India Globalization Capital, Inc. (NYSEAM: IGC) announces its
financial results for the Fiscal Year Ended March 31, 2019.
Fiscal 2019 revenue was approximately $5.12 million compared to
approximately $2.19 million for Fiscal 2018. In both years, revenue
was primarily derived from our India based Infrastructure Business
which consists of a) rental of heavy equipment; b) execution of
construction contracts; and c) the sale of infrastructure
commodities.
During the two last weeks of Fiscal 2019, sales commenced in the
Plant and Cannabinoid Business. Specifically, on March 22, 2019,
the Company began offering hemp-based cannabidiol (CBD) under the
brand Holi HempTM and that contributed $25 thousand to total
revenue. On March 27, 2019 HyalolexTM, the Company’s flagship
product for helping improve the quality of life for elderly
patients suffering from Alzheimer’s, became available through
select dispensaries in Puerto Rico.
SG&A expense for Fiscal 2019 was approximately $3.52 million
as compared to approximately $1.73 million for Fiscal 2018.
Approximately $1.1 million of the increase is due to legal and
professional fees.
Research and Development (R&D) expense for Fiscal 2019 was
approximately $1.3 million compared to approximately $137 thousand
for the Fiscal 2018. R&D expenses are entirely from our Plant
and Cannabinoid Business and relate primarily to a) HyalolexTM,
SerosapseTM, NatrinolTM, and Holi HempTM products; b) costs
associated with the preparation of FDA filings, and preparation for
medical trials; and c) inventory that was shown as work in progress
in Fiscal 2018.
Net loss for Fiscal 2019 was approximately $4.1 million or $0.13
per share, compared to approximately $1.79 million or $0.06 per
share for Fiscal 2018. Increased expenses outlined above were
primarily the cause of the larger loss.
About IGC:
IGC has two lines of business: a) infrastructure, and b) plant
and cannabinoid-based products. The company is based in Maryland,
U.S.A. Our website: www.igcinc.us.Twitter @IGCIR
Forward-looking Statements:
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934.
These forward-looking statements are based largely on IGC’s
expectations and are subject to a number of risks and
uncertainties, certain of which are beyond IGC’s control. Actual
results could differ materially from these forward-looking
statements as a result of, among other factors, competitive
conditions in the industries in which IGC operates, failure to
commercialize one or more of the technologies of IGC, general
economic conditions that are less favorable than expected, the
Federal Food and Drug Administration’s (FDA) general position
regarding hemp based products and our products in particular, and
other factors, many of which are discussed in our SEC filings. In
light of these risks and uncertainties, there can be no assurance
that the forward-looking information contained in this release will
in fact occur.
India Globalization Capital,
Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
March 31, 2019
($)
March 31, 2018
($)
ASSETS Current assets:
Cash and cash equivalents 25,610 1,658 Accounts receivable, net of
allowances 84 558 Inventory 248 486 Investment held for sale - 148
Deposits and advances 781 355
Total current
assets 26,723 3,205 Intangible assets, net
184 128 Property, plant and equipment, net 5,886 6,237 Investments
in unlisted securities 794 799 Claims and advances 878
484
Total long-term assets 7,742
7,648 Total assets 34,465
10,853 LIABILITIES AND STOCKHOLDERS'
EQUITY Current liabilities: Accounts payable 319
258 Accrued liabilities and others 509 288 Short-term loan 50 -
Notes payable - 1,800
Total current liabilities
878 2,346 Loan - 427 Other liabilities
15 15
Total non-current liabilities
15 442 Total liabilities
893 2,788 Commitments and
Contingencies – See Note 11 Stockholders' equity:
Common stock and additional paid-in
capital, $0.0001 par value: 150,000,000 shares authorized;
39,501,407 and 30,764,192 shares issued
and outstanding as on
March 31, 2019 and March 31, 2018
respectively.
94,043 63,917 Accumulated other comprehensive loss (2,419 ) (2,057
) Accumulated deficit (58,052 ) (53,795 )
Total
stockholders' equity 33,572 8,065
Total liabilities and stockholders' equity
34,465 10,853
These financial statements should be read in
connection with the accompanying notes on Form 10-K for thefiscal
year ending March 31, 2019, filed with the SEC on June 14,
2019.
India Globalization Capital,
Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS
(in thousands, except loss per share)
Years Ended March 31, 2019
($)
2018
($)
Revenues 5,116 2,193 Cost of revenues (4,984 ) (2,111 )
Gross
profit 132 82 General and administrative expenses
(3,519 ) (1,734 ) Research and development expenses (1,256 ) (137 )
Operating loss (4,643 ) (1,789 )
Other income – net 548 3
Loss before income taxes
(4,095 ) (1,786 ) Income taxes expense
(2 ) -
Net loss attributable to common
stockholders (4,097 ) (1,786
) Foreign currency translation adjustments (362 ) (9 )
Comprehensive loss (4,459 )
(1,795 ) Loss per share attributable to
common stockholders: Basic & diluted $ (0.13 ) $ (0.06 )
Weighted-average number of shares used in computing loss per share
amounts:
35,393 27,937
These financial statements should be read in
connection with the accompanying notes on Form 10-K for thefiscal
year ending March 31, 2019, filed with the SEC on June 14,
2019.
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Claudia Grimaldi301-983-0998
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