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.
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
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.