Cover
Cover - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Jun. 18, 2024 | Sep. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | false | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2024 | ||
Document Fiscal Year Focus | 2024 | ||
Document Fiscal Period Focus | FY | ||
Entity Information [Line Items] | |||
Entity Registrant Name | IGC PHARMA, INC. | ||
Entity Central Index Key | 0001326205 | ||
Entity File Number | 001-32830 | ||
Entity Tax Identification Number | 20-2760393 | ||
Entity Incorporation, State or Country Code | MD | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 20,882,737 | ||
Entity Contact Personnel [Line Items] | |||
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 | ||
Entity Phone Fax Numbers [Line Items] | |||
City Area Code | 301 | ||
Local Phone Number | 983-0998 | ||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | IGC | ||
Security Exchange Name | NYSEAMER | ||
Entity Common Stock, Shares Outstanding | 75,636,419 |
Audit Information
Audit Information | 12 Months Ended |
Mar. 31, 2024 | |
Auditor [Table] | |
Auditor Name | Manohar Chowdhry & Associates |
Auditor Firm ID | 5341 |
Auditor Location | Chennai, India |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 1,198 | $ 3,196 |
Accounts receivable, net | 39 | 107 |
Short term investments | 0 | 154 |
Inventory | 1,540 | 2,651 |
Asset held for sale | 720 | 0 |
Deposits and advances | 208 | 358 |
Total current assets | 3,705 | 6,466 |
Non-current assets: | ||
Intangible assets, net | 1,616 | 1,170 |
Property, plant and equipment, net | 3,695 | 8,213 |
Claims and advances | 688 | 1,003 |
Operating lease asset | 198 | 326 |
Total non-current assets | 6,197 | 10,712 |
Total assets | 9,902 | 17,178 |
Current liabilities: | ||
Accounts payable | 773 | 530 |
Accrued liabilities and others | 1,567 | 1,368 |
Total current liabilities | 2,340 | 1,898 |
Non-current liabilities: | ||
Long-term loans | 137 | 141 |
Other liabilities | 20 | 21 |
Operating lease liability | 84 | 207 |
Total non-current liabilities | 241 | 369 |
Total liabilities | 2,581 | 2,267 |
Commitments and Contingencies – See Note 12 | 0 | 0 |
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value: authorized 1,000,000 shares, no shares issued or outstanding as of March 31, 2024, or March 31, 2023. | 0 | 0 |
Common stock and additional paid-in capital, $0.0001 par value: 150,000,000 shares authorized; 66,691,195 and 53,077,436 shares issued and outstanding as of March 31, 2024, and March 31, 2023, respectively. | 124,409 | 118,965 |
Accumulated other comprehensive loss | (3,423) | (3,389) |
Accumulated deficit | (113,665) | (100,665) |
Total stockholders’ equity | 7,321 | 14,911 |
Total liabilities and stockholders’ equity | $ 9,902 | $ 17,178 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Mar. 31, 2024 | Mar. 31, 2023 |
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 | 66,691,195 | 53,077,436 |
Common stock, shares outstanding | 66,691,195 | 53,077,436 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Revenue | $ 1,345 | $ 911 |
Cost of revenue | (612) | (469) |
Gross profit | 733 | 442 |
Selling, general and administrative expenses | (6,758) | (8,552) |
Research and development expenses | (3,773) | (3,461) |
Operating loss | (9,798) | (11,571) |
Impairment loss on PPE | (3,345) | 0 |
Other income, net | 143 | 65 |
Loss before income taxes | (13,000) | (11,506) |
Income tax expense/benefit | 0 | 0 |
Net loss attributable to common stockholders | (13,000) | (11,506) |
Foreign currency translation adjustments | (34) | (421) |
Comprehensive loss | $ (13,034) | $ (11,927) |
Net loss per share attributable to common stockholders: | ||
Basic and diluted (in Dollars per share) | $ (0.22) | $ (0.22) |
Weighted-average number of shares used in computing loss per share amounts: (in Shares) | 58,839,868 | 52,576,258 |
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, 2022 | $ 116,019 | $ (89,159) | $ (2,968) | $ 23,892 | |
Balances (in Shares) at Mar. 31, 2022 | 51,054,000 | ||||
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) | |||
Foreign currency translation adjustments | (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 | |||
Common stock-based compensation & expenses, net | 1,917 | $ 1,917 | |||
Common stock-based compensation & expenses, net (in Shares) | 3,534,000 | ||||
Issuance of common stock through offering (net of expenses) | 3,027 | 3,027 | |||
Issuance of common stock through offering (net of expenses) (in Shares) | 10,580,000 | ||||
Cancellation/forfeiture of shares (in Shares) | (500,000) | ||||
Common stock subscribed | 500 | 500 | |||
Net loss | (13,000) | (13,000) | |||
Foreign currency translation adjustments | (34) | (34) | |||
Balances at Mar. 31, 2024 | $ 124,409 | $ (113,665) | $ (3,423) | $ 7,321 | |
Balances (in Shares) at Mar. 31, 2024 | 66,691,000 | 66,691,195 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (13,000) | $ (11,506) |
Adjustment to reconcile net loss to net cash: | ||
Depreciation and amortization | 637 | 657 |
Provision for bad debt | 93 | 126 |
Impairment of assets | 3,448 | 0 |
Common stock-based compensation and expenses, net | 1,773 | 2,843 |
Profit/Loss on sale of fixed assets, net | (44) | 39 |
Changes in: | ||
Accounts receivables, net | (25) | 5 |
Inventory | 1,008 | 897 |
Deposits and advances | 150 | 591 |
Claims and advances | 315 | (150) |
Accounts payable | 243 | (451) |
Accrued and other liabilities | 197 | (88) |
Operating lease asset | 129 | 124 |
Operating lease liability | (123) | (134) |
Net cash used in operating activities | (5,199) | (7,047) |
Cash flow from investing activities: | ||
Purchase of property, plant, and equipment | (138) | (310) |
Sale of property, plant, and equipment | 44 | 538 |
Proceeds from (Purchase of) short-term investments | 154 | (154) |
Acquisition and development of intangible assets | (377) | (309) |
Net cash used in investing activities | (317) | (235) |
Cash flows from financing activities: | ||
Net proceeds from the issuance of common stock | 3,027 | 103 |
Proceeds from common stock subscribed | 500 | 0 |
Repayment of long-term loan | (3) | (3) |
Net cash provided by financing activities | 3,524 | 100 |
Effects of exchange rate changes on cash and cash equivalents | (6) | (82) |
Net decrease in cash and cash equivalents | (1,998) | (7,264) |
Cash and cash equivalents at the beginning of the period | 3,196 | 10,460 |
Cash and cash equivalents at the end of the period | 1,198 | 3,196 |
Non-cash items: | ||
Common stock issued/granted for stock-based compensation, including patent acquisition | $ 1,773 | $ 2,843 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Nature of Operations [Text Block] | NOTE 1 NATURE OF OPERATIONS IGC Pharma is on a mission to transform Alzheimer’s treatment. We are building a robust pipeline of five drug candidates, each targeting different aspects of the disease. ● IGC-AD1 ● TGR-63 ● IGC-1C ● IGC-M3 ● LMP We are also harnessing the power of Artificial Intelligence (“AI”) to develop early detection models, optimize clinical trials, and explore new applications for our drugs including for IGC-AD1. Additionally, our 28 patent filings, including for IGC-AD1, demonstrates our commitment to innovation and protecting our intellectual property. As of March 31, 2024, the Company had the following operating subsidiaries: Techni Bharathi Private Limited (TBL), IGCare LLC, HH Processors, LLC, IGC Pharma, LLC, SAN Holdings, LLC, Sunday Seltzer, LLC, Hamsa Biopharma India Pvt. Ltd. And Colombia-based beneficially-owned subsidiary IGC Pharma SAS. 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 has 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 Segment and Infrastructure Segment. Life Sciences Segment IGC Pharma, a clinical-stage company developing treatments for Alzheimer's disease, is committed to transforming patient care by offering faster-acting and more effective solutions. Our lead drug, IGC-AD1, embodies this vision by tackling a critical challenge – managing agitation in Alzheimer's dementia. Early results from our Phase 2 trial are promising: IGC-AD1 effectively reduced agitation in patients compared to a placebo, and crucially, it did so much faster than traditional medications. While existing anti-psychotics can take a long 6 to 12 weeks to show effects, IGC-AD1 has the potential to act within two weeks. This significantly faster onset of action could significantly improve patient care and represents a potential breakthrough in managing Alzheimer's-related agitation. In addition, we have created in-house wellness brands, available through online channels that are compliant with relevant federal, state, and local laws and regulations. We derive revenue from our in-house wellness non-pharmaceutical formulations that are manufactured as non-GMO, vegan, products at our facility and are sold over-the-counter (“OTC”). 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, 2024 | |
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 expenses, components, manufacturing overhead, and outbound freight for our products division. In our products division, the 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 2024 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 2024 and 2023, used for the computation of basic earnings per share (“EPS”) is 58,839,868 and 52,576,258, respectively. Due to the loss incurred during Fiscal 2024 and 2023, 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, 2024, and March 31, 2023, the Company incurred net losses of $13 million and $11.5 million, respectively. As of March 31, 2024, the Company’s cash and cash equivalents totaled $1.2 million. On June 30, 2023, the Company successfully obtained a working capital facility totaling approximately $12 million for one year, and the Company is in the process of renewing the facility for another year during the month of June 2024. In addition, on March 22, 2024, the Company entered into a share purchase agreement relating to the sale and issuance by our company to the investors of an aggregate of approximately 8.8 million shares of our common stock, for a total purchase price of $3 million or $0.34 per share, subject to the terms and subject to the conditions set forth in the 2024 SPA. As of March 31, 2024, the Company received $500 thousand, and the remaining $2.5 million was received in April 2024. 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 the resolution of related appeals or litigation processes, based on the 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 to be realized upon settlement. As of March 31, 2024, and 2023, 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 $39 thousand of accounts receivable, net of provision for doubtful debt of $24 thousand as of March 31, 2024, as compared to $107 thousand of accounts receivable, net of provision for doubtful debt of $17 thousand as of March 31, 2023. 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, 2024, and 2023 were approximately $1.2 million and $3.2 million, 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 that 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, 2024, 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 ) PP&E 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 PP&E are de-recognized, and any gain or loss is reflected in the results of the operation. The 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 2024, 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 the 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) Software Development Costs Software development costs, including costs to develop software products or the software component of products to be marketed or sold to external users, are expensed before the software or technology reaches technological feasibility, which is typically reached shortly before the release of such products. Software development costs also include the costs of developing software to be used solely to meet internal needs and applications used to deliver our services. These software development costs meet the criteria for capitalization once the preliminary project stage is complete, and it is probable that the project will be completed, and the software will be used to perform the function intended. s) 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, 2024, and 2023, our consolidated balance sheet reported approximately $392 thousand and $407 thousand 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. t) Cybersecurity We have a cybersecurity policy in place and tighter cybersecurity measures to safeguard against hackers. In Fiscal 2024, there were no impactful breaches in cybersecurity. u) Research and Development Expenses During Fiscal 2024 and 2023, the Company recorded research and development expenses of approximately $3.8 million and $3.5 million, respectively. All research and development costs are expensed in the period in which they are incurred. v) 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. w) 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, 2024 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | NOTE 3 INVENTORY (in thousands) As of March 31, 2024 ($) As of March 31, 2023 ($) Raw materials 1,099 2,100 Work-in-progress - 18 Finished goods 441 533 Total 1,540 2,651 During Fiscal 2024, and Fiscal 2023, the Company wrote off approximately $1 million and $376 thousand of inventory due to abnormal loss due to the NRV adjustment, product expiration, idle facility expense, freight, handling costs, scrap, and wasted material (spoilage). This charge was recorded in Selling, General, and Administrative Expenses. 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, 2024, and March 31, 2023, our consolidated balance sheet reported approximately $392 thousand and $407 thousand clinical trial-related inventory, respectively. |
DEPOSITS AND ADVANCES
DEPOSITS AND ADVANCES | 12 Months Ended |
Mar. 31, 2024 | |
Deposits And Advances Abstract | |
Deposits and Advances [Text Block] | NOTE 4 DEPOSITS AND ADVANCES (in thousands) As of March 31, 2024 ($) As of March 31, 2023 ($) Advances to suppliers and consultants 41 72 Other receivables and deposits 52 24 Prepaid expense and other current assets 115 262 Total 208 358 The Advances to suppliers and consultants primarily relate to advances to vendors. Prepaid and other current assets include approximately $39 thousand and approximately $25 thousand in statutory advances for Fiscal 2024 and Fiscal 2023, respectively. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 5 INTANGIBLE ASSETS Amortized intangible assets (in thousands) As of March 31, 2024 ($) As of March 31, 2023 ($) Patents 836 709 Other intangibles 34 34 Accumulated amortization (181 ) (107 ) Total amortized intangible assets 689 636 Unamortized intangible assets Patents 521 534 Software development cost 406 - Total unamortized intangible assets 927 534 Total intangible assets 1,616 1,170 The value of intangible assets includes the cost of acquiring patent rights, supporting data, and the expense associated with filing various patent applications in different countries along with 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 expenses in Fiscal 2024 and 2023 amounted to approximately $74 thousand and $57 thousand, respectively. The Company regularly reviews its intangible assets to determine if any intangible asset is other-than-temporarily impaired, which would require the Company to record an impairment charge in the period and conclude that, as of March 31, 2024, there was no impairment. Estimated amortization expense (in thousands) ($) For the year ended 2025 82 For the year ended 2026 90 For the year ended 2027 99 For the year ended 2028 109 For the year ended 2029 120 |
PROPERTY, PLANT, AND EQUIPMENT
PROPERTY, PLANT, AND EQUIPMENT | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024 ($) As of March 31, 2023 ($) Land N/A - 4,100 Buildings and facilities 25 2,303 2,298 Plant and machinery 5-20 3,334 3,335 Computer equipment’s 3 166 138 Office equipment’s 3-5 140 84 Furniture and fixtures 5 93 92 Vehicles 5 101 102 Construction in progress N/A - - Total gross value 6,137 10,149 Less: Accumulated depreciation (2,442 ) (1,936 ) Total property, plant, and equipment, net 3,695 8,213 The depreciation expense in Fiscal 2024 and 2023 amounted to approximately $563 thousand and $417 thousand, respectively. The net decrease in total property, plant, and equipment is primarily due to the impairment of land by approximately $3.3 million. During Fiscal 2024, the Company focused on liquidating all non-operating assets to reduce costs and generate cash. As a result, the Company sold a fully depreciated property in India for net proceeds of approximately $43 thousand and accounted for the same in other income, and impaired the land situated in Nagpur, India, by approximately $3.3 million to $720 thousand from $4.1 million. The company believes it can sell the above-said non-operating land as it is without any improvement. Selling this land will give immediate cash, which the company can use in its operating segments. For more information, please refer to Note 18, “Segment Information,” for the non-current assets other than financial instruments held in the country of domicile and foreign countries. |
CLAIMS AND ADVANCES
CLAIMS AND ADVANCES | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure Text Block Supplement [Abstract] | |
Other Assets Disclosure [Text Block] | NOTE 8 CLAIMS AND ADVANCES (in thousands) As of March 31, 2024 ($) As of March 31, 2023 ($) Claims receivable (1) 686 951 Non-current deposits 2 27 Non-current advances - 25 Total 688 1,003 (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. |
LEASES
LEASES | 12 Months Ended |
Mar. 31, 2024 | |
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 2024 and 2023 are approximately $100 thousand and $178 thousand, respectively. The Company also has four operating leases as of March 31, 2024. America Asia (in thousands) Year Ended March 31, 2024 ($) (in thousands) Year Ended March 31, 2023 ($) Operating lease costs 141 148 Short term lease costs 100 178 Total lease costs 241 326 Right of use assets and lease liabilities for our operating leases were recorded in the consolidated balance sheet as follows: (in thousands) (in thousands) Year Ended March 31, 2024 ($) Year Ended March 31, 2023 ($) Assets Operating lease asset 198 326 Total lease assets 198 326 Liabilities Current liabilities: Accrued liabilities and others (current portion – operating lease liability) 124 133 Noncurrent liabilities: Operating lease liability (non-current portion – operating lease liability) 84 207 Total lease liability 208 340 Supplemental cash flow and non-cash information related to leases is as follows: (in thousands) Year Ended March 31, 2024 ($) (in thousands) Year Ended March 31, 2023 ($) Cash paid for amounts included in the measurement of lease liabilities –Operating cash flows from operating leases 140 118 Right-of-use assets obtained in exchange for operating lease obligations 198 326 As of March 31, 2024, the following table summarizes the maturity of our lease liabilities: Mar-25 132 Mar-26 87 Mar-27 - Mar-28 - Less: Present value discount (11 ) Total Lease liabilities 208 |
ACCRUED LIABILITIES AND OTHERS
ACCRUED LIABILITIES AND OTHERS | 12 Months Ended |
Mar. 31, 2024 | |
Accrued Liabilities Disclosure Abstract | |
Accrued Liabilities Disclosure [Text Block] | NOTE 10 ACCRUED LIABILITIES AND OTHERS (in thousands) As of March 31, 2024 ($) As of March 31, 2023 ($) Compensation and other contributions 816 619 Provision for expenses 208 258 Short-term lease liability 124 133 Other current liability 419 358 Total 1,567 1,368 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 $25 thousand and $31 thousand as of March 31, 2024, and March 31, 2023, respectively, and approximately $3 thousand of short-term loans as of March 31, 2024, and March 31, 2023, respectively. |
LOANS AND OTHER LIABILITIES
LOANS AND OTHER LIABILITIES | 12 Months Ended |
Mar. 31, 2024 | |
Loans And Other Liabilities Abstract | |
Loans and Other Liabilities [Text Block] | NOTE 11 LOANS AND OTHER LIABILITIES Loan as of March 31, 2024: 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 the principal. All remaining principal and accrued interest are due and payable 30 years from the date of the loan. For Fiscal 2024, the interest expense and principal payment for the EIDL were approximately $5 thousand and $3 thousand, respectively. As of March 31, 2024, approximately $137 thousand of the loan is classified as Long-term loans and approximately $3 thousand as Short-term loans. Other Liability: (in thousands) As of March 31, 2024 ($) 2023 ($) Statutory reserve 20 21 Total 20 21 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, 2024 | |
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, 2024, 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 as required by the law. The contribution is made to the Foreign Government’s funds. |
SECURITIES
SECURITIES | 12 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Equity [Text Block] | NOTE 13 SECURITIES As of March 31, 2024, the Company was authorized to issue up to 150,000,000 shares of common stock, par value of $0.0001 per share, and 66,691,195 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 of $0.0001 per share, and no preferred shares were issued and outstanding as of March 31, 2024. 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 October 27, 2023, the Company entered into a Sales Agreement (the “Agreement”) with A.G.P./Alliance Global Partners (the “Agent”) pursuant to which the Company may offer and sell, from time to time, through the Agent, as sales agent and/or principal shares of its common stock having an aggregate offering price of up to $60 million (“Shares”), subject to certain limitations on the amount of common stock that may be offered and sold by the Company set forth in the Sales Agreement (the “Offering”). Prior to entering into the Sales Agreement with A.G.P./Alliance Global Partners, the Company terminated the Sales Agreement dated January 13, 2021, with The Benchmark Company. On June 30, 2023, the Company entered into a Share Purchase Agreement (the “June 2023 SPA”) with Bradbury Asset Management and three unrelated investors, resulting in approximately $3 million in gross proceeds. The completion of the private placement is subject to customary closing conditions, including approval by the NYSE. Under the terms of the private placement, IGC issued 10 million shares of unregistered common stock at a price of $0.30 per share. Shares are intended to be exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), by virtue of the provisions of Section 4(a)(2) of the Securities Act and Regulation D and/or Regulation S adopted thereunder. On March 22, 2024, the Company entered into a Share Purchase Agreement (the “March 2024 SPA”) with Bradbury Strategic Investment Fund A, resulting in approximately $3 million in gross proceeds. The completion of the private placement is subject to customary closing conditions, including approval by the NYSE. Under the terms of the private placement, IGC will issue approximately 8.8 million shares of unregistered common stock at a price of $0.34 per share. In addition, the Company issued 2 million shares of unregistered common stock for consulting services related to raising capital, including the March 2024 capital raised. Shares are intended to be exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), by virtue of the provisions of Section 4(a)(2) of the Securities Act and Regulation D and/or Regulation S adopted thereunder. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Payment Arrangement [Text Block] | NOTE 14 STOCK-BASED COMPENSATION As of March 31, 2024, under both the Company’s previous 2008 and current 2018 Omnibus Incentive Plans approximately 9.1 million shares of common stock have been issued to employees, non-employees, and advisors. In addition, 7.6 million restricted share units (“RSUs”) fair valued at $4.6 million with a weighted average value of $0.61 per share, have been granted but not yet issued from different Incentive Plans and Grants. This includes 4.9 million RSUs granted to employees and directors, which consists of a vesting schedule based entirely on the attainment of 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 for upon certification by the management, confirming the probability of achievement of milestones. As of March 31, 2024, the management confirmed that five milestones had been achieved, and the rest were probable to be achieved by March 31, 2028. Additionally, options held by advisors and directors to purchase 3.7 million shares of common stock fair valued at $925 thousand with a weighted average of $0.25 per share, which have been granted but are to be issued over a vesting period between Fiscal 2022 and Fiscal 2027. 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 a lattice model with the following assumptions: Granted in Fiscal 2024 Granted in Fiscal 2023 Expected life of options 5 years 5 years Vested options 100 % 100 % Risk free interest rate 5.24 % 2.42 % Expected volatility 175 % 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 2024, the Company’s share-based expense and option-based expense shown in Selling, general, and administrative expenses (including research and development) were $1.7 million and $59 thousand, respectively. For Fiscal 2023, the Company’s share-based expenses and option-based expenses shown in Selling, general, and administrative expenses (including research and development) were $2.8 million and $29 thousand, respectively. Non-vested shares Shares (in thousands) (#) Weighted average grant date fair value ($) Non-vested shares as of March 31, 2023 4,429 1.01 Granted 5,848 0.28 Vested (2,535 ) 0.58 Cancelled/Forfeited (290 ) 0.31 Non-vested shares as of March 31, 2024 7,452 0.61 Options Shares (in thousands) (#) Weighted average grant date fair value ($) Weighted average exercise price ($) Options outstanding as of March 31, 2023 150 0.46 0.39 Granted 3,560 0.24 0.27 Exercised - - - Cancelled/forfeited - - - Options outstanding as of March 31, 2024 3,710 0.25 0.29 There was a combined unrecognized expense of $3.21 million related to non-vested shares and share options that the Company expects to be recognized over a life of up to 5 (five) years. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE 15 FAIR VALUE OF FINANCIAL INSTRUMENTS As of March 31, 2024, the Company’s marketable securities consist of liquid funds, which have been classified as Level 1 of the fair value hierarchy because they have been valued using quoted prices in active markets. The Company’s cash and cash equivalents have also been classified as Level 1 on the same principle. Financial instruments are classified as current if they are expected to be liquidated within the next twelve months. The Company’s remaining investments have been classified as Level 3 instruments as there is little or no market data. Level 3 investments are valued using the cost method. For further information refer Note 7, “Investments in Non-Marketable Securities.” The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of March 31, 2024, and 2023, and indicates the fair value hierarchy of the valuation techniques the Company used to determine such fair value: (in thousands) As of March 31, 2024 Particular Adjusted Cost ($) Gain ($) Loss ($) Fair Value ($) Cash & Cash Equivalents ($) Short Term Investments ($) Level 1 Cash 912 - - 912 912 - Money Market Fund - - - - - - Debt Funds 13 - - 13 13 - Mutual Fund 123 - - 123 123 - Level 2 Certificates of Deposit 150 - - 150 150 - Level 3 - - - - - - TOTAL 1,198 - - 1,198 1,198 - As of March 31, 2023 Particular Adjusted Cost ($) Gain ($) Loss ($) Fair Value ($) Cash & Cash Equivalents ($) Short Term Investments ($) Level 1 Cash 1,156 - - 1,156 1,156 - Money Market Fund 2,000 - - 2,000 2,000 - Debt Funds 40 - - 40 40 - Mutual Fund 152 2 - 154 - 154 Level 2 Certificates of Deposit - - - - - - Level 3 - - - - - - TOTAL 3,348 2 - 3,350 3,196 154 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 16 INCOME TAXES The Company calculates its provision for foreign and U.S. federal income taxes based on the current tax law. As the Company maintains a full valuation allowance against its deferred tax assets, there is no income tax expense recorded related to this change other than the Federal AMT credit which are refundable due to the passage of tax reform. Due to the Company’s history of losses and uncertainty of future taxable income, a valuation allowance sufficient to fully offset net operating losses and other deferred tax assets has been established. The valuation allowance will be maintained until sufficient positive evidence exists to support a conclusion that a valuation allowance is not necessary. Income tax expense/(benefit) for each of the years ended March 31 consists of the following: Year Ended March 31, (in thousands) Income Tax Expense 2024 ($) 2023 ($) Net income loss before tax (13,000 ) (11,506 ) Tax rate 21 % 21 % Expected income tax recovery (2,730 ) (2,416 ) Impact of tax rate differences in foreign jurisdictions (151 ) (7 ) Tax rate changes and other adjustments 1,475 (667 ) Permanent differences - 88 Change in valuation allowance 1,406 3,002 - - The significant components of deferred income tax expense/(benefit) from operations before non-controlling interest for each of the years ended March 31 are approximated as following: Year Ended March 31, (in thousands) Deferred income taxes 2024 ($) 2023 ($) Net operating loss carry-forwards foreign 287 137 Non-capital loss carry-forwards – U.S. 14,272 12,888 Temporary differences 418 548 Net deferred tax asset 14,977 13,573 Valuation allowance (14,977 ) (13,573 ) - - The table below sets forth the details of expiration of the non-financial carried forward losses of the Company as of March 31, 2024, as under: Year Amount (in thousands) ($) 2024 43 2025 - 2026 - 2027 10 2028 9 2029 - 2030 37 2031 3,082 2032 5,140 2033 627 2034 1,269 2035 1,735 2036 1,175 2037 819 2038 1,256 2039 4,131 2040 7,932 2041 8,841 2042 14,966 2043 8,552 2044 9,396 No expiry 78 Total 69,101 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, Colombia, and the U.S. The Company has a carry-forward R&D tax credit of approximately $4,542 thousand |
REVENUE RECOGNITION
REVENUE RECOGNITION | 12 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | NOTE 17 REVENUE RECOGNITION Revenue in the Infrastructure segment is recognized for the renting business when the equipment is rented and the terms of the agreement have been fulfilled during the period. Revenue from the execution of infrastructure contracts is recognized on the basis of the output method as and when part of the performance obligation has been completed, and approval from the contracting agency has been obtained after a survey of the performance completion as of that date. In the Life Sciences segment, the revenue from the wellness and lifestyle business is recognized once goods have been sold to the customer and the performance obligation has been completed. In retail sales, we offer consumer products through our online stores. Revenue is recognized when control of the goods is transferred to the customer. This generally occurs upon our delivery to a third-party carrier or to the customer directly. Revenue from white label services is recognized when the performance obligation has been completed, and output material has been transferred to the customer. Net sales disaggregated by significant products and services for Fiscal 2024 and 2023 are as follows: (in thousands) Year ended March 31, 2024 ($) 2023 ($) Infrastructure segment Rental income (1) 18 37 Construction contracts (2) 146 76 Life Sciences segment Wellness and lifestyle (3) 228 416 White labeling services (4) 953 382 Total 1,345 911 (1) Rental income consists of income from the rental of heavy construction equipment. (2) Construction income consists of the execution of contracts directly or through subcontractors. (3) Revenue from wellness and lifestyle consists of the sale of products such as gummies, hand sanitizers, bath bombs, lotions, beverages, hemp crude extract, hemp isolate, and hemp distillate. (4) Revenue from white label services consists of rebranding our formulations or the customer’s products as per the customer’s requirement. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 18 SEGMENT INFORMATION FASB ASC 280, “ Segment Reporting, The Company’s CODM is the Company’s Chief Executive Officer (“CEO”). The CEO reviews financial information presented on an operating segment basis for the purposes of making operating decisions and assessing financial performance. Therefore, and before our Life Sciences segment started, the Company had determined that it operated in a single operating and reportable segment. As of the date of this report and in preparation for the new and different source of revenue, the Company has determined that it operates in two operating and reportable segments: (a) Life Sciences segment and (b) Infrastructure segment. The Company does not include intercompany transfers between segments for Management reporting purposes. The following provides information required by ASC 280-10-50-38 “Entity-wide Information”: 1) The table below shows revenue reported by segments: Product & Service (in thousands) Segments Fiscal 2024 ($) Percentage of Total Revenue (%) Infrastructure segment 164 12 % Life Sciences segment 1,181 88 % Total 1,345 100 % (in thousands) Segments Fiscal 2023 ($) Percentage of Total Revenue (%) Infrastructure segment 113 12 % Life Sciences segment 798 88 % Total 911 100 % For information on revenue by product and service, refer to Note 17, “Revenue Recognition.” 2) The table below shows the attributes to the country of domicile (U.S.) and foreign countries. Revenue is generally attributed to the geographic location of customers: (in thousands) Segments Country Fiscal 2024 ($) Percentage of Total Revenue (%) Asia India 164 12 % America U.S. 1,179 87 % Colombia 2 1 % Total 1,345 100 % (in thousands) Segments Country Fiscal 2023 ($) Percentage of Total Revenue (%) Asia India 113 12 % America U.S. 777 86 % Colombia 21 2 % Total 911 100 % 3) The table below shows the non-current assets other than financial instruments held in the country of domicile and foreign countries. (in thousands) Nature of Assets U.S. (Country of Domicile) ($) Foreign Countries (India, Hong Kong, and Colombia) ($) Total as of March 31, 2024 ($) Intangible assets, net 1,616 - 1,616 Property, plant and equipment, net 3,620 75 3,695 Claims and advances 410 278 688 Operating lease asset 193 5 198 Total non-current assets 5,839 358 6,197 (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 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 19 SUBSEQUENT EVENTS As disclosed in Note 13 “Securities,” the Company entered into the 2024 SPA. As of March 31, 2024, the Company had received $500 thousand of the total $3 million due under the March 2024 SPA, while the remaining $2.5 million was received in April 2024. Please refer to Note 13, “Securities”, for more information. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (13,000) | $ (11,506) |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | 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. |
Use of Estimates, Policy [Policy Text Block] | 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. |
Revenue [Policy Text Block] | 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.” |
Cost of Goods and Service [Policy Text Block] | d) Cost of Revenue Our cost of revenue includes costs associated with in-house and outsourced distribution, labor expenses, components, manufacturing overhead, and outbound freight for our products division. In our products division, the 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] | e) Earnings/(Loss) per Share The computation of basic loss per share for Fiscal 2024 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 2024 and 2023, used for the computation of basic earnings per share (“EPS”) is 58,839,868 and 52,576,258, respectively. Due to the loss incurred during Fiscal 2024 and 2023, 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} | 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, 2024, and March 31, 2023, the Company incurred net losses of $13 million and $11.5 million, respectively. As of March 31, 2024, the Company’s cash and cash equivalents totaled $1.2 million. On June 30, 2023, the Company successfully obtained a working capital facility totaling approximately $12 million for one year, and the Company is in the process of renewing the facility for another year during the month of June 2024. In addition, on March 22, 2024, the Company entered into a share purchase agreement relating to the sale and issuance by our company to the investors of an aggregate of approximately 8.8 million shares of our common stock, for a total purchase price of $3 million or $0.34 per share, subject to the terms and subject to the conditions set forth in the 2024 SPA. As of March 31, 2024, the Company received $500 thousand, and the remaining $2.5 million was received in April 2024. 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] | 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 the resolution of related appeals or litigation processes, based on the 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 to be realized upon settlement. As of March 31, 2024, and 2023, there was no significant liability for income tax associated with unrecognized tax benefits. |
Accounts Receivable [Policy Text Block] | 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 $39 thousand of accounts receivable, net of provision for doubtful debt of $24 thousand as of March 31, 2024, as compared to $107 thousand of accounts receivable, net of provision for doubtful debt of $17 thousand as of March 31, 2023. |
Cash and Cash Equivalents, Policy [Policy Text Block] | 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, 2024, and 2023 were approximately $1.2 million and $3.2 million, respectively. |
Investment, Policy [Policy Text Block] | 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 that 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, 2024, 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] | k) Property, plant, and equipment ( PP&E ) PP&E 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 PP&E are de-recognized, and any gain or loss is reflected in the results of the operation. The 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] | 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. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | 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 2024, sales were spread across customers in Asia and U.S., and the credit concentration risk is low. |
Share-Based Payment Arrangement [Policy Text Block] | 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. |
Commitments and Contingencies, Policy [Policy Text Block] | 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. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | 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 the 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] | 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. |
Research, Development, and Computer Software, Policy [Policy Text Block] | r) Software Development Costs Software development costs, including costs to develop software products or the software component of products to be marketed or sold to external users, are expensed before the software or technology reaches technological feasibility, which is typically reached shortly before the release of such products. Software development costs also include the costs of developing software to be used solely to meet internal needs and applications used to deliver our services. These software development costs meet the criteria for capitalization once the preliminary project stage is complete, and it is probable that the project will be completed, and the software will be used to perform the function intended. |
Inventory, Policy [Policy Text Block] | s) 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, 2024, and 2023, our consolidated balance sheet reported approximately $392 thousand and $407 thousand 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] | t) Cybersecurity We have a cybersecurity policy in place and tighter cybersecurity measures to safeguard against hackers. In Fiscal 2024, there were no impactful breaches in cybersecurity. |
Research and Development Expense, Policy [Policy Text Block] | u) Research and Development Expenses During Fiscal 2024 and 2023, the Company recorded research and development expenses of approximately $3.8 million and $3.5 million, respectively. All research and development costs are expensed in the period in which they are incurred. |
Lessee, Leases [Policy Text Block] | v) 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] | w) 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, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | (in thousands) As of March 31, 2024 ($) As of March 31, 2023 ($) Raw materials 1,099 2,100 Work-in-progress - 18 Finished goods 441 533 Total 1,540 2,651 |
DEPOSITS AND ADVANCES (Tables)
DEPOSITS AND ADVANCES (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Deposits And Advances Abstract | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | (in thousands) As of March 31, 2024 ($) As of March 31, 2023 ($) Advances to suppliers and consultants 41 72 Other receivables and deposits 52 24 Prepaid expense and other current assets 115 262 Total 208 358 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Amortized intangible assets (in thousands) As of March 31, 2024 ($) As of March 31, 2023 ($) Patents 836 709 Other intangibles 34 34 Accumulated amortization (181 ) (107 ) Total amortized intangible assets 689 636 Unamortized intangible assets Patents 521 534 Software development cost 406 - Total unamortized intangible assets 927 534 Total intangible assets 1,616 1,170 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated amortization expense (in thousands) ($) For the year ended 2025 82 For the year ended 2026 90 For the year ended 2027 99 For the year ended 2028 109 For the year ended 2029 120 |
PROPERTY, PLANT, AND EQUIPMENT
PROPERTY, PLANT, AND EQUIPMENT (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024 ($) As of March 31, 2023 ($) Land N/A - 4,100 Buildings and facilities 25 2,303 2,298 Plant and machinery 5-20 3,334 3,335 Computer equipment’s 3 166 138 Office equipment’s 3-5 140 84 Furniture and fixtures 5 93 92 Vehicles 5 101 102 Construction in progress N/A - - Total gross value 6,137 10,149 Less: Accumulated depreciation (2,442 ) (1,936 ) Total property, plant, and equipment, net 3,695 8,213 |
CLAIMS AND ADVANCES (Tables)
CLAIMS AND ADVANCES (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Other Assets, Noncurrent [Table Text Block] | (in thousands) As of March 31, 2024 ($) As of March 31, 2023 ($) Claims receivable (1) 686 951 Non-current deposits 2 27 Non-current advances - 25 Total 688 1,003 (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. |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure Text Block [Abstract] | |
Lease, Cost [Table Text Block] | (in thousands) Year Ended March 31, 2024 ($) (in thousands) Year Ended March 31, 2023 ($) Operating lease costs 141 148 Short term lease costs 100 178 Total lease costs 241 326 (in thousands) (in thousands) Year Ended March 31, 2024 ($) Year Ended March 31, 2023 ($) Assets Operating lease asset 198 326 Total lease assets 198 326 Liabilities Current liabilities: Accrued liabilities and others (current portion – operating lease liability) 124 133 Noncurrent liabilities: Operating lease liability (non-current portion – operating lease liability) 84 207 Total lease liability 208 340 Supplemental cash flow and non-cash information related to leases is as follows: (in thousands) Year Ended March 31, 2024 ($) (in thousands) Year Ended March 31, 2023 ($) Cash paid for amounts included in the measurement of lease liabilities –Operating cash flows from operating leases 140 118 Right-of-use assets obtained in exchange for operating lease obligations 198 326 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | As of March 31, 2024, the following table summarizes the maturity of our lease liabilities: Mar-25 132 Mar-26 87 Mar-27 - Mar-28 - Less: Present value discount (11 ) Total Lease liabilities 208 |
ACCRUED LIABILITIES AND OTHERS
ACCRUED LIABILITIES AND OTHERS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Accrued Liabilities Disclosure Abstract | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | (in thousands) As of March 31, 2024 ($) As of March 31, 2023 ($) Compensation and other contributions 816 619 Provision for expenses 208 258 Short-term lease liability 124 133 Other current liability 419 358 Total 1,567 1,368 |
LOANS AND OTHER LIABILITIES (Ta
LOANS AND OTHER LIABILITIES (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Loans And Other Liabilities Abstract | |
Schedule of Other Assets and Other Liabilities [Table Text Block] | Other Liability: (in thousands) As of March 31, 2024 ($) 2023 ($) Statutory reserve 20 21 Total 20 21 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
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 a lattice model with the following assumptions: Granted in Fiscal 2024 Granted in Fiscal 2023 Expected life of options 5 years 5 years Vested options 100 % 100 % Risk free interest rate 5.24 % 2.42 % Expected volatility 175 % 282 % Expected dividend yield Nil Nil |
Nonvested Restricted Stock Shares Activity [Table Text Block] | For Fiscal 2023, the Company’s share-based expenses and option-based expenses shown in Selling, general, and administrative expenses (including research and development) were $2.8 million and $29 thousand, respectively. Non-vested shares Shares (in thousands) (#) Weighted average grant date fair value ($) Non-vested shares as of March 31, 2023 4,429 1.01 Granted 5,848 0.28 Vested (2,535 ) 0.58 Cancelled/Forfeited (290 ) 0.31 Non-vested shares as of March 31, 2024 7,452 0.61 |
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, 2023 150 0.46 0.39 Granted 3,560 0.24 0.27 Exercised - - - Cancelled/forfeited - - - Options outstanding as of March 31, 2024 3,710 0.25 0.29 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024, and 2023, and indicates the fair value hierarchy of the valuation techniques the Company used to determine such fair value: Particular Adjusted Cost ($) Gain ($) Loss ($) Fair Value ($) Cash & Cash Equivalents ($) Short Term Investments ($) Level 1 Cash 912 - - 912 912 - Money Market Fund - - - - - - Debt Funds 13 - - 13 13 - Mutual Fund 123 - - 123 123 - Level 2 Certificates of Deposit 150 - - 150 150 - Level 3 - - - - - - TOTAL 1,198 - - 1,198 1,198 - Particular Adjusted Cost ($) Gain ($) Loss ($) Fair Value ($) Cash & Cash Equivalents ($) Short Term Investments ($) Level 1 Cash 1,156 - - 1,156 1,156 - Money Market Fund 2,000 - - 2,000 2,000 - Debt Funds 40 - - 40 40 - Mutual Fund 152 2 - 154 - 154 Level 2 Certificates of Deposit - - - - - - Level 3 - - - - - - TOTAL 3,348 2 - 3,350 3,196 154 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
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 2024 ($) 2023 ($) Net income loss before tax (13,000 ) (11,506 ) Tax rate 21 % 21 % Expected income tax recovery (2,730 ) (2,416 ) Impact of tax rate differences in foreign jurisdictions (151 ) (7 ) Tax rate changes and other adjustments 1,475 (667 ) Permanent differences - 88 Change in valuation allowance 1,406 3,002 - - |
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 2024 ($) 2023 ($) Net operating loss carry-forwards foreign 287 137 Non-capital loss carry-forwards – U.S. 14,272 12,888 Temporary differences 418 548 Net deferred tax asset 14,977 13,573 Valuation allowance (14,977 ) (13,573 ) - - |
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, 2024, as under: Year Amount (in thousands) ($) 2024 43 2025 - 2026 - 2027 10 2028 9 2029 - 2030 37 2031 3,082 2032 5,140 2033 627 2034 1,269 2035 1,735 2036 1,175 2037 819 2038 1,256 2039 4,131 2040 7,932 2041 8,841 2042 14,966 2043 8,552 2044 9,396 No expiry 78 Total 69,101 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Net sales disaggregated by significant products and services for Fiscal 2024 and 2023 are as follows: (in thousands) Year ended March 31, 2024 ($) 2023 ($) Infrastructure segment Rental income (1) 18 37 Construction contracts (2) 146 76 Life Sciences segment Wellness and lifestyle (3) 228 416 White labeling services (4) 953 382 Total 1,345 911 (1) Rental income consists of income from the rental of heavy construction equipment. (2) Construction income consists of the execution of contracts directly or through subcontractors. (3) Revenue from wellness and lifestyle consists of the sale of products such as gummies, hand sanitizers, bath bombs, lotions, beverages, hemp crude extract, hemp isolate, and hemp distillate. (4) Revenue from white label services consists of rebranding our formulations or the customer’s products as per the customer’s requirement. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Products and Services [Table Text Block] | 1) The table below shows revenue reported by segments: (in thousands) Segments Fiscal 2024 ($) Percentage of Total Revenue (%) Infrastructure segment 164 12 % Life Sciences segment 1,181 88 % Total 1,345 100 % (in thousands) Segments Fiscal 2023 ($) Percentage of Total Revenue (%) Infrastructure segment 113 12 % Life Sciences segment 798 88 % Total 911 100 % |
Revenue from External Customers by Geographic Areas [Table Text Block] | 2) The table below shows the attributes to the country of domicile (U.S.) and foreign countries. Revenue is generally attributed to the geographic location of customers: (in thousands) Segments Country Fiscal 2024 ($) Percentage of Total Revenue (%) Asia India 164 12 % America U.S. 1,179 87 % Colombia 2 1 % Total 1,345 100 % (in thousands) Segments Country Fiscal 2023 ($) Percentage of Total Revenue (%) Asia India 113 12 % America U.S. 777 86 % Colombia 21 2 % Total 911 100 % |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | 3) The table below shows the non-current assets other than financial instruments held in the country of domicile and foreign countries. (in thousands) Nature of Assets U.S. (Country of Domicile) ($) Foreign Countries (India, Hong Kong, and Colombia) ($) Total as of March 31, 2024 ($) Intangible assets, net 1,616 - 1,616 Property, plant and equipment, net 3,620 75 3,695 Claims and advances 410 278 688 Operating lease asset 193 5 198 Total non-current assets 5,839 358 6,197 (in thousands) Nature of Assets U.S. (Country of Domicile) ($) Foreign Countries (India Hong Kong and Colombia) ($) Total as of March 31, 2023 ($) Intangible assets, net 1,170 - 1,170 Property, plant and equipment, net 4,074 4,139 8,213 Claims and advances 585 418 1,003 Operating lease asset 298 28 326 Total non-current assets 6,127 4,585 10,712 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Apr. 30, 2024 | Mar. 22, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Jun. 30, 2023 | |
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||||
Weighted Average Number of Shares Outstanding, Basic (in Shares) | 58,839,868 | 52,576,258 | |||
Net Income (Loss) Attributable to Parent | $ (13,000) | $ (11,506) | |||
Line of Credit Facility, Current Borrowing Capacity | $ 12,000 | ||||
Stock Issued During Period, Value, New Issues | $ 3,000 | 3,027 | 103 | ||
Proceeds from Issuance of Private Placement | 500 | 0 | |||
Accounts Receivable, after Allowance for Credit Loss | 39 | 107 | |||
Accounts Receivable, Allowance for Credit Loss | 24 | 17 | |||
Cash and Cash Equivalents, at Carrying Value | 1,198 | 3,196 | |||
Inventory, Net | 1,540 | 2,651 | |||
Research and Development Expense | 3,773 | 3,461 | |||
Share Purchase Agreement [Member] | Investor [Member] | |||||
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||||
Stock Issued During Period, Shares, New Issues (in Shares) | 8,800,000 | ||||
Share Price (in Dollars per share) | $ 0.34 | ||||
Subsequent Event [Member] | |||||
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||||
Proceeds from Issuance of Private Placement | $ 2,500 | ||||
Clinical Trial Inventory [Member] | |||||
SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||||
Inventory, Net | $ 392 | $ 407 |
INVENTORY (Details)
INVENTORY (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
INVENTORY (Details) [Line Items] | ||
Inventory Write-down | $ 1,000 | $ 376 |
Inventory, Net | 1,540 | 2,651 |
Clinical Trial Inventory [Member] | ||
INVENTORY (Details) [Line Items] | ||
Inventory, Net | $ 392 | $ 407 |
INVENTORY (Details) - Schedule
INVENTORY (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Schedule Of Inventory Current Abstract | ||
Raw materials | $ 1,099 | $ 2,100 |
Work-in-progress | 0 | 18 |
Finished goods | 441 | 533 |
Total | $ 1,540 | $ 2,651 |
DEPOSITS AND ADVANCES (Details)
DEPOSITS AND ADVANCES (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Deposits And Advances Abstract | ||
Statutory Advances | $ 39 | $ 25 |
DEPOSITS AND ADVANCES (Detail_2
DEPOSITS AND ADVANCES (Details) - Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Advances to suppliers and consultants | $ 41 | $ 72 |
Other receivables and deposits | 52 | 24 |
Prepaid expense and other current assets | 115 | 262 |
Total | $ 208 | $ 358 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
INTANGIBLE ASSETS (Details) [Line Items] | ||
Amortization of Intangible Assets | $ 74 | $ 57 |
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, 2024 | Mar. 31, 2023 |
INTANGIBLE ASSETS (Details) - Schedule of Intangible Assets And Goodwill [Line Items] | ||
Accumulated amortization | $ (181) | $ (107) |
Total amortized intangible assets | 689 | 636 |
Unamortized intangible assets | ||
Unamortized intangible assets | 927 | 534 |
Total intangible assets | 1,616 | 1,170 |
Patents [Member] | ||
INTANGIBLE ASSETS (Details) - Schedule of Intangible Assets And Goodwill [Line Items] | ||
Intangibles | 836 | 709 |
Other Intangible Assets [Member] | ||
INTANGIBLE ASSETS (Details) - Schedule of Intangible Assets And Goodwill [Line Items] | ||
Intangibles | 34 | 34 |
Patents [Member] | ||
Unamortized intangible assets | ||
Unamortized intangible assets | 521 | 534 |
Software Development [Member] | ||
Unamortized intangible assets | ||
Unamortized intangible assets | $ 406 | $ 0 |
INTANGIBLE ASSETS (Details) -_2
INTANGIBLE ASSETS (Details) - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense $ in Thousands | Mar. 31, 2024 USD ($) |
Schedule Of Finite Lived Intangible Assets Future Amortization Expense Abstract | |
For the year ended 2025 | $ 82 |
For the year ended 2026 | 90 |
For the year ended 2027 | 99 |
For the year ended 2028 | 109 |
For the year ended 2029 | $ 120 |
PROPERTY, PLANT, AND EQUIPMEN_2
PROPERTY, PLANT, AND EQUIPMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
PROPERTY, PLANT, AND EQUIPMENT (Details) [Line Items] | ||
Depreciation | $ 563 | $ 417 |
Proceeds from Sale of Property, Plant, and Equipment | 44 | 538 |
Gain (Loss) on Disposition of Property Plant Equipment | 44 | (39) |
Asset Impairment Charges | 3,448 | 0 |
Land | 720 | $ 4,100 |
PUERTO RICO | ||
PROPERTY, PLANT, AND EQUIPMENT (Details) [Line Items] | ||
Proceeds from Sale of Property, Plant, and Equipment | 3,300 | |
Gain (Loss) on Disposition of Property Plant Equipment | 43 | |
Land [Member] | ||
PROPERTY, PLANT, AND EQUIPMENT (Details) [Line Items] | ||
Asset Impairment Charges | $ 3,300 |
PROPERTY, PLANT, AND EQUIPMEN_3
PROPERTY, PLANT, AND EQUIPMENT (Details) - Property, Plant and Equipment - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 6,137 | $ 10,149 |
Less: Accumulated depreciation | (2,442) | (1,936) |
Net Assets | $ 3,695 | 8,213 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | N/A | |
Property, plant and equipment, gross | $ 0 | 4,100 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,303 | 2,298 |
Property, plant and equipment, useful life | 25 years | |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 3,334 | 3,335 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 166 | 138 |
Property, plant and equipment, useful life | 3 years | |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 140 | 84 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 93 | 92 |
Property, plant and equipment, useful life | 5 years | |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 101 | 102 |
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 | $ 0 | $ 0 |
Minimum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Minimum [Member] | Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Maximum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 20 years | |
Maximum [Member] | Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years |
CLAIMS AND ADVANCES (Details) -
CLAIMS AND ADVANCES (Details) - Schedule of Other Assets, Noncurrent - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule Of Other Assets Noncurrent Abstract | |||
Claims receivable | [1] | $ 686 | $ 951 |
Non-current deposits | 2 | 27 | |
Non-current advances | 0 | 25 | |
Total | $ 688 | $ 1,003 | |
[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. |
LEASES (Details)
LEASES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
LEASES (Details) [Line Items] | ||
Short-Term Lease, Cost | $ 100 | $ 178 |
UNITED STATES | ||
LEASES (Details) [Line Items] | ||
Operating Lease, Expense | $ 123 | |
Operating Lease, Weighted Average Remaining Lease Term | 1 year 7 months 6 days | |
Lessee, Operating Lease, Discount Rate | 7% | |
Asia [Member] | ||
LEASES (Details) [Line Items] | ||
Operating Lease, Expense | $ 18 | |
Lessee, Operating Lease, Discount Rate | 7% | |
Lessee, Operating Lease, Remaining Lease Term | 1 year |
LEASES (Details) - Lease, Cost
LEASES (Details) - Lease, Cost - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Lease, Cost [Abstract] | ||
Operating lease costs | $ 141 | $ 148 |
Short term lease costs | 100 | 178 |
Total lease costs | 241 | 326 |
Assets | ||
Operating lease asset | 198 | 326 |
Total lease assets | $ 198 | $ 326 |
Liabilities | ||
Accrued liabilities and others (current portion – operating lease liability) | Accrued liabilities and others | Accrued liabilities and others |
Operating lease liability (non-current portion – operating lease liability) | $ 84 | $ 207 |
Total lease liability | 208 | 340 |
– Operating cash flows from operating leases | 140 | 118 |
Right-of-use assets obtained in exchange for operating lease obligations | $ 198 | $ 326 |
LEASES (Details) - Lessee, Oper
LEASES (Details) - Lessee, Operating Lease, Liability, Maturity - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Lessee Operating Lease Liability Maturity Abstract | ||
Mar-25 | $ 132 | |
Mar-26 | 87 | |
Mar-27 | 0 | |
Mar-28 | 0 | |
Less: Present value discount | (11) | |
Total Lease liabilities | $ 208 | $ 340 |
ACCRUED LIABILITIES AND OTHER_2
ACCRUED LIABILITIES AND OTHERS (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Accrued Liabilities Disclosure Abstract | ||
Accounts Payable, Other, Current | $ 25 | $ 31 |
Short-Term Debt | $ 3 | $ 3 |
ACCRUED LIABILITIES AND OTHER_3
ACCRUED LIABILITIES AND OTHERS (Details) - Schedule of Accounts Payable and Accrued Liabilities - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Schedule Of Accounts Payable And Accrued Liabilities Abstract | ||
Compensation and other contributions | $ 816 | $ 619 |
Provision for expenses | 208 | 258 |
Short-term lease liability | 124 | 133 |
Other current liability | 419 | 358 |
Total | $ 1,567 | $ 1,368 |
LOANS AND OTHER LIABILITIES (De
LOANS AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 11, 2020 | Mar. 31, 2024 | |
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 | 137 | |
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, 2024 | Mar. 31, 2023 |
Schedule Of Loans And Other Liabilities Abstract | ||
Statutory reserve | $ 20 | $ 21 |
Total | $ 20 | $ 21 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | 12 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 6% |
SECURITIES (Details)
SECURITIES (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Mar. 22, 2024 | Jun. 30, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Jan. 13, 2021 | |
SECURITIES (Details) [Line Items] | |||||
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 | |||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $ 0.0001 | $ 0.0001 | |||
Common Stock, Shares, Issued | 66,691,195 | 53,077,436 | |||
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) | $ 60,000 | ||||
Proceeds from Issuance of Private Placement (in Dollars) | $ 500 | $ 0 | |||
June 2023 SPA [Member] | |||||
SECURITIES (Details) [Line Items] | |||||
Proceeds from Issuance of Private Placement (in Dollars) | $ 3,000 | ||||
Stock Issued During Period, Shares, New Issues | 10,000,000 | ||||
Share Price (in Dollars per share) | $ 0.3 | ||||
March 2024 SPA [Member] | |||||
SECURITIES (Details) [Line Items] | |||||
Proceeds from Issuance of Private Placement (in Dollars) | $ 3,000 | $ 500 | |||
Stock Issued During Period, Shares, New Issues | 8,800,000 | ||||
Share Price (in Dollars per share) | $ 0.34 | ||||
Stock Issued During Period, Shares, Issued for Services | 2,000,000 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
STOCK-BASED COMPENSATION (Details) [Line Items] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in Shares) | 3,710 | 150 |
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares (in Shares) | 7,600 | |
Share-Based Payment Arrangement, Noncash Expense | $ 4,600 | |
Weighted Average Price per Share (in Dollars per share) | $ 0.61 | |
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | 4,900 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in Shares) | 3,560 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $ 0.29 | $ 0.39 |
Share-Based Payment Arrangement, Expense | $ 1,773 | $ 2,843 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period | 5 years | |
General and Administrative Expense [Member] | ||
STOCK-BASED COMPENSATION (Details) [Line Items] | ||
Share-Based Payment Arrangement, Noncash Expense | $ 1,700 | 2,800 |
General and Administrative Expense [Member] | Share-Based Payment Arrangement, Option [Member] | ||
STOCK-BASED COMPENSATION (Details) [Line Items] | ||
Share-Based Payment Arrangement, Expense | 59 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount | $ 29 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 3,210 | |
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) | 9,100 | |
Share-Based Payment Arrangement, Noncash Expense | $ 925 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in Shares) | 3,700 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $ 0.25 |
STOCK-BASED COMPENSATION (Deta
STOCK-BASED COMPENSATION (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
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 | 5.24% | 2.42% |
Expected volatility | 175% | 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, 2024 $ / shares shares | |
Nonvested Restricted Stock Shares Activity Abstract | |
Balance, non-vested shares | shares | 4,429 |
Balance, Weighted average grant date fair value | $ / shares | $ 1.01 |
Granted, shares | shares | 5,848 |
Granted, Weighted average grant date fair value | $ / shares | $ 0.28 |
Vested, shares | shares | (2,535) |
Vested, Weighted average grant date fair value | $ / shares | $ 0.58 |
Cancelled/Forfeited, shares | shares | (290) |
Cancelled/Forfeited, Weighted average grant date fair value | $ / shares | $ 0.31 |
Balance, non-vested shares | shares | 7,452 |
Balance, Weighted average grant date fair value | $ / shares | $ 0.61 |
STOCK-BASED COMPENSATION (De_3
STOCK-BASED COMPENSATION (Details) - Share-based Payment Arrangement, Option, Activity shares in Thousands | 12 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Share Based Payment Arrangement Option Activity Abstract | |
Options outstanding, shares (in Shares) | shares | 150 |
Options outstanding, Weighted average grant date fair value | $ 0.46 |
Options outstanding, Weighted average exercise price | $ 0.39 |
Granted, shares (in Shares) | shares | 3,560 |
Granted, Weighted average grant date fair value | $ 0.24 |
Granted, Weighted average exercise price | $ 0.27 |
Exercised, shares (in Shares) | shares | 0 |
Exercised, Weighted average grant date fair value | $ 0 |
Exercised, Weighted average exercise price | $ 0 |
Cancelled/Forfeited, shares (in Shares) | shares | 0 |
Cancelled/Forfeited, Weighted average grant date fair value | $ 0 |
Cancelled/Forfeited, Weighted average exercise price | $ 0 |
Options outstanding, shares (in Shares) | shares | 3,710 |
Options outstanding, Weighted average grant date fair value | $ 0.25 |
Options outstanding, Weighted average exercise price | $ 0.29 |
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 | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Level 1 | ||
Adjusted Cost | $ 1,198 | $ 3,348 |
Gain | 0 | 2 |
Fair Value | 1,198 | 3,350 |
Cash & Cash Equivalents | 1,198 | 3,196 |
Short Term Investments | 0 | 154 |
Loss | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Level 1 | ||
Adjusted Cost | 0 | 0 |
Gain | 0 | 0 |
Fair Value | 0 | 0 |
Cash & Cash Equivalents | 0 | 0 |
Short Term Investments | 0 | 0 |
Loss | 0 | 0 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Level 1 | ||
Adjusted Cost | 912 | 1,156 |
Gain | 0 | 0 |
Fair Value | 912 | 1,156 |
Cash & Cash Equivalents | 912 | 1,156 |
Short Term Investments | 0 | 0 |
Loss | 0 | 0 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Level 1 | ||
Adjusted Cost | 0 | 2,000 |
Gain | 0 | 0 |
Fair Value | 0 | 2,000 |
Cash & Cash Equivalents | 0 | 2,000 |
Short Term Investments | 0 | 0 |
Loss | 0 | 0 |
Debt Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Level 1 | ||
Adjusted Cost | 13 | 40 |
Gain | 0 | 0 |
Fair Value | 13 | 40 |
Cash & Cash Equivalents | 13 | 40 |
Short Term Investments | 0 | 0 |
Loss | 0 | 0 |
Mutual Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Level 1 | ||
Adjusted Cost | 123 | 152 |
Gain | 0 | 2 |
Fair Value | 123 | 154 |
Cash & Cash Equivalents | 123 | 0 |
Short Term Investments | 0 | 154 |
Loss | 0 | 0 |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Level 1 | ||
Adjusted Cost | 150 | 0 |
Gain | 0 | 0 |
Fair Value | 150 | 0 |
Cash & Cash Equivalents | 150 | 0 |
Short Term Investments | 0 | 0 |
Loss | $ 0 | $ 0 |
INCOME TAXES (Details)
INCOME TAXES (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Income Tax Disclosure [Abstract] | |
Tax Credit Carryforward, Amount | $ 4,542 |
INCOME TAXES (Details) - Schedu
INCOME TAXES (Details) - Schedule of Effective Income Tax Rate Reconciliation - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule Of Effective Income Tax Rate Reconciliation Abstract | ||
Net Income Loss before tax | $ (13,000) | $ (11,506) |
Tax rate | 21% | 21% |
Expected income tax recovery | $ (2,730) | $ (2,416) |
Impact of tax rate differences in foreign jurisdictions | (151) | (7) |
Tax rate changes and other adjustments | 1,475 | (667) |
Permanent differences | 0 | 88 |
Change in valuation allowance | 1,406 | 3,002 |
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, 2024 | Mar. 31, 2023 |
Schedule Of Components Of Income Tax Expense Benefit Abstract | ||
Net operating loss carry-forwards foreign | $ 287 | $ 137 |
Non-capital loss carry-forwards – USA | 14,272 | 12,888 |
Temporary differences | 418 | 548 |
Net deferred tax asset | 14,977 | 13,573 |
Valuation allowance | (14,977) | (13,573) |
Net deferred tax expense | $ 0 | $ 0 |
INCOME TAXES (Details) - Summar
INCOME TAXES (Details) - Summary of Operating Loss Carryforwards $ in Thousands | Mar. 31, 2024 USD ($) |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 69,101 |
Expiring 2024 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 43 |
Expiring 2025 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 0 |
Expiring 2026 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 0 |
Expiring 2027 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 10 |
Expiring 2028 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 9 |
Expiring 2029 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 0 |
Expiring 2030 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 37 |
Expiring 2031 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 3,082 |
Expiring 2032 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 5,140 |
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 | 1,175 |
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 | 4,131 |
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 | 8,552 |
Expiring 2044 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 9,396 |
No Expiry [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 78 |
REVENUE RECOGNITION (Details) -
REVENUE RECOGNITION (Details) - Disaggregation of Revenue - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Infrastructure segment | |||
Revenues | $ 1,345 | $ 911 | |
Rental Income [Member] | |||
Infrastructure segment | |||
Revenues | [1] | 18 | 37 |
Construction [Member] | |||
Infrastructure segment | |||
Revenues | [2] | 146 | 76 |
Wellness and Lifestyle [Member] | |||
Infrastructure segment | |||
Revenues | [3] | 228 | 416 |
Tolling/White labeling service [Member] | |||
Infrastructure segment | |||
Revenues | [4] | $ 953 | $ 382 |
[1]Rental income consists of income from the 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 the 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 the customer’s requirement. |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024 | Mar. 31, 2023 | |
Revenue from External Customer [Line Items] | ||
Revenue | $ 1,345 | $ 911 |
Percentage of Total Revenue | 100% | 100% |
Legacy Infrastructure [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue | $ 164 | $ 113 |
Percentage of Total Revenue | 12% | 12% |
Plant and Cannabinoid [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue | $ 1,181 | $ 798 |
Percentage of Total Revenue | 88% | 88% |
SEGMENT INFORMATION (Details)_2
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | ||
Total Revenue | $ 1,345 | $ 911 |
Percentage of Total Revenue | 100% | 100% |
INDIA | ||
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | ||
Total Revenue | $ 164 | $ 113 |
Percentage of Total Revenue | 12% | 12% |
UNITED STATES | ||
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | ||
Total Revenue | $ 1,179 | $ 777 |
Percentage of Total Revenue | 87% | 86% |
COLOMBIA | ||
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | ||
Total Revenue | $ 2 | $ 21 |
Percentage of Total Revenue | 1% | 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, 2024 | Mar. 31, 2023 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Intangible assets, net | $ 1,616 | $ 1,170 |
Property, plant and equipment, net | 3,695 | 8,213 |
Claims and advances | 688 | 1,003 |
Operating lease asset | 198 | 326 |
Total non-current assets | 6,197 | 10,712 |
Geographic Distribution, Domestic [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Intangible assets, net | 1,616 | 1,170 |
Property, plant and equipment, net | 3,620 | 4,074 |
Claims and advances | 410 | 585 |
Operating lease asset | 193 | 298 |
Total non-current assets | 5,839 | 6,127 |
Geographic Distribution, Foreign [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Intangible assets, net | 0 | 0 |
Property, plant and equipment, net | 75 | 4,139 |
Claims and advances | 278 | 418 |
Operating lease asset | 5 | 28 |
Total non-current assets | $ 358 | $ 4,585 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - March 2024 SPA [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2024 | Mar. 22, 2024 | Mar. 31, 2024 | |
SUBSEQUENT EVENTS (Details) [Line Items] | |||
Proceeds from Issuance of Private Placement | $ 3,000 | $ 500 | |
Stock Issued During Period, Value, New Issues | $ 3,000 | ||
Subsequent Event [Member] | |||
SUBSEQUENT EVENTS (Details) [Line Items] | |||
Proceeds from Issuance of Private Placement | $ 2,500 |