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Press Release

IGC Announces Third Quarter Financial Results Advances Hyalolex to Commercialization Stage


Posted on: 20 Feb 18

BETHESDA, Md., Feb. 20, 2018 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE:IGC) announced financial results for the third quarter ended December 31, 2017 for the fiscal year that ends March 31, 2018 (the “FYE2018 Q3”).

Revenue for fiscal Q3 2018 was $762,000 compared to $250,000 for fiscal Q3 2017. The increase in revenue is attributable to trading commodities related to infrastructure that is part of our legacy business.

Selling, general and administrative expenses were $507,000 for Q3 2018 as compared to $323,000 for Q3 2017.  The majority of these expenses are associated with public company costs, and the increase is attributable largely to non-cash share grants to employees, directors, and advisors. 

In Q3 2018, the Company reported a GAAP loss of $533,000 and a GAAP EPS loss of $0.02, compared to a GAAP net loss of $112,000 and a GAAP EPS loss of $0.00 for Q3 2017.   The increase in loss is attributable to a one-time non-cash gain incurred in Q3 2017 and the accounting for non-cash share grants in Q3 2018.  The non-GAAP cash loss in Q3 2018 is about $360 thousand. 

For the period ended December 31, 2017, our cash and cash equivalents was approximately $1,691,000.

“We have three major goals for 2018 a) launch Hyalolex in 10 states, b) finalize and launch Serosapse for Parkinson’s, and c) substantially reduce or eliminate debt.  Our Alzheimer’s product, Hyalolex, an industry first, is progressing as planned.  Our work on formulation and packaging is complete and we expect initial commercialization as a Complementary Alternative Medicine sold via licensed medical dispensaries in select states in the near-term, as we strive to help those diagnosed with Alzheimer’s, a disease that effects over 5.5 million in the U.S, and along with associated dementia costs the economy around $260 billion. We remain confident in the value of our phytocannabinoid therapy portfolio as we look to address key indications in the emerging medical cannabis industry,” stated Ram Mukunda, CEO.  

About IGC

IGC has two lines of business, a legacy infrastructure business and a cannabis 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, 2017, and in other reports filed with the U.S. Securities and Exchange Commission. 

Contact:
Claudia Grimaldi
301-983-0998

FINANCIAL STATEMENTS TO FOLLOW

INDIA GLOBALIZATION CAPITAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 
  
(All amounts in USD, except number of shares) 
  
  As of 
  31 December- 17  31- March - 17 
  (unaudited)  (audited) 
ASSETS      
Current assets:      
Cash and cash equivalents $1,690,792  $538,029 
Accounts receivable, net of allowances  1,155,229   752,926 
Prepaid expenses and other current assets  379,785   410,408 
Short-term investments  -   1,880,000 
Total current assets $3,225,806  $3,581,363 
Goodwill  198,169   198,169 
Intangible assets  124,272   - 
Property, plant and equipment, net  951,351   953,936 
Investment  6,015,634   6,011,114 
Other non-current assets  820,913   539,720 
Total long-term assets $8,110,339  $7,702,939 
Total assets $11,336,145  $11,284,302 
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Current liabilities:        
Trade payables  674,882   416,532 
Accrued expenses  175,200   181,465 
Other current liabilities  474,101   691,714 
Total current liabilities $1,324,183  $1,289,711 
Long-term borrowings  -   452,080 
Loans- others  737,097   392,226 
Notes payable  1,800,000   1,800,000 
Total non-current liabilities $2,537,097  $2,644,306 
Total liabilities $3,861,280  $3,934,017 
Stockholders’ equity:        
Common stock — $.0001 par value; 150,000,000 shares authorized; 28,272,667 issued and outstanding as of March 31, 2017 and 29,499,790 issued and outstanding as of December 31, 2017. $2,950  $2,827 
Additional paid-in capital  62,737,631   61,413,533 
Accumulated other comprehensive income  (2,037,529)  (2,047,780)
Retained earnings/(deficit)  (53,219,180)  (52,009,459)
Total equity attributable to Parent $7,483,872  $7,359,121 
Non-controlling interest $(9,007) $(8,836)
Total stockholders’ equity $7,474,865  $7,350,285 
Total liabilities and stockholders’ equity $11,336,145  $11,284,302 

See accompanying Notes to Condensed Consolidated Financial Statements below in this report and the 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.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(All amounts in USD, except number of shares)
 
  Three months ended
December 31,
  Nine months ended
December 31,
 
 2017  2016  2017  2016 
             
Revenues $762,009  $249,801  $1,050,582  $487,364 
Cost of revenues (excluding depreciation)  (723,062)  (121,829)  (893,113)  (276,418)
Selling, general and administrative expenses  (507,332)  (322,891)  (1,217,293)  (959,693)
Depreciation  (4,989)  (196,103)  (15,297)  (391,617)
Loss on investments/associates /joint ventures  -   4,910   -   (178,925)
Operating income /(loss) $(473,374) $(386,112) $(1,075,121) $(1,319,289)
Interest expense  (60,527)  (46,465)  (145,905)  (136,421)
Interest income & other income (net)  1,090   359,104   9,401   372,957 
Income before income taxes and minority interest attributable to non-controlling interest $(532,811) $(73,473) $(1,211,625) $(1,082,753)
 Income Tax    -      -      -      -  
Net income/(loss) $(532,811) $(73,473) $(1,211,625) $(1,082,753)
Non-controlling interests in earnings of subsidiaries  (230)  38,088   (634)  26,848 
Net income/(loss) attributable to common stockholders $(532,581) $(111,561) $(1,210,991) $(1,109,601)
Earnings/(loss) per share attributable to common stockholders:                
Basic $(0.02) $(0.00) $(0.04) $(0.04)
Diluted $(0.02) $(0.00) $(0.04) $(0.04)
Weighted-average number of common shares used in computing earnings per share amounts:                
Basic  28,169,292   27,446,095   27,126,208   27,446,095 
Diluted  28,169,292   27,446,095   27,126,208   27,446,095 

See accompanying Notes to Condensed 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.

 

GlobeNewswire
globenewswire.com

Last updated on: 21/02/2018

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