Market Overview

IGC Announces Financial Results for Quarter Ended June 30, 2018

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India Globalization Capital, Inc. (NYSE:IGC) today announces
financial results for the quarter ended June 30, 2018, which is the
first quarter of its 2019 fiscal year.

Total revenue was approximately $1.48 million for the three months ended
June 30, 2018, as compared to approximately $53 thousand for the three
months ended June 30, 2017. The increase and all quarterly revenue was
attributable to the legacy trading business. The consolidated GAAP net
income loss for the period was approximately ($512,000), which is a GAAP
EPS loss of ($0.02), compared to a GAAP net loss of ($432,000) and a
GAAP EPS loss of ($0.02) for the same three months last fiscal year. The
increase in loss is attributable to an increase in SG&A stemming
primarily from the issuance of ESOP shares.

According to CEO Ram Mukunda, "We are focused on bringing Hyalolextm,
our lead cannabinoid based alternative therapy, to market and laying the
foundation to position IGC as a leader in the commercialization of
cannabinoid based alternative supplements for indications such as
Alzheimer's disease, Parkinson's disease and pain."

"In the first quarter, we built a marketing plan to launch Hyalolextm,
which is our non-FDA approved alternative cannabinoid-based product for
treating the symptoms of Alzheimer's. It comes in a liquid form and will
be branded as ‘Drops of Clarity,'" he said.

Alzheimer's disease (AD) is a form of dementia, known for being
especially devastating over time to both the patient and the caregiver.
In addition, it is America's most expensive disease, with an estimated
cost to the U.S. economy of $236 billion. AD currently affects more than
5.3 million Americans and over 60% of AD patients are women. The Company
intends to enter into licensing arrangements with manufacturers, to
expand its reach into multiple U.S. markets and Canada.

About IGC:

IGC has two lines of business, a legacy infrastructure business and a
cannabis supplement/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, 2018, and in other reports
filed with the U.S. Securities and Exchange Commission.

FINANCIAL STATEMENTS TO FOLLOW

 
India Globalization Capital, Inc.

CONSOLIDATED BALANCE SHEETS

(in USD, except share data)

   

June 30,
2018
(Unaudited)

March 31, 2018
(Audited)

ASSETS
Current assets:
Cash and cash equivalents $ 1,020,859 $ 1,658,496
Accounts receivable, net of allowances 1,988,204 557,813
Inventories 649,603 486,497
Investments held for sale 147,500 147,500
Other current assets   352,942   354,641
Total current assets $ 4,159,108 $ 3,204,947
Long-term assets:
Intangible Assets 132,647 127,826
Property, plant and equipment, net 5,968,896 6,236,839
Investments 795,275 798,922
Other non-current assets   460,412   484,562
Total long-term assets $ 7,357,230 $ 7,648,149
Total assets $ 11,516,338 $ 10,853,096
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Trade payables 1,472,536 52,270
Other current liabilities 426,199 493,684
Notes payable   1,800,000   1,800,000
Total current liabilities $ 3,698,735 $ 2,345,954
Non-current liabilities:
Loans – others 226,375 427,500
Other liabilities   14,169   14,896
Total non-current liabilities $ 240,544 $ 442,396
Total liabilities $ 3,939,279 $ 2,788,350
Stockholders' equity:

Common stock and additional paid-in capital, $0.0001 par value:
150,000,000 shares authorized; and 30,764,192 and 31,038,473
shares issued and outstanding as of March 31, 2018 and June 30,
2018, respectively.

$ 64,248,109 $ 63,917,035
Accumulated other comprehensive loss (2,363,020 ) (2,056,556 )
Retained deficit   (54,308,030 )   (53,795,733 )
Total equity attributable to Parent $ 7,577,059 $ 8,064,746
Non-controlling interest  

-

 

-

Total stockholders' equity $ 7,577,059 $ 8,064,746
Total liabilities and stockholders' equity $ 11,516,338 $ 10,853,096
 

See accompanying Notes to Consolidated Financial Statements in our
quarterly report on Form 10Q.

 
 

India Globalization Capital, Inc.

 

CONSOLIDATED STATEMENTS OF OPERATIONS

(in USD, except number of shares)

(unaudited)

 

Three Months Ended

June 30,

2018   2017
 
Revenues $ 1,477,540 $ 52,926
Cost of revenues (excluding depreciation) (1,435,598 ) (6,880 )
Selling, general and administrative expenses (553,645 ) (442,315 )
Operating loss $ (511,703 ) $ (396,269 )
Other expense, net   (593 )   (36,191 )

Loss before income taxes and minority interest attributable to
non-controlling interest

$ (512,296 ) $ (432,460 )
Income taxes benefit/(expense)   -   -
Net loss $ (512,296 ) $ (432,460 )
Non-controlling interests in earnings of subsidiaries   -   (319 )
Net loss attributable to common stockholders $ (512,296 ) $ (432,141 )
Loss per share attributable to common stockholders:
Basic and Diluted $ (0.02 ) $ (0.02 )

Weighted-average number of shares used in computing earnings per
share amounts:

Basic and Diluted 30,981,422 25,865,307
 

See accompanying Notes to Consolidated Financial Statements in our
quarterly report on Form 10Q.

 

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