India Globalization Capital, Inc. announces financial results for the quarter ended September 30, 2018, which is the second quarter of its 2019 fiscal year.
BETHESDA, Md.--(BUSINESS WIRE)-- 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.com
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 Tables to Follow >
| India Globalization Capital, Inc. | ||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
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(in thousands, except share data) |
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September 30, |
March 31, |
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| 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: | ||||||||||
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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 | ||||||
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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. | ||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||
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(in thousands, except loss per shares) |
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| (unaudited) | ||||||||||||||||||||
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Three months ended September |
Six months ended September |
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| 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 | ||||||||||||||||
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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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Contacts
India Globalization Capital, Inc.
Claudia Grimaldi, 301-983-0998
Source: India Globalization Capital, Inc.
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