of March 31, 2023: 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 are due and payable 30 years from the date of the loan. For Fiscal 2023, the interest expense and principal payment for the EIDL were approximately $5 thousand and $3 thousand, respectively. As of March 31, 2023, approximately $141 thousand of the loan is classified as Long-term loans and approximately $3 thousand as Short-term loans. Other Liability: (in thousands) As of March 31, 2023 ($) 2022 ($) Statutory reserve 21 16 Total 21 16 The statutory reserve is a gratuity reserve for employees in our subsidiaries in India. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 12 COMMITMENTS AND CONTINGENCIES The Company may be involved in legal proceedings, claims, and assessments arising in the ordinary course of business. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. There are no such matters that are deemed material to the consolidated financial statements as of March 31, 2023, except as disclosed in Item 3 – Legal Proceedings, and Note 19 - Subsequent Events. In the U.S., we provide health insurance, life insurance, and a 401(k) plan wherein the Company matches up to 6% of the employee’s pre-tax contribution up to a maximum annual amount determined by the IRS. In addition, under applicable Indian laws, the Company provides for gratuity, a defined benefit retirement plan (Gratuity Plan) covering certain categories of employees. The Gratuity Plan provides a lump sum payment to vested employees, at retirement or termination of employment, an amount based on the respective employee’s last drawn salary and the years of employment with the Company. In addition, employees receive benefits from a provident fund, a defined contribution plan. The employee and employer each make monthly contributions to the plan equal to 12% of the covered employee’s salary. The contribution is made to the Indian Government’s provident fund. |
SECURITIES
SECURITIES | 12 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Equity [Text Block] | NOTE 13 SECURITIES As of March 31, 2023, the Company was authorized to issue up to 150,000,000 shares of common stock, par value $0.0001 per share, and 53,077,436 shares of common stock were issued and outstanding. The Company is also authorized to issue up to 1,000,000 shares of preferred stock, par value $0.0001 per share, and no preferred shares were issued and outstanding as of March 31, 2023. We have one security listed on the NYSE American: common stock, $0.0001 par value (ticker symbol: IGC). This security also trades on the Frankfurt, Stuttgart, and Berlin stock exchanges (ticker symbol: IGS1). The Company also has 91,472 units outstanding that can be separated into common stock. Ten units may be separated into one share of common stock. The unit holders are requested to contact the Company or our transfer agent, Continental Stock Transfer & Trust, to separate their units into common stock. On January 13, 2021, the Company entered into a Sales Agreement (the Agreement) with The Benchmark Company, LLC (Benchmark or the Sales Agent) pursuant to which the Sales Agent is acting as the Company’s sales agent with respect to the issuance and sale of up to $75,000,000 of the Company’s shares of common stock, par value $0.0001 per share (the Shares), from time to time in an “at the market” (ATM) offering as defined in Rule 415(a)(4) of the Securities Act of 1933, as amended (the Offering). During Fiscal 2023, the Company raised approximately $103 thousand from the ATM, net of commission. The management may use these funds for working capital and capital expenditure requirements, along with clinical trials, share repurchases, debt repayments, investments, including but not limited to, mutual funds, treasury bonds, cryptocurrencies, and other asset classes. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Payment Arrangement [Text Block] | NOTE 14 STOCK-BASED COMPENSATION As of March 31, 2023, under both the Company’s previous 2008 and current 2018 Omnibus Incentive Plans, a total of 8,412,627 shares of common stock have been issued to employees, non-employees, and advisors. In addition, 5.5 million restricted share units (RSUs) fair valued at $5.5 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 2.9 million RSUs granted to employees and directors, which consists of a vesting schedule based entirely on the attainment either operational milestones (performance conditions) or market conditions, assuming continued employment either as an employee, or director with the Company. The performance based RSUs are accounted upon certification by the management confirming the probability of achievement of milestones. As of March 31, 2023, the management confirmed two milestones had been achieved, and the rest were probable to be achieved by March 31, 2027. Additionally, options held by advisors and directors to purchase 150 thousand shares of common stock fair valued at $69 thousand with a weighted average of $0.46 per share, which have been granted but are to be issued over a vesting period, between Fiscal 2022 and Fiscal 2026. Options granted and issued before the vesting period are expensed when issued. The options are fair valued using a Black-Scholes Pricing Model and market based RSU are valued based on 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 3.49 % 2.42 % Expected volatility 280 % 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 Fiscal 2023, the Company’s common stock-based compensation and expenses shown in Selling, general and administrative expenses (including research and development) was $2.8 million. For Fiscal 2022, the Company’s common stock-based compensation and expenses shown in Selling, general and administrative expenses (including research and development) was $2.2 million. Non-vested shares Shares (in thousands) (#) Weighted average grant date fair value ($) Non-vested shares as of March 31, 2022 5,283 1.17 Granted 1,615 0.43 Vested (2,224 ) 1.01 Cancelled/Forfeited (245 ) 0.77 Non-vested shares as of March 31, 2023 4,429 1.01 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 (150 ) 1.39 0.30 Options outstanding as of March 31, 2023 150 1.39 0.30 There was a combined unrecognized expense of $2.7 million related to non-vested shares and share options that the Company expects to be recognized over a life of four years. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE 15 FAIR VALUE OF FINANCIAL INSTRUMENTS As of March 31, 2023, the Company’s marketable securities consist of liquid funds, which have been classified as Level 1 of the fair value hierarchy because they have been valued using quoted prices in active markets. The Company’s cash and cash equivalents have also been classified as Level 1 on the same principle. Financial instruments are classified as current if they are expected to be liquidated within the next twelve months. The Company’s remaining investments have been classified as Level 3 instruments as there is little or no market data. Level 3 investments are valued using the cost method. For further information refer Note 7, “Investments in Non-Marketable Securities.” The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of March 31, 2023, and 2022, and indicates the fair value hierarchy of the valuation techniques the Company used to determine such fair value: (in thousands) Level 1 ($) Level 2 ($) Level 3 ($) Total ($) March 31, 2023 Cash and cash equivalents: 3,196 - - 3,196 Total cash and cash equivalents 3,196 - - 3,196 Investments: -Marketable securities 154 - - 154 -Non-marketable securities - - - - Total investments 154 - - 154 Level 1 ($) Level 2 ($) Level 3 ($) Total ($) March 31, 2022 Cash and cash equivalents: 10,460 - - 10,460 Total cash and cash equivalents 10,460 - - 10,460 Investments: -Marketable securities - - - - -Non-marketable securities - - - - Total investment - - - - |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 16 INCOME TAXES The Company calculates its provision for foreign and U.S. federal income taxes based on the current tax law. As the Company maintains a full valuation allowance against its deferred tax assets, there is no income tax expense recorded related to this change other than the Federal AMT credit which are refundable due to the passage of tax reform. Due to the Company’s history of losses and uncertainty of future taxable income, a valuation allowance sufficient to fully offset net operating losses and other deferred tax assets has been established. The valuation allowance will be maintained until sufficient positive evidence exists to support a conclusion that a valuation allowance is not necessary. Income tax expense/(benefit) for each of the years ended March 31 consists of the following: Year Ended March 31, (in thousands) Income Tax Expense 2023 ($) 2022 ($) Net income loss before tax (11,506 ) (15,016 ) Tax rate 21 % 21 % Expected income tax recovery (2,416 ) (3,153 ) Impact of tax rate differences in foreign jurisdictions (7 ) - Tax rate changes and other adjustments (667 ) (385 ) Permanent differences 88 50 Change in valuation allowance 3,002 3,488 - - The significant components of deferred income tax expense/(benefit) from operations before non-controlling interest for each of the years ended March 31 are approximated as following: Year Ended March 31, (in thousands) Deferred income taxes 2023 ($) 2022 ($) Net operating loss carry-forwards foreign 137 149 Non-capital loss carry-forwards – U.S. 12,888 10,487 Temporary differences 548 (66 ) Net deferred tax asset 13,573 10,570 Valuation allowance (13,573 ) (10,570 ) - - The table below sets forth the details of expiration of the non-financial carried forward losses of the Company as of March 31, 2023, as under: Year Amount (in thousands) ($) 2023 47 2024 309 2025 3 2026 12 2027 30 2028 14 2029 25 2030 141 2031 3,081 2032 4,141 2033 627 2034 1,269 2035 1,735 2036 1,176 2037 819 2038 1,256 2039 4,132 2040 7,932 2041 8,841 2042 14,966 2043 11,359 Total 61,915 Realization of deferred tax assets, including those related to net operating loss carryforwards, are dependent upon future earnings, if any, of which the timing and amount are uncertain. Accordingly, the net deferred tax assets have been fully offset by a valuation allowance. Based upon the Company’s current operating results management cannot conclude that it is more likely than not that such assets will be realized. The Company files income tax returns in India, Hong Kong, Colombia, and the U.S. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 12 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | NOTE 17 REVENUE RECOGNITION Revenue in the Infrastructure segment is recognized for the renting business when the equipment is rented, and the terms of the agreement have been fulfilled during the period. Revenue from the execution of infrastructure contracts is recognized on the basis of the output method as and when part of the performance obligation has been completed and approval from the contracting agency has been obtained after survey of the performance completion as of that date. In the Life Sciences segment, the revenue from the wellness and lifestyle business is recognized once goods have been sold to the customer and the performance obligation has been completed. In retail sales, we offer consumer products through our online stores. Revenue is recognized when control of the goods is transferred to the customer. This generally occurs upon our delivery to a third-party carrier or to the customer directly. Revenue from white label services is recognized when the performance obligation has been completed and output material has been transferred to the customer. Net sales disaggregated by significant products and services for Fiscal 2023 and 2022 are as follows: (in thousands) Year ended March 31, 2023 ($) 2022 ($) Infrastructure segment Rental income (1) 37 23 Construction contracts (2) 76 15 Life Sciences segment Wellness and lifestyle (3) 416 316 White labeling services (4) 382 43 Total 911 397 (1) Rental income consists of income from rental of heavy construction equipment. (2) Construction income consists of the execution of contracts directly or through subcontractors. (3) Revenue from wellness and lifestyle consists of sale of products such as gummies, hand sanitizers, bath bombs, lotions, beverages, hemp crude extract, hemp isolate, and hemp distillate. (4) Revenue from white label services consists of rebranding our formulations or the customer’s products as per customer’s requirement. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 18 SEGMENT INFORMATION FASB ASC 280, “ Segment Reporting The Company’s CODM is the Company’s Chief Executive Officer (CEO). The CEO reviews financial information presented on an operating segment basis for the purposes of making operating decisions and assessing financial performance. Therefore, and before our Life Sciences segment started, the Company had determined that it operated in a single operating and reportable segment. As of the date of this report and in preparation for the new and different source of revenue, the Company has determined that it operates in two operating and reportable segments: (a) Infrastructure segment and (b) Life Sciences segment. The Company does not include intercompany transfers between segments for Management reporting purposes. The following provides information required by ASC 280-10-50-38 “Entity-wide Information”: 1) The table below shows revenue reported by segment: Product & Service (in thousands) Segments Fiscal 2023 ($) Percentage of Total Revenue (%) Infrastructure segment 113 12 % Life Sciences segment 798 88 % Total 911 100 % (in thousands) Segments Fiscal 2022 ($) Percentage of Total Revenue (%) Infrastructure segment 38 9 % Life Sciences segment 359 91 % Total 397 100 % For information for revenue by product and service, refer Note 17, “Revenue Recognition.” 2) The table below shows the attributed to the country of domicile (U.S.) and foreign countries. Revenue is generally attributed to the geographic location of customers: (in thousands) Segments Country Fiscal 2023 ($) Percentage of Total Revenue (%) Asia India 113 12 % America U.S. 777 86 % Colombia 21 2 % Total 911 100 % (in thousands) Segments Country Fiscal 2022 ($) Percentage of Total Revenue (%) Asia India 68 17 % America U.S. 329 83 % Total 397 100 % 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 U.S. (Country of Domicile) ($) Foreign Countries (India, Hong Kong, and Colombia) ($) Total as of March 31, 2023 ($) Intangible assets, net 1,170 - 1,170 Property, plant and equipment, net 4,074 4,139 8,213 Claims and advances 585 418 1,003 Operating lease asset 298 28 326 Total non-current assets 6,127 4,585 10,712 (in thousands) Nature of Assets U.S. (Country of Domicile) ($) 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 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 | 12 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 19 SUBSEQUENT EVENTS On June 30, 2023, the Company successfully obtained a working capital credit facility totaling $12 million and in addition sold 10,000,000 shares for $3,000,000. The equity and the credit facility serve to minimize ongoing liquidity requirements and ensure the Company’s ability to sustain its operations. Furthermore, the Company intends to raise additional funds through private placement and ATM offerings, subject to market conditions. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The consolidated financial statements include the accounts of the Company and all its subsidiaries. Intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. Transactions between the Company and its subsidiaries are eliminated in the consolidated financial statements. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Management believes that the estimates and assumptions used in the preparation of the consolidated financial statements are prudent and reasonable. Significant estimates and assumptions are generally used for, but not limited to allowance for uncollectible accounts receivable; sales returns; normal loss during production; future obligations under employee benefit plans; the useful lives of property, plant, and equipment; intangible assets; valuations; impairment of goodwill and investments; recoverability of advances; the valuation of options granted, and warrants issued; and income tax and deferred tax valuation allowances, if any. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Critical accounting estimates could change from period to period and could have a material impact on IGC’s results, operations, financial position, and cash flows. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the consolidated financial statements. |
Revenue [Policy Text Block] | Revenue recognition The Company recognizes revenue under ASC 606, Revenue from Contracts with Customers ASC 606 prescribes a 5-step process to achieve its core principle. The Company recognizes revenue from trading, rental, or product sales as follows: I. Identify the contract with the customer. II. Identify the contractual performance obligations. III. Determine the amount of consideration/price for the transaction. IV. Allocate the determined amount of consideration/price to the contractual obligations. V. Recognize revenue when or as the performing party satisfies performance obligations. The consideration/price for the transaction (performance obligation(s)) is determined as per the agreement or invoice (contract) for the services and products in the Infrastructure segment and Life Sciences segment. Refer to Note 17 – “Revenue Recognition.” |
Cost of Goods and Service [Policy Text Block] | Cost of Revenue Our cost of revenue includes costs associated with in-house and outsourced distribution, labor expense, components, manufacturing overhead, and outbound freight for our products division. In our products division, cost of revenue also includes the cost of refurbishing or repackaging, if required, on products returned by customers that will be offered for resale. |
Earnings Per Share, Policy [Policy Text Block] | Earnings/(Loss) per Share The computation of basic loss per share for Fiscal 2023, excludes potentially dilutive securities of approximately 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 Fiscal 2023 and 2022, used for the computation of basic earnings per share (EPS) is 52,576,258 and 49,991,631, respectively. Due to the loss incurred during Fiscal 2023 and 2022, all the potential equity shares are anti-dilutive, and accordingly, the fully diluted EPS is equal to the basic EPS. |
Going Concern, Policy [Policy Textblock} | Going Concern: The Company assesses and determines its ability to continue as a going concern in accordance with the provisions of ASC Subtopic 205-40, " Presentation of Financial Statements Going Concern The Company is currently in a clinical trial stage and, thus, has not yet achieved profitability. The Company expects to continue to incur significant operating and net losses and negative cash flows from operations in the near future. For the years ended March 31, 2023, and March 31, 2022, the Company incurred net losses of $11.5 million and $15 million, respectively. As of March 31, 2023, the Company’s cash and cash equivalents totaled $3.2 million. On June 30, 2023, the Company successfully obtained a working capital credit facility totaling $12 million and, in addition, sold 10,000,000 shares for $3,000,000. The equity and the credit facility serve to minimize ongoing liquidity requirements and ensure the Company’s ability to sustain its operations. Furthermore, the Company intends to raise additional funds through private placement and ATM offerings, subject to market conditions. Please refer to Note 19, “Subsequent Event,” for further information. The Company estimates that its current cash and cash equivalents balance with working capital and equity investment is sufficient to support operations beyond the twelve months following the date these consolidated financial statements and footnotes were issued. These estimates are based on assumptions that may prove to be wrong, and the Company could use its available capital resources sooner than it currently expects. |
Income Tax, Policy [Policy Text Block] | Income taxes The Company accounts for income taxes under the asset and liability method, in accordance with ASC 740, Income Taxes, which requires an entity to recognize deferred tax liabilities and assets. Deferred tax assets and liabilities are recognized for the future tax consequence attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the enacted tax rate expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. A valuation allowance is established and recorded when management determines that some or all of the deferred tax assets are not likely to be realized and therefore, it is necessary to reduce deferred tax assets to the amount expected to be realized. In evaluating a tax position for recognition, management evaluates whether it is more-likely-than-not that a position will be sustained upon examination, including resolution of related appeals or litigation processes, based on technical merits of the position. If the tax position meets the more-likely-than-not recognition threshold, the tax position is measured and recognized in the Company’s financial statements as the largest amount of tax benefit that, in management’s judgment, is greater than 50% likely of being realized upon settlement. As of March 31, 2023, and 2022, there was no significant liability for income tax associated with unrecognized tax benefits. |
Accounts Receivable [Policy Text Block] | Accounts receivable We make estimates of the collectability of our accounts receivable by analyzing historical payment patterns, customer concentrations, customer creditworthiness, and current economic trends. If the financial condition of a customer deteriorates, additional allowances may be required. We had $107 thousand of accounts receivable, net of provision for doubtful debt of $17 thousand as of March 31, 2023, as compared to $125 thousand of accounts receivable, net of provision for doubtful debt of $93 thousand as of March 31, 2022. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents For financial statement purposes, the Company considers all highly liquid debt instruments with a maturity of three months or less to be cash equivalents. The Company maintains its cash in bank accounts in the U.S., India, Colombia, and Hong Kong, which at times may exceed applicable insurance limits. The cash and cash equivalents in the Company on March 31, 2023, and 2022, were approximately $3,196 thousand and $10,460 thousand, respectively. |
Investment, Policy [Policy Text Block] | Short-term and long-term investments Our policy for short-term and long-term investments is to establish a high-quality portfolio that preserves principal, meets liquidity needs, avoids inappropriate concentrations, and delivers an appropriate yield in relation to our investment guidelines and market conditions. Short-term and long-term investments consist of corporate, various government agencies 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 a cost which approximates fair value. Available-for-sale securities: Investments in debt securities that are classified as available for sale shall be measured subsequently at fair value in the statement of financial position. Investments are initially measured at cost, which is the fair value of the consideration given for them, including transaction costs. Where the Company’s ownership interest is in excess of 20% and the Company has a significant influence, the Company has accounted for the investment based on the equity method in accordance with ASC Topic 323, “ Investments Equity method and Joint Ventures. Investments-Equity Securities. As of March 31, 2023, investment in marketable securities is valued at fair value and investment in non-marketable securities with ownership less than 20% is valued at cost as per ASC Topic 321, “ Investments-Equity Securities. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant, and equipment (PP&E) Property, plant, and equipment are recorded at cost net of accumulated depreciation and depreciated over their estimated useful lives using the straight-line method. Upon retirement or disposition, cost and related accumulated depreciation of the Property, plant and equipment are de-recognized, and any gain or loss is reflected in the results of operation. Cost of additions and substantial improvements to property and equipment are capitalized. The cost of maintenance and repairs of the property and equipment are charged to operating expenses as incurred. |
Fair Value Measurement, Policy [Policy Text Block] | Fair value of financial instruments ASC 820, “Fair Value Measurement” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts of the Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximately their fair values due to the nature of the items. Please refer to Note 15, “Fair value of financial instruments,” for further information. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk and significant customers Financial instruments, which potentially expose the Company to concentrations of credit risk, are primarily comprised of cash and cash equivalents, investments, accounts receivable and unbilled accounts receivable, if any. The Company places its cash investments in highly rated financial institutions. The Company adheres to a formal investment policy with the primary objective of preservation of principal, which contains credit rating minimums and diversification requirements. Management believes its credit policies reflect normal industry terms and business risk. The Company does not anticipate non-performance by the counterparties and, accordingly, does not require collateral. During Fiscal 2023, sales were spread across customers in Asia and U.S. and the credit concentration risk is low. |
Share-Based Payment Arrangement [Policy Text Block] | Stock – Based Compensation The Company accounts for stock-based compensation to employees and non-employees in conformity with the provisions of ASC Topic 718, “ Stock-Based Compensation. 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. 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 Monte Carlo simulations. 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. |
Commitments and Contingencies, Policy [Policy Text Block] | Commitments and contingencies Liabilities for loss contingencies arising from claims, assessments, litigations, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. We record associated legal fees as incurred. Information regarding our commitments and contingencies is incorporated by reference in Note 12, “Commitments and contingencies” of this Annual Report on Form 10-K. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long – lived assets The Company reviews its long-lived assets, with finite lives, for impairment whenever events or changes in business circumstances indicate that the carrying amount of assets may not be fully recoverable. Such circumstances include, though are not limited to, significant or sustained declines in revenues or earnings, future anticipated cash flows, business plans, and material adverse changes in the economic climate, such as changes in 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. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible assets The Company’s intangible assets are accounted for in accordance with ASC Topic 350, Intangibles Goodwill and Other. Intangible assets with finite useful lives are amortized using the straight-line method over their estimated period of benefit. In accordance with ASC 360-10-35-21, definite lived intangibles are reviewed annually or more frequently if events or changes in circumstances indicate that the assets might be impaired, to assess whether their fair value exceeds their carrying value. The Company intends to capitalize trademarks and related expenses exceeding $2,500 per trademark. Management may also capitalize trademarks and related expenses up to $2,500 per trademark based on its potential and benefit in coming years. |
Inventory, Policy [Policy Text Block] | Inventory Inventory is valued at the lower of cost or net realizable value, which is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Inventory consists of finished goods related to wellness products, hand sanitizers, finished hemp-based products, beverages. Work-and in-progress consist of products in the manufacturing process as on reporting date, including but not limited to primary cost. 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. We capitalize inventory costs related to our investigational drug, provided that management determines there is a potential alternative use for the inventory in future research and development projects or other purposes. As of March 31, 2023, and 2022, our consolidated balance sheet reported approximately $407 thousand and no clinical trial-related inventory, respectively. Abnormal amounts of idle facility expense, freight, handling costs, scrap, discontinued products and wasted material (spoilage) are expensed in the period they are incurred. Please refer to Note 3, “Inventory,” for further information. |
Cyber-security Policy [Policy Text Block] | Cybersecurity We have a cybersecurity policy in place and tighter cybersecurity measures to safeguard against hackers. In Fiscal 2023, there were no impactful breaches in cybersecurity. |
Research, Development, and Computer Software, Policy [Policy Text Block] | Research and Development Expenses During Fiscal 2023 and 2022, the Company recorded research and development expenses of approximately $3.5 million and $2.3 million, respectively. All research and development costs are expensed in the period in which they are incurred. |
Lessee, Leases [Policy Text Block] | Leases Lessor Accounting Under the current ASU guidance, contract consideration will be allocated to its lease components and non-lease components (such as maintenance). For the Company as a lessor, any non-lease components will be accounted for under ASC Topic 606, “ Revenue from Contracts with Customers, As a lessor, the Company expects that post-adoption substantially all existing leases will have no change in the timing of revenue recognition until their expiration or termination. The Company expects to elect the lessor practical expedient to not separate non-lease components such as maintenance from the associated lease for all existing and new leases and to account for the combined component as a single lease component. The timing of revenue recognition is expected to be the same for the majority of the Company’s new leases as compared to similar existing leases; however, certain categories of new leases could have different revenue recognition patterns as compared to similar existing leases. For leases that are accounted for as operating leases, income is recognized on a straight-line basis over the term of the lease contract. Generally, when a lease is more than 180 days delinquent (where more than three monthly payments are owed), the lease is classified as being nonaccrual and the Company stops recognizing leasing income on that date. Payments received on leases in nonaccrual status generally reduce the lease receivable. Leases on nonaccrual status remain classified as such until there is sustained payment performance that, in the Company’s judgment, would indicate that all contractual amounts will be collected in full. Lessee Accounting The Company adopted ASU 2016-02 effective April 1, 2019, using the modified retrospective approach. The standard establishes a right-of-use model (ROU) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. In connection with the adoption, the Company will elect to utilize the modified retrospective presentation whereby the Company will continue to present prior period financial statements and disclosures under ASC Topic 840. In addition, the Company will elect the transition package of three practical expedients permitted within the standard, which eliminates the requirements to reassess prior conclusions about lease identification, lease classification and initial direct costs. Further, the Company will adopt a short-term lease exception policy, permitting us to not apply the recognition requirements of this standard to short-term leases (i.e., leases with terms of 12 months or less), and an accounting policy to account for lease and non-lease components as a single component for certain classes of assets. Under ASU 2016-02 (Topic 842), lessees are required to recognize the following for all leases (with the exception of short-term leases) on the commencement date: (i) lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (ii) right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. At the commencement date, the Company recognizes the lease liability at the present value of the lease payments not yet paid, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate for the same term as the underlying lease. The right-of-use asset is recognized initially at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All right-of-use assets are reviewed for impairment. There was no impairment for right-of-use lease assets as of March 31, 2023. The Company categorizes leases at their inception as either operating or finance leases. On certain lease agreements, the Company may receive rent holidays and other incentives. The Company recognizes lease costs on a straight-line basis without regard to deferred payment terms, such as rent holidays, that defer the commencement date of required payments. Please refer to Note 9, “Leases,” for further information. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently issued and adopted accounting pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (ASUs) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. Newly issued ASUs not listed are expected to have no impact on the Company’s consolidated financial position and results of operations, because either the ASU is not applicable, or the impact is expected to be immaterial. |
INVENTORY (Tables)
INVENTORY (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | (in thousands) As of March 31, 2023 ($) As of March 31, 2022 ($) Raw materials 2,100 2,247 Work-in-progress 18 584 Finished goods 533 717 Total 2,651 3,548 |
DEPOSITS AND ADVANCES (Tables)
DEPOSITS AND ADVANCES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Deposits And Advances Abstract | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | (in thousands) As of March 31, 2023 ($) As of March 31, 2022 ($) Advances to suppliers and consultants 72 170 Other receivables and deposits 24 472 Prepaid expense and other current assets 262 336 Total 358 978 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Amortized intangible assets (in thousands) As of March 31, 2023 ($) As of March 31, 2022 ($) Patents 709 290 Other intangibles 34 32 Accumulated amortization (107 ) (51 ) Total amortized intangible assets 636 271 Unamortized intangible assets Patents 534 646 Other intangibles - - Total unamortized intangible assets 534 646 Total intangible assets 1,170 917 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated amortization expense (in thousands) ($) For the year ended 2024 62 For the year ended 2025 69 For the year ended 2026 75 For the year ended 2027 83 For the year ended 2028 91 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Property Plant and Equipment Table [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Tables) [Line Items] | |
Property, Plant and Equipment [Table Text Block] | (in thousands, except useful life) Useful Life (years) As of March 31, 2023 ($) As of March 31, 2022 ($) Land N/A 4,100 4,438 Buildings and facilities 25 2,298 2,810 Plant and machinery 5-20 3,335 4,593 Computer equipment’s 3 138 241 Office equipment’s 3-5 84 145 Furniture and fixtures 5 92 141 Vehicles 5 102 163 Construction in progress N/A - 108 Total gross value 10,149 12,639 Less: Accumulated depreciation (1,936 ) (3,220 ) Total property, plant and equipment, net 8,213 9,419 |
CLAIMS AND ADVANCES (Tables)
CLAIMS AND ADVANCES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Other Assets, Noncurrent [Table Text Block] | (in thousands) As of March 31, 2023 ($) As of March 31, 2022 ($) Claims receivable (1) 951 368 Non-current deposits 27 - Non-current advances 25 569 Total 1,003 937 (1) The claims receivable is due from different vendors. While the Company has initiated collection proceedings internally or with the appropriate authorities, it believes receiving the amount in the next 12 months will be challenging because of the time required for collection proceedings. The Company decided to move advances paid to some suppliers worth approximately $164 thousand to claims and advances, considering recovering might take more than 12 months. Includes $140 thousand owed to one of our manufacturers for the equipment purchase. |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Text Block [Abstract] | |
Lease, Cost [Table Text Block] | (in thousands) Year Ended March 31, 2023 ($) (in thousands) Year Ended March 31, 2022 ($) Operating lease costs 148 149 Short term lease costs 178 178 Total lease costs 326 327 (in thousands) (in thousands) Year Ended March 31, 2023 ($) Year Ended March 31, 2022 ($) Assets Operating lease asset 326 450 Total lease assets 326 450 Liabilities Current liabilities: Accrued liabilities and others (current portion – operating lease liability) 133 123 Noncurrent liabilities: Operating lease liability (non-current portion – operating lease liability) 207 341 Total lease liability 340 464 Supplemental cash flow and non-cash information related to leases is as follows: (in thousands) Year Ended March 31, 2023 ($) (in thousands) Year Ended March 31, 2022 ($) Cash paid for amounts included in the measurement of lease liabilities –Operating cash flows from operating leases 118 109 Right-of-use assets obtained in exchange for operating lease obligations 326 450 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | As of March 31, 2023, the following table summarizes the maturity of our lease liabilities: Mar-24 151 Mar-25 133 Mar-26 87 Mar-27 - Less: Present value discount (31 ) Total Lease liabilities 340 |
ACCRUED LIABILITIES AND OTHERS
ACCRUED LIABILITIES AND OTHERS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Accrued Liabilities Disclosure Abstract | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | (in thousands) As of March 31, 2023 ($) As of March 31, 2022 ($) Compensation and other contributions 619 1,054 Provision for expenses 258 103 Short-term lease liability 133 123 Other current liability 358 180 Total 1,368 1,460 |
LOANS AND OTHER LIABILITIES (Ta
LOANS AND OTHER LIABILITIES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Loans And Other Liabilities Abstract | |
Schedule of Other Assets and Other Liabilities [Table Text Block] | Other Liability: (in thousands) As of March 31, 2023 ($) 2022 ($) Statutory reserve 21 16 Total 21 16 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The options are fair valued using a Black-Scholes Pricing Model and market based RSU are valued based on 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 3.49 % 2.42 % Expected volatility 280 % 282 % Expected dividend yield Nil Nil |
Nonvested Restricted Stock Shares Activity [Table Text Block] | For Fiscal 2022, the Company’s common stock-based compensation and expenses shown in Selling, general and administrative expenses (including research and development) was $2.2 million. Non-vested shares Shares (in thousands) (#) Weighted average grant date fair value ($) Non-vested shares as of March 31, 2022 5,283 1.17 Granted 1,615 0.43 Vested (2,224 ) 1.01 Cancelled/Forfeited (245 ) 0.77 Non-vested shares as of March 31, 2023 4,429 1.01 |
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 (150 ) 1.39 0.30 Options outstanding as of March 31, 2023 150 1.39 0.30 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of March 31, 2023, and 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 ($) Total ($) March 31, 2023 Cash and cash equivalents: 3,196 - - 3,196 Total cash and cash equivalents 3,196 - - 3,196 Investments: -Marketable securities 154 - - 154 -Non-marketable securities - - - - Total investments 154 - - 154 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 investment - - - - |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Income tax expense/(benefit) for each of the years ended March 31 consists of the following: Year Ended March 31, (in thousands) Income Tax Expense 2023 ($) 2022 ($) Net income loss before tax (11,506 ) (15,016 ) Tax rate 21 % 21 % Expected income tax recovery (2,416 ) (3,153 ) Impact of tax rate differences in foreign jurisdictions (7 ) - Tax rate changes and other adjustments (667 ) (385 ) Permanent differences 88 50 Change in valuation allowance 3,002 3,488 - - |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The significant components of deferred income tax expense/(benefit) from operations before non-controlling interest for each of the years ended March 31 are approximated as following: Year Ended March 31, (in thousands) Deferred income taxes 2023 ($) 2022 ($) Net operating loss carry-forwards foreign 137 149 Non-capital loss carry-forwards – U.S. 12,888 10,487 Temporary differences 548 (66 ) Net deferred tax asset 13,573 10,570 Valuation allowance (13,573 ) (10,570 ) - - |
Summary of Operating Loss Carryforwards [Table Text Block] | The table below sets forth the details of expiration of the non-financial carried forward losses of the Company as of March 31, 2023, as under: Year Amount (in thousands) ($) 2023 47 2024 309 2025 3 2026 12 2027 30 2028 14 2029 25 2030 141 2031 3,081 2032 4,141 2033 627 2034 1,269 2035 1,735 2036 1,176 2037 819 2038 1,256 2039 4,132 2040 7,932 2041 8,841 2042 14,966 2043 11,359 Total 61,915 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Net sales disaggregated by significant products and services for Fiscal 2023 and 2022 are as follows: (in thousands) Year ended March 31, 2023 ($) 2022 ($) Infrastructure segment Rental income (1) 37 23 Construction contracts (2) 76 15 Life Sciences segment Wellness and lifestyle (3) 416 316 White labeling services (4) 382 43 Total 911 397 (1) Rental income consists of income from rental of heavy construction equipment. (2) Construction income consists of the execution of contracts directly or through subcontractors. (3) Revenue from wellness and lifestyle consists of sale of products such as gummies, hand sanitizers, bath bombs, lotions, beverages, hemp crude extract, hemp isolate, and hemp distillate. (4) Revenue from white label services consists of rebranding our formulations or the customer’s products as per customer’s requirement. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Products and Services [Table Text Block] | 1) The table below shows revenue reported by segment: (in thousands) Segments Fiscal 2023 ($) Percentage of Total Revenue (%) Infrastructure segment 113 12 % Life Sciences segment 798 88 % Total 911 100 % (in thousands) Segments Fiscal 2022 ($) Percentage of Total Revenue (%) Infrastructure segment 38 9 % Life Sciences segment 359 91 % Total 397 100 % |
Revenue from External Customers by Geographic Areas [Table Text Block] | (in thousands) Segments Country Fiscal 2023 ($) Percentage of Total Revenue (%) Asia India 113 12 % America U.S. 777 86 % Colombia 21 2 % Total 911 100 % (in thousands) Segments Country Fiscal 2022 ($) Percentage of Total Revenue (%) Asia India 68 17 % America U.S. 329 83 % Total 397 100 % |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | 3) The table below shows the non-current assets other than financial instruments held in the country of domicile and foreign countries. (in thousands) Nature of Assets U.S. (Country of Domicile) ($) Foreign Countries (India, Hong Kong, and Colombia) ($) Total as of March 31, 2023 ($) Intangible assets, net 1,170 - 1,170 Property, plant and equipment, net 4,074 4,139 8,213 Claims and advances 585 418 1,003 Operating lease asset 298 28 326 Total non-current assets 6,127 4,585 10,712 (in thousands) Nature of Assets U.S. (Country of Domicile) ($) Foreign Countries (India Hong Kong and Colombia) ($) Total as of March 31, 2022 ($) Intangible assets, net 436 481 917 Property, plant and equipment, net 4,978 4,441 9,419 Claims and advances 550 387 937 Operating lease asset 396 54 450 Total non-current assets 6,360 5,363 11,723 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Weighted Average Number of Shares Outstanding, Basic (in Shares) | 52,576,258 | 49,991,631 | |
Net Income (Loss) Attributable to Parent | $ (11,506,000) | $ (15,016,000) | |
Line of Credit Facility, Current Borrowing Capacity | $ 12,000,000 | ||
Stock Issued During Period, Shares, New Issues (in Shares) | 10,000,000 | ||
Stock Issued During Period, Value, New Issues | $ 3,000,000 | 103,000 | 4,145,000 |
Accounts Receivable, after Allowance for Credit Loss | 107,000 | 125,000 | |
Accounts Receivable, Allowance for Credit Loss | 17,000 | 93,000 | |
Cash and Cash Equivalents, at Carrying Value | 3,196,000 | 10,460,000 | |
Inventory, Net | 2,651,000 | 3,548,000 | |
Research and Development Expense | 3,461,000 | 2,330,000 | |
Clinical Trial Inventory [Member] | |||
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Inventory, Net | $ 407,000 | $ 0 |
INVENTORY (Details)
INVENTORY (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | ||
Inventory Write-down | $ 376 | $ 252 |
INVENTORY (Details) - Schedule
INVENTORY (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule Of Inventory Current Abstract | ||
Raw materials | $ 2,100 | $ 2,247 |
Work-in-progress | 18 | 584 |
Finished goods | 533 | 717 |
Total | $ 2,651 | $ 3,548 |
DEPOSITS AND ADVANCES (Details)
DEPOSITS AND ADVANCES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Deposits And Advances Abstract | ||
Statutory Advances | $ 25 | $ 170 |
Transfer from Deposits and Advances to Claims and Advances | $ 164 |
DEPOSITS AND ADVANCES (Detail_2
DEPOSITS AND ADVANCES (Details) - Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Advances to suppliers and consultants | $ 72 | $ 170 |
Other receivables and deposits | 24 | 472 |
Prepaid expense and other current assets | 262 | 336 |
Total | $ 358 | $ 978 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
INTANGIBLE ASSETS (Details) [Line Items] | ||
Number of Patents | 41 | |
Number of Patents Granted | 9 | |
Amortization of Intangible Assets | $ 57 | $ 24 |
Patents [Member] | ||
INTANGIBLE ASSETS (Details) [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years |
INTANGIBLE ASSETS (Details) - S
INTANGIBLE ASSETS (Details) - Schedule of Intangible Assets And Goodwill - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
INTANGIBLE ASSETS (Details) - Schedule of Intangible Assets And Goodwill [Line Items] | ||
Accumulated amortization | $ (107) | $ (51) |
Total amortized intangible assets | 636 | 271 |
Unamortized intangible assets | ||
Unamortized intangible assets | 534 | 646 |
Total intangible assets | 1,170 | 917 |
Patents [Member] | ||
Unamortized intangible assets | ||
Unamortized intangible assets | 534 | 646 |
Trademarks [Member] | ||
Unamortized intangible assets | ||
Unamortized intangible assets | 0 | 0 |
Patents [Member] | ||
INTANGIBLE ASSETS (Details) - Schedule of Intangible Assets And Goodwill [Line Items] | ||
Intangibles | 709 | 290 |
Other Intangible Assets [Member] | ||
INTANGIBLE ASSETS (Details) - Schedule of Intangible Assets And Goodwill [Line Items] | ||
Intangibles | $ 34 | $ 32 |
INTANGIBLE ASSETS (Details) -_2
INTANGIBLE ASSETS (Details) - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense $ in Thousands | Mar. 31, 2023 USD ($) |
Schedule Of Finite Lived Intangible Assets Future Amortization Expense Abstract | |
For the year ended 2024 | $ 62 |
For the year ended 2025 | 69 |
For the year ended 2026 | 75 |
For the year ended 2027 | 83 |
For the year ended 2028 | $ 91 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | ||
Depreciation | $ 600 | $ 627 |
Property, Plant and Equipment, Disposals | 1,600 | |
Proceeds from Sale of Property, Plant, and Equipment | 538 | 29 |
Gain (Loss) on Disposition of Property Plant Equipment | (39) | $ 0 |
PUERTO RICO | ||
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | ||
Proceeds from Sale of Property, Plant, and Equipment | 485 | |
Property, Plant, and Equipment, Owned, Gross | 480 | |
Gain (Loss) on Disposition of Property Plant Equipment | $ 5 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT (Details) - Property, Plant and Equipment - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 10,149 | $ 12,639 |
Less: Accumulated depreciation | (1,936) | (3,220) |
Net Assets | $ 8,213 | 9,419 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | N/A | |
Property, plant and equipment, gross | $ 4,100 | 4,438 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,298 | 2,810 |
Property, plant and equipment, useful life | 25 years | |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 3,335 | 4,593 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 20 years | |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 138 | 241 |
Property, plant and equipment, useful life | 3 years | |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 84 | 145 |
Office Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Office Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 92 | 141 |
Property, plant and equipment, useful life | 5 years | |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 102 | 163 |
Property, plant and equipment, useful life | 5 years | |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | N/A | |
Property, plant and equipment, gross | $ 108 |
CLAIMS AND ADVANCES (Details)
CLAIMS AND ADVANCES (Details) | 12 Months Ended |
Mar. 31, 2023 USD ($) | |
Disclosure Text Block Supplement [Abstract] | |
Transfer from Deposits and Advances to Claims and Advances | $ 164,000 |
Payments for Deposits | $ 140 |
CLAIMS AND ADVANCES (Details) -
CLAIMS AND ADVANCES (Details) - Schedule of Other Assets, Noncurrent - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule Of Other Assets Noncurrent Abstract | |||
Claims receivable | [1] | $ 951 | $ 368 |
Non-current deposits | 27 | 0 | |
Other advances | 25 | 569 | |
Total | $ 1,003 | $ 937 | |
[1]The claims receivable is due from different vendors. While the Company has initiated collection proceedings internally or with the appropriate authorities, it believes receiving the amount in the next 12 months will be challenging because of the time required for collection proceedings. The Company decided to move advances paid to some suppliers worth approximately $164 thousand to claims and advances, considering recovering might take more than 12 months. Includes $140 thousand owed to one of our manufacturers for the equipment purchase. |
LEASES (Details)
LEASES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
LEASES (Details) [Line Items] | ||
Short-Term Lease, Cost | $ 178 | $ 178 |
UNITED STATES | ||
LEASES (Details) [Line Items] | ||
Operating Lease, Weighted Average Remaining Lease Term | 2 years 8 months 12 days | |
Lessee, Operating Lease, Discount Rate | 7% | |
Asia [Member] | ||
LEASES (Details) [Line Items] | ||
Lessee, Operating Lease, Discount Rate | 7% | |
Minimum [Member] | UNITED STATES | ||
LEASES (Details) [Line Items] | ||
Operating Lease, Expense | $ 123 | |
Minimum [Member] | Asia [Member] | ||
LEASES (Details) [Line Items] | ||
Operating Lease, Expense | $ 25 | |
Lessee, Operating Lease, Remaining Lease Term | 1 year | |
Maximum [Member] | Asia [Member] | ||
LEASES (Details) [Line Items] | ||
Lessee, Operating Lease, Remaining Lease Term | 1 year 8 months 12 days |
LEASES (Details) - Lease, Cost
LEASES (Details) - Lease, Cost - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Lease, Cost [Abstract] | ||
Operating lease costs | $ 148 | $ 149 |
Short term lease costs | 178 | 178 |
Total lease costs | 326 | 327 |
Assets | ||
Operating lease asset | 326 | 450 |
Total lease assets | 326 | 450 |
Liabilities | ||
Accrued liabilities and others (current portion – operating lease liability) | 133 | 123 |
Operating lease liability (non-current portion – operating lease liability) | 207 | 341 |
Total lease liability | 340 | 464 |
– Operating cash flows from operating leases | 118 | 109 |
Right-of-use assets obtained in exchange for operating lease obligations | $ 326 | $ 450 |
LEASES (Details) - Lessee, Oper
LEASES (Details) - Lessee, Operating Lease, Liability, Maturity $ in Thousands | Mar. 31, 2023 USD ($) |
Lessee Operating Lease Liability Maturity Abstract | |
Mar-24 | $ 151 |
Mar-25 | 133 |
Mar-26 | 87 |
Mar-27 | 0 |
Less: Present value discount | (31) |
Total Lease liabilities | $ 340 |
ACCRUED LIABILITIES AND OTHER_2
ACCRUED LIABILITIES AND OTHERS (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Accrued Liabilities Disclosure Abstract | ||
Accounts Payable, Other, Current | $ 31 | $ 55 |
Short-Term Debt | $ 3 |
ACCRUED LIABILITIES AND OTHER_3
ACCRUED LIABILITIES AND OTHERS (Details) - Schedule of Accounts Payable and Accrued Liabilities - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule Of Accounts Payable And Accrued Liabilities Abstract | ||
Compensation and other contributions | $ 619 | $ 1,054 |
Provision for expenses | 258 | 103 |
Short-term lease liability | 133 | 123 |
Other current liability | 358 | 180 |
Total | $ 1,368 | $ 1,460 |
LOANS AND OTHER LIABILITIES (De
LOANS AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 11, 2020 | Mar. 31, 2023 | |
Loans And Other Liabilities Abstract | ||
Debt Instrument, Face Amount | $ 150 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |
Debt Instrument, Periodic Payment | $ 731 | |
Debt Instrument, Term | 30 years | |
Interest Expense, Debt | $ 5 | |
Repayments of Debt | 3 | |
Loans Payable, Noncurrent | 141 | |
Loans Payable, Current | $ 3 |
LOANS AND OTHER LIABILITIES (_2
LOANS AND OTHER LIABILITIES (Details) - Schedule of Loans and Other Liabilities - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule Of Loans And Other Liabilities Abstract | ||
Statutory reserve | $ 21 | $ 16 |
Total | $ 21 | $ 16 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | 12 Months Ended |
Mar. 31, 2023 | |
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 ($) | 12 Months Ended | ||
Mar. 31, 2023 | 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 | 53,077,436 | 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 | ||
Proceeds from Issuance or Sale of Equity (in Dollars) | $ 103,000 | $ 4,145,000 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | 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) | 150,000 | 300,000 | |
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares (in Shares) | 5,500,000 | ||
Share-Based Payment Arrangement, Noncash Expense | $ 5,500,000 | ||
Weighted Average Price per Share (in Dollars per share) | $ 1 | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | 2,900,000 | ||
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) | $ 0.3 | $ 0.34 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 2,700,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period | 4 years | ||
ESOP 2008 Omnibus Plan [Member] | |||
STOCK-BASED COMPENSATION (Details) [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in Shares) | 8,412,627 | ||
Share-Based Payment Arrangement, Noncash Expense | $ 69,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in Shares) | 150,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $ 0.46 | ||
General and Administrative Expense [Member] | |||
STOCK-BASED COMPENSATION (Details) [Line Items] | |||
Share-Based Payment Arrangement, Noncash Expense | $ 2,800 | $ 2,200,000 |
STOCK-BASED COMPENSATION (Deta
STOCK-BASED COMPENSATION (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | 12 Months Ended | |
Mar. 31, 2023 | 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 | 3.49% | 2.42% |
Expected volatility | 280% | 282% |
Expected dividend yield |
STOCK-BASED COMPENSATION (De_2
STOCK-BASED COMPENSATION (Details) - Nonvested Restricted Stock Shares Activity shares in Thousands | 12 Months Ended |
Mar. 31, 2023 $ / 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 | 1,615 |
Granted, Weighted average grant date fair value | $ / shares | $ 0.43 |
Vested, shares | shares | (2,224) |
Vested, Weighted average grant date fair value | $ / shares | $ 1.01 |
Cancelled/Forfeited, shares | shares | (245) |
Cancelled/Forfeited, Weighted average grant date fair value | $ / shares | $ 0.77 |
Balance, non-vested shares | shares | 4,429 |
Balance, Weighted average grant date fair value | $ / shares | $ 1.01 |
STOCK-BASED COMPENSATION (De_3
STOCK-BASED COMPENSATION (Details) - Share-based Payment Arrangement, Option, Activity - $ / shares shares in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share Based Payment Arrangement Option Activity Abstract | ||
Options outstanding, shares (in Shares) | 300 | |
Options outstanding, Weighted average grant date fair value | $ 1.39 | $ 0.93 |
Options outstanding, Weighted average exercise price | $ 0.3 | $ 0.34 |
Granted, shares (in Shares) | 0 | |
Exercised, shares (in Shares) | 0 | |
Cancelled/Forfeited, shares (in Shares) | (150) | |
Cancelled/Forfeited, Weighted average grant date fair value | $ 1.39 | |
Cancelled/Forfeited, Weighted average exercise price | $ 0.3 | |
Options outstanding, shares (in Shares) | 150 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis - USD ($) $ in Thousands | Mar. 31, 2023 | 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: | $ 3,196 | $ 10,460 |
Total cash and cash equivalents | 3,196 | 10,460 |
-Marketable securities | 154 | 0 |
-Non-marketable securities | 0 | 0 |
Total Investment | 154 | 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: | 3,196 | 10,460 |
Total cash and cash equivalents | 3,196 | 10,460 |
-Marketable securities | 154 | 0 |
-Non-marketable securities | 0 | 0 |
Total Investment | 154 | 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 |
INCOME TAXES (Details) - Schedu
INCOME TAXES (Details) - Schedule of Effective Income Tax Rate Reconciliation - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule Of Effective Income Tax Rate Reconciliation Abstract | ||
Net Income Loss before tax | $ (11,506) | $ (15,016) |
Tax rate | 21% | 21% |
Expected income tax recovery | $ (2,416) | $ (3,153) |
Impact of tax rate differences in foreign jurisdictions | (7) | 0 |
Tax rate changes and other adjustments | (667) | (385) |
Permanent differences | 88 | 50 |
Change in valuation allowance | 3,002 | 3,488 |
Effective income tax rate | $ 0 | $ 0 |
INCOME TAXES (Details) - Sche_2
INCOME TAXES (Details) - Schedule of Components of Income Tax Expense (Benefit) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule Of Components Of Income Tax Expense Benefit Abstract | ||
Net operating loss carry-forwards foreign | $ 137 | $ 149 |
Non-capital loss carry-forwards – USA | 12,888 | 10,487 |
Temporary differences | 548 | (66) |
Net deferred tax asset | 13,573 | 10,570 |
Valuation allowance | (13,573) | (10,570) |
Net deferred tax expense | $ 0 | $ 0 |
INCOME TAXES (Details) - Summar
INCOME TAXES (Details) - Summary of Operating Loss Carryforwards $ in Thousands | Mar. 31, 2023 USD ($) |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 61,915 |
Expiring 2023 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 47 |
Expiring 2024 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 309 |
Expiring 2025 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 3 |
Expiring 2026 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 12 |
Expiring 2027 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 30 |
Expiring 2028 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 14 |
Expiring 2029 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 25 |
Expiring 2030 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 141 |
Expiring 2031 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 3,081 |
Expiring 2032 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 4,141 |
Expiring 2033 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 627 |
Expiring 2034 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 1,269 |
Expiring 2035 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 1,735 |
Expiring 2036 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 1,176 |
Expiring 2037 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 819 |
Expiring 2038 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 1,256 |
Expiring 2039 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 4,132 |
Expiring 2040 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 7,932 |
Expiring 2041 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 8,841 |
Expiring 2042 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 14,966 |
Expiring 2043 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 11,359 |
REVENUE RECOGNITION (Details) -
REVENUE RECOGNITION (Details) - Disaggregation of Revenue - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Infrastructure segment | |||
Revenues | $ 911 | $ 397 | |
Rental Income [Member] | |||
Infrastructure segment | |||
Revenues | [1] | 37 | 23 |
Construction [Member] | |||
Infrastructure segment | |||
Revenues | [2] | 76 | 15 |
Wellness and Lifestyle [Member] | |||
Infrastructure segment | |||
Revenues | [3] | 416 | 316 |
Tolling/White labeling service [Member] | |||
Infrastructure segment | |||
Revenues | [4] | $ 382 | $ 43 |
[1]Rental income consists of income from rental of heavy construction equipment.[2]Construction income consists of the execution of contracts directly or through subcontractors.[3]Revenue from wellness and lifestyle consists of sale of products such as gummies, hand sanitizers, bath bombs, lotions, beverages, hemp crude extract, hemp isolate, and hemp distillate.[4]Revenue from white label services consists of rebranding our formulations or the customer’s products as per customer’s requirement. |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 2 |
Number of Reportable Segments | 2 |
SEGMENT INFORMATION (Details) -
SEGMENT INFORMATION (Details) - Revenue from External Customers by Products and Services - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue from External Customer [Line Items] | ||
Revenue | $ 911 | $ 397 |
Percentage of Total Revenue | 100% | 100% |
Legacy Infrastructure [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue | $ 113 | $ 38 |
Percentage of Total Revenue | 12% | 9% |
Plant and Cannabinoid [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue | $ 798 | $ 359 |
Percentage of Total Revenue | 88% | 91% |
SEGMENT INFORMATION (Details)_2
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | ||
Total Revenue | $ 911 | $ 397 |
Percentage of Total Revenue | 100% | 100% |
INDIA | ||
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | ||
Total Revenue | $ 113 | $ 68 |
Percentage of Total Revenue | 12% | 17% |
UNITED STATES | ||
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | ||
Total Revenue | $ 777 | $ 329 |
Percentage of Total Revenue | 86% | 83% |
COLOMBIA | ||
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | ||
Total Revenue | $ 21 | |
Percentage of Total Revenue | 2% |
SEGMENT INFORMATION (Details)_3
SEGMENT INFORMATION (Details) - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Intangible assets, net | $ 1,170 | $ 917 |
Property, plant and equipment, net | 8,213 | 9,419 |
Claims and advances | 1,003 | 937 |
Operating lease asset | 326 | 450 |
Total non-current assets | 10,712 | 11,723 |
Geographic Distribution, Domestic [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Intangible assets, net | 1,170 | 436 |
Property, plant and equipment, net | 4,074 | 4,978 |
Claims and advances | 585 | 550 |
Operating lease asset | 298 | 396 |
Total non-current assets | 6,127 | 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 | 4,139 | 4,441 |
Claims and advances | 418 | 387 |
Operating lease asset | 28 | 54 |
Total non-current assets | $ 4,585 | $ 5,363 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] | Jun. 30, 2023 USD ($) shares |
SUBSEQUENT EVENTS (Details) [Line Items] | |
Line of Credit Facility, Current Borrowing Capacity | $ 12,000,000 |
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 10,000,000 |
Stock Issued During Period, Value, New Issues | $ 3,000,000 |