IGC Pharma, Inc. Segments Disclosure

NOTE 18 – SEGMENT INFORMATION

 

FASB ASC 280, “Segment Reporting,” establishes standards for reporting information about reportable segments. Operating segments are defined as components of an enterprise about which separate financial information is available and is evaluated regularly by the chief operating decision maker, or decision-making group (CODM), in deciding how to allocate resources and in assessing performance. The CODM evaluates revenues and gross profits based on product lines and routes to market. The Company’s CODM is the Company’s Chief Executive Officer (CEO). The CEO reviews financial information presented on an operating segment basis for the purposes of making operating decisions and assessing financial performance.

 

During fiscal 2025, the Company reassessed its reportable segment structure in connection with its strategic realignment toward Life Sciences. As a result, management determined that the Company operates as a single reportable segment. Historically, the Company reported two operating segments: Life Sciences and Infrastructure. While the Infrastructure segment generated revenues in fiscal 2024, it did not generate any revenues in fiscal 2025 and is no longer actively managed or evaluated as a discrete operating segment by the Company’s Chief Operating Decision Maker.

 

Management has not made a formal decision to dispose of or exit the Infrastructure business, and therefore, the Infrastructure operations have not been classified as discontinued operations. The results of the Infrastructure activities have been aggregated into the single reportable segment presentation for all periods presented in this Annual Report on Form 10-K. This change in segment reporting has no impact on the Company’s previously reported consolidated financial position, results of operations, or cash flows.

 

The following provides information required by ASC 280-10-50-38 “Entity-wide Information”:

 

1) The table below shows revenue reported by segments:

 

Product & Service

 

		(in thousands)
Segments		Fiscal 2025 ($)				Fiscal 2024 ($)
Life Sciences segment			1,271				1,345
Total			1,271				1345

In Fiscal 2024, $164 thousand belongs to the previously reported Infrastructure Segment. 

 

For information on revenue by product and service, refer to Note 17, “Revenue Recognition.”

 

2) The table below shows the attributes to the country of domicile (U.S.) and foreign countries. Revenue is generally attributed to the geographic location of customers:

 

				(in thousands)
Segments		Country		Fiscal 2025 ($)				Percentage of Total Revenue (%)
Asia		India			-				-	%
America		U.S.			1,269				99.8	%
		Colombia			2				0.2	%
Total					1,271				100	%

 

				(in thousands)
Segments		Country		Fiscal 2024 ($)				Percentage of Total Revenue (%)
Asia		India			164				12	%
America		U.S.			1,179				87	%
		Colombia			2				1	%
Total					1,345				100	%

 

3) The table below shows the non-current assets other than financial instruments held in the country of domicile and foreign countries.

 

		(in thousands)
Nature of Assets		U.S. (Country of Domicile) ($)				Foreign Countries (India and Colombia) ($)				Total as of March 31, 2025 ($)
Intangible assets, net			1,852				-				1,852
Property, plant, and equipment, net			3,171				49				3,220
Claims and advances			410				271				681
Operating lease asset			80				18				98
Total non-current assets			5,513				338				5,851

		(in thousands)
Nature of Assets		U.S. (Country of Domicile) ($)				Foreign Countries (India and Colombia) ($)				Total as of March 31, 2024 ($)
Intangible assets, net			1,616				-				1,616
Property, plant, and equipment, net			3,620				75				3,695
Claims and advances			410				278				688
Operating lease asset			193				5				198
Total non-current assets			5,839				358				6,197