$IGC
IGC Pharma, Inc.

2023 Form 10-K Financial Statement

#000118518523000693 Filed on July 07, 2023

View on sec.gov

Income Statement

Concept 2023 2022
Revenue $911.0K $397.0K
YoY Change 129.47% -55.79%
Cost Of Revenue $469.0K $203.0K
YoY Change 131.03% -74.14%
Gross Profit $442.0K $194.0K
YoY Change 127.84% 71.68%
Gross Profit Margin 48.52% 48.87%
Selling, General & Admin $8.176M $13.04M
YoY Change -37.3% 64.9%
% of Gross Profit 1849.77% 6721.65%
Research & Development $3.461M $2.330M
YoY Change 48.54% 150.81%
% of Gross Profit 783.03% 1201.03%
Depreciation & Amortization $657.0K $651.0K
YoY Change 0.92% 36.19%
% of Gross Profit 148.64% 335.57%
Operating Expenses $11.64M $15.37M
YoY Change -24.29% 73.93%
Operating Profit -$11.20M -$15.18M
YoY Change -26.23% 73.96%
Interest Expense -$1.700M
YoY Change
% of Operating Profit
Other Income/Expense, Net $65.00K $461.0K
YoY Change -85.9% 462.2%
Pretax Income -$11.51M -$15.02M
YoY Change -23.38% 70.42%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$11.51M -$15.02M
YoY Change -23.38% 70.42%
Net Earnings / Revenue -1263.01% -3782.37%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.22 -$300.4K
COMMON SHARES
Basic Shares Outstanding 52.58M shares 49.99M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.350M $10.46M
YoY Change -67.97% -28.49%
Cash & Equivalents $3.196M $10.46M
Short-Term Investments $154.0K $0.00
Other Short-Term Assets $334.0K $506.0K
YoY Change -33.99% -66.15%
Inventory $2.651M $3.548M
Prepaid Expenses
Receivables $107.0K $125.0K
Other Receivables $24.00K $472.0K
Total Short-Term Assets $6.466M $15.11M
YoY Change -57.21% -35.74%
LONG-TERM ASSETS
Property, Plant & Equipment $8.539M $9.869M
YoY Change -13.48% -12.88%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $1.003M $937.0K
YoY Change 7.04% 55.39%
Total Long-Term Assets $10.71M $11.72M
YoY Change -8.62% -5.08%
TOTAL ASSETS
Total Short-Term Assets $6.466M $15.11M
Total Long-Term Assets $10.71M $11.72M
Total Assets $17.18M $26.83M
YoY Change -35.98% -25.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $530.0K $981.0K
YoY Change -45.97% 106.09%
Accrued Expenses $752.0K $1.177M
YoY Change -36.11% 25.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.000K $3.000K
YoY Change 0.0% -99.01%
Total Short-Term Liabilities $1.898M $2.441M
YoY Change -22.24% 3.08%
LONG-TERM LIABILITIES
Long-Term Debt $141.0K $144.0K
YoY Change -2.08% -47.83%
Other Long-Term Liabilities $228.0K $357.0K
YoY Change -36.13% -15.0%
Total Long-Term Liabilities $369.0K $501.0K
YoY Change -26.35% -28.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.898M $2.441M
Total Long-Term Liabilities $369.0K $501.0K
Total Liabilities $2.267M $2.942M
YoY Change -22.94% -3.98%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.91M $23.89M
YoY Change
Total Liabilities & Shareholders Equity $17.18M $26.83M
YoY Change -35.98% -25.18%

Cashflow Statement

Concept 2023 2022
OPERATING ACTIVITIES
Net Income -$11.51M -$15.02M
YoY Change -23.38% 70.42%
Depreciation, Depletion And Amortization $657.0K $651.0K
YoY Change 0.92% 36.19%
Cash From Operating Activities -$7.047M -$7.462M
YoY Change -5.56% -30.91%
INVESTING ACTIVITIES
Capital Expenditures $619.0K -$742.0K
YoY Change -183.42% -53.39%
Acquisitions
YoY Change
Other Investing Activities $384.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$235.0K -$742.0K
YoY Change -68.33% -121.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $103.0K $4.145M
YoY Change -97.52% -71.88%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 100.0K 4.142M
YoY Change -97.59% -71.8%
NET CHANGE
Cash From Operating Activities -7.047M -7.462M
Cash From Investing Activities -235.0K -742.0K
Cash From Financing Activities 100.0K 4.142M
Net Change In Cash -7.182M -4.062M
YoY Change 76.81% -155.84%
FREE CASH FLOW
Cash From Operating Activities -$7.047M -$7.462M
Capital Expenditures $619.0K -$742.0K
Free Cash Flow -$7.666M -$6.720M
YoY Change 14.08% -27.02%

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CY2022 us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
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CY2022 us-gaap Notes Reduction
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CY2023 us-gaap Nature Of Operations
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>NOTE 1 </b>–<b> NATURE OF OPERATIONS AND MANAGEMENT</b>’<b>S PLANS </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:36pt;">Since 2014, our team has been committed to researching the application of cannabinoids such as THC and CBD in combination with other compounds to address various ailments, including Alzheimer’s disease. With our research, we have developed intellectual property, formulations, and wellness and lifestyle brands. IGC submitted IGC-AD1, our investigational drug candidate for Alzheimer’s, to the FDA under Section 505(i) of the Federal Food, Drug, and Cosmetic Act and received approval on July 30, 2020, to proceed with the Phase 1 trial on Alzheimer’s patients. The Company completed all dose escalation studies, and as announced by the Company on December 2, 2021, the results of the clinical trial have been submitted in the Clinical/Statistical Report (CSR) filed with the FDA. The Company is motivated by the potential that, with future successful results from appropriate further trials, IGC-AD1 could contribute to relief for some of the 55 million people around the world expected to be impacted by Alzheimer’s disease by 2030 (WHO, 2020). To the best of our knowledge, this is the first human clinical trial using ultra-low doses of THC, in combination with another molecule, to treat symptoms of dementia in Alzheimer’s patients. THC is a naturally occurring cannabinoid produced by the cannabis plant. It is known for being a psychoactive substance that can impact mental processes in a positive or negative way depending on the dosage. THC is biphasic, meaning that low and high doses of the substance may affect mental and physiological processes in substantially different ways. For example, in some patients, low doses may relieve a symptom, whereas high doses may amplify a symptom. Ultimately, the goal of IGC’s research is to discover and analyze whether, and at what level of dosing, IGC-AD1 provides relief of a given symptom. IGC’s trial is based on micro dosing on patients suffering from Alzheimer’s disease.</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:36pt;">The Company has filed forty-one (41) patent applications to address various diseases such as Alzheimer’s, Central Nervous System (“CNS”) disorders, pain, stammering, seizures in cats and dogs, eating disorders, stress-relief, and calm-restoring beverage, and fatigue. As of March 31, 2023, our portfolio includes nine granted patents.</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:36pt;">In addition, we license a patent filing from the University of South Florida titled “Ultra-Low dose THC as a potential therapeutic and prophylactic agent for Alzheimer’s Disease.” The USPTO issued a patent (#11,065,225) for this filing on July 20, 2021.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">As of March 31, 2023, the Company had the following operating subsidiaries: Techni Bharathi Private Limited (TBL), IGCare LLC, Holi Hemp LLC, IGC Pharma LLC, SAN Holdings LLC, Sunday Seltzer, LLC, Hamsa Biopharma India Pvt. Ltd. And Colombia-based beneficially-owned subsidiary IGC Pharma SAS (formerly Hamsa Biopharma Colombia SAS) (Hamsa). The Company’s fiscal year is the 52- or 53-week period that ends on March 31. The Company’ principal office is in Maryland established in 2005. Additionally, the Company have offices in Washington state, Colombia, South America, and India. The Company’s filings are available on www.sec.gov.</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;margin:0pt;"><i>IGC has two segments: Life Sciences and Infrastructure. </i></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;margin:0pt;"><b>Life Sciences Segment</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:36pt;"><i><span style="text-decoration:underline">Pharmaceutical</span></i>: Since 2014, this part of our business has focused on the potential uses of phytocannabinoids, including THC and Cannabidiol (CBD), in combination with other compounds to treat multiple diseases, including Alzheimer’s. In addition, the Company has acquired and initiated work on TGR-63, a non-cannabinoid pre-clinical molecule, that exhibits an impressive affinity for reducing neurotoxicity in Alzheimer’s cell lines. Neurotoxicity causes cell dysfunction and death in Alzheimer’s disease. If shown to be efficacious, in AD cell lines, in halting this process, this inhibitor has the potential to treat Alzheimer’s disease by ameliorating Aβ plaques.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;"><i><span style="text-decoration:underline">Over the Counter Products</span></i>: We have created a women’s wellness brand, Holief™ available through online channels that are compliant with relevant federal, state, and local laws, and regulations. Holief™ is an all-natural, non-GMO, vegan, line of over the counter (OTC) products aimed at treating menstrual cramps (dysmenorrhea) and premenstrual symptoms (PMS). The products are available online and through Amazon and other online channels. Holief™ is compliant with relevant federal, state, and local laws, and regulations.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;"> </p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Infrastructure Segment</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:36pt;">The Company’s infrastructure business has been operating since 2008, it includes: (i) Execution of Construction Contracts and (ii) Rental of Heavy Construction Equipment.</p>
CY2023 us-gaap Use Of Estimates
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Use of estimates<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">Management believes that the estimates and assumptions used in the preparation of the consolidated financial statements are prudent and reasonable. Significant estimates and assumptions are generally used for, but not limited to allowance for uncollectible accounts receivable; sales returns; normal loss during production; future obligations under employee benefit plans; the useful lives of property, plant, and equipment; intangible assets; valuations; impairment of goodwill and investments; recoverability of advances; the valuation of options granted, and warrants issued; and income tax and deferred tax valuation allowances, if any. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Critical accounting estimates could change from period to period and could have a material impact on IGC’s results, operations, financial position, and cash flows. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the consolidated financial statements.</p>
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023 igc Going Concern Policy Policy Textblock
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Going Concern:<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">The Company assesses and determines its ability to continue as a going concern in accordance with the provisions of ASC Subtopic 205-40, "<i>Presentation of Financial Statements</i>—<i>Going Concern</i>", which requires the Company to evaluate whether there are conditions or events that raise substantial doubt about its ability to continue as a going concern.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">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.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">For the years ended March 31, 2023, and March 31, 2022, the Company incurred net losses of $11.5 million and $15 million, respectively. As of March 31, 2023, the Company’s cash and cash equivalents totaled $3.2 million. On June 30, 2023, the Company successfully obtained a working capital credit facility totaling $12 million and, in addition, sold 10,000,000 shares for $3,000,000. The equity and the credit facility serve to minimize ongoing liquidity requirements and ensure the Company’s ability to sustain its operations. Furthermore, the Company intends to raise additional funds through private placement and ATM offerings, subject to market conditions. Please refer to Note 19, “Subsequent Event,” for further information.</p><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">The Company estimates that its current cash and cash equivalents balance with working capital and equity investment is sufficient to support operations beyond the twelve months following the date these consolidated financial statements and footnotes were issued. These estimates are based on assumptions that may prove to be wrong, and the Company could use its available capital resources sooner than it currently expects.</p>
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CY2023 us-gaap Concentration Risk Credit Risk
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Concentration of credit risk and significant customers<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">Financial instruments, which potentially expose the Company to concentrations of credit risk, are primarily comprised of cash and cash equivalents, investments, accounts receivable and unbilled accounts receivable, if any. The Company places its cash investments in highly rated financial institutions. The Company adheres to a formal investment policy with the primary objective of preservation of principal, which contains credit rating minimums and diversification requirements. Management believes its credit policies reflect normal industry terms and business risk. The Company does not anticipate non-performance by the counterparties and, accordingly, does not require collateral. During Fiscal 2023, sales were spread across customers in Asia and U.S. and the credit concentration risk is low.</p>
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CY2023 igc Unit Description
UnitDescription
Ten units may be separated into one share of common stock.
CY2021Q1 igc Sales Agreement Maximum
SalesAgreementMaximum
75000000 usd
CY2021Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
103000 usd
CY2023Q1 us-gaap Employee Stock Ownership Plan Esop Number Of Committed To Be Released Shares
EmployeeStockOwnershipPlanESOPNumberOfCommittedToBeReleasedShares
5500000 shares
CY2023 us-gaap Share Based Compensation
ShareBasedCompensation
5500000 usd
CY2023 igc Weighted Average Price Per Share
WeightedAveragePricePerShare
1
CY2023 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
2900000 shares
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
1 pure
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
1 pure
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0349 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0242 pure
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
2.80 pure
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
2.82 pure
CY2023Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
154000 usd
CY2022Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
10460000 usd
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
10460000 usd
CY2022Q1 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
0 usd
CY2022Q1 us-gaap Investments
Investments
0 usd
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
5283000 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
1.17
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
1615000 shares
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.43
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
2224000 shares
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
1.01
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Forfeitures And Expirations
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresAndExpirations
245000 shares
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
0.77
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
4429000 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
1.01
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
300000 shares
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
0.93
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.34
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2023 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
150000 shares
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
1.39
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.3
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
150000 shares
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
1.39
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.3
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
2700000 usd
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2023Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
3196000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3196000 usd
CY2023Q1 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
154000 usd
CY2023Q1 us-gaap Investments
Investments
0 usd
CY2022Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
0 usd
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-11506000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-15016000 usd
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21 pure
CY2023 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-2416000 usd
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-3153000 usd
CY2023 us-gaap Income Tax Reconciliation Tax Credits Foreign
IncomeTaxReconciliationTaxCreditsForeign
7000 usd
CY2022 us-gaap Income Tax Reconciliation Tax Credits Foreign
IncomeTaxReconciliationTaxCreditsForeign
0 usd
CY2023 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
-667000 usd
CY2022 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
-385000 usd
CY2023 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
88000 usd
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
50000 usd
CY2023 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
3002000 usd
CY2022 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
3488000 usd
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2023Q1 us-gaap Deferred Tax Assets Tax Credit Carryforwards Foreign
DeferredTaxAssetsTaxCreditCarryforwardsForeign
137000 usd
CY2022Q1 us-gaap Deferred Tax Assets Tax Credit Carryforwards Foreign
DeferredTaxAssetsTaxCreditCarryforwardsForeign
149000 usd
CY2023Q1 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
12888000 usd
CY2022Q1 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
10487000 usd
CY2023Q1 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
548000 usd
CY2022Q1 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
-66000 usd
CY2023Q1 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
13573000 usd
CY2022Q1 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
10570000 usd
CY2023Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
13573000 usd
CY2022Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
10570000 usd
CY2023Q1 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 usd
CY2022Q1 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 usd
CY2023Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration
61915000 usd
CY2023 us-gaap Revenues
Revenues
911000 usd
CY2022 us-gaap Revenues
Revenues
397000 usd
CY2023 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 pure
CY2023 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 pure
CY2023 us-gaap Revenues
Revenues
911000 usd
CY2023 igc Total Revenue Percentage
TotalRevenuePercentage
1 pure
CY2022 us-gaap Revenues
Revenues
397000 usd
CY2022 igc Total Revenue Percentage
TotalRevenuePercentage
1 pure
CY2023 us-gaap Revenues
Revenues
911000 usd
CY2023 igc Total Revenue Percentage
TotalRevenuePercentage
1 pure
CY2022 us-gaap Revenues
Revenues
397000 usd
CY2022 igc Total Revenue Percentage
TotalRevenuePercentage
1 pure
CY2023Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1170000 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8213000 usd
CY2023Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1003000 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
326000 usd
CY2023Q1 us-gaap Assets Noncurrent
AssetsNoncurrent
10712000 usd
CY2022Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
917000 usd
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9419000 usd
CY2022Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
937000 usd
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
450000 usd
CY2022Q1 us-gaap Assets Noncurrent
AssetsNoncurrent
11723000 usd
CY2023Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2022Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2023 dei Amendment Flag
AmendmentFlag
false
CY2023 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2023 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
CY2023 dei Entity Central Index Key
EntityCentralIndexKey
0001326205

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0001185185-23-000693.txt Edgar Link pending
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ex_537644.htm Edgar Link pending
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igcpharma20230331_10k_htm.xml Edgar Link completed
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FilingSummary.xml Edgar Link unprocessable
igc-20230331_lab.xml Edgar Link unprocessable