India Globalization Capital, Inc. (NYSE AMERICAN: IGC) announces financial results for the quarter ended September 30, 2018, which is the second quarter of its 2019 fiscal year.

Total revenue was approximately $811 thousand for the three months ended September 30, 2018, an increase of 245% as compared to approximately $235 thousand for the three months ended September 30, 2017. All quarterly revenue was attributable to the legacy infrastructure business operations.

During the quarter the Company recorded SG&A expenses of approximately $873 thousand compared to approximately $335 thousand for the three months ended September 30, 2017. The increase in SG&A is mainly attributable to expenses associated with our expansion of medical cannabis related research and development totaling approximately $237 thousand during the quarter, versus approximately $78 thousand for the three months ended September 30, 2017, and the issuance of non-cash stock and options.

The consolidated GAAP net income loss for the period was approximately ($858,000), which is a GAAP EPS loss of ($0.03), compared to a GAAP net loss of approximately ($304,000) and a GAAP EPS loss of ($0.01) for the corresponding period last fiscal year.

At the end of September 30, 2018, the Company had approximately $6.41 million in cash and cash equivalents. The Company believes that it has adequate financial resources to fund its short-term objectives including, among others, marketing HyalolexTM, developing and commercializing its recently announced drink formulation, expanding the depth of its complementary cannabis medication and product portfolio, initiating filings with the Food and Drug Administration (FDA), and conducting small clinical trials as appropriate in support of its product pipeline.

About IGC

IGC has two lines of business, a legacy infrastructure business and a medical cannabis business that has developed a flagship product for Alzheimer’s patients. The Company recently announced that it will develop and commercialize a hemp/CBD infused energy drink. The company is based in Maryland, U.S.A. Our website: www.igcpharma.comTwitter @IGCIR

Forward-looking Statements:

Please see forward looking statements as discussed in detail in IGC's Form 10K for fiscal year ended March 31, 2018, and in other reports filed with the U.S. Securities and Exchange Commission.

< Financial Tables to Follow >

  India Globalization Capital, Inc.   CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

     

September 30, 2018(Unaudited)

   

March 31,2018(Audited)

ASSETS Current assets: Cash and cash equivalents $ 6,408 $ 1,658 Accounts receivable, net of allowances 162 558 Inventories 650 486 Investments held for sale 148 148 Other current assets   373     355   Total current assets $ 7,741   $ 3,205   Long-term assets: Intangible Assets 1,521 128 Property, plant and equipment, net 5,675 6,237 Investments 794 799 Other non-current assets   819     484   Total long-term assets $ 8,809   $ 7,648   Total assets $ 16,550   $ 10,853   LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Trade payables 45 52 Other current liabilities 659 494 Notes payable   1,800     1,800   Total current liabilities $ 2,504 $ 2,346 Non-current liabilities: Loans – Other 225 427 Other liabilities   14     15   Total non-current liabilities $ 239   $ 442   Total liabilities $ 2,743   $ 2,788   Stockholders' equity:

Common stock and additional paid in capital al, $0.0001 par value: 150,000,000 shares authorized; and 34,247,769 and 30,764,192 shares issued and outstanding as of September 30, 2018 and March 31, 2018, respectively. 1,726,565 shares pursuant to three agreements were allocated but not issued as of September 30, 2018.

$ 71,670 $ 63,917 Accumulated other comprehensive loss (2,697 ) (2,056 ) Retained deficit   (55,166 )   (53,796 ) Total equity attributable to Parent $ 13,807 $ 8,065 Total stockholders' equity $ 13,807   $ 8,065   Total liabilities and stockholders' equity $ 16,550   $ 10,853    

See accompanying Notes to the Condensed Consolidated Financial Statements in the Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, as filed with the SEC on October 15, 2018.

    India Globalization Capital, Inc.   CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except loss per shares)

(unaudited)      

Three months ended September30,

   

Six months ended September30,

2018     2017 2018     2017   Revenues $ 811 $ 235 $ 2,289 $ 289 Direct Cost (excluding depreciation) (793 ) (163 ) (2,229 ) (170 ) Selling, general and administrative expenses (873 ) (335 ) (1,427 ) (721 ) Operating loss $ (855 ) $ (263 ) $ (1,367 ) $ (602 ) Other expenses, net   (3 )   (41 )   (4 )   (77 ) Income before income taxes and minority interest attributable to non-controlling interest $ (858 ) $ (304 ) $ (1,371 ) $ (679 ) Net loss $ (858 ) $ (304 ) $ (1,371 ) $ (679 ) Net loss attributable to common stockholders $ (858 ) $ (304 ) $ (1,371 ) $ (679 ) Loss per share attributable to common stockholders: Basic & Diluted $ (0.03 ) $ (0.01 ) $ (0.04 ) $ (0.02 ) Weighted-average number of shares used in computing earnings per share amounts: Basic & Diluted 31,345 27,355 31,345 27,355  

See accompanying Notes to the Condensed Consolidated Financial Statements in the Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, as filed with the SEC on October 15, 2018.

 

India Globalization Capital, Inc.Claudia Grimaldi, 301-983-0998