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 June 30, 2022 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number: 001-32830 INDIA GLOBALIZATION CAPITAL, INC. (Exact name of registrant as specified in its charter) Maryland (State or other jurisdiction of incorporation or organization) 10224 Fal ...

Revenue and Profitability - Revenue for Fiscal 2022 was approximately $397 thousand, a decrease of 56% compared to $898 thousand in Fiscal 2021[230] - Total revenue for the year ended March 31, 2022, was $397,000, a decrease of 55.8% compared to $898,000 for the year ended March 31, 2021[291] - Gross profit increased by 72% to $194 thousand in Fiscal 2022, up from $113 thousand in Fiscal 2021, reflecting a gross margin increase from 12% to 48%[231] - Gross profit for the year ended March 31, 2022, was $194,000, compared to $113,000 for the previous year, indicating an increase in gross profit margin despite lower revenue[291] - The Life Sciences segment contributed $359,000 (91%) to total revenue in Fiscal 2022, while the Infrastructure segment contributed $37,000 (9%)[400] - Revenue from the Life Sciences segment decreased from $723,000 (80%) in Fiscal 2021 to $359,000 (91%) in Fiscal 2022[400] - Revenue from the Infrastructure segment decreased from $175,000 (20%) in Fiscal 2021 to $37,000 (9%) in Fiscal 2022[400] - In Fiscal 2022, 83% of total revenue was generated from the U.S. ($329,000), while 17% came from India ($68,000)[400] Expenses and Losses - Selling, general and administrative expenses rose by 68% to $13.2 million in Fiscal 2022, primarily due to one-time expenses totaling approximately $5.3 million[232] - Operating loss for the year ended March 31, 2022, was $15,428,000, which is a significant increase from the operating loss of $8,724,000 in the prior year, reflecting higher selling, general, and administrative expenses[291] - Net loss attributable to common stockholders for the year ended March 31, 2022, was $15,016,000, compared to a net loss of $8,811,000 for the year ended March 31, 2021, representing a 70.0% increase in net loss[291] - The Company reported a net income loss before tax of $15,016 thousand for Fiscal 2022, with an expected income tax recovery of $3,153 thousand[389] Research and Development - Research and development expenses increased by 151% to $2.3 million in Fiscal 2022, compared to $929 thousand in Fiscal 2021[230] - Research and Development (R&D) expenses increased by approximately $1.4 million or 151% to $2.3 million in Fiscal 2022 from approximately $929 thousand in Fiscal 2021[233] - The company completed all dose escalation studies for its investigational drug candidate IGC-AD1 for Alzheimer's disease, with results submitted to the FDA[217] - The company has developed IGC-AD1, an investigational drug candidate for Alzheimer's, and completed all dose escalation studies, with results submitted to the FDA[301] - IGC has filed fifteen patent applications related to various diseases, with six patents granted as of March 31, 2022[302] - A patent for a method and composition for treating seizure disorders was issued on June 7, 2022, which may reduce side effects of existing anticonvulsant drugs[405] Cash Flow and Liquidity - Cash and cash equivalents decreased by approximately $4 million to $10.5 million in Fiscal 2022, a decline of approximately 28% from $14.5 million in Fiscal 2021[241] - Net cash used in operating activities for Fiscal 2022 was approximately $7.5 million, an improvement of 31% compared to $10.8 million in Fiscal 2021[244] - Net cash provided by financing activities was approximately $4.1 million for Fiscal 2022, a decrease of 72% from $14.7 million in Fiscal 2021[249] - Cash used in operating activities for fiscal 2022 was $7,462,000, an improvement from $10,800,000 in fiscal 2021[298] - As of March 31, 2022, the company had cash and cash equivalents of $10,460,000, a decrease from $14,548,000 at the end of the previous fiscal year[298] Assets and Liabilities - Total assets decreased to $26,834,000 as of March 31, 2022, down from $35,867,000 as of March 31, 2021, reflecting a decline in current assets[289] - Total stockholders' equity decreased to $23,892,000 as of March 31, 2022, from $32,803,000 as of March 31, 2021, reflecting the impact of accumulated losses[289] - Non-current assets as of March 31, 2022, totaled $11,723,000, a decrease from $12,350,000 as of March 31, 2021[403] - The net deferred tax asset as of March 31, 2022, was $10,570 thousand, fully offset by a valuation allowance[390] Inventory and Valuation - The company incurred a $1.7 million adjustment to inventory due to pandemic-related disruptions affecting its hemp crop[222] - As of March 31, 2022, total inventory decreased to $3,548 thousand from $5,478 thousand as of March 31, 2021, representing a decline of approximately 35%[353] - The Company wrote off approximately $252 thousand of inventory in Fiscal 2022, down from $307 thousand in Fiscal 2021, indicating a reduction of about 18%[354] - The company values its harvested crops at cost, as they do not have a readily available market, reflecting a conservative approach to inventory valuation[342] Capital Raising and Shareholder Impact - The company raised approximately $4.1 million in net proceeds from equity stock issuance during Fiscal 2022[231] - The company plans to continue utilizing "at the market" (ATM) offerings to raise capital, which may be dilutive to existing shareholders[237] - The company raised approximately $4.1 million from an "at the market" offering during Fiscal 2022, net of commission, for working capital and capital expenditures[379] - The weighted-average number of shares used in computing loss per share increased to 49,991,631 for the year ended March 31, 2022, from 41,963,382 in the prior year, affecting per-share loss calculations[291] Operational Highlights - The infrastructure segment executed a $1.2 million road-building contract in Kerala, India, and was awarded another project for $289 thousand[212] - The life sciences segment focuses on cannabinoid-based products, including the Holief™ wellness brand and Sunday Seltzer™, a CBD-infused energy drink[309] - The company has a facility in Maryland and additional locations in Washington state, Colombia, and India, supporting its operational capabilities[310] Other Financial Metrics - Other income for Fiscal 2022 was approximately $461 thousand, up from $82 thousand in Fiscal 2021, primarily due to the forgiveness of a PPP loan amounting to $430 thousand[235] - Impairment loss decreased to approximately $49 thousand in Fiscal 2022 from $169 thousand in Fiscal 2021, reflecting a reduction in recorded impairments[234] - Claims receivable decreased to $368 thousand as of March 31, 2022, from $382 thousand as of March 31, 2021, reflecting a decline of approximately 4%[364] - The Company recognized a total lease expense of approximately $327 thousand for Fiscal 2022, down from $356 thousand in Fiscal 2021, indicating a decrease of about 8%[369]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Commission file number: 001-32830 INDIA GLOBALIZATION CAPITAL, INC. (Exact name of registrant as specified in its charter) Maryland 20-2760393 (State or other jurisdiction of incorporation or organization) 10224 Falls Road, Potomac, Maryland (Address of principal executive offices) 20854 (Zip Code) ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended December ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION INDIA GLOBALIZATION CAPITAL, INC. (Exact name of registrant as specified in its charter) Maryland (State or other jurisdiction of incorporation or organization) 10224 Falls Road, Potomac, Maryland 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, 2021 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Co ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number: 001-32830 INDIA GLOBALIZATION CAPITAL, INC. (Exact name of registrant as specified in its charter) Maryland (I.R.S. Employer Identification No.) (State or other jurisdiction of incorporation or organization) 10224 Falls Road, Potomac, Maryland (Address of principal executive offices) (301) 983-0998 ☑ Quarterly rep ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Commission file number: 001-32830 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.) 10224 Falls Road, Potomac, Maryland (Address of Principal Executive Offices) (301) 983-0998 (Registrant's telephone number, including area code) Securities registered pursuant to Section ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Commission file number: 001-32830 INDIA GLOBALIZATION CAPITAL, INC. 20854 (Zip Code) 10224 Falls Road, Potomac, Maryland (Address of principal executive offices) (301) 983-0998 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading symbol(s) | Name of each exchange on which registered | | --- | --- | --- | | Common Stock, par value $0.000 ...

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, 2020 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number: 001-32830 INDIA GLOBALIZATION CAPITAL, INC. (Exact name of registrant as specified in its charter) Maryland 20-2760393 (I.R.S. Employer Identification No.) (State or other jur ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Commission file number: 001-32830 INDIA GLOBALIZATION CAPITAL, INC. (Exact name of registrant as specified in its charter) Maryland (State or other jurisdiction of incorporation or organization) 10224 Falls Road, Potomac, Maryland (Address of principal executive offices) (301) 983-0998 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: | Title of each class | | Name ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Commission file number: 001-32830 INDIA GLOBALIZATION CAPITAL, INC. (Exact Name of Registrant as Specified in Its Charter) Maryland (State or other jurisdiction of incorporation or organization) 10224 Falls Road, Potomac, Maryland (Address of Principal Executive Offices) (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Common Stock IGC NYSE American LLC (Name of e ...