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NOTE 11 - NOTES PAYABLE AND LOANS – OTHERS
9 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]
NOTE 11 – NOTES PAYABLE AND LOANS – OTHERS

The Company has an unsecured Note Payable to a third-party investor in the amount of $1.8 million, which was initially due July 31, 2016.  As in the past, we are in negotiations to extend and potentially modify the loan to accommodate the Company’s and the investor’s needs.  Starting in August 2016, the Company and the investor mutually agreed to making monthly interest payments of 30,000 shares of IGC common stock. During the quarter ended December 31, 2016, the Company issued a total of 90,000 shares valued at $33 thousand, which constituted an element of interest. The Company does not expect that the loan will be paid within the next twelve months. A revised due date is expected to be set and the form of payment potentially revised to repayment by common stock.

Other long-term borrowings to meet our working capital requirements include $623 thousand from various individuals including one of our previous directors who has loaned the Company $40 thousand at 10% annual interest payable on April 25, 2018. All these loans have a term of five years, carry interest between 0% and 15%, carry no prepayment penalties, and may be repaid by the Company at any time.