India Globalization Capital, Inc. announces financial results for the quarter ended June 30, 2018, which is the first quarter of its 2019 fiscal year.
BETHESDA, Md.--(BUSINESS WIRE)-- India Globalization Capital, Inc. (NYSE AMERICAN: IGC) today announces financial results for the quarter ended June 30, 2018, which is the first quarter of its 2019 fiscal year.
Total revenue was approximately $1.48 million for the three months ended June 30, 2018, as compared to approximately $53 thousand for the three months ended June 30, 2017. The increase and all quarterly revenue was attributable to the legacy trading business. The consolidated GAAP net income loss for the period was approximately ($512,000), which is a GAAP EPS loss of ($0.02), compared to a GAAP net loss of ($432,000) and a GAAP EPS loss of ($0.02) for the same three months last fiscal year. The increase in loss is attributable to an increase in SG&A stemming primarily from the issuance of ESOP shares.
According to CEO Ram Mukunda, “We are focused on bringing Hyalolextm, our lead cannabinoid based alternative therapy, to market and laying the foundation to position IGC as a leader in the commercialization of cannabinoid based alternative supplements for indications such as Alzheimer’s disease, Parkinson’s disease and pain.”
“In the first quarter, we built a marketing plan to launch Hyalolextm, which is our non-FDA approved alternative cannabinoid-based product for treating the symptoms of Alzheimer’s. It comes in a liquid form and will be branded as ‘Drops of Clarity,’” he said.
Alzheimer’s disease (AD) is a form of dementia, known for being especially devastating over time to both the patient and the caregiver. In addition, it is America’s most expensive disease, with an estimated cost to the U.S. economy of $236 billion. AD currently affects more than 5.3 million Americans and over 60% of AD patients are women. The Company intends to enter into licensing arrangements with manufacturers, to expand its reach into multiple U.S. markets and Canada.
About IGC:
IGC has two lines of business, a legacy infrastructure business and a cannabis supplement/pharmaceutical business that has developed a lead product for treating Alzheimer’s patients. The Company recently announced that it is working on using blockchain to address issues specific to the cannabis industry that address transactional difficulties, product labeling, product identification assurance (PIA), and product origin assurance (POA). The company is based in Maryland, USA.
Our website: www.igcinc.us. Twitter @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 STATEMENTS TO FOLLOW
| India Globalization Capital, Inc. | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| (in USD, except share data) | ||||||||
| June 30, | March 31, 2018 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 1,020,859 | $ | 1,658,496 | ||||
| Accounts receivable, net of allowances | 1,988,204 | 557,813 | ||||||
| Inventories | 649,603 | 486,497 | ||||||
| Investments held for sale | 147,500 | 147,500 | ||||||
| Other current assets | 352,942 | 354,641 | ||||||
| Total current assets | $ | 4,159,108 | $ | 3,204,947 | ||||
| Long-term assets: | ||||||||
| Intangible Assets | 132,647 | 127,826 | ||||||
| Property, plant and equipment, net | 5,968,896 | 6,236,839 | ||||||
| Investments | 795,275 | 798,922 | ||||||
| Other non-current assets | 460,412 | 484,562 | ||||||
| Total long-term assets | $ | 7,357,230 | $ | 7,648,149 | ||||
| Total assets | $ | 11,516,338 | $ | 10,853,096 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Trade payables | 1,472,536 | 52,270 | ||||||
| Other current liabilities | 426,199 | 493,684 | ||||||
| Notes payable | 1,800,000 | 1,800,000 | ||||||
| Total current liabilities | $ | 3,698,735 | $ | 2,345,954 | ||||
| Non-current liabilities: | ||||||||
| Loans – others | 226,375 | 427,500 | ||||||
| Other liabilities | 14,169 | 14,896 | ||||||
| Total non-current liabilities | $ | 240,544 | $ | 442,396 | ||||
| Total liabilities | $ | 3,939,279 | $ | 2,788,350 | ||||
| Stockholders’ equity: | ||||||||
| Common stock and additional paid-in capital, $0.0001 par value: 150,000,000 shares authorized; and 30,764,192 and 31,038,473 shares issued and outstanding as of March 31, 2018 and June 30, 2018, respectively. | $ | 64,248,109 | $ | 63,917,035 | ||||
| Accumulated other comprehensive loss | (2,363,020 | ) | (2,056,556 | ) | ||||
| Retained deficit | (54,308,030 | ) | (53,795,733 | ) | ||||
| Total equity attributable to Parent | $ | 7,577,059 | $ | 8,064,746 | ||||
| Non-controlling interest | - |
| - | |||||
| Total stockholders’ equity | $ | 7,577,059 | $ | 8,064,746 | ||||
| Total liabilities and stockholders’ equity | $ | 11,516,338 | $ | 10,853,096 | ||||
| See accompanying Notes to Consolidated Financial Statements in our quarterly report on Form 10Q. | ||||||||
| India Globalization Capital, Inc. | ||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| (in USD, except number of shares) | ||||||||
| (unaudited) | ||||||||
| Three Months Ended June 30, | ||||||||
| 2018 | 2017 | |||||||
| Revenues | $ | 1,477,540 | $ | 52,926 | ||||
| Cost of revenues (excluding depreciation) | (1,435,598 | ) | (6,880 | ) | ||||
| Selling, general and administrative expenses | (553,645 | ) | (442,315 | ) | ||||
| Operating loss | $ | (511,703 | ) | $ | (396,269 | ) | ||
| Other expense, net | (593 | ) | (36,191 | ) | ||||
| Loss before income taxes and minority interest attributable to non-controlling interest | $ | (512,296 | ) | $ | (432,460 | ) | ||
| Income taxes benefit/(expense) | - | - | ||||||
| Net loss | $ | (512,296 | ) | $ | (432,460 | ) | ||
| Non-controlling interests in earnings of subsidiaries | - | (319 | ) | |||||
| Net loss attributable to common stockholders | $ | (512,296 | ) | $ | (432,141 | ) | ||
| Loss per share attributable to common stockholders: | ||||||||
| Basic and Diluted | $ | (0.02 | ) | $ | (0.02 | ) | ||
| Weighted-average number of shares used in computing earnings per share amounts: | ||||||||
| Basic and Diluted | 30,981,422 | 25,865,307 | ||||||
| See accompanying Notes to Consolidated Financial Statements in our quarterly report on Form 10Q. | ||||||||
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Contacts
India Globalization Capital, Inc.
Claudia Grimaldi, 301-983-0998
Source: India Globalization Capital, Inc.
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