IGC Announces Financial Results for Quarter Ended September 30, 2016
November 21 2016 - 9:24AM
India Globalization Capital, Inc. (NYSE MKT:IGC) announces
financial results for the quarter ended September 30, 2016.
Total revenue was $162,163 for the three months ended September
30, 2016, as compared to $2,055,585 for the three months ended
September 30, 2015. For the three months ended September 30,
2016, the revenue was primarily generated from the renting of heavy
equipment and from managing the ongoing construction of the hotel
in Genting. The decrease in revenue is attributable to the planned
curtailment of the electronic trading business.
Selling, general and administrative expenses were $339,585 for
the quarter ended September 30, 2016 as compared to $525,353 for
the quarter ended September 30, 2015. Most of these expenses were
public company related costs.
The Company reported a consolidated GAAP net income loss of
$583,871 and a GAAP EPS loss of $0.02 for the three months ended
September 30, 2016 compared to a GAAP net income loss of $623,373
and a GAAP EPS loss of $0.04 for the three months ended September
30, 2015.
For the quarter ended September 30, 2016, our non-GAAP cash burn
was approximately $252,325 after adjusting for $97,842 of
depreciation, $40,075 of non-cash interest and $193,629 of certain
one-time charges.
At the end of September 30, 2016, our cash and cash equivalents
along with restricted cash was $939,285 with working capital of
$60,236.
“We are pleased with our progress in our specialty IP unit as we
strive to develop phytocannabinoid-based therapies in major market
indications. In the coming quarters, we will further delineate the
pathways to assess our compounds with the goal of commencing
pre-clinical trials as appropriate. Internationally, our
acquisition of Cabaran Ultima has provided real estate management
expertise to drive the development of high-end luxury complexes as
exemplified by our 10% stake in the $262 MM Genting Highlands
project,” stated Ram Mukunda, CEO.
About IGC
In the United States, we develop phytocannabinoid-based
therapies. We have several patent filings for the indications of
Pain, Medical Refractory Epilepsy and Cachexia using
phytocannabinoids. In addition, we engage in leasing, trading,
developing and managing infrastructure, and real estate projects.
We are based in Bethesda, Maryland.
Our website: www.igcinc.us. Twitter @IGCIR
Facebook.com/IGCIR/
Forward-looking Statements
Some of the statements contained in this press release that are
not historical facts constitute forward-looking statements under
the federal securities laws. Forward-looking statements can be
identified by the use of the words "may," "will," "should,"
"could," "expects," "plans," "anticipates," "believes,"
"estimates," "predicts," "intends," "potential," "proposed" or the
negative of those terms. These statements are not a guarantee of
future developments and are subject to risks, uncertainties, and
other factors, some of which are beyond IGC's control and are
difficult to predict. Consequently, actual results may differ
materially from information contained in the forward-looking
statements as a result of future changes or developments in IGC's
business and acquisition and diversification strategy, competitive
environment, infrastructure demands, and governmental, regulatory,
political, economic, legal and social conditions in, among other
places, China and India. Except as required by federal securities
laws, IGC undertakes no obligation to publicly update any
forward-looking statements, whether as a result of new information
or future events, or otherwise. Other factors and risks that could
cause or contribute to actual results differing materially from
such forward-looking statements have been discussed in greater
detail in IGC's Form 10-K for fiscal year ended March 31, 2016, and
in subsequent reports filed with the U.S. Securities and Exchange
Commission.
Financials to Follow
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INDIA GLOBALIZATION CAPITAL, INC. AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS |
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All amounts in USD exceptshare data |
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As of |
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30-September - 16 |
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31-March - 16 |
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(unaudited) |
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(audited) |
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ASSETS |
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Current
assets: |
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|
|
|
|
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Cash and
cash equivalents |
|
$ |
939,285 |
|
|
$ |
1,490,693 |
|
Accounts
receivable, net of allowances |
|
|
653,959 |
|
|
|
962,658 |
|
Inventories |
|
|
58,647 |
|
|
|
162,091 |
|
Prepaid
expenses and other current assets |
|
|
1,272,426 |
|
|
|
1,226,507 |
|
Total current assets |
|
$ |
2,924,317 |
|
|
$ |
3,841,949 |
|
Goodwill |
|
|
198,170 |
|
|
|
1,180,951 |
|
Intangible Assets |
|
|
113,321 |
|
|
|
113,321 |
|
Property,
plant and equipment, net |
|
|
6,929,982 |
|
|
|
7,074,437 |
|
Investments in affiliates |
|
|
2,603,411 |
|
|
|
609,148 |
|
Investments-others |
|
|
5,230,264 |
|
|
|
5,175,392 |
|
Deferred
Income taxes |
|
|
356,619 |
|
|
|
356,684 |
|
Other
non-current assets |
|
|
504,065 |
|
|
|
507,300 |
|
Total long-term assets |
|
$ |
15,935,832 |
|
|
$ |
15,017,233 |
|
Total assets |
|
$ |
18,860,149 |
|
|
$ |
18,859,182 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
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|
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Current
liabilities: |
|
|
|
|
|
|
|
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Short
-term borrowings |
$ |
|
- |
|
|
$ |
27,762 |
|
Trade
payables |
|
|
456,783 |
|
|
|
330,631 |
|
Accrued
expenses |
|
|
90,045 |
|
|
|
300,111 |
|
Loans –
others |
|
|
- |
|
|
|
189,680 |
|
Notes
payable |
|
|
1,800,000 |
|
|
|
1,800,000 |
|
Other
current liabilities |
|
|
517,253 |
|
|
|
550,877 |
|
Total current liabilities |
|
$ |
2,864,081 |
|
|
$ |
3,199,061 |
|
Long -
term borrowings |
|
|
653,753 |
|
|
|
801,467 |
|
Loans –
others |
|
|
366,669 |
|
|
|
- |
|
Other
non-current liabilities |
|
|
150,751 |
|
|
|
910,583 |
|
|
|
$ |
1,171,173 |
|
|
$ |
1,712,050 |
|
Total liabilities |
|
$ |
4,035,254 |
|
|
$ |
4,911,111 |
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Common
stock — $.0001 par value; 150,000,000 shares authorized; 23,265,531
issued and outstanding as of March 31, 2016 and 23,957,827 issued
and outstanding as of September 30, 2016. |
|
$ |
2,396 |
|
|
$ |
2,327 |
|
Additional paid-in capital |
|
|
67,820,860 |
|
|
|
65,885,243 |
|
Accumulated other comprehensive income/(loss) |
|
|
(2,307,769 |
) |
|
|
(2,269,357 |
) |
Retained
earnings (Deficit) |
|
|
(51,111,225 |
) |
|
|
(50,142,199 |
) |
Total equity
attributable to Parent |
|
$ |
14,404,262 |
|
|
$ |
13,476,014 |
|
Non-controlling interest |
|
$ |
420,633 |
|
|
$ |
472,057 |
|
Total
stockholders’ equity |
|
$ |
14,824,895 |
|
|
$ |
13,948,071 |
|
Total liabilities and stockholders’ equity |
|
$ |
18,860,149 |
|
|
$ |
18,859,182 |
|
These interim financial statements should be read
in conjunction with the financial statements and notes included in
the Company's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2016 and Annual Report on Form 10-K for the fiscal
year ended March 31, 2016. Quarterly financial results may not be
indicative of the financial results for the entire fiscal year.
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INDIA GLOBALIZATION CAPITAL, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited) |
|
|
|
|
|
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All amounts in USD exceptshare data |
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|
All amounts in USD exceptshare data |
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Three months endedSeptember 30, |
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|
Six months endedSeptember 30, |
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
162,163 |
|
|
$ |
2,055,585 |
|
|
$ |
237,563 |
|
|
$ |
3,914,394 |
|
Cost of
revenues (excluding depreciation) |
|
|
(90,534 |
) |
|
|
(1,889,598 |
) |
|
|
(154,589 |
) |
|
|
(3,544,367 |
) |
Selling,
general and administrative expenses |
|
|
(339,585 |
) |
|
|
(525,353 |
) |
|
|
(636,802 |
) |
|
|
(830,756 |
) |
Depreciation |
|
|
(97,842 |
) |
|
|
(148,855 |
) |
|
|
(195,514 |
) |
|
|
(304,829 |
) |
Loss on
investments / associates /joint ventures |
|
|
(183,835 |
) |
|
|
- |
|
|
|
(183,835 |
) |
|
|
- |
|
Operating income (loss) |
|
$ |
(549,633 |
) |
|
$ |
(508,221 |
) |
|
$ |
(933,177 |
) |
|
$ |
(765,558 |
) |
Interest
expense |
|
|
(51,410 |
) |
|
|
(67,460 |
) |
|
|
(89,956 |
) |
|
|
(128,682 |
) |
Interest
income |
|
|
114 |
|
|
|
- |
|
|
|
114 |
|
|
|
2 |
|
Other
income, net (loss) |
|
|
11,985 |
|
|
|
(64,671 |
) |
|
|
13,740 |
|
|
|
(99,728 |
) |
Income before
income taxes and minority interest attributable to non-controlling
interest |
|
$ |
(588,944 |
) |
|
$ |
(640,352 |
) |
|
$ |
(1,009,279 |
) |
|
$ |
(993,966 |
) |
Income
taxes benefit/ (expense) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net income/(loss) |
|
$ |
(588,944 |
) |
|
$ |
(640,352 |
) |
|
$ |
(1,009,279 |
) |
|
$ |
(993,966 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests in earnings of subsidiaries |
|
|
(5,073 |
) |
|
|
(16,979 |
) |
|
|
(11,239 |
) |
|
|
12,106 |
|
Net income /
(loss) attributable to common stockholders |
|
$ |
(583,871 |
) |
|
$ |
(623,373 |
) |
|
$ |
(998,040 |
) |
|
$ |
(1,006,072 |
) |
Earnings/(loss) per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.02 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.07 |
) |
Diluted |
|
$ |
(0.02 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.07 |
) |
Weighted-average number
of shares used in computing earnings per share amounts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
23,636,403 |
|
|
|
14,995,130 |
|
|
|
23,636,403 |
|
|
|
14,995,130 |
|
Diluted |
|
|
23,636,403 |
|
|
|
14,995,130 |
|
|
|
23,636,403 |
|
|
|
14,995,130 |
|
These interim financial statements should be read
in conjunction with the financial statements and notes included in
the Company's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2016 and Annual Report on Form 10-K for the fiscal
year ended March 31, 2016. Quarterly financial results may not be
indicative of the financial results for the entire fiscal year.
Contact Information:
Claudia Grimaldi
301-983-0998