Earlier today, India Globalization Capital Inc. (NYSE:IGC) released and filed its annual report on form 10-K with the Securities and Exchange Commission (SEC), including their financial results for fiscal year 2017. Here's some of the highlights:
Revenues for FY 2017 were $580,372, compared to $6,366,550 in FY 2016. This marked a 90% decrease in revenues. This decline in revenue was due to the company exiting the electronic components trading business. India Globalization Capital also exited their iron ore business in the fiscal year.
Cost of goods sold for FY 2017 was $362,135 compared to $5,523,256 in the previous year. This decrease was mainly attributable to the company's exit of the electronics business.
Selling, general and administrative expenses decreased 30% from the previous year to $1,875,344. This decrease reflects a steep cut in expenses associated with the company's renewed focus on its cannabinoid therapy development portfolio. The decline was partially offset by one-time expenses associated with the disposition of businesses.
Operating losses decreased 29% from the previous year. In FY 2017, operating losses were $2,054,385. The decrease in operating losses is primarily attributable to lower SG&A.
India Globalization Capital also posted a smaller net loss compared to the previous fiscal year. In FY 2017, net losses were $1,852,861.
Net loss per share (basic and diluted) was $0.07 in FY 2017. In FY 2016, the company lost $0.17 per share.
Weighted average common shares outstanding (basic and diluted) were 25,658,544 as of March 31, 2017 compared to 16,387,290 at the conclusion of FY 2016.
Cash and cash equivalents were $538,029 as of March 31, 2017.
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