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INVESTMENTS IN NON-MARKETABLE SECURITIES
 3 Months Ended
Jun. 30, 2021
Disclosure Text Block Supplement [Abstract]  
Investment [Text Block]

NOTE 7 – INVESTMENTS IN NON-MARKETABLE SECURITIES

 

Short-term investment

 

   

(in thousands)

  
   

As of

June 30,

2021

($)

    

As of

March 31,

2021

($)

  

Investment in Evolve I (i)

     -       80  

Total

     -       80  

 

(i)

On May 12, 2020, the Company acquired an approximately 19.8% shareholding in Evolve I, Inc., a Washington corporation (“Evolve”) under the terms of a Share Subscription Agreement (“SSA”) for a consideration of approximately $249 thousand. However, based on an assessment of the business environment, the Company decided to dispose the holding and exit the acquisition. As of June 30, 2021, the Company received back partial shares of IGC common stock, which had been given pursuant to the SSA, in exchange for the return of its shareholding in Evolve. Accordingly, the Company cancelled the partial shares received by it and impaired its remaining investment of approximately $37 thousand.

 

Long-term investment

 

   

(in thousands)

  
   

As of

June 30,

2021

($)

    

As of

March 31,

2021

($)

  

Investment in equity shares of unlisted company

     11       12  

Total

     11       12  

 

The Company regularly reviews its investment portfolio to determine if any security is permanently impaired, which would require the Company to record an impairment charge in the period.