Bethesda, Maryland — October 16, 2018 — /D.M.O. Newswire/ — India Globalization Capital, Inc. (NYSE: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.
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
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.
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