$IGC
IGC Pharma Inc

2023 Q1 Form 10-Q Financial Statement

#000118518523000133 Filed on February 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2021 Q4
Revenue $166.0K $332.0K $142.0K
YoY Change 36.07% 133.8% 31.48%
Cost Of Revenue $103.0K $230.0K $80.00K
YoY Change 90.74% 187.5% -14.89%
Gross Profit $63.00K $102.0K $62.00K
YoY Change -7.35% 64.52% 342.86%
Gross Profit Margin 37.95% 30.72% 43.66%
Selling, General & Admin $3.233M $1.574M $2.070M
YoY Change -39.41% -23.96% -5.31%
% of Gross Profit 5131.75% 1543.14% 3338.71%
Research & Development $493.0K $806.0K $377.0K
YoY Change -60.02% 113.79% 151.33%
% of Gross Profit 782.54% 790.2% 608.06%
Depreciation & Amortization $153.0K $158.0K $166.0K
YoY Change -7.27% -4.82% 30.71%
% of Gross Profit 242.86% 154.9% 267.74%
Operating Expenses $3.726M $2.380M $2.447M
YoY Change -43.28% -2.74% 4.57%
Operating Profit -$3.663M -$2.278M -$2.385M
YoY Change -43.65% -4.49% 2.54%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $9.000K $29.00K $4.000K
YoY Change -10.0% 625.0% 33.33%
Pretax Income -$4.030M -$2.249M -$2.381M
YoY Change -38.03% -5.54% 2.5%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.030M -$2.249M -$2.381M
YoY Change -38.03% -5.54% 2.5%
Net Earnings / Revenue -2427.71% -677.41% -1676.76%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.08 -$0.04 -$46.64K
COMMON SHARES
Basic Shares Outstanding 53.08M shares 53.07M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q1 2022 Q4 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.350M $5.033M $11.94M
YoY Change -67.97% -57.85% 302.32%
Cash & Equivalents $3.196M $4.945M $11.94M
Short-Term Investments $154.0K $88.00K $0.00
Other Short-Term Assets $334.0K $153.0K $1.193M
YoY Change -0.6% -87.18% -61.15%
Inventory $2.651M $3.748M $5.428M
Prepaid Expenses
Receivables $107.0K $251.0K $164.0K
Other Receivables $24.00K $55.00K $511.0K
Total Short-Term Assets $6.466M $9.354M $19.24M
YoY Change -57.21% -51.37% 68.44%
LONG-TERM ASSETS
Property, Plant & Equipment $8.539M $8.309M $11.00M
YoY Change -9.34% -24.48% -4.15%
Goodwill
YoY Change
Intangibles $1.170M $1.022M
YoY Change 27.59%
Long-Term Investments $11.00K
YoY Change -95.79%
Other Assets $1.003M $1.028M $612.0K
YoY Change 7.04% 67.97% -1.13%
Total Long-Term Assets $10.71M $10.72M $12.05M
YoY Change -8.62% -11.08% -5.42%
TOTAL ASSETS
Total Short-Term Assets $6.466M $9.354M $19.24M
Total Long-Term Assets $10.71M $10.72M $12.05M
Total Assets $17.18M $20.07M $31.29M
YoY Change -35.98% -35.85% 29.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $530.0K $466.0K $357.0K
YoY Change -45.97% 30.53% -59.2%
Accrued Expenses $752.0K $890.0K $577.0K
YoY Change -48.39% 54.25% 29.37%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $3.000K $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $3.000K $3.000K $3.000K
YoY Change 0.0% 0.0% -98.8%
Total Short-Term Liabilities $1.898M $1.356M $1.279M
YoY Change -22.24% 6.02% -33.32%
LONG-TERM LIABILITIES
Long-Term Debt $141.0K $141.0K $145.0K
YoY Change -2.08% -2.76% -55.79%
Other Long-Term Liabilities $228.0K $15.00K $389.0K
YoY Change 1325.0% -96.14% -12.58%
Total Long-Term Liabilities $369.0K $397.0K $534.0K
YoY Change -26.35% -25.66% -30.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.898M $1.356M $1.279M
Total Long-Term Liabilities $369.0K $397.0K $534.0K
Total Liabilities $2.267M $1.753M $1.813M
YoY Change -22.94% -3.31% -32.63%
SHAREHOLDERS EQUITY
Retained Earnings -$100.7M -$96.64M
YoY Change 12.91%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.91M $18.32M $29.48M
YoY Change
Total Liabilities & Shareholders Equity $17.18M $20.07M $31.29M
YoY Change -35.98% -35.85% 29.49%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2021 Q4
OPERATING ACTIVITIES
Net Income -$4.030M -$2.249M -$2.381M
YoY Change -38.03% -5.54% 2.5%
Depreciation, Depletion And Amortization $153.0K $158.0K $166.0K
YoY Change -7.27% -4.82% 30.71%
Cash From Operating Activities -$1.517M -$1.648M -$2.422M
YoY Change 71.03% -31.96% 31.27%
INVESTING ACTIVITIES
Capital Expenditures $475.0K $84.00K -$49.00K
YoY Change -185.9% -271.43% -75.0%
Acquisitions
YoY Change
Other Investing Activities $233.0K $67.00K $0.00
YoY Change -100.0%
Cash From Investing Activities -$242.0K -$17.00K -$49.00K
YoY Change -56.24% -65.31% -102.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.000K 0.000 -1.000K
YoY Change 0.0% -100.0%
NET CHANGE
Cash From Operating Activities -1.517M -1.648M -2.422M
Cash From Investing Activities -242.0K -17.00K -49.00K
Cash From Financing Activities -1.000K 0.000 -1.000K
Net Change In Cash -1.760M -1.665M -2.472M
YoY Change 22.14% -32.65% 1194.24%
FREE CASH FLOW
Cash From Operating Activities -$1.517M -$1.648M -$2.422M
Capital Expenditures $475.0K $84.00K -$49.00K
Free Cash Flow -$1.992M -$1.732M -$2.373M
YoY Change 496.41% -27.01% 43.91%

Facts In Submission

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us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-39000 usd
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
0 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
430000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
127000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-11000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
200000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-51000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-656000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
186000 usd
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
91000 usd
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
10000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-516000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-117000 usd
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-572000 usd
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-669000 usd
igc Increase Decrease In Operating Lease Assets
IncreaseDecreaseInOperatingLeaseAssets
-93000 usd
igc Increase Decrease In Operating Lease Assets
IncreaseDecreaseInOperatingLeaseAssets
-6000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-100000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-31000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5530000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6575000 usd
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-239000 usd
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
152000 usd
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
88000 usd
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
0 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
144000 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
37000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
7000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-189000 usd
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
103000 usd
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
4145000 usd
us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-2000 usd
us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-2000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
101000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4143000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-93000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-5515000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2607000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10460000 usd
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14548000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4945000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11941000 usd
us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
2260000 usd
us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
1072000 usd
us-gaap Notes Reduction
NotesReduction
0 usd
us-gaap Notes Reduction
NotesReduction
430000 usd
us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>NOTE 1 </b>–<b> BUSINESS DESCRIPTION</b></p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Corporate History</b></p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;">India Globalization Capital, Inc. (dba IGC, Inc., IGC) is a Maryland corporation established in 2005. Our fiscal year is the 52- or 53-week period ending March 31.</p><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Business Overview </b></p><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:27pt;">IGC develops advanced formulations for treating diseases and conditions, including Alzheimer’s disease (AD), menstrual cramps (dysmenorrhea), premenstrual syndrome (PMS) and chronic pain. The Company’s leading drug candidate, IGC-AD1, has demonstrated in Alzheimer’s cell lines the potential to be effective in suppressing or ameliorating two key hallmarks of AD: plaques and tangles. IGC-AD1 is currently in a Phase 2B safety and efficacy clinical trial for agitation in dementia from Alzheimer’s (clinicaltrials.gov, NCT05543681). The Company markets two wellness brands Holief and Sunday Seltzer. Holief includes pain relief creams and gels for women experiencing PMS and menstrual cramps, and Sunday Seltzer, a lifestyle energy beverage brand.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:27pt;">The Company currently has two main investigational small molecules in various stages of development:</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:27pt;"> </p><table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"> <tr> <td style="vertical-align:middle;width:7.6%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p> </td> <td style="vertical-align:top;width:3.3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">1)</p> </td> <td style="vertical-align:top;width:auto;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">IGC-AD1, our lead therapeutic candidate, is a tetrahydrocannabinol (THC) based formulation that has demonstrated in AD cell lines, in vitro, the potential in reducing a key peptide responsible for Aβ plaques, and the potential to decrease or inhibit the phosphorylation of tau a protein that is responsible for the formation of neurofibrillary tangles, both important hallmarks of AD. In addition, in the Phase 1 human trial it demonstrated the potential to reduce agitation in dementia due to AD. IGC-AD1 is currently in Phase 2B trials for treating agitation in dementia from AD, a condition that affects over 10-million individuals in North America and Europe, and</p> </td> </tr> </table><table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"> <tr> <td style="vertical-align:middle;width:7.6%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p> </td> <td style="vertical-align:top;width:3.3%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">2)</p> </td> <td style="vertical-align:top;width:auto;"> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">TGR-63, a non-cannabinoid molecule, is an enzyme inhibitor shown in pre-clinical trials to reduce neurotoxicity in Alzheimer’s cell lines.</p> </td> </tr> </table><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:27pt;">The Company controls nine patents and seven patent applications, including two each for IGC-AD1 and TGR-63 and their uses related to Alzheimer’s.</p><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:27pt;">The Company’s various personal care CBD-based over the counter (“OTC”) consumer products are sold through online and wholesale channels under the following two brands:</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"> <tr> <td style="vertical-align:middle;width:2.1%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p> </td> <td style="vertical-align:top;width:0.7%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</p> </td> <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Holief™ is a vegan, non-GMO, cruelty free, paraben free, lab verified, CBD infused line of OTC products with plant-based ingredients aimed at supporting menstrual cramp (dysmenorrhea) discomforts and other premenstrual symptoms (“PMS”).</p> </td> </tr> </table><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"> <tr> <td style="vertical-align:middle;width:2.1%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p> </td> <td style="vertical-align:top;width:0.7%;"> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</p> </td> <td style="vertical-align:top;width:auto;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Sunday Seltzer™ is a vegan, organic, lightly carbonated energy drink with natural caffeine from green tea extract, CBD, vitamin B, and vitamin C, with no added sugars, and no preservatives. The energy drink is available in two flavors, pomegranate-lemon, and peach-ginger. In addition, Sunday Seltzer™ is also available in four other flavors with no caffeine.</p> </td> </tr> </table><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:27pt;">Both Holief™ and Sunday Seltzer™ are compliant with applicable federal, state, and local laws, and regulations.</p><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:27pt;">The Company operates two segments: the Life Sciences segment described above and a legacy Infrastructure segment to execute construction contracts and the rental of heavy construction equipment in India. The Company is currently actively executing a project in this segment.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Other Recent Developments</b></p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 27pt;">The Company commenced its Phase 2 clinical trial on IGC-AD1 for agitation in dementia from Alzheimer’s at two U. S. sites. The Company also received a no-objection letter from Health Canada to begin trials in Canada and has commenced trials at a site in Montreal. The trial is intended to enroll 146 patients with one half, the treated group, receiving IGC-AD1, and the other half, the control group, receiving a placebo. The goal of the trial is to evaluate and establish the efficacy of IGC-AD1 in treating patients with Alzheimer’s dementia to reduce neuropsychiatric symptoms (“NPS”) such as agitation, which affects 76% of individuals with Alzheimer’s (Mussele et al., 2015). The Company hopes to be the first natural tetrahydrocannabinol (“THC”) based medication for treating agitation in dementia from Alzheimer’s. The trial is registered on clinicaltrials.gov with NCT05543681.</p><p style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; margin: 0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Business Organization</b></p><p style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; margin: 0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:27pt;">As of December 31, 2022, the Company had the following operating subsidiaries: Techni Bharathi Private Limited (“TBL”), IGCare LLC, Holi Hemp LLC, IGC Pharma LLC, SAN Holdings LLC, Sunday Seltzer, LLC, Hamsa Biopharma India Pvt. Ltd., and Colombia-based beneficially owned subsidiary Hamsa Biopharma Colombia SAS (formerly Hamsa Biochem SAS). The Company’s fiscal year is the 52- or 53-week period ending on March 31. The Company is a Maryland corporation, established in 2005. The Company’s public filings with the SEC are available on www.sec.gov.</p>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 pure
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Use of estimates </b></p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:27pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:27pt;">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 condensed consolidated financial statements.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
CY2022Q4 us-gaap Short Term Investments
ShortTermInvestments
88000 usd
CY2022Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
251000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
35000 usd
CY2022Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
125000 usd
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
93000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6100000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52412830 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49643942 shares
us-gaap Revenues
Revenues
745000 usd
us-gaap Revenues
Revenues
275000 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
3042000 usd
CY2022Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
2247000 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
0 usd
CY2022Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
584000 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
706000 usd
CY2022Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
717000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
3748000 usd
CY2022Q1 us-gaap Inventory Net
InventoryNet
3548000 usd
us-gaap Inventory Write Down
InventoryWriteDown
110000 usd
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
114000 usd
CY2022Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
170000 usd
CY2022Q4 us-gaap Other Inventory Net Of Reserves
OtherInventoryNetOfReserves
55000 usd
CY2022Q1 us-gaap Other Inventory Net Of Reserves
OtherInventoryNetOfReserves
472000 usd
CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
153000 usd
CY2022Q1 us-gaap Other Assets Current
OtherAssetsCurrent
336000 usd
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
322000 usd
CY2022Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
978000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-90000 usd
CY2022Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-51000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
546000 usd
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
271000 usd
CY2022Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
476000 usd
CY2022Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
646000 usd
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1022000 usd
CY2022Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
917000 usd
igc Number Of Patents
NumberOfPatents
16 pure
CY2022Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
14000 usd
CY2021Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
7000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
38000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
18000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
57000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
63000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
69000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
76000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
84000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10097000 usd
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
12639000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1788000 usd
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3220000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8309000 usd
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9419000 usd
CY2022Q4 us-gaap Depreciation
Depreciation
158000 usd
CY2021Q4 us-gaap Depreciation
Depreciation
117000 usd
us-gaap Depreciation
Depreciation
466000 usd
us-gaap Depreciation
Depreciation
427000 usd
us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
1600000 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
485000 usd
us-gaap Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
480000 usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
5000 usd
CY2022Q4 us-gaap Other Receivables
OtherReceivables
751000 usd
CY2022Q1 us-gaap Other Receivables
OtherReceivables
368000 usd
CY2022Q4 igc Other Advances
OtherAdvances
277000 usd
CY2022Q1 igc Other Advances
OtherAdvances
569000 usd
CY2022Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1028000 usd
CY2022Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
937000 usd
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
140000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
134000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
131000 usd
CY2022Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
38000 usd
CY2021Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
37000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
111000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
112000 usd
CY2022Q4 us-gaap Short Term Lease Cost
ShortTermLeaseCost
42000 usd
CY2021Q4 us-gaap Short Term Lease Cost
ShortTermLeaseCost
49000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
134000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
131000 usd
CY2022Q4 us-gaap Lease Cost
LeaseCost
80000 usd
CY2021Q4 us-gaap Lease Cost
LeaseCost
86000 usd
us-gaap Lease Cost
LeaseCost
245000 usd
us-gaap Lease Cost
LeaseCost
243000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
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us-gaap Revenues
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us-gaap Revenues
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dei Amendment Flag
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false
dei Current Fiscal Year End Date
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dei Document Fiscal Period Focus
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Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
dei Entity Central Index Key
EntityCentralIndexKey
0001326205

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