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SUBSEQUENT EVENTS
 3 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

NOTE 17 – SUBSEQUENT EVENTS

 

 

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Patent: The Company licenses a patent filing from the University of South Florida titled “Ultra-Low dose THC as a potential therapeutic and prophylactic agent for Alzheimer’s Disease.”  The USPTO issued patent (#11,065,225) for this filing on July 20, 2021. The granted patent relates to IGC’s proprietary formulation, IGC-AD1, intended to assist in the treatment of individuals living with Alzheimer’s disease.
 

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ATM: Subsequent to June 30, 2021, and through July 23, 2021, the Company raised approximately $3.4 million from the ATM, net of commission. For additional information about the ATM, see Note 13, “Securities”.
 

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Employment contract: Ram Mukunda has served as President and Chief Executive Officer of our Company since its inception. On July 14, 2014, the Company and Mr. Mukunda entered into the 2014 Employment Agreement. Pursuant to the 2014 Employment Agreement, which was effective until July 2021, we pay Mr. Mukunda a base salary of $300,000 per year. Mr. Mukunda’s employment agreement has been extended for one additional year to July 2022. The Employment Agreement provides that the Board of Directors of our Company may review and update the targets and amounts for the net revenue and salary and contract bonuses on an annual basis. Mr. Mukunda is entitled to benefits, including insurance, participation in company-wide 401(k), reimbursement of business expenses, 20 days of annual paid vacation, sick leave, domestic help, driver, cook and a car (subject to partial reimbursement by Mr. Mukunda of rental payments for the car and reimbursement of business expenses).