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INVESTMENTS IN NON-MARKETABLE SECURITIES
 12 Months Ended
Mar. 31, 2022
Disclosure Text Block Supplement [Abstract]  
Investment [Text Block]

NOTE 7 – INVESTMENTS IN NON-MARKETABLE SECURITIES

 

Short-term investment

 

   

(in thousands)

  
   

As of

March 31,

2022

($)

    

As of

March 31,

2021

($)

  

Investment in Evolve I (i)

     -       80  

Total

     -       80  

 

(i)

On May 12, 2020, the Company acquired approximately 19.8% shareholding in Evolve I, Inc. (“Evolve”), 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 of the holding and amicably exit the acquisition. In light of the above, the Company recorded an impairment charge of $169 thousand as of March 31, 2021. During Fiscal 2022, 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 canceled the partial shares received by it and impaired its remaining investment of approximately $37 thousand.

 

Long-term investment

 

   

(in thousands)

  
   

As of

March 31,

2022

($)

    

As of

March 31,

2021

($)

  

Investment in equity shares of unlisted company

     -       12  

Total

     -       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. Due to the impact of COVID-19 on our infrastructure business, the Company impaired its investment.