Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2023 | Jul. 24, 2023 | |
Document Information Line Items | ||
Entity Registrant Name | IGC PHARMA, INC. | |
Trading Symbol | IGC | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --03-31 | |
Entity Common Stock, Shares Outstanding | 53,916,604 | |
Amendment Flag | false | |
Entity Central Index Key | 0001326205 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-32830 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 20-2760393 | |
Entity Address, Address Line One | 10224 Falls Road | |
Entity Address, City or Town | Potomac | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20854 | |
City Area Code | 301 | |
Local Phone Number | 983-0998 | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NYSE | |
Entity Interactive Data Current | Yes |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 1,723 | $ 3,196 |
Accounts receivable, net | 225 | 107 |
Short term investments | 227 | 154 |
Inventory | 2,641 | 2,651 |
Deposits and advances | 262 | 358 |
Total current assets | 5,078 | 6,466 |
Non-current assets: | ||
Intangible assets, net | 1,179 | 1,170 |
Property, plant, and equipment, net | 8,104 | 8,213 |
Claims and advances | 1,017 | 1,003 |
Operating lease asset | 295 | 326 |
Total non-current assets | 10,595 | 10,712 |
Total assets | 15,673 | 17,178 |
Current liabilities: | ||
Accounts payable | 672 | 530 |
Accrued liabilities and others | 1,459 | 1,368 |
Total current liabilities | 2,131 | 1,898 |
Non-current liabilities: | ||
Long-term loans | 140 | 141 |
Other liabilities | 21 | 21 |
Operating lease liability | 179 | 207 |
Total non-current liabilities | 340 | 369 |
Total liabilities | 2,471 | 2,267 |
Commitments and Contingencies – See Note 12 | ||
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value: authorized 1,000,000 shares, no shares issued or outstanding as of June 30, 2023, and March 31, 2023. | 0 | 0 |
Common stock and additional paid-in capital, $0.0001 par value: 150,000,000 shares authorized; 53,077,436 shares issued and outstanding as of June 30, 2023, and March 31, 2023, respectively. | 119,322 | 118,965 |
Accumulated other comprehensive loss | (3,380) | (3,389) |
Accumulated deficit | (102,740) | (100,665) |
Total stockholders’ equity | 13,202 | 14,911 |
Total liabilities and stockholders’ equity | $ 15,673 | $ 17,178 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Jun. 30, 2023 | 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 | 53,077,436 | 53,077,436 |
Common stock, shares outstanding | 53,077,436 | 53,077,436 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||
Revenue | $ 555 | $ 212 |
Cost of revenue | (300) | (70) |
Gross profit | 255 | 142 |
Selling, general and administrative expenses | (1,647) | (1,550) |
Research and development expenses | (747) | (1,394) |
Operating loss | (2,139) | (2,802) |
Other income, net | 64 | 17 |
Loss before income taxes | (2,075) | (2,785) |
Income tax expense/benefit | 0 | 0 |
Net loss attributable to common stockholders | (2,075) | (2,785) |
Foreign currency translation adjustments | 9 | (219) |
Comprehensive loss | $ (2,066) | $ (3,004) |
Loss per share attributable to common stockholders: | ||
Basic and diluted (in Dollars per share) | $ (0.04) | $ (0.05) |
Weighted-average number of shares used in computing loss per share amounts: (in Shares) | 53,077,436 | 51,616,598 |
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 | 1,152 | 1,152 | |||
Common stock-based compensation & expenses, net (in Shares) | 787,000 | ||||
Net loss | (2,785) | (2,785) | |||
Gain on foreign currency translation | (219) | (219) | |||
Balances at Jun. 30, 2022 | 117,171 | (91,944) | (3,187) | 22,040 | |
Balances (in Shares) at Jun. 30, 2022 | 51,841,000 | ||||
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 | 357 | $ 357 | |||
Net loss | (2,075) | (2,075) | |||
Gain on foreign currency translation | 9 | 9 | |||
Balances at Jun. 30, 2023 | $ 119,322 | $ (102,740) | $ (3,380) | $ 13,202 | |
Balances (in Shares) at Jun. 30, 2023 | 53,077,000 | 53,077,436 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Cash Flows [Abstract] | ||
Net loss | $ (2,075) | $ (2,785) |
Adjustment to reconcile net loss to net cash: | ||
Depreciation and amortization | 155 | 162 |
Common stock-based compensation and expenses, net | 357 | 1,152 |
Other non-cash items | (53) | 68 |
Changes in: | ||
Accounts receivables, net | (118) | (23) |
Inventory | 10 | (74) |
Deposits and advances | 33 | 73 |
Claims and advances | (13) | 15 |
Accounts payable | 142 | (524) |
Accrued and other liabilities | 91 | (258) |
Operating lease asset | 31 | 31 |
Operating lease liability | (28) | (33) |
Net cash used in operating activities | (1,468) | (2,196) |
Cash flow from investing activities: | ||
Purchase of property, plant, and equipment | (20) | (127) |
Sale of property, plant, and equipment | 43 | 0 |
Acquisition and filing cost of patents and rights | (28) | (31) |
Net cash used in investing activities | (5) | (158) |
Cash flows from financing activities: | ||
Net proceeds from the issuance of common stock | 0 | 0 |
Repayment of long-term loan | (1) | (1) |
Net cash used in financing activities | (1) | (1) |
Effects of exchange rate changes on cash and cash equivalents | 1 | (52) |
Net decrease in cash and cash equivalents | (1,473) | (2,407) |
Cash and cash equivalents at the beginning of the period | 3,196 | 10,460 |
Cash and cash equivalents at the end of the period | 1,723 | 8,053 |
Non-cash items: | ||
Common stock issued/granted for stock-based compensation, including patent acquisition | $ 357 | $ 1,152 |
BUSINESS DESCRIPTION
BUSINESS DESCRIPTION | 3 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations [Text Block] | NOTE 1 BUSINESS DESCRIPTION Overview IGC Pharma, Inc., is a clinical-stage pharmaceutical company with a diversified revenue model that develops prescription drugs and over-the-counter (OTC) products. We are a Maryland corporation established in 2005 with a fiscal year that is a 52- or 53-week period that ends on March 31. Our focus is on developing innovative therapies for neurological disorders such as Alzheimer’s disease, epilepsy, Tourette syndrome, and sleep disorders. We also focus on formulations for eating disorders, chronic pain, premenstrual syndrome (PMS), and dysmenorrhea, in addition to health and wellness OTC formulations. The Company is developing its proprietary lead candidate, IGC-AD1, an investigational oral therapy for the treatment of agitation associated with Alzheimer’s disease. IGC-AD1 is currently in Phase 2 (Phase 2B) clinical trials after completing nearly a decade of research and realizing positive results from pre-clinical and a Phase 1 trial. This previous research into IGC-AD1 has demonstrated efficacy in reducing plaques and tangles, which are two important hallmarks of Alzheimer’s, as well as reducing neuropsychiatric symptoms associated with dementia in Alzheimer’s disease, such as agitation. IGC has two segments: Life Sciences and Infrastructure. Life Sciences Segment Pharmaceutical The Company currently has two main investigational small molecules in various stages of development: 1) IGC-AD1 2) TGR-63 Over-the-Counter Products Phase 2 Clinical Trial Typically, a Phase 2 trial is divided into a Phase 2A and a Phase 2B trial with the former designed to assess dosing requirements and the latter to establish efficacy. In this document, we refer to the trial as Phase 2 and Phase 2B interchangeably. The Company has initiated a Phase 2B protocol titled “A Phase 2, Multi-Center, Double-Blind, Randomized, Placebo-controlled, trial of the safety and efficacy of IGC-AD1 on agitation in participants with dementia due to Alzheimer’s disease”. The protocol is powered at 146 Alzheimer’s patients, with half receiving placebo, and is a superiority, parallel group study. The primary end point is agitation in dementia due to Alzheimer’s disease as rated by the Cohen-Mansfield Agitation Inventory (CMAI) over a six-week period. The Phase 2 trial will also look at eleven exploratory objectives, including changes in anxiety, changes in cognitive processes such as attention, orientation, language, and visual spatial skills as well as memory, changes in depression, delusions, hallucinations, euphoria/elation, apathy, disinhibition, irritability, aberrant motor behavior, sleep disorder, appetite, quality of life, and caregiver burden. In addition, the trial will evaluate the impact of CYP450 polymorphisms and specifically CYP2C9 on each of the NPS and assess any reductions in psychotropic drugs, among others. CYP2C9 ranks amongst the most important drug metabolizing enzymes in humans, as it breaks down over 100 drugs, including nonsteroidal anti-inflammatory all drugs. We seek to understand how various versions of the enzyme act on IGC-AD1. Each participant will receive two doses of IGC-AD1 (b.i.d.) or two doses of placebo per day for six weeks. Business Organization As of June 30, 2023, the Company had the following operating subsidiaries: Techni Bharathi Private Limited (TBL), IGCare LLC, Holi Hemp LLC, IGC Pharma LLC, SAN Holdings LLC, Sunday Seltzer, LLC, Hamsa Biopharma India Pvt. Ltd. And Colombia-based beneficially-owned subsidiary IGC Pharma SAS (formerly Hamsa Biopharma Colombia SAS) (Hamsa). The Company’s fiscal year is the 52- or 53-week period that ends on March 31. The Company’s principal office is in Maryland established in 2005. Additionally, the Company has offices in Washington state, Colombia, and India. The Company’s filings are available on www.sec.gov. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying condensed consolidated Balance Sheet as of June 30, 2023, and March 31, 2023, condensed consolidated statements of operations for the three months ended June 30, 2023, and 2022, and condensed consolidated statements of cash flows for the three months ended June 30, 2023, and 2022, are unaudited. The consolidated balance sheet as of March 31, 2023, has been derived from audited financial statements, and the accompanying as of June 30, 2023 unaudited condensed consolidated financial statements (“interim statements”) of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) as determined by the Financial Accounting Standards Board (the “FASB”) within its Accounting Standards Codification (“ASC”) and under the rules and regulations of the SEC. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with the Company’s audited consolidated financial statements for the fiscal year ended March 31, 2023 (“Fiscal 2023”) contained in the Company’s Form 10-K for Fiscal 2023, filed with the SEC on July 7, 2023, specifically in Note 2 to the consolidated financial statements. Principles of consolidation The interim statements include the consolidated accounts of the Company and its subsidiaries. Intercompany accounts and transactions have been eliminated. In the opinion of Management, the interim statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. Transactions between the Company and its subsidiaries are eliminated in the consolidated financial statements. Presentation and functional currencies The Company operates in India, the U.S., Colombia, and Hong Kong, and a portion of the Company’s financials are denominated in the Indian Rupee (“INR”), the Hong Kong Dollar (“HKD”), or the Colombian Peso (“COP”). As a result, changes in the relative values of the U.S. Dollar (“USD”), the INR, the HKD, or the COP affect our financial statements. The accompanying financial statements are reported in USD. INR, HKD, and COP are the functional currencies for certain subsidiaries of the Company. The translation of the functional currencies into USD is performed for assets and liabilities using the exchange rates in effect at the balance sheet date and for revenues and expenses using average exchange rates prevailing during the reporting periods. Adjustments resulting from the translation of functional currency financial statements to reporting currency are accumulated and reported as other comprehensive (loss), a separate component of shareholders’ equity. Transactions in currencies other than the functional currency during the year are converted into the functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the consolidated statements of operations. 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. The Company estimates that its current cash and cash equivalents balance with working capital credit facility 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. 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 $17 thousand of provision for the doubtful debt of $225 thousand as of June 30, 2023, as compared to $107 thousand of accounts receivable as of March 31, 2023. Loss per share The computation of basic loss per share for the three months ended June 30, 2023, excludes potentially dilutive securities of approximately 10 million shares which includes share options, unvested shares such as restricted shares and restricted share units, granted to employees, non-employees, and advisors, and shares from the conversion of outstanding units, if any because their inclusion would be anti-dilutive. In addition, the Company entered into a private placement agreement on June 30, 2023. As per the terms of the agreement, the Company will issue 10 million shares of unregistered common stock. The weighted average number of shares outstanding for the three months ended June 30, 2023, and 2022, used for the computation of basic earnings per share (“EPS”) is 53,077,436 and 51,616,598, respectively. Due to the loss incurred by the Company during the three months ended June 30, 2023, and 2022, all the potential equity shares are anti-dilutive, and accordingly, the fully diluted EPS is equal to the basic EPS. We have a cybersecurity policy in place and have taken cybersecurity measures to safeguard against hackers, however, there can be no assurance thereof. During the three months ended June 30, 2023, there were no impactful breaches in cybersecurity. Revenue Recognition The Company recognizes revenue under ASC 606, Revenue from Contracts with Customers ASC 606 prescribes a 5-step process to achieve its core principle. The Company recognizes revenue from trading, rental, or product sales as follows: I. Identify the contract with the customer. II. Identify the contractual performance obligations. III. Determine the amount of consideration/price for the transaction. IV. Allocate the determined amount of consideration/price to the performance obligations. V. Recognize revenue when or as the performing party satisfies performance obligations. The consideration/price for the transaction (performance obligation(s)) is determined as per the agreement or invoice (contract) for the services and products in the Infrastructure and Life Sciences segment. Revenue in the Infrastructure segment is recognized for the renting business when the equipment is rented, and the terms of the agreement have been fulfilled during the period. Revenue from the execution of infrastructure contracts is recognized on the basis of the output method as and when part of the performance obligation has been completed and approval from the contracting agency has been obtained after survey of the performance completion as of that date. In the Life Sciences segment, the revenue from the wellness and lifestyle business is recognized once goods have been sold to the customer and the performance obligation has been completed. In retail sales, we offer consumer products through our online stores. Revenue is recognized when control of the goods is transferred to the customer. This generally occurs upon our delivery to a third-party carrier or to the customer directly. Revenue from white label services is recognized when the performance obligation has been completed, and output material has been transferred to the customer. Net sales disaggregated by significant products and services for the three months ended June 30, 2023, and 2022 are as follows: (in thousands) Three months ended June 30, 2023 ($) 2022 ($) Infrastructure segment 167 10 Life Sciences segment Wellness and lifestyle (2) 44 80 White labeling services (3) 344 122 Total 555 212 (1) Infrastructure segment consists of income from the rental of heavy construction equipment and construction contracts. (2) Revenue from wellness and lifestyle consists of the sale of products such as gummies, hand sanitizers, bath bombs, lotions, beverages, hemp crude extract, hemp isolate, and hemp distillate. (3) Revenue from white label services consists of rebranding our formulations or the customer’s products as per the customer’s requirement. Recently issued accounting pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (ASUs) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. Newly issued ASUs not listed are expected to have no impact on the Company’s consolidated financial position and results of operations, because either the ASU is not applicable, or the impact is expected to be immaterial. |
INVENTORY
INVENTORY | 3 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | NOTE 3 INVENTORY (in thousands) As of June 30, 2023 ($) As of March 31, 2023 ($) Raw materials 2,091 2,100 Work-in-Progress - 18 Finished goods 550 533 Total 2,641 2,651 During the three months ended June 30, 2023, the Company wrote off approximately $20 thousand of inventory due to abnormal loss due to 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 June 30, 2023, and March 31, 2023, our consolidated balance sheet reported approximately $397 thousand and $407 clinical trial-related inventory, respectively. |
DEPOSITS AND ADVANCES
DEPOSITS AND ADVANCES | 3 Months Ended |
Jun. 30, 2023 | |
Deposits And Advances Abstract | |
Deposits and Advances [Text Block] | NOTE 4 DEPOSITS AND ADVANCES (in thousands) As of June 30, 2023 ($) As of March 31, 2023 ($) Advances to suppliers and consultants 54 72 Other receivables and deposits 15 24 Prepaid expenses and other current assets 193 262 Total 262 358 The Advances to suppliers and consultants primarily relate to advances to suppliers in our Life Sciences and Infrastructure segments. Prepaid expenses and other current assets include approximately $21 thousand of statutory advances as of June 30, 2023, as compared to $25 thousand as of March 31, 2023. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 3 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 5 INTANGIBLE ASSETS (in thousands) As of June 30, 2023 ($) As of March 31, 2023 ($) Amortized intangible assets Patents 721 709 Other intangibles 34 34 Accumulated amortization (125 ) (107 ) Total amortized intangible assets 630 636 Other intangible assets Patents 549 534 Other intangibles - - Total unamortized intangible assets 549 534 Total intangible assets 1,179 1,170 The value of intangible assets includes the cost of acquiring patent rights, supporting data, and the expense associated with filing of patent applications. It also includes acquisition costs related to domains and licenses. The intangible with finite life is up to 20 years are amortized on straight-line basis, commencing from the date of grant or acquisition. The amortization expense in the three months ended June 30, 2023, and 2022, amounted to approximately $18 thousand and $10 thousand, respectively. The Company regularly reviews its intangible assets to determine if any intangible asset is other-than-temporarily impaired, which would require the Company to record an impairment charge in the period and concluded that, as of June 30, 2023, there was no impairment. Estimated annual amortization expense (in thousands) ($) For the year ended 2024 80 For the year ended 2025 88 For the year ended 2026 96 For the year ended 2027 106 For the year ended 2028 117 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 3 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 6 PROPERTY, PLANT, AND EQUIPMENT (in thousands, except useful life) Useful Life (years) As of June 30, 2023 ($) As of March 31, 2023 ($) Land N/A 4,104 4,100 Buildings and facilities 25 2,303 2,298 Plant and machinery 5-20 3,340 3,335 Computer equipment 3 143 138 Office equipment 3-5 88 84 Furniture and fixtures 5 92 92 Vehicles 5 102 102 Total gross value 10,172 10,149 Less: Accumulated depreciation (2,068 ) (1,936 ) Total property, plant, and equipment, net 8,104 8,213 The depreciation expense in the three months ended June 30, 2023, and 2022 amounted to approximately $137 thousand and $152 thousand, respectively. The net decrease in Total property, plant, and equipment is primarily due to depreciation. The Company sold a fully depreciated property in India for net proceeds of approximately $43 thousand and accounted for a profit of approximately $43 thousand in other income. For more information, please refer to Note 16 – “Segment Information” for the non-current assets other than financial instruments held in the country of domicile and foreign countries. |
CLAIMS AND ADVANCES
CLAIMS AND ADVANCES | 3 Months Ended |
Jun. 30, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Other Assets Disclosure [Text Block] | NOTE 8 CLAIMS AND ADVANCES (in thousands) As of June 30, 2023 ($) As of March 31, 2023 ($) Claims receivable (1) 951 951 Non-current deposits 27 27 Non-current advances 39 25 Total 1,017 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. It includes $140 thousand owed to the company by one of our manufacturers for the equipment purchase. |
ACCRUED LIABILITIES AND OTHERS
ACCRUED LIABILITIES AND OTHERS | 3 Months Ended |
Jun. 30, 2023 | |
Accrued Liabilities Disclosure Abstract | |
Accrued Liabilities Disclosure [Text Block] | NOTE 10 ACCRUED AND OTHER LIABILITIES (in thousands) As of June 30, 2023 ($) As of March 31, 2023 ($) Compensation and other contributions 751 619 Provision for expenses 131 258 Short-term lease liability 129 133 Other current liability 448 358 Total 1,459 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 $48 thousand and $31 thousand as of June 30, 2023, and March 31, 2023, respectively, and approximately $3 thousand of short-term loans as of June 30, 2023, and March 31, 2023, respectively. |
LOANS AND OTHER LIABILITIES
LOANS AND OTHER LIABILITIES | 3 Months Ended |
Jun. 30, 2023 | |
Loans And Other Liabilities Abstract | |
Loans and Other Liabilities [Text Block] | NOTE 11 LOANS AND OTHER LIABILITIES Loan as of June 30, 2023: On June 11, 2020, the Company received an Economic Injury Disaster Loan (“EIDL”) for approximately $150 thousand at an annual interest rate of 3.75%. The Company must pay principal and interest payments of $731 every month beginning June 5, 2021. The SBA will apply each installment payment first to pay interest accrued to the day SBA receives the payment and will then apply any remaining balance to reduce principal. All remaining principal and accrued interest is due and payable 30 years from the date of the loan. For the three months ended June 30, 2023, and June 30, 2022, the interest expense and principal payment for the EIDL was approximately $1 thousand and $1 thousand, respectively. As of June 30, 2023, approximately $140 thousand of the loan is classified as Long-term loans and approximately $3 thousand as Short-term loans. On June 30, 2023, the Company successfully entered into a Master Loan and Security Agreement (the “Credit Agreement”) with O-Bank, CO., LTD., pursuant to which the Company may borrow up to $12 million. The Credit Agreement serves to satisfy ongoing liquidity requirements and ensure the Company’s ability to sustain its operations. The Credit Agreement matures on June 30, 2024, with an option to renew. Borrowings under the Credit Agreement will bear interest, calculated according to the interest rate mentioned in the Certificate of Deposit (as defined in the Credit Agreement), as the case may be, plus an applicable margin of 1%, and the Company shall bear the tax. Interest is due and payable in full by the Company on the last business day of each interest period. As of June 30, 2023, the entire amount of $12 million remains unused. Other Liability: (in thousands) As of June 30, 2023 ($) March 31, 2023 ($) Statutory reserve 21 21 Total 21 21 The statutory reserve is a gratuity reserve for employees in our subsidiaries in India. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 12 COMMITMENTS AND CONTINGENCIES The Company may be involved in legal proceedings, claims, and assessments arising in the ordinary course of business. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. There are no such matters that are deemed material to the condensed consolidated financial statements as of June 30, 2023, except as disclosed in legal proceedings section below. In the U.S., we provide health insurance, life insurance, and a 401(k) plan wherein the Company matches up to 6% of the employee’s pre-tax contribution up to a maximum annual amount determined by the IRS. In accordance with applicable Indian laws, the Company provides for gratuity, a defined benefit retirement plan (“Gratuity Plan”) covering certain categories of employees. The Gratuity Plan provides a lump sum payment to vested employees, at retirement or termination of employment, an amount based on the respective employee’s last drawn salary and the years of employment with the Company. In addition, employees receive benefits from a provident fund, a defined contribution plan. The employee and employer each make monthly contributions to the plan equal to 12% of the covered employee’s salary. The contribution is made to the Indian Government’s provident fund. |
SECURITIES
SECURITIES | 3 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Equity [Text Block] | NOTE 13 SECURITIES As of June 30, 2023, the Company was authorized to issue up to 150,000,000 shares of common stock, par value $0.0001 per share, and 53,077,436 shares of common stock were issued and outstanding. The Company is also authorized to issue up to 1,000,000 shares of preferred stock, par value $0.0001 per share, and no preferred shares were issued and outstanding as of June 30, 2023. Our common stock is listed on the NYSE American (ticker symbol: IGC). This security also trades on the Frankfurt, Stuttgart, and Berlin stock exchanges (ticker symbol: IGS1). The Company also has 91,472 units outstanding that can be separated into common stock. Ten units may be separated into one share of common stock. The unit holders are requested to contact the Company or our transfer agent, Continental Stock Transfer and Trust, to separate their units into common stock. On January 13, 2021, the Company entered into a Sales Agreement (the “Agreement”) with The Benchmark Company, LLC (the “Sales Agent”) pursuant to which the Sales Agent is acting as the Company’s sales agent with respect to the issuance and sale of up to $75,000,000 of the Company’s shares of common stock, par value $0.0001 per share (the “Shares”), from time to time in an “at the market” (“ATM”) offering as defined in Rule 415(a)(4) of the Securities Act of 1933, as amended (the “Securities Act”). On June 30, 2023, the Company entered into a 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 will issue 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, 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 | 3 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Payment Arrangement [Text Block] | NOTE 14 STOCK-BASED COMPENSATION As of June 30, 2023, 10 million restricted share units (RSUs), fair valued at $7 million with a weighted average value of $0.70 per share, have been granted but not yet issued from different Incentive Plans and Grants. This includes 5 million RSUs granted to employees and directors, which consists of a vesting schedule based entirely on the attainment of both operational milestones and market conditions, assuming continued employment either as an employee or director with the Company. The performance-based RSUs are accounted upon certification by Management, confirming the probability of achievement of milestones. As of June 30, 2023, Management confirmed three of the milestones had been achieved, and the rest were considered probable to be achieved by March 31, 2027. Additionally, options held by advisors and directors to purchase 150 thousand shares of common stock fair valued at $69 thousand with a weighted average of $0.46 per share have been granted but are to be exercised over a service period ending in Fiscal 2031. Options exercised before the service period are expensed when exercised. The options are valued using a Black-Scholes Pricing Model and Market based RSUs 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 2.64 % 2.64 % Expected volatility 285 % 285 % Expected dividend yield Nil Nil The expense associated with share-based payments to employees, directors, advisors, and contractors is allocated over the vesting or service period and recognized in the Selling, general and administrative expenses (including research and development). For the three months ended June 30, 2023, the Company’s share-based expense and option-based expense shown in Selling, general and administrative expenses (including research and development) were $354 thousand and $4 thousand, respectively and for the three months ended June 30, 2022, the Company’s share-based expense and option-based expense was $1.14 million and $8 thousand, respectively. Non-vested shares Shares (in thousands) (#) Weighted average grant date fair value ($) Non-vested shares as of March 31, 2023 4,429 1.01 Granted 4,300 0.30 Vested (192 ) 0.30 Cancelled/forfeited - - Non-vested shares as of June 30, 2023 8,537 0.65 Options Shares (in thousands) (#) Weighted average grant date fair value ($) Weighted average exercise price ($) Options outstanding as of March 31, 2023 150 1.39 0.30 Granted - - - Exercised - - - Cancelled/forfeited - - - Options outstanding as of June 30, 2023 150 1.39 0.30 There was a combined unrecognized expense of $3.5 million related to non-vested shares and share options that the Company expects to be recognized over the weighted average life of 5 years. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE 15 FAIR VALUE OF FINANCIAL INSTRUMENTS As of June 30, 2023, the Company’s investments may consist of money market funds, debt and equity funds, and other marketable securities, among others which have been classified as Level 1 of the fair value hierarchy because they have been valued using quoted prices in active markets. The Company’s cash and cash equivalents have also been classified as Level 1 on the same principle. Financial instruments are classified as current if they are expected to be liquidated within the next twelve months. The Certificate of Deposits are classified as Level 2 as they do not have regular market pricing, but their fair value can be determined based on other data values or market prices. The Company’s remaining investments have been classified as Level 3 instruments as there is little or no market data. Level 3 investments are valued using the cost method. The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of June 30, 2023, and March 31, 2023, and indicates the fair value hierarchy of the valuation techniques the Company used to determine such fair value: (in thousands) As of June 30, 2023 Particular Adjusted Cost ($) Gain ($) Loss ($) Fair Value ($) Cash & Cash Equivalents ($) Short Term Investments ($) Level 1 Cash 641 - - 641 641 - Money Market Fund 1,051 - - 1,051 1,051 - Debt Funds 13 - - 13 13 - Mutual Fund 155 10 - 165 - 165 Level 2 Certificate of Deposits 80 - - 80 18 62 Level 3 - - - - - - TOTAL 1,940 10 - 1,950 1,723 227 As of March 31, 2023 Particular Adjusted Cost ($) Gain ($) Loss ($) Fair Value ($) Cash & Cash Equivalents ($) Short Term Investments ($) Level 1 Cash 1,156 - - 1,156 1,156 - Money Market Fund 2,000 - - 2,000 2,000 - Debt Funds 40 - - 40 40 - Mutual Fund 152 2 - 154 - 154 Level 2 Certificate of Deposits - - - - - - Level 3 - - - - - - TOTAL 3,348 - - 3,350 3,196 154 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 16 SEGMENT INFORMATION FASB ASC 280, “ Segment Reporting The Company’s CODM is the Company’s chief executive officer (“CEO”). The CEO reviews financial information presented on an operating segment basis for purposes of making operating decisions and assessing financial performance. Therefore, and before our Life Sciences segment started, the Company determined that it operated in a single operating and reportable segment. As of the date of this report and in preparation for the new and different source of revenue, the Company has determined that it operates in two operating and reportable segments: (a) Infrastructure segment and (b) Life Sciences segment. The Company does not include intercompany transfers between segments for Management reporting purposes. The following provides information required by ASC 280-10-50-38 “Entity-wide Information”: 1) The table below shows revenue reported by segment: Products and Services (in thousands) Segments Three months ended June 30, 2023 ($) Percentage of Total Revenue (%) Infrastructure segment 167 30 % Life Sciences segment 388 70 % Total 555 100 % (in thousands) Segments Three months ended June 30, 2022 ($) Percentage of Total Revenue (%) Infrastructure segment 10 5 % Life Sciences segment 202 95 % Total 212 100 % For information on revenue by product and service, refer to Note 2, “Summary of Significant Accounting Policies”. 2) The table below shows the revenue attributed to the country of domicile (U.S.) and foreign countries. Revenue is generally attributed to the geographic location of customers: (in thousands) Segments Country Three months ended June 30, 2023 ($) Percentage of Total Revenue (%) Asia India 167 30 % America U.S. 388 70 % Total 555 100 % (in thousands) Segments Country Three months ended June 30, 2022 ($) Percentage of Total Revenue (%) Asia India 10 5 % America U.S. 202 95 % Total 212 100 % 3) The table below shows the non-current assets other than financial instruments held in the country of domicile (U.S.) and foreign countries. (in thousands) Nature of assets USA (Country of Domicile) ($) Foreign Countries (India, Hong Kong, and Colombia) ($) Total as of June 30, 2023 ($) Intangible assets, net 1,179 - 1,179 Property, plant, and equipment, net 3,958 4,146 8,104 Claims and advances 597 420 1,017 Operating lease asset 273 22 295 Total non-current assets 6,007 4,588 10,595 (in thousands) Nature of assets USA (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 | 3 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 17 SUBSEQUENT EVENTS On July 11, 2023, the Canadian Intellectual Property Office issued a patent (#2,961,410) to the Company titled “CANNABINOID COMPOSITION AND METHOD FOR TREATING PAIN”. The patent relates to compositions and methods for treating multiple types of seizure disorders in humans using a combination of cannabinoids with other compounds. Subject to further research and study, the combination may be used for relieving pain in patients with psoriatic arthritis, fibromyalgia, scleroderma, shingles, and related pain-generating conditions. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The accompanying condensed consolidated Balance Sheet as of June 30, 2023, and March 31, 2023, condensed consolidated statements of operations for the three months ended June 30, 2023, and 2022, and condensed consolidated statements of cash flows for the three months ended June 30, 2023, and 2022, are unaudited. The consolidated balance sheet as of March 31, 2023, has been derived from audited financial statements, and the accompanying as of June 30, 2023 unaudited condensed consolidated financial statements (“interim statements”) of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) as determined by the Financial Accounting Standards Board (the “FASB”) within its Accounting Standards Codification (“ASC”) and under the rules and regulations of the SEC. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with the Company’s audited consolidated financial statements for the fiscal year ended March 31, 2023 (“Fiscal 2023”) contained in the Company’s Form 10-K for Fiscal 2023, filed with the SEC on July 7, 2023, specifically in Note 2 to the consolidated financial statements. |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The interim statements include the consolidated accounts of the Company and its subsidiaries. Intercompany accounts and transactions have been eliminated. In the opinion of Management, the interim statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. Transactions between the Company and its subsidiaries are eliminated in the consolidated financial statements. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Presentation and functional currencies The Company operates in India, the U.S., Colombia, and Hong Kong, and a portion of the Company’s financials are denominated in the Indian Rupee (“INR”), the Hong Kong Dollar (“HKD”), or the Colombian Peso (“COP”). As a result, changes in the relative values of the U.S. Dollar (“USD”), the INR, the HKD, or the COP affect our financial statements. The accompanying financial statements are reported in USD. INR, HKD, and COP are the functional currencies for certain subsidiaries of the Company. The translation of the functional currencies into USD is performed for assets and liabilities using the exchange rates in effect at the balance sheet date and for revenues and expenses using average exchange rates prevailing during the reporting periods. Adjustments resulting from the translation of functional currency financial statements to reporting currency are accumulated and reported as other comprehensive (loss), a separate component of shareholders’ equity. Transactions in currencies other than the functional currency during the year are converted into the functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the consolidated statements of operations. |
Going Concern, Policy [Policy Textblock} | Going Concern The Company assesses and determines its ability to continue as a going concern in accordance with the provisions of ASC Subtopic 205-40, “ Presentation of Financial Statements Going Concern The Company is currently in a clinical trial stage and, thus, has not yet achieved profitability. The Company expects to continue to incur significant operating and net losses and negative cash flows from operations in the near future. The Company estimates that its current cash and cash equivalents balance with working capital credit facility 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. |
Accounts Receivable [Policy Text Block] | Accounts receivable We make estimates of the collectability of our accounts receivable by analyzing historical payment patterns, customer concentrations, customer creditworthiness, and current economic trends. If the financial condition of a customer deteriorates, additional allowances may be required. We had $17 thousand of provision for the doubtful debt of $225 thousand as of June 30, 2023, as compared to $107 thousand of accounts receivable as of March 31, 2023. |
Earnings Per Share, Policy [Policy Text Block] | Loss per share The computation of basic loss per share for the three months ended June 30, 2023, excludes potentially dilutive securities of approximately 10 million shares which includes share options, unvested shares such as restricted shares and restricted share units, granted to employees, non-employees, and advisors, and shares from the conversion of outstanding units, if any because their inclusion would be anti-dilutive. In addition, the Company entered into a private placement agreement on June 30, 2023. As per the terms of the agreement, the Company will issue 10 million shares of unregistered common stock. The weighted average number of shares outstanding for the three months ended June 30, 2023, and 2022, used for the computation of basic earnings per share (“EPS”) is 53,077,436 and 51,616,598, respectively. Due to the loss incurred by the Company during the three months ended June 30, 2023, and 2022, all the potential equity shares are anti-dilutive, and accordingly, the fully diluted EPS is equal to the basic EPS. We have a cybersecurity policy in place and have taken cybersecurity measures to safeguard against hackers, however, there can be no assurance thereof. During the three months ended June 30, 2023, there were no impactful breaches in cybersecurity. |
Revenue [Policy Text Block] | Revenue Recognition The Company recognizes revenue under ASC 606, Revenue from Contracts with Customers ASC 606 prescribes a 5-step process to achieve its core principle. The Company recognizes revenue from trading, rental, or product sales as follows: I. Identify the contract with the customer. II. Identify the contractual performance obligations. III. Determine the amount of consideration/price for the transaction. IV. Allocate the determined amount of consideration/price to the performance obligations. V. Recognize revenue when or as the performing party satisfies performance obligations. The consideration/price for the transaction (performance obligation(s)) is determined as per the agreement or invoice (contract) for the services and products in the Infrastructure and Life Sciences segment. Revenue in the Infrastructure segment is recognized for the renting business when the equipment is rented, and the terms of the agreement have been fulfilled during the period. Revenue from the execution of infrastructure contracts is recognized on the basis of the output method as and when part of the performance obligation has been completed and approval from the contracting agency has been obtained after survey of the performance completion as of that date. In the Life Sciences segment, the revenue from the wellness and lifestyle business is recognized once goods have been sold to the customer and the performance obligation has been completed. In retail sales, we offer consumer products through our online stores. Revenue is recognized when control of the goods is transferred to the customer. This generally occurs upon our delivery to a third-party carrier or to the customer directly. Revenue from white label services is recognized when the performance obligation has been completed, and output material has been transferred to the customer. Net sales disaggregated by significant products and services for the three months ended June 30, 2023, and 2022 are as follows: (in thousands) Three months ended June 30, 2023 ($) 2022 ($) Infrastructure segment 167 10 Life Sciences segment Wellness and lifestyle (2) 44 80 White labeling services (3) 344 122 Total 555 212 (1) Infrastructure segment consists of income from the rental of heavy construction equipment and construction contracts. (2) Revenue from wellness and lifestyle consists of the sale of products such as gummies, hand sanitizers, bath bombs, lotions, beverages, hemp crude extract, hemp isolate, and hemp distillate. (3) Revenue from white label services consists of rebranding our formulations or the customer’s products as per the customer’s requirement. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently issued accounting pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (ASUs) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. Newly issued ASUs not listed are expected to have no impact on the Company’s consolidated financial position and results of operations, because either the ASU is not applicable, or the impact is expected to be immaterial. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Net sales disaggregated by significant products and services for the three months ended June 30, 2023, and 2022 are as follows: (in thousands) Three months ended June 30, 2023 ($) 2022 ($) Infrastructure segment 167 10 Life Sciences segment Wellness and lifestyle (2) 44 80 White labeling services (3) 344 122 Total 555 212 (1) Infrastructure segment consists of income from the rental of heavy construction equipment and construction contracts. (2) Revenue from wellness and lifestyle consists of the sale of products such as gummies, hand sanitizers, bath bombs, lotions, beverages, hemp crude extract, hemp isolate, and hemp distillate. (3) Revenue from white label services consists of rebranding our formulations or the customer’s products as per the customer’s requirement. |
INVENTORY (Tables)
INVENTORY (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | (in thousands) As of June 30, 2023 ($) As of March 31, 2023 ($) Raw materials 2,091 2,100 Work-in-Progress - 18 Finished goods 550 533 Total 2,641 2,651 |
DEPOSITS AND ADVANCES (Tables)
DEPOSITS AND ADVANCES (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Deposits And Advances Abstract | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | (in thousands) As of June 30, 2023 ($) As of March 31, 2023 ($) Advances to suppliers and consultants 54 72 Other receivables and deposits 15 24 Prepaid expenses and other current assets 193 262 Total 262 358 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | (in thousands) As of June 30, 2023 ($) As of March 31, 2023 ($) Amortized intangible assets Patents 721 709 Other intangibles 34 34 Accumulated amortization (125 ) (107 ) Total amortized intangible assets 630 636 Other intangible assets Patents 549 534 Other intangibles - - Total unamortized intangible assets 549 534 Total intangible assets 1,179 1,170 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated annual amortization expense (in thousands) ($) For the year ended 2024 80 For the year ended 2025 88 For the year ended 2026 96 For the year ended 2027 106 For the year ended 2028 117 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Property Plant and Equipment Table [Member] | |
PROPERTY, PLANT AND EQUIPMENT (Tables) [Line Items] | |
Property, Plant and Equipment [Table Text Block] | (in thousands, except useful life) Useful Life (years) As of June 30, 2023 ($) As of March 31, 2023 ($) Land N/A 4,104 4,100 Buildings and facilities 25 2,303 2,298 Plant and machinery 5-20 3,340 3,335 Computer equipment 3 143 138 Office equipment 3-5 88 84 Furniture and fixtures 5 92 92 Vehicles 5 102 102 Total gross value 10,172 10,149 Less: Accumulated depreciation (2,068 ) (1,936 ) Total property, plant, and equipment, net 8,104 8,213 |
CLAIMS AND ADVANCES (Tables)
CLAIMS AND ADVANCES (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Other Assets, Noncurrent [Table Text Block] | (in thousands) As of June 30, 2023 ($) As of March 31, 2023 ($) Claims receivable (1) 951 951 Non-current deposits 27 27 Non-current advances 39 25 Total 1,017 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. It includes $140 thousand owed to the company by one of our manufacturers for the equipment purchase. |
ACCRUED LIABILITIES AND OTHERS
ACCRUED LIABILITIES AND OTHERS (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Accrued Liabilities Disclosure Abstract | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | (in thousands) As of June 30, 2023 ($) As of March 31, 2023 ($) Compensation and other contributions 751 619 Provision for expenses 131 258 Short-term lease liability 129 133 Other current liability 448 358 Total 1,459 1,368 |
LOANS AND OTHER LIABILITIES (Ta
LOANS AND OTHER LIABILITIES (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Loans And Other Liabilities Abstract | |
Schedule of Other Assets and Other Liabilities [Table Text Block] | Other Liability: (in thousands) As of June 30, 2023 ($) March 31, 2023 ($) Statutory reserve 21 21 Total 21 21 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The options are valued using a Black-Scholes Pricing Model and Market based RSUs 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 2.64 % 2.64 % Expected volatility 285 % 285 % Expected dividend yield Nil Nil |
Nonvested Restricted Stock Shares Activity [Table Text Block] | The expense associated with share-based payments to employees, directors, advisors, and contractors is allocated over the vesting or service period and recognized in the Selling, general and administrative expenses (including research and development). For the three months ended June 30, 2023, the Company’s share-based expense and option-based expense shown in Selling, general and administrative expenses (including research and development) were $354 thousand and $4 thousand, respectively and for the three months ended June 30, 2022, the Company’s share-based expense and option-based expense was $1.14 million and $8 thousand, respectively. Non-vested shares Shares (in thousands) (#) Weighted average grant date fair value ($) Non-vested shares as of March 31, 2023 4,429 1.01 Granted 4,300 0.30 Vested (192 ) 0.30 Cancelled/forfeited - - Non-vested shares as of June 30, 2023 8,537 0.65 |
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 1.39 0.30 Granted - - - Exercised - - - Cancelled/forfeited - - - Options outstanding as of June 30, 2023 150 1.39 0.30 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of June 30, 2023, and March 31, 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 641 - - 641 641 - Money Market Fund 1,051 - - 1,051 1,051 - Debt Funds 13 - - 13 13 - Mutual Fund 155 10 - 165 - 165 Level 2 Certificate of Deposits 80 - - 80 18 62 Level 3 - - - - - - TOTAL 1,940 10 - 1,950 1,723 227 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 Certificate of Deposits - - - - - - Level 3 - - - - - - TOTAL 3,348 - - 3,350 3,196 154 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Products and Services [Table Text Block] | 1) The table below shows revenue reported by segment: (in thousands) Segments Three months ended June 30, 2023 ($) Percentage of Total Revenue (%) Infrastructure segment 167 30 % Life Sciences segment 388 70 % Total 555 100 % (in thousands) Segments Three months ended June 30, 2022 ($) Percentage of Total Revenue (%) Infrastructure segment 10 5 % Life Sciences segment 202 95 % Total 212 100 % |
Revenue from External Customers by Geographic Areas [Table Text Block] | 2) The table below shows the revenue attributed to the country of domicile (U.S.) and foreign countries. Revenue is generally attributed to the geographic location of customers: (in thousands) Segments Country Three months ended June 30, 2023 ($) Percentage of Total Revenue (%) Asia India 167 30 % America U.S. 388 70 % Total 555 100 % (in thousands) Segments Country Three months ended June 30, 2022 ($) Percentage of Total Revenue (%) Asia India 10 5 % America U.S. 202 95 % Total 212 100 % |
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 (U.S.) and foreign countries. (in thousands) Nature of assets USA (Country of Domicile) ($) Foreign Countries (India, Hong Kong, and Colombia) ($) Total as of June 30, 2023 ($) Intangible assets, net 1,179 - 1,179 Property, plant, and equipment, net 3,958 4,146 8,104 Claims and advances 597 420 1,017 Operating lease asset 273 22 295 Total non-current assets 6,007 4,588 10,595 (in thousands) Nature of assets USA (Country of Domicile) ($) 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 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | |
Accounting Policies [Abstract] | |||
Accounts Receivable, Allowance for Credit Loss | $ 17 | ||
Accounts Receivable, after Allowance for Credit Loss | $ 225 | $ 107 | |
Weighted Average Number of Shares Outstanding, Basic (in Shares) | 53,077,436 | 51,616,598 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Disaggregation of Revenue - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | ||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 555 | $ 212 | $ 212 | |
Infrastructure Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | [1] | 167 | 10 | |
Wellness and Lifestyle [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | [2] | 44 | 80 | |
Tolling/White labeling service [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | [3] | $ 344 | $ 122 | |
[1]Infrastructure segment consists of income from the rental of heavy construction equipment and construction contracts.[2]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.[3]Revenue from white label services consists of rebranding our formulations or the customer’s products as per the customer’s requirement. |
INVENTORY (Details)
INVENTORY (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Mar. 31, 2023 | |
INVENTORY (Details) [Line Items] | ||
Inventory Write-down | $ 20 | |
Inventory, Net | 2,641 | $ 2,651 |
Clinical Trial Inventory [Member] | ||
INVENTORY (Details) [Line Items] | ||
Inventory, Net | $ 397 | $ 407 |
INVENTORY (Details) - Schedule
INVENTORY (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 |
Schedule Of Inventory Current Abstract | ||
Raw materials | $ 2,091 | $ 2,100 |
Work-in-Progress | 0 | 18 |
Finished goods | 550 | 533 |
Total | $ 2,641 | $ 2,651 |
DEPOSITS AND ADVANCES (Details)
DEPOSITS AND ADVANCES (Details) - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 |
Deposits And Advances Abstract | ||
Statutory Advances | $ 21 | $ 25,000 |
DEPOSITS AND ADVANCES (Detail_2
DEPOSITS AND ADVANCES (Details) - Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Advances to suppliers and consultants | $ 54 | $ 72 |
Other receivables and deposits | 15 | 24 |
Prepaid expenses and other current assets | 193 | 262 |
Total | $ 262 | $ 358 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
INTANGIBLE ASSETS (Details) [Line Items] | ||
Amortization of Intangible Assets | $ 18 | $ 10 |
Patents [Member] | ||
INTANGIBLE ASSETS (Details) [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years |
INTANGIBLE ASSETS (Details) - S
INTANGIBLE ASSETS (Details) - Schedule of Intangible Assets And Goodwill - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 |
Amortized intangible assets | ||
Accumulated amortization | $ (125) | $ (107) |
Total amortized intangible assets | 630 | 636 |
Other intangible assets | ||
Unamortized intangible assets | 549 | 534 |
Total intangible assets | 1,179 | 1,170 |
Patents [Member] | ||
Other intangible assets | ||
Unamortized intangible assets | 549 | 534 |
Trademarks [Member] | ||
Other intangible assets | ||
Unamortized intangible assets | 0 | 0 |
Patents [Member] | ||
Amortized intangible assets | ||
Intangibles | 721 | 709 |
Other Intangible Assets [Member] | ||
Amortized intangible assets | ||
Intangibles | $ 34 | $ 34 |
INTANGIBLE ASSETS (Details) -_2
INTANGIBLE ASSETS (Details) - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense $ in Thousands | Jun. 30, 2023 USD ($) |
Schedule Of Finite Lived Intangible Assets Future Amortization Expense Abstract | |
For the year ended 2024 | $ 80 |
For the year ended 2025 | 88 |
For the year ended 2026 | 96 |
For the year ended 2027 | 106 |
For the year ended 2028 | $ 117 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | ||
Depreciation | $ 137 | $ 152 |
Proceeds from Sale of Property, Plant, and Equipment | 43 | $ 0 |
PUERTO RICO | ||
PROPERTY, PLANT AND EQUIPMENT (Details) [Line Items] | ||
Proceeds from Sale of Property, Plant, and Equipment | 43 | |
Gain (Loss) on Disposition of Property Plant Equipment | $ 43 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT (Details) - Property, Plant and Equipment - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Mar. 31, 2023 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 10,172 | $ 10,149 |
Less: Accumulated depreciation | (2,068) | (1,936) |
Net Assets | $ 8,104 | 8,213 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | N/A | |
Property, plant and equipment, gross | $ 4,104 | 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 | $ 3,340 | 3,335 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 20 years | |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 143 | 138 |
Property, plant and equipment, useful life | 3 years | |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 88 | 84 |
Office Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Office Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 92 | 92 |
Property, plant and equipment, useful life | 5 years | |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 102 | $ 102 |
Property, plant and equipment, useful life | 5 years |
CLAIMS AND ADVANCES (Details)
CLAIMS AND ADVANCES (Details) | 3 Months Ended |
Jun. 30, 2023 USD ($) | |
Disclosure Text Block Supplement [Abstract] | |
Payments for Deposits | $ 140 |
CLAIMS AND ADVANCES (Details) -
CLAIMS AND ADVANCES (Details) - Schedule of Other Assets, Noncurrent - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | |
Schedule Of Other Assets Noncurrent Abstract | |||
Claims receivable | [1] | $ 951 | $ 951 |
Non-current deposits | 27 | 27 | |
Other advances | 39 | 25 | |
Total | $ 1,017 | $ 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. It includes $140 thousand owed to the company by one of our manufacturers for the equipment purchase. |
ACCRUED LIABILITIES AND OTHER_2
ACCRUED LIABILITIES AND OTHERS (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 |
Accrued Liabilities Disclosure Abstract | ||
Accounts Payable, Other, Current | $ 48 | $ 31 |
Short-Term Debt | $ 3 |
ACCRUED LIABILITIES AND OTHER_3
ACCRUED LIABILITIES AND OTHERS (Details) - Schedule of Accounts Payable and Accrued Liabilities - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 |
Schedule Of Accounts Payable And Accrued Liabilities Abstract | ||
Compensation and other contributions | $ 751 | $ 619 |
Provision for expenses | 131 | 258 |
Short-term lease liability | 129 | 133 |
Other current liability | 448 | 358 |
Total | $ 1,459 | $ 1,368 |
LOANS AND OTHER LIABILITIES (De
LOANS AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 11, 2020 | Jun. 30, 2023 | |
Loans And Other Liabilities Abstract | ||
Debt Instrument, Face Amount | $ 150 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |
Debt Instrument, Periodic Payment | $ 731 | |
Debt Instrument, Term | 30 years | |
Interest Expense, Debt | $ 1 | |
Repayments of Debt | 1 | |
Loans Payable, Noncurrent | 140 | |
Loans Payable, Current | 3 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 12,000 | |
Debt Instrument, Basis Spread on Variable Rate | 1% | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 12,000 |
LOANS AND OTHER LIABILITIES (_2
LOANS AND OTHER LIABILITIES (Details) - Schedule of Loans and Other Liabilities - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 |
Schedule Of Loans And Other Liabilities Abstract | ||
Statutory reserve | $ 21 | $ 21 |
Total | $ 21 | $ 21 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | 3 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 6% |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 12% |
SECURITIES (Details)
SECURITIES (Details) - USD ($) | 3 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Jan. 13, 2021 | |
Stockholders' Equity Note [Abstract] | |||||
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 | 150,000,000 | ||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Common Stock, Shares, Issued | 53,077,436 | 53,077,436 | 53,077,436 | ||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | 1,000,000 | ||
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Units Outstanding | 91,472 | ||||
Unit, description | Ten units may be separated into one share of common stock. | ||||
Sales Agreement, Offering, Maximum (in Dollars) | $ 75,000,000 | ||||
Proceeds from Issuance or Sale of Equity (in Dollars) | $ 3,000,000 | $ 0 | $ 0 | ||
Stock Issued During Period, Shares, New Issues | 10,000,000 | ||||
Shares Issued, Price Per Share (in Dollars per share) | $ 0.3 | $ 0.3 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | |
STOCK-BASED COMPENSATION (Details) [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in Shares) | 150 | 150 | |
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares (in Shares) | 7,000 | ||
Weighted Average Price per Share (in Dollars per share) | $ 0.7 | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | 5,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in Shares) | 0 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $ 0.3 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 3,500 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period | 5 years | ||
ESOP 2008 Omnibus Plan [Member] | |||
STOCK-BASED COMPENSATION (Details) [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in Shares) | 10,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in Shares) | 150 | ||
Share-Based Payment Arrangement, Noncash Expense | $ 69 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $ 0.46 | ||
General and Administrative Expense [Member] | |||
STOCK-BASED COMPENSATION (Details) [Line Items] | |||
Share-Based Payment Arrangement, Noncash Expense | $ 354 | $ 1,140 | |
Share-Based Payment Arrangement, Option [Member] | General and Administrative Expense [Member] | |||
STOCK-BASED COMPENSATION (Details) [Line Items] | |||
Share-Based Payment Arrangement, Noncash Expense | $ 4 | $ 8 |
STOCK-BASED COMPENSATION (Deta
STOCK-BASED COMPENSATION (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | 3 Months Ended | 12 Months Ended |
Jun. 30, 2023 | 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 | 2.64% | 2.64% |
Expected volatility | 285% | 285% |
Expected dividend yield |
STOCK-BASED COMPENSATION (De_2
STOCK-BASED COMPENSATION (Details) - Nonvested Restricted Stock Shares Activity shares in Thousands | 3 Months Ended |
Jun. 30, 2023 $ / 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 | 4,300 |
Granted, Weighted average grant date fair value | $ / shares | $ 0.3 |
Vested, shares | shares | (192) |
Vested, Weighted average grant date fair value | $ / shares | $ 0.3 |
Cancelled/Forfeited, shares | shares | 0 |
Cancelled/Forfeited, Weighted average grant date fair value | $ / shares | $ 0 |
Balance, non-vested shares | shares | 8,537 |
Balance, Weighted average grant date fair value | $ / shares | $ 0.65 |
STOCK-BASED COMPENSATION (De_3
STOCK-BASED COMPENSATION (Details) - Share-based Payment Arrangement, Option, Activity shares in Thousands | 3 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Share Based Payment Arrangement Option Activity Abstract | |
Options outstanding, shares (in Shares) | shares | 150 |
Options outstanding, Weighted average grant date fair value | $ 1.39 |
Options outstanding, Weighted average exercise price | $ 0.3 |
Granted, shares (in Shares) | shares | 0 |
Granted, Weighted average grant date fair value | $ 0 |
Granted, Weighted average exercise price | $ 0 |
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 | 150 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Mar. 31, 2023 | |
Level 1 | ||
Adjusted Cost | $ 1,940 | $ 3,348 |
Gain | 10 | 0 |
Loss | 0 | 0 |
Fair Value | 1,950 | 3,350 |
Short Term Investments | 227 | 154 |
Cash & Cash Equivalents | 1,723 | 3,196 |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | ||
Level 1 | ||
Adjusted Cost | 641 | 1,156 |
Gain | 0 | 0 |
Loss | 0 | 0 |
Fair Value | 641 | 1,156 |
Short Term Investments | 0 | 0 |
Cash & Cash Equivalents | 641 | 1,156 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Level 1 | ||
Adjusted Cost | 1,051 | 2,000 |
Gain | 0 | 0 |
Loss | 0 | 0 |
Fair Value | 1,051 | 2,000 |
Short Term Investments | 0 | 0 |
Cash & Cash Equivalents | 1,051 | 2,000 |
Fair Value, Inputs, Level 1 [Member] | Debt Funds [Member] | ||
Level 1 | ||
Adjusted Cost | 13 | 40 |
Gain | 0 | 0 |
Loss | 0 | 0 |
Fair Value | 13 | 40 |
Short Term Investments | 0 | 0 |
Cash & Cash Equivalents | 13 | 40 |
Fair Value, Inputs, Level 1 [Member] | Mutual Fund [Member] | ||
Level 1 | ||
Adjusted Cost | 155 | 152 |
Gain | 10 | 2 |
Loss | 0 | 0 |
Fair Value | 165 | 154 |
Short Term Investments | 165 | 154 |
Cash & Cash Equivalents | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Level 1 | ||
Adjusted Cost | 80 | 0 |
Gain | 0 | 0 |
Loss | 0 | 0 |
Fair Value | 80 | 0 |
Short Term Investments | 62 | 0 |
Cash & Cash Equivalents | 18 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Level 1 | ||
Adjusted Cost | 0 | 0 |
Gain | 0 | 0 |
Loss | 0 | 0 |
Fair Value | 0 | 0 |
Short Term Investments | 0 | 0 |
Cash & Cash Equivalents | $ 0 | $ 0 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) | 3 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 2 |
Number of Reportable Segments | 2 |
SEGMENT INFORMATION (Details) -
SEGMENT INFORMATION (Details) - Revenue from External Customers by Products and Services - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | |
Revenue from External Customer [Line Items] | |||
Revenue | $ 555 | $ 212 | $ 212 |
Percentage of Total Revenue | 100% | 100% | 100% |
Legacy Infrastructure [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue | $ 167 | $ 10 | |
Percentage of Total Revenue | 30% | 5% | |
Plant and Cannabinoid [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue | $ 388 | $ 202 | |
Percentage of Total Revenue | 70% | 95% |
SEGMENT INFORMATION (Details)_2
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | |
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | |||
Total Revenue | $ 555 | $ 212 | $ 212 |
Percentage of Total Revenue | 100% | 100% | 100% |
INDIA | |||
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | |||
Total Revenue | $ 167 | $ 10 | |
Percentage of Total Revenue | 30% | 5% | |
UNITED STATES | |||
SEGMENT INFORMATION (Details) - Revenue from External Customers by Geographic Areas [Line Items] | |||
Total Revenue | $ 388 | $ 202 | |
Percentage of Total Revenue | 70% | 95% |
SEGMENT INFORMATION (Details)_3
SEGMENT INFORMATION (Details) - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Intangible assets, net | $ 1,179 | $ 1,170 |
Property, plant and equipment, net | 8,104 | 8,213 |
Claims and advances | 1,017 | 1,003 |
Operating lease asset | 295 | 326 |
Total non-current assets | 10,595 | 10,712 |
Geographic Distribution, Domestic [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Intangible assets, net | 1,179 | 1,170 |
Property, plant and equipment, net | 3,958 | 4,074 |
Claims and advances | 597 | 585 |
Operating lease asset | 273 | 298 |
Total non-current assets | 6,007 | 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 | 4,146 | 4,139 |
Claims and advances | 420 | 418 |
Operating lease asset | 22 | 28 |
Total non-current assets | $ 4,588 | $ 4,585 |