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