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Press Release

IGC Announces Financial Results for Quarter Ended June 30, 2017


Posted on: 21 Aug 17

BETHESDA, Md., Aug. 21, 2017 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE AMERICAN:IGC) announces financial results for the quarter ended June 30, 2017.

“During the quarter, we secured an IP licensing agreement from the University of South Florida addressing a potential treatment for Alzheimer’s disease.  This patent filing claims discovery of a new pathway: low doses of THC bind to amyloid beta plaques and prevent those plaques from aggregating on neurons, which is what occurs in Alzheimer’s disease and causes cognitive decline.  IGC expects to release mouse data showing that this pathway and therapy have possible blockbuster potential in treating Alzheimer’s disease.  We expect to take this exciting treatment to human medical trials as soon as possible,” stated Ram Mukunda, CEO of IGC.

Total revenue was $52,926 for the three months ended June 30, 2017, as compared to $288,493 for the three months ended June 30, 2016. The decrease in revenue is attributable to the corporate mandate to extricate IGC from the electronic and iron ore trading businesses and focus management on medical cannabis therapies. The revenue in the three months ended June 30, 2017 is all from the rental of heavy equipment and real estate management.

Selling, general and administrative expenses were $436,351 for the quarter ended June 30, 2017 as compared to $307,772 for the quarter ended June 30, 2016.  Most of these expenses are a result of public-company expenses, including legal fees.

The Company reported a consolidated GAAP net income loss of $432,141 and a GAAP EPS loss of $0.02 compared to a GAAP net income loss of $383,566 and a GAAP EPS loss of $0.02 for the three months ended June 30, 2016. The increase in loss is due to increased SG&A related to marketing programs that the company initiated.

For the quarter ended June 30, 2017, our non-GAAP cash burn was approximately $389,577.

At the end of June 30, 2017, our cash and cash equivalents along with restricted cash was $345,610 with working capital of $623,984. We anticipate securing additional capital to further our patent portfolio and commence medical trials on our Alzheimer’s product.

About IGC

IGC develops cannabis-based combination therapies to treat Alzheimer’s, pain, nausea, eating disorders, several end points of Parkinson’s, and epilepsy in humans, dogs and cats.  In support of this effort, IGC has assembled a portfolio of patent filings and four lead product candidates addressing these conditions. We are based in Bethesda, Maryland.

Our website: www.igcinc.us.  Twitter @IGCIR Facebook.com/IGCIR/

Forward-looking Statements

Please see forward-looking statements as discussed in detail in IGC's Form 10-K for fiscal year ended March 31, 2017, and in other reports filed with the U.S. Securities and Exchange Commission.

FINANCIAL STATEMENTS TO FOLLOW


INDIA GLOBALIZATION CAPITAL, INC. AND SUBSIDIARIES 
CONSOLIDATED BALANCE SHEETS 
  
(All amounts in USD, except number of shares and per share amounts) 
  
  As of
 
  30-June-17  31-Mar-17
 
  (unaudited)  (audited)
 
ASSETS      
Current assets:      
Cash and cash equivalents $345,610  $538,029 
Accounts receivable, net of allowances  839,462   752,926 
Prepaid expenses and other current assets  416,160   410,408 
Short-term investments  -   1,880,000 
Total current assets $1,601,232  $3,581,363 
Goodwill  198,169   198,169 
Property, plant and equipment, net  952,009   953,936 
Investments in affiliates  773,111   773,111 
Investments-others  5,239,778   5,238,003 
Other non-current assets  672,142   539,720 
Total long-term assets $7,835,209  $7,702,939 
Total assets $9,436,441  $11,284,302 
LIABILITIES AND STOCKHOLDERS' EQUITY        
Current liabilities:        
Trade payables  427,079   416,532 
Accrued expenses  143,000   181,465 
Other current liabilities  407,169   691,714 
Total current liabilities $977,248  $1,289,711 
Long -term borrowings  175,991   452,080 
Loans – others  388,476   392,226 
Notes payable  1,800,000   1,800,000 
Total non-current liabilities $2,364,467  $2,644,306 
Total liabilities $3,341,715  $3,934,017 
Stockholders' equity:        
Common stock — $.0001 par value; 150,000,000 shares authorized; 23,265,531 issued and outstanding as of March 31, 2017 and 26,803,020 issued and outstanding as of June 30, 2017. $2,680  $2,827 
Additional paid-in capital  60,588,461   61,413,533 
Accumulated other comprehensive income  (2,046,023)  (2,047,780)
Retained earnings (Deficit)  (52,441,602)  (52,009,459)
Total equity attributable to Parent $6,103,516  $7,359,121 
Non-controlling interest $(8,790) $(8,836)
Total stockholders' equity $6,094,726  $7,350,285 
Total liabilities and stockholders' equity $9,436,441  $11,284,302 
  
See accompanying Notes to Consolidated Financial Statements below in this report and Notes to the Audited Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2017 filed with the SEC on July 14, 2017. 
  


INDIA GLOBALIZATION CAPITAL, INC. AND SUBSIDIARIES 
CONSOLIDATED STATEMENTS OF OPERATIONS 
(Unaudited) 
  
(All amounts in USD, except number of shares and per share amounts) 
  
  As of 
  Three months ended June 30, 
  2017  2016 
       
Revenues $52,926  $288,493 
Cost of revenues (excluding depreciation)  (6,880)  (201,854)
Selling, general and administrative expenses  (436,351)  (307,772)
Depreciation  (5,964)  (97,672)
Operating income (loss) $(396,269) $(318,805)
Interest expense  (44,546)  (43,278)
Other income, net  8,355   1,755 
Income before income taxes and minority interest attributable to non-controlling interest $(432,460) $(360,328)
Income taxes benefit/ (expense)  -   - 
Net income/(loss) $(432,460) $(360,328)
Non-controlling interests in earnings of subsidiaries  (319)  23,238 
Net income / (loss) attributable to common stockholders $(432,141) $(383,566)
Earnings/(loss) per share attributable to common stockholders:     
Basic $(0.02) $(0.02)
Diluted $(0.02) $(0.02)
Weighted-average number of shares used in computing earnings per share amounts: 
Basic  25,865,307   23,312,056 
Diluted  25,865,307   23,312,056 
  
See accompanying Notes to Consolidated Financial Statements below in this report and Notes to the Audited Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2017 filed with the SEC on July 14, 2017. 


CONTACT: Contact Claudia Grimaldi 301-983-0998GlobeNewswire
globenewswire.com

Last updated on: 22/08/2017

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