August 21, 2017 7:00 AM
IGC Announces Financial Results for Quarter Ended June 30, 2017
BETHESDA, Md., Aug. 21, 2017 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE AMERICAN:IGC) announces financial results for the quarter ended June 30, 2017.
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.
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.
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