0001185185-17-002428.txt : 20171117 0001185185-17-002428.hdr.sgml : 20171117 20171117170345 ACCESSION NUMBER: 0001185185-17-002428 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 73 CONFORMED PERIOD OF REPORT: 20170930 FILED AS OF DATE: 20171117 DATE AS OF CHANGE: 20171117 FILER: COMPANY DATA: COMPANY CONFORMED NAME: India Globalization Capital, Inc. CENTRAL INDEX KEY: 0001326205 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065] IRS NUMBER: 202760393 STATE OF INCORPORATION: MD FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-32830 FILM NUMBER: 171211739 BUSINESS ADDRESS: STREET 1: 4336 MONTGOMERY AVENUE CITY: BETHESDA STATE: MD ZIP: 20814 BUSINESS PHONE: 301-983-0998 MAIL ADDRESS: STREET 1: 4336 MONTGOMERY AVENUE CITY: BETHESDA STATE: MD ZIP: 20814 10-Q 1 indiaglobalization10q093017.htm 10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549  
 

 
FORM 10-Q
 

 
 
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
 
For the quarterly period ended September 30, 2017
 
 
 
 
Transition report under Section 13 or 15(d) of the Exchange Act of 1934
 
Commission file number 1-32830
 
INDIA GLOBALIZATION CAPITAL, INC.
(Exact name of registrant as specified in its charter)
 
Maryland
(State or other jurisdiction of incorporation or organization)
20-2760393
(I.R.S. Employer Identification No.)
 
 
 4336 Montgomery Ave. Bethesda, Maryland
(Address of principal executive offices)
20814 
(Zip Code)
                                                                                        
(301) 983-0998
(Registrant’s telephone number, including area code)
 
Indicate by check mark whether the registrant: (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 
  Yes      No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  
Yes      No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  
 
Accelerated filer 
Non-accelerated filer  
(Do not check if a smaller reporting company) 
Smaller reporting company
Emerging growth company
 
 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    
Yes      No

There were approximately 28,065,272 shares of our common stock, par value $0.0001, issued and outstanding as of November 13, 2017.
 



INDIA GLOBALIZATION CAPITAL, INC. AND SUBSIDIARIES
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2017

Table of Contents

 
 
Page
 PART I – FINANCIAL INFORMATION
 
 
 
Item 1.
3
 
3
 
4
 
5
 
6
 
  7
Item 2.
14
Item 3.
17
Item 4.
17
 
 
 
PART II – OTHER INFORMATION
 
 
 
Item 1.
18
Item 1A.
18
Item 2.
18
Item 3.
18
Item 4.
18
Item 5.
18
Item 6.
18
 
 
 
 
19


 

PART I – FINANCIAL INFORMATION

Item 1.    Financial Statements
 
INDIA GLOBALIZATION CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

 (All amounts in USD, except number of shares and per share amounts)
 
 
 
As of
 
 
 
30-Sept- 17
   
31-March - 17
 
 
 
(unaudited)
   
(audited)
 
ASSETS
           
Current assets:
           
Cash and cash equivalents
 
$
597,026
   
$
538,029
 
Accounts receivable, net of allowances
   
1,033,608
     
752,926
 
Prepaid expenses and other current assets
   
393,579
     
410,408
 
Short-term investments
   
-
     
1,880,000
 
Total current assets
 
$
2,024,213
   
$
3,581,363
 
Goodwill
   
198,169
     
198,169
 
Intangible assets
   
111,691
     
-
 
Property, plant and equipment, net
   
953,257
     
953,936
 
Investments in affiliates
   
773,111
     
773,111
 
Investments-others
   
5,240,166
     
5,238,003
 
Other non-current assets
   
691,745
     
539,720
 
Total long-term assets
 
$
7,968,139
   
$
7,702,939
 
Total assets
 
$
9,992,352
   
$
11,284,302
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
               
Current liabilities:
               
Trade payables
   
613,131
     
416,532
 
Accrued expenses
   
197,716
     
181,465
 
Other current liabilities
   
409,597
     
691,714
 
Total current liabilities
 
$
1,220,444
   
$
1,289,711
 
Long-term borrowings
   
350,794
     
452,080
 
Loans - others
   
399,726
     
392,226
 
Notes payable
   
1,800,000
     
1,800,000
 
Total non-current liabilities
 
$
2,550,520
   
$
2,644,306
 
Total liabilities
 
$
3,770,964
   
$
3,934,017
 
Stockholders’ equity:
               
Common stock — $.0001 par value; 150,000,000 shares authorized; 28,272,667 issued and outstanding as of March 31, 2017 and 28,005,272 issued and outstanding as of September 30, 2017.
 
$
2,801
   
$
2,827
 
Additional paid-in capital
   
60,974,013
     
61,413,533
 
Accumulated other comprehensive income
   
(2,058,702
)
   
(2,047,780
)
Retained earnings/(Deficit)
   
(52,687,870
)
   
(52,009,459
)
Total equity attributable to Parent
 
$
6,230,242
   
$
7,359,121
 
Non-controlling interest
 
$
(8,854
)
 
$
(8,836
)
Total stockholders’ equity
 
$
6,221,388
   
$
7,350,285
 
Total liabilities and stockholders’ equity
 
$
9,992,352
   
$
11,284,302
 
 
See accompanying Notes to Consolidated Financial Statements below in this report and Notes to the Audited Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2017 filed with the SEC on July 14, 2017.
 

INDIA GLOBALIZATION CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

  
 
All amounts in USD except share data
   
All amounts in USD except share data
 
 
 
Three months ended
September 30,
   
Six months ended
September 30,
 
 
2017
   
2016
   
2017
   
2016
 
 
                       
Revenues
 
$
235,648
   
$
162,163
   
$
288,573
   
$
237,563
 
Cost of revenues (excluding depreciation)
   
(163,170
)
   
(90,534
)
   
(170,051
)
   
(154,589
)
Selling, general and administrative expenses
   
(331,146
)
   
(339,585
)
   
(709,960
)
   
(636,802
)
Depreciation
   
(4,344
)
   
(97,842
)
   
(10,309
)
   
(195,514
)
Loss on investments/associates /joint ventures
   
-
     
(183,835
)
   
-
     
(183,835
)
Operating income (loss)
 
$
(263,012
)
 
$
(549,633
)
 
$
(601,747
)
 
$
(933,177
)
Interest expense
   
(40,832
)
   
(51,410
)
   
(85,378
)
   
(89,956
)
Interest income
   
100
     
114
     
101
     
114
 
Other income, net/(loss)
   
(144
)
   
11,985
     
8,210
     
13,740
 
Income before income taxes and minority interest attributable to non-controlling interest
 
$
(303,888
)
 
$
(588,944
)
 
$
(678,814
)
 
$
(1,009,279
)
Income taxes benefit/(expense)
   
-
     
-
     
-
     
-
 
Net income/(loss)
 
$
(303,888
)
 
$
(588,944
)
 
$
(678,814
)
 
$
(1,009,279
)
Non-controlling interests in earnings of subsidiaries
   
(84
)
   
(5,073
)
   
(403
)
   
(11,239
)
Net income/(loss) attributable to common stockholders
 
$
(303,804
)
 
$
(583,871
)
 
$
(678,411
)
 
$
(998,040
)
Earnings/(loss) per share attributable to common stockholders:
                               
Basic
 
$
(0.01
)
 
$
(0.02
)
 
$
(0.02
)
 
$
(0.04
)
Diluted
 
$
(0.01
)
 
$
(0.02
)
 
$
(0.02
)
 
$
(0.04
)
Weighted-average number of shares used in computing earnings per share amounts:
                               
Basic
   
27,355,826
     
23,636,403
     
27,355,826
     
23,636,403
 
Diluted
   
29,051,771
     
23,636,403
     
29,051,771
     
23,636,403
 

See accompanying Notes to Consolidated Financial Statements below in this report and Notes to the Audited Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2017 filed with the SEC on July 14, 2017.
 


INDIA GLOBALIZATION CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(All amounts in USD, except number of shares and per share amounts)

 
 
Three months ended September 30,
 
 
 
2017
   
2016
 
 
 
IGC
   
Non-controlling
interest
   
Total
   
IGC
   
Non-controlling
interest
   
Total
 
Net income / (loss)
 
$
(303,804
)
 
$
(84
)
 
$
(303,888
)
 
$
(583,871
)
 
$
(5,073
)
 
$
(588,944
)
Foreign currency translation adjustments
   
(12,679
)
   
-
     
(12,679
)
   
8,775
     
-
     
8,775
 
Comprehensive income/(loss)
 
$
(316,483
)
 
$
(84
)
 
$
(316,567
)
 
$
(575,096
)
 
$
(5,073
)
 
$
(580,169
)

 
 
Six months ended September 30,
 
 
 
2017
   
2016
 
 
 
IGC
   
Non-controlling
interest
   
Total
   
IGC
   
Non-controlling
interest
   
Total
 
Net income/(loss)
 
$
(678,411
)
 
$
(403
)
 
$
(678,814
)
 
$
(998,040
)
 
$
(11,239
)
 
$
(1,009,279
)
Foreign currency translation adjustments
   
(10,922
)
   
-
     
(10,922
)
   
38,412
     
-
     
38,412
 
Comprehensive income/(loss)
 
$
(689,333
)
 
$
(403
)
 
$
(689,736
)
 
$
(959,628
)
 
$
(11,239
)
 
$
(970,867
)

  
See accompanying Notes to Consolidated Financial Statements below in this report and Notes to the Audited Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2017 filed with the SEC on July 14, 2017.
 
 

INDIA GLOBALIZATION CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(All amounts in USD, except number of shares and per share amounts)
  
 
 
Six months ended September 30,
 
 
 
2017
   
2016
 
Cash flows from operating activities:
           
Net income (loss)
 
$
(678,814
)
 
$
(1,009,279
)
Adjustment to reconcile net income/(loss) to net cash:
               
     Depreciation
   
10,309
     
195,514
 
     Bad debts written off/Creditors restated
   
24
     
-
 
     Loss from Investments /joint venture /associates
   
-
     
183,835
 
     Non-cash interest expenses
   
67,500
     
71,315
 
     ESOP shares
   
306,798
     
-
 
Changes in:
               
    Accounts receivable
 
$
(280,893
)
 
$
(2,462
)
    Prepaid expenses and other assets
   
16,828
     
(4,836
)
    Trade payables
   
196,602
     
200,688
 
    Other current liabilities
   
(282,118
)
   
(33,414
)
    Other non-current liabilities
   
-
     
(36,191
)
    Non-current assets
   
-
     
723
 
    Accrued Expenses
   
16,251
     
(242,621
)
Net cash provided/(used) in operating activities
 
$
(627,513
)
 
$
(676,728
)
 
               
Cash flow from investing activities:
               
   Proceeds from non-current investment
 
$
(2,342
)
 
$
(55,000
)
   Purchase of property and equipment
   
(927
)
   
(4,504
)
   Capital work in progress
   
(8,563
)
   
(95,843
)
   Non-current assets
   
(136,280
)
   
-
 
Net cash provided/(used) by investing activities
 
$
(148,112
)
 
$
(155,347
)
                 
Cash flows from financing activities:
               
   Issuance of equity stock
 
$
1,015,628
   
$
242,562
 
   Proceeds /(repayment) from long-term borrowing
   
(101,286
)
   
140,933
 
   Proceeds from loans
   
7,500
     
(64,250
)
   Expense related to stock
   
(76,911
)
   
-
 
Net cash provided/(used) by financing activities
 
$
844,931
   
$
319,245
 
 
               
Effects of exchange rate changes on cash and cash equivalents
   
(10,309
)
   
(38,578
)
Net increase/(decrease) in cash and cash equivalents
   
58,997
     
(551,408
)
Cash and cash equivalent at the beginning of the period
   
538,029
     
1,490,693
 
Cash and cash equivalent at the end of the period
 
$
597,026
   
$
939,285
 
 
               
Supplementary information:
               
    Cash paid for interest
 
$
17,878
   
$
18,641
 
Non-cash items:
               
   Common stock issued for interest payment on notes payable
 
$
67,500
   
$
71,315
 
   Common stock issued including ESOP, Consultancy and Other
 
$
348,798
   
$
-
 

See accompanying Notes to Consolidated Financial Statements below in this report and Notes to the Audited Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2017 filed with the SEC on July 14, 2017.
INDIA GLOBALIZATION CAPITAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
NOTE 1 – OVERVIEW OF INDIA GLOBALIZATION CAPITAL, INC. (“IGC”)
 
IGC develops cannabis-based combination therapies to treat Alzheimer’s, pain, nausea, eating disorders, several end points of Parkinson’s, and epilepsy in humans, dogs and cats.  In support of this effort, IGC has assembled a portfolio of patent filings and four lead product candidates addressing these conditions. In India, the Company is engaged in heavy equipment rental, and in Malaysia, real-estate management. 

The Company is a Maryland Corporation formed in April 2005.  In March 2006, we completed an initial public offering of our common stock.  Our registered office in the U.S. is located in Bethesda, Maryland.  We have a facility in Washington State, where we conduct our R&D.  Our back office is located in Kochi, Kerala India.  In addition, many of our staff and advisors work from their home offices.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
a)  Basis of preparation of financial statements
 
The Company has prepared the accompanying unaudited Condensed Consolidated Financial Statements (“Financial Statements”) in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information.  Accordingly, they do not include all of the information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statements and management used estimates and assumptions that could affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.  The results for interim periods do not necessarily indicate the results that may be expected for any other interim period or for the full year. The significant accounting policies adopted by the Company, in respect of these consolidated financial statements, are set out in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2017. Therefore, the Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and respective notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2017 filed with the SEC on July 14, 2017.  In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included in the Financial Statements. The consolidated financial statements include the accounts of the Company and all its subsidiaries that are more than 50% owned and controlled. The Company consolidates the subsidiaries into its consolidated financial statements. Transactions between the Company and its subsidiaries have been eliminated in the consolidated financial statements.
 
In the quarter ended September 30, 2017, in addition to the US, IGC operates in India and Malaysia and a substantial portion of the Company’s sales are denominated in INR and RM. As a result, changes in the relative values of the U.S. dollar and INR or the RM affect revenues and profits as the results are translated into U.S. dollars in the consolidated and pro forma financial statements.  The accompanying financial statements are reported in U.S. dollars. The INR and the RM are the functional currencies for the Company. The translation of the functional currencies into U.S. dollars is performed for assets and liabilities using the exchange rates in effect at the balance sheet date and for revenues, costs 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 income/(loss), a separate component of shareholders’ equity.
 
The Company’s current fiscal year ends on March 31, 2018. Unless the context requires otherwise, all references in this report to “IGC,” “we,” “our” and “us” refer to India Globalization Capital, Inc., together with its subsidiaries, as listed and described in its Annual Report on Form 10-K filed with the SEC on July 14, 2017.  We exclude our investments and minority non-controlling interests, and any information provided by them is not incorporated by reference in this report, and you should not consider it a part of this report. Our filings are available on www.sec.gov. The information contained on our website, www.igcinc.us, is not incorporated by reference in this report, and you should not consider it a part of this report.

NOTE 3 – ACCOUNTS RECEIVABLE

Accounts receivable, net of allowances, amounted to $1,033,608 and $752,926 as of September 30, 2017 and March 31, 2017, respectively.  The accounts receivable net of reserves for the quarter ended September 30, 2017 come primarily from construction management and rental of heavy construction equipment.



NOTE 4 – OTHER CURRENT AND NON-CURRENT ASSETS

Prepaid expenses and other current assets consist of the following:
 
 
 
As of
September 30, 2017
   
As of
March 31, 2017
 
Prepaid /preliminary expenses
 
$
6,750
   
$
6,750
 
Advance to suppliers, others & services
   
364,049
     
352,850
 
Security/statutory advances
   
16,420
     
14,216
 
Prepaid and accrued interest
   
1,427
     
1,436
 
Deposit and other current assets
   
4,933
     
35,156
 
Total
 
$
393,579
   
$
410,408
 
 
Other non-current assets consist of the following:
 
 
 
As of
September 30, 2017
   
As of
March 31, 2017
 
Statutory/Other advances
 
$
510,164
   
$
539,720
 
Product Formulation
   
181,581
     
-
 
Total
 
$
691,745
   
$
539,720
 

On May 21, 2012, TBL entered into an agreement with Weave & Weave for the purchase of land. TBL gave Weave and Wave an advance of $375,191. As of the date of this filing, the parties are in the process of negotiating a settlement that includes the purchase and sale of land as well as the refund of the advance given by TBL.  Product Formulation is the capitalized part of expenses related to developing product formulations. 

 
NOTE 5 – INTANGIBLE ASSETS AND GOODWILL
 
The movement in intangible assets and goodwill is given below.
 
 
 
As of
September 30, 2017
   
As of
March 31, 2017
 
Intangible assets at the beginning of the period
 
$
-
   
$
113,321
 
Amortization
   
-
     
(113,321
)
Patent filings and rights
   
111,691
     
-
 
Total Intangible assets
 
$
111,691
   
$
-
 
Goodwill of Cabaran Ultima Sdn Bhd
   
198,169
     
198,169
 
Total Goodwill
 
$
198,169
     
198,169
 
 
The value of goodwill for the two periods shown is $198,169 and is associated with the acquisition of Cabaran Ultima. The capitalized patent expenses are direct expenses, legal, filing fees etc, associated with filing patents in North America, Europe and Canada.



NOTE 6 – PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consist of the following:
 
 Category
 
Useful Life (years)
   
As of
September 30, 2017
   
As of
March 31, 2017
 
Building (flat)
   
25
   
$
239,519
   
$
241,181
 
Plant and machinery
   
20
     
1,698,270
     
1,710,055
 
Computer equipment
   
3
     
154,396
     
157,349
 
Office equipment
   
5
     
118,733
     
119,528
 
Furniture and fixtures
   
5
     
68,228
     
70,368
 
Vehicles
   
5
     
253,847
     
292,764
 
Assets under construction
   
N/A
     
965,790
     
957,880
 
Total
         
$
3,498,783
   
$
3,549,125
 
Less: Accumulated depreciation
         
$
(2,545,526
)
 
$
(2,595,189
)
Net Assets
         
$
953,257
   
$
953,936
 
 
Depreciation expense for the six months ended September 30, 2017 and 2016 was $10,309 and $195,514 respectively.  Capital work-in-progress represents the cost of property and equipment not put to use before the balance sheet date.

NOTE 7 – INVESTMENTS – OTHERS

Investments – others for each of the periods ended September 30, 2017 and March 31, 2017 consisted of the following:
 
 
 
As of
September 30, 2017
   
As of
March 31, 2017
 
Investment in equity shares of unlisted company & associates
 
$
65,555
   
$
63,392
 
Investment in land
   
5,174,611
     
5,174,611
 
Total
 
$
5,240,166
   
$
5,238,003
 
 
NOTE 8 – Intentionally Left Blank

NOTE 9 – OTHER CURRENT AND NON-CURRENT LIABILITIES
 
Other current liabilities consist of the following:
 
 
 
As of
September 30, 2017
   
As
of March 31, 2017
 
Statutory payables
 
$
14,454
   
$
15,203
 
Employee related liabilities
   
395,143
     
676,511
 
Total
 
$
409,597
   
$
691,714
 
 
For the quarter ended September 30, 2017, there were no other non-current liabilities.
 
NOTE 10 – RELATED PARTY TRANSACTIONS
 
As of September 30, 2017, the Company has (i) a balance of $81,834 due and payable to our CEO inclusive of certain unpaid salaries from previous years and (ii) a long-term loan of $350,794 due by Cabaran to a Director of Cabaran (RM 1,480,000), for a loan made to Cabaran.

We pay an affiliate of our CEO $4,500 per month for office space and certain general and administrative services rendered in Maryland.  In addition, we pay another affiliate of our CEO $6,100 per month for office and facilities in Washington State.  We believe, based on rents and fees for similar services in the Washington, D.C. metropolitan area, and Washington State that the fee charged by the affiliates are at least as favorable as we could have obtained from an unaffiliated third party and these payments are not considered, or meant to be compensation to our CEO.  The rental agreement for the Maryland location is on a month-to-month basis and may be terminated by our Board of Directors of the Company at any time without notice. The rental agreement for Washington State facilities expires on December 31, 2017, unless renewed by mutual consent.  During the quarter ended September 30, 2017, the total rent paid to the affiliates were $13,500 for the office space (and services) in Maryland, and $18,300 for the facilities in Washington State is payable.


All compensation, cash and non-cash (stock) paid to the CFO is paid to his wholly owned limited liability company (LLC).  There are no other payments made directly to the CFO.

Loans by Related Parties:
We have a working capital loan that has a loan balance of $112,500 as of September 30, 2017 and $97,500 as of March 31, 2017 from an affiliate of our CEO, at an annual interest rate of zero percent, due February 23, 2022.  There is no prepayment penalty.  The assets of the Company secure the loan.

Loans to Related Parties
On April 30, 2015, FYE 2016, we loaned Apogee Financial Services $70,000 as working capital for Midtown partners.  The loan is outstanding as of September 30, 2017.

NOTE 11 – NOTES PAYABLE AND LOANS – OTHERS

The Company has an unsecured Note Payable to Bricoleur Partners, L.P. in the amount of $1,800,000 (“2012 Security”), which was extended to July 31, 2016, subject to the same terms of the 2012 Agreement.  Up to July 2014, the Company was making monthly interest payments of 17,100 shares of common stock. Starting on August 2014 and as per Amendment No. 2 to the 2012 Security, the Company started making a monthly interest payment of 23,489 shares of common stock. Contractually, there is no cash interest paid to Bricoleur on the Note. Instead, the parties have agreed that the Company will make a payment (booked under interest payment) of 30,000 shares of common stock for each month the loan remains unpaid, regardless of the trading price of the stock. The arrangement allows the Company and Bricoleur to pursue permanent conversion of the principal to common stock, or repayment of the principal using common stock.   During the quarter ended September 30, 2017, the Company issued a total of 90,000 shares valued at $30,900 to this debt holder, which constitutes non-tax-deductible interest payments for the Company.

As of September 30, 2017, the Company has five loans categorized as Loans Others totaling $399,726 at an average annual interest rate of 10%, as follows: Loan 1: We have a loan for $59,726, due on April 25, 2018 bearing 10% annual interest rate. This loan is from one of our Advisors and former director. Loan 2: We have a loan from an individual for $100,000, at an annual interest rate of 24%, due February 23, 2022. There is no prepayment penalty. The assets of the Company secure the loan. Loan 3: We have a loan from an individual for $50,000, at an annual interest rate of 15%, due February 23, 2022. There is no prepayment penalty. The assets of the Company secure the loan. Loan 4: We have a loan of $77,500 from an affiliate of our CEO, at an annual interest rate of 15%, due February 23, 2022.  There is no prepayment penalty.  The assets of the Company secure the loan. Loan 5: We have a working capital loan that has a loan balance as of September 30, 2017 of $112,500 from an affiliate of our CEO, at an annual interest rate of zero percent, due February 23, 2022. There is no prepayment penalty. The assets of the Company secure the loan.
 
NOTE 12 – COMMITMENTS AND CONTINGENCY

No significant contingencies or commitments were made or existed during the three months ended September 30, 2017.

NOTE 13 – COMMON STOCK
 
Our common stock trades on the NYSE AMERICAN under the symbol “IGC” with CUSIP number 45408X308, $0.0001 par value (“Common Stock”). This security is also available for trading on the Borse Frankfurt, Stuttgart, and Berlin Exchanges (ticker symbol: IGS1).  The Common stock of the Company is also available for trading on the Borse Frankfurt, Borse Berlin, and Borse Stuttgart (XETRA2) exchanges in Germany. The Warrants and Units now trade on the OTC Markets. We have redeemable Warrants (CUSIP number 45408X118 expiring on March 6, 2019) to purchase Common Stock (ticker symbol: IGC.WT) and Units consisting of one share of Common Stock and two redeemable warrants to purchase Common Stock that are not listed.  The Unit holders are requested to contact the Company to get their existing Units separated into Common Stock and Warrants.

During the quarter ended September 30, 2017, the Company issued 90,000 shares valued at $30,900 to Bricoleur Partners, L.P. for the outstanding $1,800,000 promissory note (“2012 Security”), which constituted an element of repayment of interest.
 
On May 20, 2016, IGC entered into a new At-The-Market Agency Agreement (“ATM Agreement”) with IFS Securities, Inc. (dba Brinson Patrick, a division of IFS Securities, Inc.), as sales agent (“Brinson Patrick” or the “Agent”). IGC intends to use the net proceeds from the sale of securities offered for working capital needs, repayment of indebtedness and other general corporate purposes. During the quarter ended September 30, 2017, the Company issued 1,012,252 shares of Common Stock valuated at $367,931 under this agreement.


Under the December 18, 2014 Purchase Agreement with Apogee, we issued 1,200,000 common shares of IGC valued at $888,000 for the purchase of 24.9% ownership interest in Midtown Partners & Co., LLC.  Pending downward adjustments, subject to certain balance sheet items of MTP, a total of 500,000 shares of IGC common stock have been held back.  Pending the resolution of these balance sheet items, the shares that have been held back may be cancelled. The agreement had a deadline of June 30, 2015, for Apogee and Midtown Partners to obtain the requisite approvals from FINRA. Apogee did not file for approval on time, and consequently pursuant to the terms of the Agreement, there are several penalties that will apply, including the cancellation of 700,000 shares of IGC stock and a penalty of $125,000 owed by Apogee to us.  We are not seeking to consummate the acquisition of the remaining interest in Midtown Partners at this time.

The Company has granted (1) its Advisors options to purchase a total of 440,000 shares of common stock at exercise prices ranging from $0.10 to $0.30, all of which are outstanding and exercisable as of September 30, 2017 and (2) 100,000 shares to acquire the exclusive right to the license of the U.S. patent filing entitled “THC as a Potential Therapeutic Agent for Alzheimer’s Disease” by the University of South Florida. Further, pursuant to IGC’s employee stock option plan and during the quarter ended September 30, 2017, IGC granted no shares to its directors or its employees. As of September 30, 2017, IGC has 28,005,272 shares of Common Stock issued and outstanding.

NOTE 14 – STOCK-BASED COMPENSATION

On April 1, 2009, the Company adopted ASC 718, “Compensation-Stock Compensation” (previously referred to as SFAS No. 123 (revised 2004), Share Based Payment).  ASC 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. As of September 30, 2017, under the 2008 Omnibus Plan, 4,374,899 shares of common stock have been awarded. As of September 30, 2017, there are 440,000 stock options available to IGC’s advisors. No shares of common stock under the 2008 ESOP plan are available for future grants of options or stock awards.

NOTE 15 – SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

Selling, general and administrative expenses were $709,960 for the six months ended September 30, 2017 as compared to $636,802 for the six months ended September 30, 2016. Selling, general and administrative expenses include compensation expenses to management, legal and professional expenses, investor-relations expenses, acquisition related expenses and travel expenses.

NOTE 16 – IMPAIRMENT

None during fiscal quarter ended September 30, 2017. 

NOTE 17 – OTHER INCOME

Other income for the three-month periods ended September 30, 2017 and 2016 amounted to $(144) and $11,985, respectively, and included income received from the supply of skilled operators for the heavy equipment rental business and from the rent of the apartment belonging to TBL, which is in Kochi, India.

NOTE 18 – RECONCILIATION OF EPS

The historical weighted average per share for our shares through September 30, 2017, was applied using the treasury method of calculating the fully diluted shares.  The weighted average number of shares outstanding as of September 30, 2017 and 2016 used for the computation of basic earnings per share (“EPS”) is 27,355,826 and 23,636,403, respectively. Due to the loss incurred during the three-month period ended September 30, 2017, all the potential equity shares are anti-dilutive and accordingly, the fully diluted EPS is equal to the basic EPS.
 
NOTE 19 – INCOME TAXES

The Company adopted ASC 740, Accounting for Uncertainty in Income Taxes. In assessing the recoverability of its deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets is dependent on the generation of future taxable income during the periods in which those temporary differences become deductible. The management considers historical and projected future taxable income, and tax planning strategies in making this assessment.
 
The Company’s effective tax rate was 0% for both the quarters ended September 30, 2017 and 2016. The Company has US deferred tax assets, which have been offset by valuation allowance because of historical and expected losses.  As the Company reverses its losses and becomes profitable, we will reassess the likelihood of recovering a portion or all of the deferred tax assets.  
 
The Company recorded an income tax gain/expense of $0 resulting from operational results of its foreign entities for both three-month periods ended September 30, 2017 and 2016. As of September 30, 2017, and 2016, there was no significant liability for income tax associated with unrecognized tax benefits.  As of September 30, 2017, IGC could not use its net operating losses.

NOTE 20 – SEGMENT INFORMATION

Accounting pronouncements establish standards for the manner in which public companies report information about operating segments in annual and interim financial statements. Operating segments are components of an enterprise that have distinct financial information available and evaluated regularly by the chief operating decision-maker (“CODM”) to decide how to allocate resources and evaluate performance. The Company’s CODM is considered to be the Company’s chief executive officer (“CEO”). The CEO reviews financial information presented on an entity level basis for purposes of making operating decisions and assessing financial performance. Therefore, the Company has determined that it operates in a single operating and reportable segment.

The following provides information required by ASC 280-10-50-38 Entity-Wide Information:
 
1) The table below shows revenue reported by product and service:
 
Product & Service
 
Amount
   
% on total revenues
 
 
           
Rental / Trading/Real estate
 
$
288,573
   
 
100
%
TOTAL
 
$
288,573
   
 
100
%
 
2(a) The table below shows the revenue attributed to the country of domicile (USA) and foreign countries.  Revenue is attributed to an individual country if the invoice made to the customer originates in that country.  The basis for originating an invoice is the underlining agreement.

Geographic Location
 
Amount
   
% on total revenues
 
India
 
$
233,271
     
81
%
Malaysia
   
55,302
     
19
%
TOTAL
 
$
288,573
     
100
%
 
2(b) The table below shows the long-term assets other than financial instruments held in the country of domicile and foreign countries.
 
Nature of Assets
 
USA
(Country of Domicile)
   
Foreign Countries
(India and Malaysia)
   
Total
 
Goodwill
 
$
-
   
$
198,169
   
$
198,169
 
Intangible assets
   
111,691
     
-
     
111,691
 
Property, Plant and Equipment, net
   
896,283
     
56,974
     
953,257
 
Investments in Affiliates
   
773,111
     
-
     
773,111
 
Investments-Others
   
5,174,611
     
65,555
     
5,240,166
 
Other Non-Current Assets
   
181,581
     
510,164
     
691,745
 
Total Long-Term Assets
 
$
7,137,277
   
$
830,862
   
$
7,968,139
 

NOTE 21 – CERTAIN AGED RECEIVABLES

The receivable and other assets as of September 30, 2017 and March 31, 2017, include certain aged receivables in the amount of $427,721. The aged receivables are due from the Cochin International Airport. Cochin International Airport is partially owned by the State Government of Kerala. The receivables have been due for periods in excess of one year as of September 30, 2017. These receivables are included in accounts receivable and have been classified as current because the arbitration process has concluded and ruling was given in our favor. The Company continues to carry the full value of the receivables without interest and without any impairment, because the Company believes that there is minimal risk that this organization will become insolvent and unable to make payment.

NOTE 22 – FAIR VALUE OF FINANCIAL INSTRUMENTS

The fair value of the Company’s current assets and current liabilities approximate their carrying value because of their short-term nature.  Such financial instruments are classified as current and are expected to be liquidated within the next twelve months.


 
NOTE 23 – LEFT INTENTIONALLY BLANK

NOTE 24 – INVESTMENT IN AFFILIATES

Pursuant to the December 18, 2014 Purchase Agreement with Apogee, we issued 1,200,000 common shares of IGC valued at $888,000 for the purchase of 24.9% ownership interest in Midtown Partners & Co., LLC.  The Purchase Agreement expired on June 30, 2015, and the Company is pursuing its rights under the terms of the Purchase Agreement to recover certain damages.

Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed financial statements and related notes that appear elsewhere in this Quarterly Report on Form 10-Q, and the Annual Report on Form 10-K filed with the SEC on July 14, 2017.  In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates and beliefs.  Our actual results could differ materially from those discussed in the forward-looking statements.  Factors that could cause or contribute to these differences include those discussed in our Annual Report on Form 10-K filed with the SEC on July 14, 2017, including the risk factors set out in Item 1A therein.  Therefore, the financial statements included in this Report should be read in conjunction with the audited Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K filed with the SEC on July 14, 2017.

Company Background

IGC, a Maryland based corporation, develops cannabis-based combination therapies to treat Alzheimer’s, pain, nausea, eating disorders, several end points of Parkinson’s, and epilepsy in humans, dogs and cats.  In support of this effort, IGC has assembled a portfolio of patent filings and four lead product candidates addressing these conditions. In India, the Company is engaged in heavy equipment rental, and in Malaysia, real-estate management.
 
Business Strategy

Our long-term goal is to establish IGC as a specialty-pharmaceutical provider of phytocannabinoid-based pharmaceutical and Complimentary Alternative Medicine (“CAM”, “nutraceutical”) products.  Our short-term goal is to conduct human and veterinarian medical trials on our four product candidates.  Our medium-term goal is to market CAM based therapies through joint ventures and partnerships.
 
Business Organization

We are a Maryland corporation formed in April 2005.  In March 2006, we completed an initial public offering of our common stock.  Our principal office in the U.S. is in Bethesda Maryland, in addition we have a facility in Washington State. Our back office is located in Kochi, Kerala India. In addition, many of our staff and advisors work from their home offices. We maintain a website at http://www.igcinc.us and our telephone number is +1-301-983-0998. The information contained on our website is not incorporated by reference in this report, and you should not consider it a part of this report.  As of September 30, 2017, our operational subsidiaries are located in India and Malaysia. Our filings are available on www.sec.gov.

Products

Cannabinoids are chemical compounds that exert a range of effects on the body, including impacting the immune response, gastrointestinal maintenance and motility, muscle functioning, and nervous system response and functioning. Phytocannabinoids are cannabinoids that occur naturally in the cannabis plant, they are abundant in the viscous resin produced by glandular structures called trichomes. There are over 480 different compounds in the cannabis plant.  Many of them have been identified as cannabinoids. Of these THC (delta-9-tetrahydrocannabinol) is the main psychoactive component (“high”) in the plant with many therapeutic uses.  The other broadly pursued non-psychoactive phytocannabinoid, CBD (Cannabidiol), is pleiotropic influencing many pathways in humans, dogs, and cats and may be used to provide relief to a variety of symptoms including pain, seizures, and eating disorders.

The Company is focused on four products that it is preparing for medical trials: Natrinol is a natural substitute for Marinol, or synthetic THC. This product is aimed at relieving nausea, vomiting and increasing appetite in patients with AIDS and Cancer.  Caesafin uses combination therapy to alleviate seizures in dogs and cats.  Serosapse addresses several end points in Parkinson’s disease including Rapid Eye Movement (REM) sleep disorder, anxiety, and dyskinesia. Hyalolex is aimed at reducing the buildup of beta-amyloid in Alzheimer’s patients.

Services

The Company provides construction management services for the construction of a 7-star hotel in Genting Malaysia through its subsidiary Cabaran Ultima.  In India, through its subsidiary Techni Bharati Private Limited, the Company rents heavy equipment with operators to construction companies.



Patents, Development Pipeline, and Licenses

Although, the Company believes the registration of patents is an important part of its business strategy and its success depends in part on such registration, the Company cannot guarantee that such patent filings will result in a successful registration with the USPTO.  Please see risk factors.

We have filed six provisional patents with the United States Patent and Trademark Office (“USPTO”), in the phytocannabinoid-based combination therapy space, for the indications of pain, medical refractory epilepsy, and cachexia. In addition, in May 2017, we acquired an exclusive license to a patent filed by the University of South Florida Research Foundation entitled “THC as a Potential Therapeutic Agent for Alzheimer’s Disease”.  The table below provides a status of the patent filings:

Indication
 
Provisional Filing
 
PCT Filing
 
Subsequent Activity
Pain (IGC-501)
 
9/16/14
 
9/16/15
 
US National Case Filed – 6/15/16
Seizures (IGC-502)
 
6/15/15
 
6/14/16
 
US National Case Filed – 6/15/16
Seizures (IGC-503)
 
4/1/15
 
4/1/16
 
PCT Application Published- 10/6/16
Eating Disorders (IGC-504)
 
8/12/15
 
8/11/16
 
US and National Filing Anticipated 2/12/18
Seizures (IGC-505)
 
6/15/16
 
6/15/16
 
US National Filing Anticipated 12/15/18
Eating Disorders (IGC-506)
 
2/28/17
 
Anticipated- 2/28/18
 
US and National Filing Anticipated 8/28/19
Alzheimer’s (IGC-AD1)
 
7/30/2015
 
Anticipated -2017
 
US and National Filing Anticipated in 2017

For more in-depth information regarding our industry, products, services and corporate history, please refer to the Company’s Annual Report on Form 10-K filed with the SEC on July 14, 2017.

Results of Operations
 
Three Months ended September 30, 2017 Compared to Three Months ended September 30, 2016
 
Revenue - Total revenue was $235,648 for the three months ended September 30, 2017 as compared to $162,163 for the three months ended September 30, 2016.  In the three-month period ended September 30, 2016, the revenue consisted of trading, real estate management and rental of heavy equipment. The increase in revenue during the same period in 2017 is from the steel trading, real estate management and from rental business. We continue to operate the real estate management and rental of heavy equipment businesses.
 
Cost of Revenue (excluding depreciation) – Cost of revenue for the three months ended September 30, 2017 was $163,170 as compared to $90,534 for the three months ended September 30, 2016.  The increase in cost of revenue stems from an increase in the volume of business as reflected in the revenue and is related to steel trading and real estate and rental business.

Selling, General and Administrative - Selling, general and administrative expenses were $331,146 for the three months ended September 30, 2017 as compared to $339,585 for the three months ended September 30, 2016.  Most of the expenses are public-company related expenses, including legal fees.
 
Depreciation – The depreciation expense was approximately $4,344 in the three months ended September 30, 2017 as compared to $97,842 in the three months ended September 30, 2016.  The decrease in depreciation is from the curtailment of the iron-ore mining business in China.

Interest and other financial expenses – The interest expense and other financial expenses for the three months ended September 30, 2017 were approximately $40,832 as compared to approximately $51,410 for the three months ended September 30, 2016.  Most of the interest is paid with common shares of the Company and is therefore non-cash.
 
Other income/(loss) – Other income was $(144) for the three-month period ended September 30, 2017 as compared to $11,985 in September 30, 2016. Other income includes the rent of apartment owned by one of the subsidiaries and the income by supply of skilled operators for the heavy equipment rental business.

Consolidated Net Income/(loss) – In the three months ended September 30, 2017, the Company reported a GAAP net income loss of $303,804 and a GAAP EPS loss of $0.01 compared to a GAAP net income loss of $583,871 and a GAAP EPS loss of $0.02 for the three months ended September 30, 2016.   

Six Months ended September 30, 2017 Compared to Six Months ended September 30, 2016
 
Revenue - Total revenue was $288,573 for the six months ended September 30, 2017 as compared to $237,563 for the six months ended September 30, 2016.  In the six-month period ended September 30, 2016, the revenue consisted of trading, real estate management and rental of heavy equipment. We continue to operate the real estate management and rental of heavy equipment businesses.

Cost of Revenue (excluding depreciation) – Cost of revenue for the six months ended September 30, 2017 was $170,051 as compared to $154,589 for the six months ended September 30, 2016.  The increase in cost of revenue stems from an increase in the volume of business as reflected in the increase in revenue and is related to the steel trading, real estate and rental business.

Selling, General and Administrative - Selling, general and administrative expenses were $709,960 for the six months ended September 30, 2017 as compared to $636,802 for the six months ended September 30, 2016.  Most of the expenses are public-company related expenses, including legal fees.
 
Depreciation – The depreciation expense was approximately $10,309 in the six months ended September 30, 2017 as compared to $195,514 in the six months ended September 30, 2016.  The decrease in depreciation is from the curtailment of the iron-ore mining business in China.

Interest and other financial expenses – The interest expense and other financial expenses for the six months ended September 30, 2017 were approximately $85,378 as compared to approximately $89,956 for the six months ended September 30, 2016.  Most of the interest is paid with common shares of the Company and is therefore non-cash.
 
Other income/(loss) – Other income was $8,210 for the six-month period ended September 30, 2017 as compared to $13,740 in September 30, 2016. Other income includes the rent of apartment owned by one of the subsidiaries and the income by supply of skilled operators for the heavy equipment rental business.

Consolidated Net Income/(loss) – In the six months ended September 30, 2017, the Company reported a GAAP net income loss of $678,411 and a GAAP EPS loss of $0.02 compared to a GAAP net income loss of $998,040 and a GAAP EPS loss of $0.02 for the six months ended September 30, 2016.    
 
Off-Balance Sheet Arrangements

We do not have any undisclosed investments in special purpose entities or undisclosed borrowings or debt.
 
Liquidity and Capital Resources
 
This liquidity and capital resources discussion compares the consolidated company financial position for the six-month periods ended September 30, 2017 and 2016.
 
During the six months ended September 30, 2017, cash used in operating activities was $627,513 compared to $676,728 used during the six months ended September 30, 2016.
 
During the six months ended September 30, 2017, $148,112 of cash was used in s activities from continuing operations as compared to $155,347 used during the same period in 2016.
 
For the quarter ended September 30, 2017, our non-GAAP cash burn was approximately $268,536 after adjusting for $4,344 of depreciation, $30,900 of non-cash interest and $24 bad debts.

 At the end of September 30, 2017, our cash and cash equivalents along with restricted cash was $597,026 and working capital of $803,769. We expect to raise money to further our patent portfolio, testing and commence marketing and licensing our Alzheimer’s product, one of the Company’s four cannabis-related health products.
 
Critical Accounting Policies

While all accounting policies impact the financial statements, certain policies may be viewed as critical.  Critical accounting policies are those that are both most important to the portrayal of financial condition and results of operations and that require management’s most subjective or complex judgments and estimates.  Our management believes the policies that fall within this category are the policies on revenue recognition, accounting for stock-based compensation, goodwill, and income taxes.

Please see our disclosures on Note 2 - Summary of Significant Accounting Policies of the Notes to the unaudited Consolidated Financial Statements in this report and Note 2 - Significant Accounting Policies of the Notes to the audited Consolidated Financial Statements in Part II of our Annual Report on Form 10-K, filed with the SEC on July 14, 2017 for a discussion of all our significant accounting policies.



Forward-Looking Statements and Important Factors
 
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements.  This report and the documents incorporated in this report by reference contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Additionally, we, or our representatives may, from time to time, make other written or verbal forward-looking statements and discuss plans, expectations and objectives regarding our business, financial condition and results of operations.  Without limiting the foregoing, statements that are in the future tense, and all statements accompanied by terms such as “believe,” “project,” “expect,” “trend,” “estimate,” “forecast,” “assume,” “intend,” “plan,” “target,” “anticipate,” “outlook,” “preliminary,” “will likely result,” “will continue” and variations of them and similar terms are intended to be “forward-looking statements” as defined by federal securities laws. We caution you not to place undue reliance on forward-looking statements, which are based upon assumptions, expectations, plans and projections. Forward-looking statements are based upon certain assumptions and subject to risks and uncertainties, including those identified in the “Risk Factors” included in our annual report on Form 10-K for the fiscal year ending March 31, 2017, filed with the SEC on July 14, 2017, and in the documents incorporated by reference that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements speak only as of the date when they are made.  Except as required by federal securities law, we do not undertake any obligation to update forward-looking statements to reflect events, circumstances, changes in expectations, or the occurrence of unanticipated events after the date of those statements.

Item 3.    Quantitative and Qualitative Disclosures about Market Risk
 
Pursuant to Item 305(e) of Regulation S-K, the Company is not required to provide the information required by this Item as it is a “smaller reporting company.”
 
Item 4.    Controls and Procedures
 
Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report, management conducted an evaluation, under the supervision and with the participation of its Chief Executive Officer (CEO) and its principal financial and accounting officer (PFAO), of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rules 13a-15 and 15d-15 of the Securities Exchange Act of 1934.  Based upon that evaluation, our CEO and PFAO concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in reports under the Exchange Act is recorded, processed and reported within the time periods specified in the SEC rules and forms; and accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There were no changes in our internal controls over financial reporting during our fiscal quarter ended September 30, 2017 which were identified in conjunction with Management’s evaluation required by paragraph (d) of Rule 13a-15 and 15d-15 under the Exchange Act that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.
 
Limitations on the Effectiveness of Disclosure Controls and Procedures
 
Our management, including our CEO and PFAO, do not expect that our internal control over financial reporting will prevent all errors and all fraud.  Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree or compliance with the policies or procedures may deteriorate.




PART II – OTHER INFORMATION
 
Item 1.     Legal Proceedings

There are no material legal proceedings against the Company.
 
Item 1A.  Risk Factors

There have not been any material changes with regard to the risk factors previously disclosed in the Company’s annual report on Form 10-K for the fiscal year ended March 31, 2017.
 
Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds
 
None.  

Item 3.    Defaults Upon Senior Securities
 
None.
 
Item 4.   Mine Safety Disclosures

Not applicable.
 
Item 5.    Other Information
 
None.
 
Item 6.    Exhibits
 
3.1
3.2
31.1
31.2
32.1
32.2
101.INS
XBRL Instance Document*
101.SCH
XBRL Taxonomy Extension Schema Document*
101.CAL
XBRL Taxonomy Extension Calculation Linkbase Document*
101.LAB
XBRL Taxonomy Extension Label Linkbase Document*
101.PRE
XBRL Taxonomy Extension Presentation Linkbase Document*
101.DEF
XBRL Taxonomy Extension Definition Linkbase Document*
 
*Filed herewith.





SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
INDIA GLOBALIZATION CAPITAL, INC.
 
 
 
 
 
Date:  November 17, 2017
By:
/s/ Ram Mukunda           
 
 
 
Ram Mukunda
 
 
 
Chief Executive Officer and President
(Principal Executive Officer)
 
 
Date: November 17, 2017
By:
/s/ Rohit Goel
 
 
 
Rohit Goel
Co-Principal Accounting Officer
 
 
 
 
 

19
EX-31.1 2 ex31-1.htm EX-31.1
Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO 17 CFR 240.13(a)-14(a)
(SECTION 302 CERTIFICATION)
 
I, Ram Mukunda, certify that:
 
1. 
I have reviewed this quarterly report on Form 10-Q of India Globalization Capital, Inc.;
 
2. 
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3. 
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4. 
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
a.  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
b.  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
c.  
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
d.  
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5. 
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): 
 
a.  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and 
 
b.  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
 
India Globalization Capital, Inc.
 
 
 
 
 
Date: November 17, 2017
By:
/s/ Ram Mukunda
 
 
 
Ram Mukunda
 
 
 
Chief Executive Officer and President
(Principal Executive Officer)


EX-31.2 3 ex31-2.htm EX-31.2

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO 17 CFR 240.13(a)-14(a)
(SECTION 302 CERTIFICATION)
 
I, Rohit Goel, certify that: 
 
1.  
I have reviewed this quarterly report on Form 10-Q of India Globalization Capital, Inc.;
 
2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
 
4.  
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
a.  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
b.  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
c.  
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
d.  
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5.  
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): 
 
a.  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and 
 
b.  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 

 
 
India Globalization Capital, Inc.
 
 
 
 
 
Date: November 17, 2017
By:
/s/ Rohit Goel
 
 
 
Rohit Goel
 
 
 
Co-Principal Accounting Officer

 
 
 
EX-32.1 4 ex32-1.htm EX-32.1
Exhibit 32.1
 
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
In connection with the quarterly report on Form 10-Q of India Globalization Capital, Inc. (the “Company”) for the quarter ended September 30, 2017, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Ram Mukunda, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
 
 
1.
 
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
 
2.
 
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
 
 
India Globalization Capital, Inc.
 
 
 
 
 
Date: November 17, 2017
By:
/s/ Ram Mukunda                
 
 
 
Ram Mukunda
 
 
 
Chief Executive Officer and President
(Principal Executive Officer)




 

EX-32.2 5 ex32-2.htm EX-32.2
 
Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
In connection with the quarterly report on Form 10-Q of India Globalization Capital, Inc. (the “Company”) for the quarter ended September 30, 2017, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Rohit Goel, Co-Principal Accounting Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
 
 
1.
 
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
 
2.
 
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 
 
India Globalization Capital, Inc.
 
 
 
 
 
Date: November 17, 2017
By:
/s/ Rohit Goel                  
 
 
 
Rohit Goel
 
 
 
Co-Principal Accounting Officer

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&#x2013; OVERVIEW OF INDIA GLOBALIZATION CAPITAL, INC. (&#x201c;IGC&#x201d;)</div><br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">IGC develops cannabis-based combination therapies to treat Alzheimer&#x2019;s, pain, nausea, eating disorders, several end points of Parkinson&#x2019;s, and epilepsy in humans, dogs and cats.&#160; In support of this effort, IGC has assembled a portfolio of patent filings&#160;and four lead product candidates addressing these conditions. In India, the Company is engaged in heavy equipment rental, and in Malaysia, real-estate management.&#160;</div><br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company is a Maryland Corporation formed in April 2005.&#160; In March 2006, we completed an initial public offering of our common stock.&#160; Our registered office in the U.S. is located in Bethesda, Maryland.&#160; We have a facility in Washington State, where we conduct our R&amp;D.&#160; Our back office is located in Kochi, Kerala India.&#160; In addition, many of our staff and advisors work from their home offices.</div><br/></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 2 &#x2013; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</div><br/><div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">a)&#160;&#160;Basis of preparation of financial statements</div><br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company has prepared the accompanying unaudited Condensed Consolidated Financial Statements (&#x201c;Financial Statements&#x201d;) in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (&#x201c;SEC&#x201d;) for interim financial information.&#160;&#160;Accordingly, they do not include all of the information and footnotes required by United States generally accepted accounting principles (&#x201c;GAAP&#x201d;) for complete financial statements and management used estimates and assumptions that could affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.&#160;&#160;The results for interim periods do not necessarily indicate the results that may be expected for any other interim period or for the full year. The significant accounting policies adopted by the Company, in respect of these consolidated financial statements, are set out in the Company&#x2019;s Annual Report on Form 10-K for the fiscal year ended March 31, 2017. 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Our filings are available on www.sec.gov. 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WIDTH: 43%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div> </td> <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td> <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">As of </div> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">September 30, 2017</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#160;</td> <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td> <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; 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FONT-SIZE: 10pt">65,555</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#160;</td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">63,392</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#160;</td> </tr> <tr> <td style="PADDING-BOTTOM: 2px; WIDTH: 43%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Investment in land</div> </td> <td style="PADDING-BOTTOM: 2px; 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PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#160;</td> </tr> <tr> <td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 43%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div> </td> <td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</div> </td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5,240,166</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#160;</td> <td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">$</div> </td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5,238,003</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#160;</td> </tr> </table><br/></div> <div style="font-family: 'Times New Roman', Times, serif; 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VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 13%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">5,174,611</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#160;</td> </tr> <tr> <td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 43%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total</div> </td> <td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; 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WIDTH: 43%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div> </td> <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td> <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">As of </div> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">September 30, 2017</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#160;</td> <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td> <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; 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FONT-SIZE: 10pt">14,454</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#160;</td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 13%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">15,203</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#160;</td> </tr> <tr> <td style="PADDING-BOTTOM: 2px; WIDTH: 43%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Employee related liabilities</div> </td> <td style="PADDING-BOTTOM: 2px; 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TEXT-INDENT: 36pt; MARGIN: 0.1pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">We pay an affiliate of our CEO $4,500 per month for office space and certain general and administrative services rendered in Maryland.&#160; In addition, we pay another affiliate of our CEO $6,100 per month for office and facilities in Washington State.&#160; We believe, based on rents and fees for similar services in the Washington, D.C. metropolitan area, and Washington State that the fee charged by the affiliates are at least as favorable as we could have obtained from an unaffiliated third party and these payments are not considered, or meant to be compensation to our CEO.&#160; The rental agreement for the Maryland location is on a month-to-month basis and may be terminated by our Board of Directors of the Company at any time without notice. The rental agreement for Washington State facilities expires on December 31, 2017, unless renewed by mutual consent.&#160; During the quarter ended September 30, 2017, the total rent paid to the affiliates were $13,500 for the office space (and services) in Maryland, and $18,300 for the facilities in Washington State is payable.</div><br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">All compensation, cash and non-cash (stock) paid to the CFO is paid to his wholly owned limited liability company (LLC).&#160; There are no other payments made directly to the CFO.</div><br/><div style="TEXT-ALIGN: left; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Loans by Related Parties:</div><br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">We have a working capital loan that has a loan balance of $112,500 as of September 30, 2017 and $97,500 as of March 31, 2017 from an affiliate of our CEO, at an annual interest rate of zero percent, due February 23, 2022.&#160; There is no prepayment penalty.&#160; The assets of the Company secure the loan.</div><br/><div style="TEXT-ALIGN: justify; FONT-STYLE: italic; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Loans to Related Parties</div><br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">On April 30, 2015, FYE 2016, we loaned Apogee Financial Services $70,000 as working capital for Midtown partners.&#160; The loan is outstanding as of September 30, 2017.</div><br/></div> 81834 350794 1480000 4500 6100 13500 18300 112500 97500 0.00 2022-02-23 70000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 11 &#x2013; NOTES PAYABLE AND LOANS &#x2013; OTHERS</div><br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company has an unsecured Note Payable to Bricoleur Partners, L.P. in the amount of $1,800,000 (&#x201c;2012 Security&#x201d;), which was extended to July 31, 2016, subject to the same terms of the 2012 Agreement.&#160; Up to July 2014, the Company was making monthly interest payments of 17,100 shares of common stock. Starting on August 2014 and as per Amendment No. 2 to the 2012 Security, the Company started making a monthly interest payment of 23,489 shares of common stock. Contractually, there is no cash interest paid to Bricoleur on the Note. Instead, the parties have agreed that the Company will make a payment (booked under interest payment) of 30,000 shares of common stock for each month the loan remains unpaid, regardless of the trading price of the stock. The arrangement allows the Company and Bricoleur to pursue permanent conversion of the principal to common stock, or repayment of the principal using common stock.&#160;&#160; During the quarter ended September 30, 2017, the Company issued a total of 90,000 shares valued at $30,900 to this debt holder, which constitutes non-tax-deductible interest payments for the Company.</div><br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As of September 30, 2017, the Company has five loans categorized as Loans Others totaling $399,726 at an average annual interest rate of 10%, as follows: Loan 1: We have a loan for $59,726, due on April 25, 2018 bearing 10% annual interest rate. This loan is from one of our Advisors and former director. Loan 2: We have a loan from an individual for $100,000, at an annual interest rate of 24%, due February 23, 2022. There is no prepayment penalty. The assets of the Company secure the loan. Loan 3: We have a loan from an individual for $50,000, at an annual interest rate of 15%, due February 23, 2022. There is no prepayment penalty. The assets of the Company secure the loan. Loan 4: We have a loan of $77,500 from an affiliate of our CEO, at an annual interest rate of 15%, due February 23, 2022.&#160; There is no prepayment penalty.&#160; The assets of the Company secure the loan. Loan 5: We have a working capital loan that has a loan balance as of September 30, 2017 of $112,500 from an affiliate of our CEO, at an annual interest rate of zero percent, due February 23, 2022. There is no prepayment penalty. The assets of the Company secure the loan.</div><br/></div> 1800000 17100 23489 30000 90000 30900 5 399726 0.10 59726 2018-04-25 0.10 100000 0.24 2022-02-23 50000 0.15 2022-02-23 77500 0.15 2022-02-23 0.00 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 12 &#x2013; COMMITMENTS AND CONTINGENCY</div><br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">No significant contingencies or commitments were made or existed during the three months ended September 30, 2017.</div><br/></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 13 &#x2013; COMMON STOCK</div><br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Our common stock trades on the NYSE AMERICAN under the symbol &#x201c;IGC&#x201d; with CUSIP number 45408X308, $0.0001 par value (&#x201c;Common Stock&#x201d;). This security is also available for trading on the Borse Frankfurt, Stuttgart, and Berlin Exchanges (ticker symbol: IGS1).&#160; The Common stock of the Company is also available for trading on the Borse Frankfurt, Borse Berlin, and Borse Stuttgart (XETRA2) exchanges in Germany. The Warrants and Units now trade on the OTC Markets. We have redeemable Warrants (CUSIP number 45408X118 expiring on March 6, 2019) to purchase Common Stock (ticker symbol: IGC.WT) and Units consisting of one share of Common Stock and two redeemable warrants to purchase Common Stock that are not listed.&#160; The Unit holders are requested to contact the Company to get their existing Units separated into Common Stock and Warrants.</div><br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">During the quarter ended September 30, 2017, the Company issued 90,000 shares valued at $30,900 to Bricoleur Partners, L.P. for the outstanding $1,800,000 promissory note (&#x201c;2012 Security&#x201d;), which constituted an element of repayment of interest.</div><br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">On May 20, 2016, IGC entered into a new At-The-Market Agency Agreement (&#x201c;ATM Agreement&#x201d;) with IFS Securities, Inc. (dba Brinson Patrick, a division of IFS Securities, Inc.), as sales agent (&#x201c;Brinson Patrick&#x201d; or the &#x201c;Agent&#x201d;). IGC intends to use the net proceeds from the sale of securities offered for working capital needs, repayment of indebtedness and other general corporate purposes. During the quarter ended September 30, 2017, the Company issued 1,012,252 shares of Common Stock valuated at $367,931 under this agreement.</div><br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Under the December 18, 2014 Purchase Agreement with Apogee, we issued 1,200,000 common shares of IGC valued at $888,000 for the purchase of 24.9% ownership interest in Midtown Partners &amp; Co., LLC.&#160; Pending downward adjustments, subject to certain balance sheet items of MTP, a total of 500,000 shares of IGC common stock have been held back.&#160; Pending the resolution of these balance sheet items, the shares that have been held back may be cancelled. The agreement had a deadline of June 30, 2015, for Apogee and Midtown Partners to obtain the requisite approvals from FINRA. Apogee did not file for approval on time, and consequently pursuant to the terms of the Agreement, there are several penalties that will apply, including the cancellation of 700,000 shares of IGC stock and a penalty of $125,000 owed by Apogee to us.&#160; We are not seeking to consummate the acquisition of the remaining interest in Midtown Partners at this time.</div><br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company has granted (1) its Advisors options to purchase a total of 440,000 shares of common stock at exercise prices ranging from $0.10 to $0.30, all of which are outstanding and exercisable as of September 30, 2017 and (2) 100,000 shares to acquire the exclusive right to the license of the U.S. patent filing entitled &#x201c;THC as a Potential Therapeutic Agent for Alzheimer&#x2019;s Disease&#x201d; by the University of South Florida. Further, pursuant to IGC&#x2019;s employee stock option plan and during the quarter ended September 30, 2017, IGC granted no shares to its directors or its employees. As of September 30, 2017, IGC has 28,005,272 shares of Common Stock issued and outstanding.</div><br/></div> We have redeemable Warrants (CUSIP number 45408X118 expiring on March 6, 2019) to purchase Common Stock (ticker symbol: IGC.WT) and Units consisting of one share of Common Stock and two redeemable warrants to purchase Common Stock that are not listed. 90000 30900 1012252 367931 1200000 888000 0.249 500000 The agreement had a deadline of June 30, 2015, for Apogee and Midtown Partners to obtain the requisite approvals from FINRA. Apogee did not file for approval on time, and consequently pursuant to the terms of the Agreement, there are several penalties that will apply, including the cancellation of 700,000 shares of IGC stock and a penalty of $125,000 owed by Apogee to us. We are not seeking to consummate the acquisition of the remaining interest in Midtown Partners at this time. 440000 0.10 0.30 100000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 14 &#x2013; STOCK-BASED COMPENSATION</div><br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">On April 1, 2009, the Company adopted ASC 718, &#x201c;Compensation-Stock Compensation&#x201d; (previously referred to as SFAS No. 123 (revised 2004), <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Share Based Payment)</font>.&#160;&#160;ASC 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values.&#160;As of September 30, 2017, under the 2008 Omnibus Plan, 4,374,899 shares of common stock have been awarded. As of September 30, 2017, there are 440,000 stock options available to IGC&#x2019;s advisors. No shares of common stock under the 2008 ESOP plan are available for future grants of options or stock awards.</div><br/></div> 4374899 440000 0 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 15&#160;&#x2013; SELLING, GENERAL AND ADMINISTRATIVE EXPENSES</div><br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Selling, general and administrative expenses were $709,960 for the six months ended September 30, 2017 as compared to $636,802 for the six months ended September 30, 2016. Selling, general and administrative expenses include compensation expenses to management, legal and professional expenses, investor-relations expenses, acquisition related expenses and travel expenses.</div><br/></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 16&#160;&#x2013; IMPAIRMENT</div><br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">None during fiscal quarter ended September 30, 2017.&#160;</div><br/></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 17 &#x2013; OTHER INCOME</div><br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other income for the three-month periods ended September 30, 2017 and 2016 amounted to $(144) and $11,985, respectively, and included income received from the supply of skilled operators for the heavy equipment rental business and from the rent of the apartment belonging to TBL, which is in Kochi, India.</div><br/></div> -144 11985 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 18 &#x2013; RECONCILIATION OF EPS</div><br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The historical weighted average per share for our shares through September 30, 2017, was applied using the treasury method of calculating the fully diluted shares.&#160;&#160;The weighted average number of shares outstanding as of September 30, 2017 and 2016 used for the computation of basic earnings per share (&#x201c;EPS&#x201d;) is 27,355,826 and 23,636,403, respectively. 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The Company continues to carry the full value of the receivables without interest and without any impairment, because the Company believes that there is minimal risk that this organization will become insolvent and unable to make payment.</div><br/></div> 427721 427721 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 22 &#x2013; FAIR VALUE OF FINANCIAL INSTRUMENTS</div><br/><div style="TEXT-ALIGN: justify; MARGIN-TOP: 0.1pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 0.1pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.1pt">The fair value of the Company&#x2019;s current assets and current liabilities approximate their carrying value because of their short-term nature.&#160;&#160;Such financial instruments are classified as current and are expected to be liquidated within the next twelve months.</div><br/></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">NOTE 24 &#x2013; INVESTMENT IN AFFILIATES</div><br/><div style="TEXT-ALIGN: justify; TEXT-INDENT: 35.9pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 0.1pt; FONT-SIZE: 10pt">Pursuant to the December 18, 2014 Purchase Agreement with Apogee, we issued 1,200,000 common shares of IGC valued at $888,000 for the purchase of 24.9% ownership interest in Midtown Partners &amp; Co., LLC.&#160; The Purchase Agreement expired on June 30, 2015, and the Company is pursuing its rights under the terms of the Purchase Agreement to recover certain damages.</div><br/></div> 1200000 888000 0.249 EX-101.SCH 7 igc-20170930.xsd XBRL TAXONOMY EXTENSION SCHEMA 001 - Statement - CONSOLIDATED BALANCE SHEETS link:presentationLink link:definitionLink link:calculationLink 002 - Statement - CONSOLIDATED BALANCE SHEETS (Parentheticals) link:presentationLink link:definitionLink link:calculationLink 003 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) link:presentationLink link:definitionLink link:calculationLink 004 - Statement - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) link:presentationLink link:definitionLink link:calculationLink 005 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) link:presentationLink link:definitionLink link:calculationLink 006 - Disclosure - NOTE 1 - OVERVIEW OF INDIA GLOBALIZATION CAPITAL, INC. 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Document And Entity Information - shares
6 Months Ended
Sep. 30, 2017
Nov. 13, 2017
Document and Entity Information [Abstract]    
Entity Registrant Name India Globalization Capital, Inc.  
Document Type 10-Q  
Current Fiscal Year End Date --03-31  
Entity Common Stock, Shares Outstanding   28,065,272
Amendment Flag false  
Entity Central Index Key 0001326205  
Entity Current Reporting Status Yes  
Entity Voluntary Filers No  
Entity Filer Category Smaller Reporting Company  
Entity Well-known Seasoned Issuer No  
Document Period End Date Sep. 30, 2017  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q2  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2017
Mar. 31, 2017
Current assets:    
Cash and cash equivalents $ 597,026 $ 538,029
Accounts receivable, net of allowances 1,033,608 752,926
Prepaid expenses and other current assets 393,579 410,408
Short-term investments 0 1,880,000
Total current assets 2,024,213 3,581,363
Goodwill 198,169 198,169
Intangible assets 111,691 0
Property, plant and equipment, net 953,257 953,936
Investments in affiliates 773,111 773,111
Investments-others 5,240,166 5,238,003
Other non-current assets 691,745 539,720
Total long-term assets 7,968,139 7,702,939
Total assets 9,992,352 11,284,302
Current liabilities:    
Trade payables 613,131 416,532
Accrued expenses 197,716 181,465
Other current liabilities 409,597 691,714
Total current liabilities 1,220,444 1,289,711
Long-term borrowings 350,794 452,080
Loans - others 399,726 392,226
Notes payable 1,800,000 1,800,000
Total non-current liabilities 2,550,520 2,644,306
Total liabilities 3,770,964 3,934,017
Stockholders’ equity:    
Common stock — $.0001 par value; 150,000,000 shares authorized; 28,272,667 issued and outstanding as of March 31, 2017 and 28,005,272 issued and outstanding as of September 30, 2017. 2,801 2,827
Additional paid-in capital 60,974,013 61,413,533
Accumulated other comprehensive income (2,058,702) (2,047,780)
Retained earnings/(Deficit) (52,687,870) (52,009,459)
Total equity attributable to Parent 6,230,242 7,359,121
Non-controlling interest (8,854) (8,836)
Total stockholders’ equity 6,221,388 7,350,285
Total liabilities and stockholders’ equity $ 9,992,352 $ 11,284,302
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CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares
Sep. 30, 2017
Mar. 31, 2017
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 28,005,272 28,272,667
Common stock, shares outstanding 28,005,272 28,272,667
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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues $ 235,648 $ 162,163 $ 288,573 $ 237,563
Cost of revenues (excluding depreciation) (163,170) (90,534) (170,051) (154,589)
Selling, general and administrative expenses (331,146) (339,585) (709,960) (636,802)
Depreciation (4,344) (97,842) (10,309) (195,514)
Loss on investments/associates /joint ventures 0 (183,835) 0 (183,835)
Operating income (loss) (263,012) (549,633) (601,747) (933,177)
Interest expense (40,832) (51,410) (85,378) (89,956)
Interest income 100 114 101 114
Other income, net/(loss) (144) 11,985 8,210 13,740
Income before income taxes and minority interest attributable to non-controlling interest (303,888) (588,944) (678,814) (1,009,279)
Income taxes benefit/(expense) 0 0 0 0
Net income/(loss) (303,888) (588,944) (678,814) (1,009,279)
Non-controlling interests in earnings of subsidiaries (84) (5,073) (403) (11,239)
Net income/(loss) attributable to common stockholders $ (303,804) $ (583,871) $ (678,411) $ (998,040)
Earnings/(loss) per share attributable to common stockholders:        
Basic (in Dollars per share) $ (0.01) $ (0.02) $ (0.02) $ (0.04)
Diluted (in Dollars per share) $ (0.01) $ (0.02) $ (0.02) $ (0.04)
Weighted-average number of shares used in computing earnings per share amounts:        
Basic (in Shares) 27,355,826 23,636,403 27,355,826 23,636,403
Diluted (in Shares) 29,051,771 23,636,403 29,051,771 23,636,403
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Net income / (loss) $ (303,804) $ (583,871) $ (678,411) $ (998,040)
Parent [Member]        
Net income / (loss) (303,804) (583,871) (678,411) (998,040)
Foreign currency translation adjustments (12,679) 8,775 (10,922) 38,412
Comprehensive income/(loss) (316,483) (575,096) (689,333) (959,628)
Noncontrolling Interest [Member]        
Net income / (loss) (84) (5,073) (403) (11,239)
Foreign currency translation adjustments 0 0 0 0
Comprehensive income/(loss) (84) (5,073) (403) (11,239)
Comprehensive Income [Member]        
Net income / (loss) (303,888) (588,944) (678,814) (1,009,279)
Foreign currency translation adjustments (12,679) 8,775 (10,922) 38,412
Comprehensive income/(loss) $ (316,567) $ (580,169) $ (689,736) $ (970,867)
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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net income (loss) $ (678,814) $ (1,009,279)
Adjustment to reconcile net income/(loss) to net cash:    
Depreciation 10,309 195,514
Bad debts written off/Creditors restated 24 0
Loss from Investments /joint venture /associates 0 183,835
Non-cash interest expenses 67,500 71,315
ESOP shares 306,798 0
Changes in:    
Accounts receivable (280,893) (2,462)
Prepaid expenses and other assets 16,828 (4,836)
Trade payables 196,602 200,688
Other current liabilities (282,118) (33,414)
Other non-current liabilities 0 (36,191)
Non-current assets 0 723
Accrued Expenses 16,251 (242,621)
Net cash provided/(used) in operating activities (627,513) (676,728)
Cash flow from investing activities:    
Proceeds from non-current investment (2,342) (55,000)
Purchase of property and equipment (927) (4,504)
Capital work in progress (8,563) (95,843)
Non-current assets (136,280) 0
Net cash provided/(used) by investing activities (148,112) (155,347)
Cash flows from financing activities:    
Issuance of equity stock 1,015,628 242,562
Proceeds /(repayment) from long-term borrowing (101,286) 140,933
Proceeds from loans 7,500 (64,250)
Expense related to stock (76,911)  
Net cash provided/(used) by financing activities 844,931 319,245
Effects of exchange rate changes on cash and cash equivalents (10,309) (38,578)
Net increase/(decrease) in cash and cash equivalents 58,997 (551,408)
Cash and cash equivalent at the beginning of the period 538,029 1,490,693
Cash and cash equivalent at the end of the period 597,026 939,285
Supplementary information:    
Cash paid for interest 17,878 18,641
Non-cash items:    
Common stock issued for interest payment on notes payable 67,500 71,315
Common stock issued including ESOP, Consultancy and Other $ 348,798 $ 0
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NOTE 1 - OVERVIEW OF INDIA GLOBALIZATION CAPITAL, INC. (“IGC”)
6 Months Ended
Sep. 30, 2017
Disclosure Text Block [Abstract]  
Nature of Operations [Text Block]
NOTE 1 – OVERVIEW OF INDIA GLOBALIZATION CAPITAL, INC. (“IGC”)

IGC develops cannabis-based combination therapies to treat Alzheimer’s, pain, nausea, eating disorders, several end points of Parkinson’s, and epilepsy in humans, dogs and cats.  In support of this effort, IGC has assembled a portfolio of patent filings and four lead product candidates addressing these conditions. In India, the Company is engaged in heavy equipment rental, and in Malaysia, real-estate management. 

The Company is a Maryland Corporation formed in April 2005.  In March 2006, we completed an initial public offering of our common stock.  Our registered office in the U.S. is located in Bethesda, Maryland.  We have a facility in Washington State, where we conduct our R&D.  Our back office is located in Kochi, Kerala India.  In addition, many of our staff and advisors work from their home offices.

XML 19 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
6 Months Ended
Sep. 30, 2017
Accounting Policies [Abstract]  
Significant Accounting Policies [Text Block]
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a)  Basis of preparation of financial statements

The Company has prepared the accompanying unaudited Condensed Consolidated Financial Statements (“Financial Statements”) in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information.  Accordingly, they do not include all of the information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statements and management used estimates and assumptions that could affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.  The results for interim periods do not necessarily indicate the results that may be expected for any other interim period or for the full year. The significant accounting policies adopted by the Company, in respect of these consolidated financial statements, are set out in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2017. Therefore, the Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and respective notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2017 filed with the SEC on July 14, 2017.  In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included in the Financial Statements. The consolidated financial statements include the accounts of the Company and all its subsidiaries that are more than 50% owned and controlled. The Company consolidates the subsidiaries into its consolidated financial statements. Transactions between the Company and its subsidiaries have been eliminated in the consolidated financial statements.

In the quarter ended September 30, 2017, in addition to the US, IGC operates in India and Malaysia and a substantial portion of the Company’s sales are denominated in INR and RM. As a result, changes in the relative values of the U.S. dollar and INR or the RM affect revenues and profits as the results are translated into U.S. dollars in the consolidated and pro forma financial statements.  The accompanying financial statements are reported in U.S. dollars. The INR and the RM are the functional currencies for the Company. The translation of the functional currencies into U.S. dollars is performed for assets and liabilities using the exchange rates in effect at the balance sheet date and for revenues, costs 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 income/(loss), a separate component of shareholders’ equity.

The Company’s current fiscal year ends on March 31, 2018. Unless the context requires otherwise, all references in this report to “IGC,” “we,” “our” and “us” refer to India Globalization Capital, Inc., together with its subsidiaries, as listed and described in its Annual Report on Form 10-K filed with the SEC on July 14, 2017.  We exclude our investments and minority non-controlling interests, and any information provided by them is not incorporated by reference in this report, and you should not consider it a part of this report. Our filings are available on www.sec.gov. The information contained on our website, www.igcinc.us, is not incorporated by reference in this report, and you should not consider it a part of this report.

XML 20 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 3 - ACCOUNTS RECEIVABLE
6 Months Ended
Sep. 30, 2017
Receivables [Abstract]  
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]
NOTE 3 – ACCOUNTS RECEIVABLE

Accounts receivable, net of allowances, amounted to $1,033,608 and $752,926 as of September 30, 2017 and March 31, 2017, respectively.  The accounts receivable net of reserves for the quarter ended September 30, 2017 come primarily from construction management and rental of heavy construction equipment.

XML 21 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 4 - OTHER CURRENT AND NON-CURRENT ASSETS
6 Months Ended
Sep. 30, 2017
Disclosure Text Block Supplement [Abstract]  
Other Assets Disclosure [Text Block]
NOTE 4 – OTHER CURRENT AND NON-CURRENT ASSETS

Prepaid expenses and other current assets consist of the following:

 
 
As of
September 30, 2017
   
As of
March 31, 2017
 
Prepaid /preliminary expenses
 
$
6,750
   
$
6,750
 
Advance to suppliers, others & services
   
364,049
     
352,850
 
Security/statutory advances
   
16,420
     
14,216
 
Prepaid and accrued interest
   
1,427
     
1,436
 
Deposit and other current assets
   
4,933
     
35,156
 
Total
 
$
393,579
   
$
410,408
 

Other non-current assets consist of the following:

 
 
As of
September 30, 2017
   
As of
March 31, 2017
 
Statutory/Other advances
 
$
510,164
   
$
539,720
 
Product Formulation
   
181,581
     
-
 
Total
 
$
691,745
   
$
539,720
 

On May 21, 2012, TBL entered into an agreement with Weave & Weave for the purchase of land. TBL gave Weave and Wave an advance of $375,191. As of the date of this filing, the parties are in the process of negotiating a settlement that includes the purchase and sale of land as well as the refund of the advance given by TBL.  Product Formulation is the capitalized part of expenses related to developing product formulations. 

XML 22 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 5 - INTANGIBLE ASSETS AND GOODWILL
6 Months Ended
Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure [Text Block]
NOTE 5 – INTANGIBLE ASSETS AND GOODWILL

The movement in intangible assets and goodwill is given below.

 
 
As of
September 30, 2017
   
As of
March 31, 2017
 
Intangible assets at the beginning of the period
 
$
-
   
$
113,321
 
Amortization
   
-
     
(113,321
)
Patent filings and rights
   
111,691
     
-
 
Total Intangible assets
 
$
111,691
   
$
-
 
Goodwill of Cabaran Ultima Sdn Bhd
   
198,169
     
198,169
 
Total Goodwill
 
$
198,169
     
198,169
 

The value of goodwill for the two periods shown is $198,169 and is associated with the acquisition of Cabaran Ultima. The capitalized patent expenses are direct expenses, legal, filing fees etc, associated with filing patents in North America, Europe and Canada.

XML 23 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 6 - PROPERTY, PLANT AND EQUIPMENT
6 Months Ended
Sep. 30, 2017
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]
NOTE 6 – PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consist of the following:

 Category
 
Useful Life (years)
   
As of
September 30, 2017
   
As of
March 31, 2017
 
Building (flat)
   
25
   
$
239,519
   
$
241,181
 
Plant and machinery
   
20
     
1,698,270
     
1,710,055
 
Computer equipment
   
3
     
154,396
     
157,349
 
Office equipment
   
5
     
118,733
     
119,528
 
Furniture and fixtures
   
5
     
68,228
     
70,368
 
Vehicles
   
5
     
253,847
     
292,764
 
Assets under construction
   
N/A
     
965,790
     
957,880
 
Total
         
$
3,498,783
   
$
3,549,125
 
Less: Accumulated depreciation
         
$
(2,545,526
)
 
$
(2,595,189
)
Net Assets
         
$
953,257
   
$
953,936
 

Depreciation expense for the six months ended September 30, 2017 and 2016 was $10,309 and $195,514 respectively.  Capital work-in-progress represents the cost of property and equipment not put to use before the balance sheet date.

XML 24 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 7 - INVESTMENTS - OTHERS
6 Months Ended
Sep. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments and Joint Ventures Disclosure [Text Block]
NOTE 7 – INVESTMENTS – OTHERS

Investments – others for each of the periods ended September 30, 2017 and March 31, 2017 consisted of the following:

 
 
As of
September 30, 2017
   
As of
March 31, 2017
 
Investment in equity shares of unlisted company & associates
 
$
65,555
   
$
63,392
 
Investment in land
   
5,174,611
     
5,174,611
 
Total
 
$
5,240,166
   
$
5,238,003
 

XML 25 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 9 - OTHER CURRENT AND NON-CURRENT LIABILITIES
6 Months Ended
Sep. 30, 2017
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract]  
Other Liabilities Disclosure [Text Block]
NOTE 9 – OTHER CURRENT AND NON-CURRENT LIABILITIES

Other current liabilities consist of the following:

 
 
As of
September 30, 2017
   
As
of March 31, 2017
 
Statutory payables
 
$
14,454
   
$
15,203
 
Employee related liabilities
   
395,143
     
676,511
 
Total
 
$
409,597
   
$
691,714
 

For the quarter ended September 30, 2017, there were no other non-current liabilities.

XML 26 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 10 - RELATED PARTY TRANSACTIONS
6 Months Ended
Sep. 30, 2017
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]
NOTE 10 – RELATED PARTY TRANSACTIONS

As of September 30, 2017, the Company has (i) a balance of $81,834 due and payable to our CEO inclusive of certain unpaid salaries from previous years and (ii) a long-term loan of $350,794 due by Cabaran to a Director of Cabaran (RM 1,480,000), for a loan made to Cabaran.

We pay an affiliate of our CEO $4,500 per month for office space and certain general and administrative services rendered in Maryland.  In addition, we pay another affiliate of our CEO $6,100 per month for office and facilities in Washington State.  We believe, based on rents and fees for similar services in the Washington, D.C. metropolitan area, and Washington State that the fee charged by the affiliates are at least as favorable as we could have obtained from an unaffiliated third party and these payments are not considered, or meant to be compensation to our CEO.  The rental agreement for the Maryland location is on a month-to-month basis and may be terminated by our Board of Directors of the Company at any time without notice. The rental agreement for Washington State facilities expires on December 31, 2017, unless renewed by mutual consent.  During the quarter ended September 30, 2017, the total rent paid to the affiliates were $13,500 for the office space (and services) in Maryland, and $18,300 for the facilities in Washington State is payable.

All compensation, cash and non-cash (stock) paid to the CFO is paid to his wholly owned limited liability company (LLC).  There are no other payments made directly to the CFO.

Loans by Related Parties:

We have a working capital loan that has a loan balance of $112,500 as of September 30, 2017 and $97,500 as of March 31, 2017 from an affiliate of our CEO, at an annual interest rate of zero percent, due February 23, 2022.  There is no prepayment penalty.  The assets of the Company secure the loan.

Loans to Related Parties

On April 30, 2015, FYE 2016, we loaned Apogee Financial Services $70,000 as working capital for Midtown partners.  The loan is outstanding as of September 30, 2017.

XML 27 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 11 - NOTES PAYABLE AND LOANS – OTHERS
6 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]
NOTE 11 – NOTES PAYABLE AND LOANS – OTHERS

The Company has an unsecured Note Payable to Bricoleur Partners, L.P. in the amount of $1,800,000 (“2012 Security”), which was extended to July 31, 2016, subject to the same terms of the 2012 Agreement.  Up to July 2014, the Company was making monthly interest payments of 17,100 shares of common stock. Starting on August 2014 and as per Amendment No. 2 to the 2012 Security, the Company started making a monthly interest payment of 23,489 shares of common stock. Contractually, there is no cash interest paid to Bricoleur on the Note. Instead, the parties have agreed that the Company will make a payment (booked under interest payment) of 30,000 shares of common stock for each month the loan remains unpaid, regardless of the trading price of the stock. The arrangement allows the Company and Bricoleur to pursue permanent conversion of the principal to common stock, or repayment of the principal using common stock.   During the quarter ended September 30, 2017, the Company issued a total of 90,000 shares valued at $30,900 to this debt holder, which constitutes non-tax-deductible interest payments for the Company.

As of September 30, 2017, the Company has five loans categorized as Loans Others totaling $399,726 at an average annual interest rate of 10%, as follows: Loan 1: We have a loan for $59,726, due on April 25, 2018 bearing 10% annual interest rate. This loan is from one of our Advisors and former director. Loan 2: We have a loan from an individual for $100,000, at an annual interest rate of 24%, due February 23, 2022. There is no prepayment penalty. The assets of the Company secure the loan. Loan 3: We have a loan from an individual for $50,000, at an annual interest rate of 15%, due February 23, 2022. There is no prepayment penalty. The assets of the Company secure the loan. Loan 4: We have a loan of $77,500 from an affiliate of our CEO, at an annual interest rate of 15%, due February 23, 2022.  There is no prepayment penalty.  The assets of the Company secure the loan. Loan 5: We have a working capital loan that has a loan balance as of September 30, 2017 of $112,500 from an affiliate of our CEO, at an annual interest rate of zero percent, due February 23, 2022. There is no prepayment penalty. The assets of the Company secure the loan.

XML 28 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 12 - COMMITMENTS AND CONTINGENCY
6 Months Ended
Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure [Text Block]
NOTE 12 – COMMITMENTS AND CONTINGENCY

No significant contingencies or commitments were made or existed during the three months ended September 30, 2017.

XML 29 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 13 - COMMON STOCK
6 Months Ended
Sep. 30, 2017
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]
NOTE 13 – COMMON STOCK

Our common stock trades on the NYSE AMERICAN under the symbol “IGC” with CUSIP number 45408X308, $0.0001 par value (“Common Stock”). This security is also available for trading on the Borse Frankfurt, Stuttgart, and Berlin Exchanges (ticker symbol: IGS1).  The Common stock of the Company is also available for trading on the Borse Frankfurt, Borse Berlin, and Borse Stuttgart (XETRA2) exchanges in Germany. The Warrants and Units now trade on the OTC Markets. We have redeemable Warrants (CUSIP number 45408X118 expiring on March 6, 2019) to purchase Common Stock (ticker symbol: IGC.WT) and Units consisting of one share of Common Stock and two redeemable warrants to purchase Common Stock that are not listed.  The Unit holders are requested to contact the Company to get their existing Units separated into Common Stock and Warrants.

During the quarter ended September 30, 2017, the Company issued 90,000 shares valued at $30,900 to Bricoleur Partners, L.P. for the outstanding $1,800,000 promissory note (“2012 Security”), which constituted an element of repayment of interest.

On May 20, 2016, IGC entered into a new At-The-Market Agency Agreement (“ATM Agreement”) with IFS Securities, Inc. (dba Brinson Patrick, a division of IFS Securities, Inc.), as sales agent (“Brinson Patrick” or the “Agent”). IGC intends to use the net proceeds from the sale of securities offered for working capital needs, repayment of indebtedness and other general corporate purposes. During the quarter ended September 30, 2017, the Company issued 1,012,252 shares of Common Stock valuated at $367,931 under this agreement.

Under the December 18, 2014 Purchase Agreement with Apogee, we issued 1,200,000 common shares of IGC valued at $888,000 for the purchase of 24.9% ownership interest in Midtown Partners & Co., LLC.  Pending downward adjustments, subject to certain balance sheet items of MTP, a total of 500,000 shares of IGC common stock have been held back.  Pending the resolution of these balance sheet items, the shares that have been held back may be cancelled. The agreement had a deadline of June 30, 2015, for Apogee and Midtown Partners to obtain the requisite approvals from FINRA. Apogee did not file for approval on time, and consequently pursuant to the terms of the Agreement, there are several penalties that will apply, including the cancellation of 700,000 shares of IGC stock and a penalty of $125,000 owed by Apogee to us.  We are not seeking to consummate the acquisition of the remaining interest in Midtown Partners at this time.

The Company has granted (1) its Advisors options to purchase a total of 440,000 shares of common stock at exercise prices ranging from $0.10 to $0.30, all of which are outstanding and exercisable as of September 30, 2017 and (2) 100,000 shares to acquire the exclusive right to the license of the U.S. patent filing entitled “THC as a Potential Therapeutic Agent for Alzheimer’s Disease” by the University of South Florida. Further, pursuant to IGC’s employee stock option plan and during the quarter ended September 30, 2017, IGC granted no shares to its directors or its employees. As of September 30, 2017, IGC has 28,005,272 shares of Common Stock issued and outstanding.

XML 30 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 14 - STOCK-BASED COMPENSATION
6 Months Ended
Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
NOTE 14 – STOCK-BASED COMPENSATION

On April 1, 2009, the Company adopted ASC 718, “Compensation-Stock Compensation” (previously referred to as SFAS No. 123 (revised 2004), Share Based Payment).  ASC 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. As of September 30, 2017, under the 2008 Omnibus Plan, 4,374,899 shares of common stock have been awarded. As of September 30, 2017, there are 440,000 stock options available to IGC’s advisors. No shares of common stock under the 2008 ESOP plan are available for future grants of options or stock awards.

XML 31 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 15 - SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
6 Months Ended
Sep. 30, 2017
Disclosure Text Block [Abstract]  
Other Operating Income and Expense [Text Block]
NOTE 15 – SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

Selling, general and administrative expenses were $709,960 for the six months ended September 30, 2017 as compared to $636,802 for the six months ended September 30, 2016. Selling, general and administrative expenses include compensation expenses to management, legal and professional expenses, investor-relations expenses, acquisition related expenses and travel expenses.

XML 32 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 16 - IMPAIRMENT
6 Months Ended
Sep. 30, 2017
Disclosure Text Block Supplement [Abstract]  
Asset Impairment Charges [Text Block]
NOTE 16 – IMPAIRMENT

None during fiscal quarter ended September 30, 2017. 

XML 33 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 17 - OTHER INCOME
6 Months Ended
Sep. 30, 2017
Other Income and Expenses [Abstract]  
Other Income and Other Expense Disclosure [Text Block]
NOTE 17 – OTHER INCOME

Other income for the three-month periods ended September 30, 2017 and 2016 amounted to $(144) and $11,985, respectively, and included income received from the supply of skilled operators for the heavy equipment rental business and from the rent of the apartment belonging to TBL, which is in Kochi, India.

XML 34 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 18 - RECONCILIATION OF EPS
6 Months Ended
Sep. 30, 2017
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]
NOTE 18 – RECONCILIATION OF EPS

The historical weighted average per share for our shares through September 30, 2017, was applied using the treasury method of calculating the fully diluted shares.  The weighted average number of shares outstanding as of September 30, 2017 and 2016 used for the computation of basic earnings per share (“EPS”) is 27,355,826 and 23,636,403, respectively. Due to the loss incurred during the three-month period ended September 30, 2017, all the potential equity shares are anti-dilutive and accordingly, the fully diluted EPS is equal to the basic EPS.

XML 35 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 19 - INCOME TAXES
6 Months Ended
Sep. 30, 2017
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]
NOTE 19 – INCOME TAXES

The Company adopted ASC 740, Accounting for Uncertainty in Income Taxes. In assessing the recoverability of its deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets is dependent on the generation of future taxable income during the periods in which those temporary differences become deductible. The management considers historical and projected future taxable income, and tax planning strategies in making this assessment.

The Company’s effective tax rate was 0% for both the quarters ended September 30, 2017 and 2016. The Company has US deferred tax assets, which have been offset by valuation allowance because of historical and expected losses.  As the Company reverses its losses and becomes profitable, we will reassess the likelihood of recovering a portion or all of the deferred tax assets.  

The Company recorded an income tax gain/expense of $0 resulting from operational results of its foreign entities for both three-month periods ended September 30, 2017 and 2016. As of September 30, 2017, and 2016, there was no significant liability for income tax associated with unrecognized tax benefits.  As of September 30, 2017, IGC could not use its net operating losses.

XML 36 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 20 - SEGMENT INFORMATION
6 Months Ended
Sep. 30, 2017
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]
NOTE 20 – SEGMENT INFORMATION

Accounting pronouncements establish standards for the manner in which public companies report information about operating segments in annual and interim financial statements. Operating segments are components of an enterprise that have distinct financial information available and evaluated regularly by the chief operating decision-maker (“CODM”) to decide how to allocate resources and evaluate performance. The Company’s CODM is considered to be the Company’s chief executive officer (“CEO”). The CEO reviews financial information presented on an entity level basis for purposes of making operating decisions and assessing financial performance. Therefore, the Company has determined that it operates in a single operating and reportable segment.

The following provides information required by ASC 280-10-50-38 Entity-Wide Information:

1) The table below shows revenue reported by product and service:

Product & Service
 
Amount
   
% on total revenues
 
 
           
Rental / Trading/Real estate
 
$
288,573
   
 
100
%
TOTAL
 
$
288,573
   
 
100
%

2(a) The table below shows the revenue attributed to the country of domicile (USA) and foreign countries.  Revenue is attributed to an individual country if the invoice made to the customer originates in that country.  The basis for originating an invoice is the underlining agreement.

Geographic Location
 
Amount
   
% on total revenues
 
India
 
$
233,271
     
81
%
Malaysia
   
55,302
     
19
%
TOTAL
 
$
288,573
     
100
%

2(b) The table below shows the long-term assets other than financial instruments held in the country of domicile and foreign countries.

Nature of Assets
 
USA
(Country of Domicile)
   
Foreign Countries
(India and Malaysia)
   
Total
 
Goodwill
 
$
-
   
$
198,169
   
$
198,169
 
Intangible assets
   
111,691
     
-
     
111,691
 
Property, Plant and Equipment, net
   
896,283
     
56,974
     
953,257
 
Investments in Affiliates
   
773,111
     
-
     
773,111
 
Investments-Others
   
5,174,611
     
65,555
     
5,240,166
 
Other Non-Current Assets
   
181,581
     
510,164
     
691,745
 
Total Long-Term Assets
 
$
7,137,277
   
$
830,862
   
$
7,968,139
 

XML 37 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 21 - CERTAIN AGED RECEIVABLES
6 Months Ended
Sep. 30, 2017
Disclosure Text Block Supplement [Abstract]  
Loans, Notes, Trade and Other Receivables, Excluding Allowance for Credit Losses [Text Block]
NOTE 21 – CERTAIN AGED RECEIVABLES

The receivable and other assets as of September 30, 2017 and March 31, 2017, include certain aged receivables in the amount of $427,721. The aged receivables are due from the Cochin International Airport. Cochin International Airport is partially owned by the State Government of Kerala. The receivables have been due for periods in excess of one year as of September 30, 2017. These receivables are included in accounts receivable and have been classified as current because the arbitration process has concluded and ruling was given in our favor. The Company continues to carry the full value of the receivables without interest and without any impairment, because the Company believes that there is minimal risk that this organization will become insolvent and unable to make payment.

XML 38 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 22 - FAIR VALUE OF FINANCIAL INSTRUMENTS
6 Months Ended
Sep. 30, 2017
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]
NOTE 22 – FAIR VALUE OF FINANCIAL INSTRUMENTS

The fair value of the Company’s current assets and current liabilities approximate their carrying value because of their short-term nature.  Such financial instruments are classified as current and are expected to be liquidated within the next twelve months.

XML 39 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 24 - INVESTMENT IN AFFILIATES
6 Months Ended
Sep. 30, 2017
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]  
Investments in and Advances to Affiliates, Schedule of Investments [Text Block]
NOTE 24 – INVESTMENT IN AFFILIATES

Pursuant to the December 18, 2014 Purchase Agreement with Apogee, we issued 1,200,000 common shares of IGC valued at $888,000 for the purchase of 24.9% ownership interest in Midtown Partners & Co., LLC.  The Purchase Agreement expired on June 30, 2015, and the Company is pursuing its rights under the terms of the Purchase Agreement to recover certain damages.

XML 40 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 4 - OTHER CURRENT AND NON-CURRENT ASSETS (Tables)
6 Months Ended
Sep. 30, 2017
Disclosure Text Block Supplement [Abstract]  
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]
Prepaid expenses and other current assets consist of the following:

 
 
As of
September 30, 2017
   
As of
March 31, 2017
 
Prepaid /preliminary expenses
 
$
6,750
   
$
6,750
 
Advance to suppliers, others & services
   
364,049
     
352,850
 
Security/statutory advances
   
16,420
     
14,216
 
Prepaid and accrued interest
   
1,427
     
1,436
 
Deposit and other current assets
   
4,933
     
35,156
 
Total
 
$
393,579
   
$
410,408
 
Schedule of Other Assets, Noncurrent [Table Text Block]
Other non-current assets consist of the following:

 
 
As of
September 30, 2017
   
As of
March 31, 2017
 
Statutory/Other advances
 
$
510,164
   
$
539,720
 
Product Formulation
   
181,581
     
-
 
Total
 
$
691,745
   
$
539,720
 
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 5 - INTANGIBLE ASSETS AND GOODWILL (Tables)
6 Months Ended
Sep. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill [Table Text Block]
The movement in intangible assets and goodwill is given below.

 
 
As of
September 30, 2017
   
As of
March 31, 2017
 
Intangible assets at the beginning of the period
 
$
-
   
$
113,321
 
Amortization
   
-
     
(113,321
)
Patent filings and rights
   
111,691
     
-
 
Total Intangible assets
 
$
111,691
   
$
-
 
Goodwill of Cabaran Ultima Sdn Bhd
   
198,169
     
198,169
 
Total Goodwill
 
$
198,169
     
198,169
 
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 6 - PROPERTY, PLANT AND EQUIPMENT (Tables)
6 Months Ended
Sep. 30, 2017
Property Plant and Equipment Table [Member]  
NOTE 6 - PROPERTY, PLANT AND EQUIPMENT (Tables) [Line Items]  
Property, Plant and Equipment [Table Text Block]
Property, plant and equipment consist of the following:

 Category
 
Useful Life (years)
   
As of
September 30, 2017
   
As of
March 31, 2017
 
Building (flat)
   
25
   
$
239,519
   
$
241,181
 
Plant and machinery
   
20
     
1,698,270
     
1,710,055
 
Computer equipment
   
3
     
154,396
     
157,349
 
Office equipment
   
5
     
118,733
     
119,528
 
Furniture and fixtures
   
5
     
68,228
     
70,368
 
Vehicles
   
5
     
253,847
     
292,764
 
Assets under construction
   
N/A
     
965,790
     
957,880
 
Total
         
$
3,498,783
   
$
3,549,125
 
Less: Accumulated depreciation
         
$
(2,545,526
)
 
$
(2,595,189
)
Net Assets
         
$
953,257
   
$
953,936
 
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 7 - INVESTMENTS - OTHERS (Tables)
6 Months Ended
Sep. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments [Table Text Block]
Investments – others for each of the periods ended September 30, 2017 and March 31, 2017 consisted of the following:

 
 
As of
September 30, 2017
   
As of
March 31, 2017
 
Investment in equity shares of unlisted company & associates
 
$
65,555
   
$
63,392
 
Investment in land
   
5,174,611
     
5,174,611
 
Total
 
$
5,240,166
   
$
5,238,003
 
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 9 - OTHER CURRENT AND NON-CURRENT LIABILITIES (Tables)
6 Months Ended
Sep. 30, 2017
Other Current Liabilities [Member]  
NOTE 9 - OTHER CURRENT AND NON-CURRENT LIABILITIES (Tables) [Line Items]  
Schedule of Other Assets and Other Liabilities [Table Text Block]
Other current liabilities consist of the following:

 
 
As of
September 30, 2017
   
As
of March 31, 2017
 
Statutory payables
 
$
14,454
   
$
15,203
 
Employee related liabilities
   
395,143
     
676,511
 
Total
 
$
409,597
   
$
691,714
 
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 20 - SEGMENT INFORMATION (Tables)
6 Months Ended
Sep. 30, 2017
Segment Reporting [Abstract]  
Revenue from External Customers by Products and Services [Table Text Block]
The table below shows revenue reported by product and service:

Product & Service
 
Amount
   
% on total revenues
 
 
           
Rental / Trading/Real estate
 
$
288,573
   
 
100
%
TOTAL
 
$
288,573
   
 
100
%
Revenue from External Customers by Geographic Areas [Table Text Block]
The table below shows the revenue attributed to the country of domicile (USA) and foreign countries. Revenue is attributed to an individual country if the invoice made to the customer originates in that country. The basis for originating an invoice is the underlining agreement.

Geographic Location
 
Amount
   
% on total revenues
 
India
 
$
233,271
     
81
%
Malaysia
   
55,302
     
19
%
TOTAL
 
$
288,573
     
100
%
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]
The table below shows the long-term assets other than financial instruments held in the country of domicile and foreign countries.

Nature of Assets
 
USA
(Country of Domicile)
   
Foreign Countries
(India and Malaysia)
   
Total
 
Goodwill
 
$
-
   
$
198,169
   
$
198,169
 
Intangible assets
   
111,691
     
-
     
111,691
 
Property, Plant and Equipment, net
   
896,283
     
56,974
     
953,257
 
Investments in Affiliates
   
773,111
     
-
     
773,111
 
Investments-Others
   
5,174,611
     
65,555
     
5,240,166
 
Other Non-Current Assets
   
181,581
     
510,164
     
691,745
 
Total Long-Term Assets
 
$
7,137,277
   
$
830,862
   
$
7,968,139
 
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 3 - ACCOUNTS RECEIVABLE (Details) - USD ($)
Sep. 30, 2017
Mar. 31, 2017
Receivables [Abstract]    
Accounts Receivable, Net, Current $ 1,033,608 $ 752,926
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 4 - OTHER CURRENT AND NON-CURRENT ASSETS (Details)
May 21, 2012
USD ($)
Land [Member]  
NOTE 4 - OTHER CURRENT AND NON-CURRENT ASSETS (Details) [Line Items]  
Payments to Acquire Land $ 375,191
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 4 - OTHER CURRENT AND NON-CURRENT ASSETS (Details) - Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure - USD ($)
Sep. 30, 2017
Mar. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Prepaid /preliminary expenses $ 6,750 $ 6,750
Advance to suppliers, others & services 364,049 352,850
Security/statutory advances 16,420 14,216
Prepaid and accrued interest 1,427 1,436
Deposit and other current assets 4,933 35,156
Total $ 393,579 $ 410,408
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 4 - OTHER CURRENT AND NON-CURRENT ASSETS (Details) - Schedule of Other Assets, Noncurrent - USD ($)
Sep. 30, 2017
Mar. 31, 2017
Schedule of Other Assets, Noncurrent [Abstract]    
Statutory/Other advances $ 510,164 $ 539,720
Product Formulation 181,581 0
Total $ 691,745 $ 539,720
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 5 - INTANGIBLE ASSETS AND GOODWILL (Details)
Sep. 30, 2017
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net (Including Goodwill) $ 198,169
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 5 - INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Intangible Assets And Goodwill - USD ($)
6 Months Ended 12 Months Ended
Sep. 30, 2017
Mar. 31, 2017
NOTE 5 - INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Intangible Assets And Goodwill [Line Items]    
Intangible assets at the beginning of the period $ 0 $ 113,321
Amortization 0 (113,321)
Patent filings and rights 111,691 0
Total Intangible assets 111,691 0
Total Goodwill 198,169 198,169
Cabaran Ultima Sdn. Bhd. ("Ultima") [Member]    
NOTE 5 - INTANGIBLE ASSETS AND GOODWILL (Details) - Schedule of Intangible Assets And Goodwill [Line Items]    
Goodwill of Cabaran Ultima Sdn Bhd $ 198,169 $ 198,169
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 6 - PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Mar. 31, 2017
Property, Plant and Equipment [Abstract]          
Depreciation, Depletion and Amortization $ 4,344 $ 97,842 $ 10,309 $ 195,514 $ 195,514
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 6 - PROPERTY, PLANT AND EQUIPMENT (Details) - Property, Plant and Equipment - USD ($)
6 Months Ended
Sep. 30, 2017
Mar. 31, 2017
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 3,498,783 $ 3,549,125
Less: Accumulated depreciation (2,545,526) (2,595,189)
Net Assets $ 953,257 953,936
Building and Building Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 25 years  
Property, plant and equipment, gross $ 239,519 241,181
Machinery and Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 20 years  
Property, plant and equipment, gross $ 1,698,270 1,710,055
Computer Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 3 years  
Property, plant and equipment, gross $ 154,396 157,349
Office Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 5 years  
Property, plant and equipment, gross $ 118,733 119,528
Furniture and Fixtures [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 5 years  
Property, plant and equipment, gross $ 68,228 70,368
Vehicles [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 5 years  
Property, plant and equipment, gross $ 253,847 292,764
Construction in Progress [Member]    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life  
Property, plant and equipment, gross $ 965,790 $ 957,880
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 7 - INVESTMENTS - OTHERS (Details) - Schedule of Investments - USD ($)
Sep. 30, 2017
Mar. 31, 2017
Schedule of Equity Method Investments [Line Items]    
Investment in land $ 5,174,611 $ 5,174,611
Total 5,240,166 5,238,003
Midtown Partners & Co. LLC, ("Midtown Partners") [Member]    
Schedule of Equity Method Investments [Line Items]    
Investment in equity shares of unlisted company & associates $ 65,555 $ 63,392
XML 55 R44.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 9 - OTHER CURRENT AND NON-CURRENT LIABILITIES (Details) - Schedule of Other Current Liabilities - USD ($)
Sep. 30, 2017
Mar. 31, 2017
Schedule of Other Current Liabilities [Abstract]    
Statutory payables $ 14,454 $ 15,203
Employee related liabilities 395,143 676,511
Total $ 409,597 $ 691,714
XML 56 R45.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 10 - RELATED PARTY TRANSACTIONS (Details)
6 Months Ended 12 Months Ended
Sep. 30, 2017
USD ($)
Mar. 31, 2016
USD ($)
Sep. 30, 2017
MYR
Mar. 31, 2017
USD ($)
Chief Executive Officer [Member]        
NOTE 10 - RELATED PARTY TRANSACTIONS (Details) [Line Items]        
Due to Related Parties $ 81,834      
Affiliated Entity [Member] | Monthly Payment for Office Space and Certain General and Administrative Services [Member]        
NOTE 10 - RELATED PARTY TRANSACTIONS (Details) [Line Items]        
Related Party Transaction, Amounts of Transaction 4,500      
Operating Leases, Rent Expense 13,500      
Affiliated Entity [Member] | Monthly Payment for Office and Facilities [Member]        
NOTE 10 - RELATED PARTY TRANSACTIONS (Details) [Line Items]        
Related Party Transaction, Amounts of Transaction 6,100      
Operating Leases, Rent Expense 18,300      
Apogee Financial Services [Member]        
NOTE 10 - RELATED PARTY TRANSACTIONS (Details) [Line Items]        
Payments to Acquire Notes Receivable   $ 70,000    
Medium-term Notes [Member] | Director [Member]        
NOTE 10 - RELATED PARTY TRANSACTIONS (Details) [Line Items]        
Due to Related Parties 350,794   MYR 1,480,000  
Loans Payable [Member]        
NOTE 10 - RELATED PARTY TRANSACTIONS (Details) [Line Items]        
Debt Instrument, Face Amount $ 399,726      
Debt Instrument, Interest Rate, Stated Percentage 10.00%   10.00%  
Loans Payable [Member] | Note Payable 5 [Member]        
NOTE 10 - RELATED PARTY TRANSACTIONS (Details) [Line Items]        
Debt Instrument, Face Amount $ 112,500     $ 97,500
Debt Instrument, Interest Rate, Stated Percentage 0.00%   0.00% 0.00%
Debt Instrument, Maturity Date Feb. 23, 2022      
XML 57 R46.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 11 - NOTES PAYABLE AND LOANS – OTHERS (Details)
3 Months Ended 6 Months Ended 12 Months Ended
Sep. 30, 2017
USD ($)
shares
Sep. 30, 2017
USD ($)
shares
Mar. 31, 2017
USD ($)
shares
Notes Payable, Other Payables [Member] | Bricoleur Note [Member]      
NOTE 11 - NOTES PAYABLE AND LOANS – OTHERS (Details) [Line Items]      
Debt Instrument, Face Amount $ 1,800,000 $ 1,800,000  
Stock Issued During Period, Shares, Other (in Shares) | shares 90,000    
Stock Issued During Period, Value, Other $ 30,900    
Notes Payable, Other Payables [Member] | Bricoleur Note [Member] | Monthly Non-Cash Interest Payments Up to July 2014 [Member]      
NOTE 11 - NOTES PAYABLE AND LOANS – OTHERS (Details) [Line Items]      
Stock Issued During Period, Shares, Other (in Shares) | shares     17,100
Notes Payable, Other Payables [Member] | Bricoleur Note [Member] | Monthly Non-Cash Interest Payments Starting on August 2014 [Member]      
NOTE 11 - NOTES PAYABLE AND LOANS – OTHERS (Details) [Line Items]      
Stock Issued During Period, Shares, Other (in Shares) | shares   30,000 23,489
Notes Payable, Other Payables [Member] | Bricoleur Note [Member] | Monthly Non-Cash Interest Payments [Member]      
NOTE 11 - NOTES PAYABLE AND LOANS – OTHERS (Details) [Line Items]      
Stock Issued During Period, Shares, Other (in Shares) | shares   90,000  
Stock Issued During Period, Value, Other   $ 30,900  
Loans Payable [Member]      
NOTE 11 - NOTES PAYABLE AND LOANS – OTHERS (Details) [Line Items]      
Debt Instrument, Face Amount $ 399,726 $ 399,726  
Number of Other Loans 5 5  
Debt Instrument, Interest Rate, Stated Percentage 10.00% 10.00%  
Loans Payable [Member] | Note Payable 1 [Member]      
NOTE 11 - NOTES PAYABLE AND LOANS – OTHERS (Details) [Line Items]      
Debt Instrument, Face Amount $ 59,726 $ 59,726  
Debt Instrument, Interest Rate, Stated Percentage 10.00% 10.00%  
Debt Instrument, Maturity Date   Apr. 25, 2018  
Loans Payable [Member] | Note Payable 2 [Member]      
NOTE 11 - NOTES PAYABLE AND LOANS – OTHERS (Details) [Line Items]      
Debt Instrument, Face Amount $ 100,000 $ 100,000  
Debt Instrument, Interest Rate, Stated Percentage 24.00% 24.00%  
Debt Instrument, Maturity Date   Feb. 23, 2022  
Loans Payable [Member] | Note Payable 3 [Member]      
NOTE 11 - NOTES PAYABLE AND LOANS – OTHERS (Details) [Line Items]      
Debt Instrument, Face Amount $ 50,000 $ 50,000  
Debt Instrument, Interest Rate, Stated Percentage 15.00% 15.00%  
Debt Instrument, Maturity Date   Feb. 23, 2022  
Loans Payable [Member] | Note Payable 4 [Member]      
NOTE 11 - NOTES PAYABLE AND LOANS – OTHERS (Details) [Line Items]      
Debt Instrument, Face Amount $ 77,500 $ 77,500  
Debt Instrument, Interest Rate, Stated Percentage 15.00% 15.00%  
Debt Instrument, Maturity Date   Feb. 23, 2022  
Loans Payable [Member] | Note Payable 5 [Member]      
NOTE 11 - NOTES PAYABLE AND LOANS – OTHERS (Details) [Line Items]      
Debt Instrument, Face Amount $ 112,500 $ 112,500 $ 97,500
Debt Instrument, Interest Rate, Stated Percentage 0.00% 0.00% 0.00%
Debt Instrument, Maturity Date   Feb. 23, 2022  
XML 58 R47.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 13 - COMMON STOCK (Details) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Dec. 18, 2014
Sep. 30, 2017
Sep. 30, 2017
Mar. 31, 2015
Mar. 31, 2017
NOTE 13 - COMMON STOCK (Details) [Line Items]          
Common Stock, Par or Stated Value Per Share (in Dollars per share)   $ 0.0001 $ 0.0001   $ 0.0001
Unit Description     We have redeemable Warrants (CUSIP number 45408X118 expiring on March 6, 2019) to purchase Common Stock (ticker symbol: IGC.WT) and Units consisting of one share of Common Stock and two redeemable warrants to purchase Common Stock that are not listed.    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross     440,000    
Common Stock, Shares, Issued   28,005,272 28,005,272   28,272,667
Common Stock, Shares, Outstanding   28,005,272 28,005,272   28,272,667
ATM Agreement [Member]          
NOTE 13 - COMMON STOCK (Details) [Line Items]          
Stock Issued During Period, Shares, Other     1,012,252    
Stock Issued During Period, Value, Other (in Dollars)     $ 367,931    
Patents [Member]          
NOTE 13 - COMMON STOCK (Details) [Line Items]          
Stock Issued During Period, Shares, Acquisitions     100,000    
Minimum [Member]          
NOTE 13 - COMMON STOCK (Details) [Line Items]          
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share)     $ 0.10    
Maximum [Member]          
NOTE 13 - COMMON STOCK (Details) [Line Items]          
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share)     $ 0.30    
Notes Payable, Other Payables [Member] | Bricoleur Note [Member]          
NOTE 13 - COMMON STOCK (Details) [Line Items]          
Stock Issued During Period, Shares, Other   90,000      
Stock Issued During Period, Value, Other (in Dollars)   $ 30,900      
Debt Instrument, Face Amount (in Dollars)   $ 1,800,000 $ 1,800,000    
Midtown Partners & Co. LLC, ("Midtown Partners") [Member]          
NOTE 13 - COMMON STOCK (Details) [Line Items]          
Stock Issued During Period, Shares, Acquisitions 1,200,000        
Stock Issued During Period, Value, Acquisitions (in Dollars) $ 888,000        
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions 24.90%        
Business Acquisition, Shares Held Back 500,000        
Investment, Additional Information       The agreement had a deadline of June 30, 2015, for Apogee and Midtown Partners to obtain the requisite approvals from FINRA. Apogee did not file for approval on time, and consequently pursuant to the terms of the Agreement, there are several penalties that will apply, including the cancellation of 700,000 shares of IGC stock and a penalty of $125,000 owed by Apogee to us. We are not seeking to consummate the acquisition of the remaining interest in Midtown Partners at this time.  
XML 59 R48.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 14 - STOCK-BASED COMPENSATION (Details)
6 Months Ended
Sep. 30, 2017
shares
NOTE 14 - STOCK-BASED COMPENSATION (Details) [Line Items]  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross 440,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant 440,000
ESOP 2008 Omnibus Plan [Member]  
NOTE 14 - STOCK-BASED COMPENSATION (Details) [Line Items]  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross 4,374,899
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant 0
XML 60 R49.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 15 - SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($)
3 Months Ended 6 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Disclosure Text Block [Abstract]        
Selling, General and Administrative Expense $ 331,146 $ 339,585 $ 709,960 $ 636,802
XML 61 R50.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 17 - OTHER INCOME (Details) - USD ($)
6 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Other Income and Expenses [Abstract]    
Other Income $ (144) $ 11,985
XML 62 R51.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 18 - RECONCILIATION OF EPS (Details) - shares
3 Months Ended 6 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Earnings Per Share [Abstract]        
Weighted Average Number of Shares Outstanding, Basic 27,355,826 23,636,403 27,355,826 23,636,403
XML 63 R52.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 19 - INCOME TAXES (Details) - USD ($)
3 Months Ended 6 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
NOTE 19 - INCOME TAXES (Details) [Line Items]        
Effective Income Tax Rate Reconciliation, Percent     0.00% 0.00%
Income Tax Expense (Benefit) $ 0 $ 0 $ 0 $ 0
Foreign Operations [Member]        
NOTE 19 - INCOME TAXES (Details) [Line Items]        
Unrecognized Tax Benefits $ 0 $ 0 $ 0 $ 0
XML 64 R53.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 20 - SEGMENT INFORMATION (Details) - Schedule of Revenue from External Customers by Products and Services - USD ($)
3 Months Ended 6 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenue from External Customer [Line Items]        
Revenue $ 235,648 $ 162,163 $ 288,573 $ 237,563
% of Total Revenue     100.00%  
Rental / Trading / Real Estate [Member]        
Revenue from External Customer [Line Items]        
Revenue     $ 288,573  
% of Total Revenue     100.00%  
XML 65 R54.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 20 - SEGMENT INFORMATION (Details) - Schedule of Revenue from External Customers by Geographic Areas - USD ($)
3 Months Ended 6 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
NOTE 20 - SEGMENT INFORMATION (Details) - Schedule of Revenue from External Customers by Geographic Areas [Line Items]        
Revenue $ 235,648 $ 162,163 $ 288,573 $ 237,563
% of Total Revenue     100.00%  
INDIA        
NOTE 20 - SEGMENT INFORMATION (Details) - Schedule of Revenue from External Customers by Geographic Areas [Line Items]        
Revenue     $ 233,271  
% of Total Revenue     81.00%  
MALAYSIA        
NOTE 20 - SEGMENT INFORMATION (Details) - Schedule of Revenue from External Customers by Geographic Areas [Line Items]        
Revenue     $ 55,302  
% of Total Revenue     19.00%  
XML 66 R55.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 20 - SEGMENT INFORMATION (Details) - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas - USD ($)
Sep. 30, 2017
Mar. 31, 2017
Mar. 31, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]      
Goodwill $ 198,169 $ 198,169  
Intangible assets 111,691 0 $ 113,321
Property, Plant and Equipment, net 953,257 953,936  
Investments in Affiliates 773,111 773,111  
Investments-Others 5,240,166 5,238,003  
Other Non-Current Assets 691,745 $ 539,720  
Total Long-Term Assets 7,968,139    
UNITED STATES      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Goodwill 0    
Intangible assets 111,691    
Property, Plant and Equipment, net 896,283    
Investments in Affiliates 773,111    
Investments-Others 5,174,611    
Other Non-Current Assets 181,581    
Total Long-Term Assets 7,137,277    
Foreign Countries [Member]      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Goodwill 198,169    
Intangible assets 0    
Property, Plant and Equipment, net 56,974    
Investments in Affiliates 0    
Investments-Others 65,555    
Other Non-Current Assets 510,164    
Total Long-Term Assets $ 830,862    
XML 67 R56.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 21 - CERTAIN AGED RECEIVABLES (Details) - USD ($)
Sep. 30, 2017
Mar. 31, 2017
Disclosure Text Block Supplement [Abstract]    
Other Receivables, Net, Current $ 427,721 $ 427,721
XML 68 R57.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE 24 - INVESTMENT IN AFFILIATES (Details) - Midtown Partners & Co. LLC, ("Midtown Partners") [Member]
Dec. 18, 2014
USD ($)
shares
NOTE 24 - INVESTMENT IN AFFILIATES (Details) [Line Items]  
Stock Issued During Period, Shares, Acquisitions | shares 1,200,000
Stock Issued During Period, Value, Acquisitions | $ $ 888,000
Equity Method Investment, Ownership Percentage 24.90%
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