Cannabis Growing Career

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

Total revenue was approximately $811 thousand for the three months ended September 30, 2018, an increase of 245% as compared to approximately $235 thousand for the three months ended September 30, 2017. All quarterly revenue was attributable to the legacy infrastructure business operations.

During the quarter the Company recorded SG&A expenses of approximately $873 thousand compared to approximately $335 thousand for the three months ended September 30, 2017. The increase in SG&A is mainly attributable to expenses associated with our expansion of medical cannabis related research and development totaling approximately $237 thousand during the quarter, versus approximately $78 thousand for the three months ended September 30, 2017, and the issuance of non-cash stock and options.

The consolidated GAAP net income loss for the period was approximately ($858,000), which is a GAAP EPS loss of ($0.03), compared to a GAAP net loss of approximately ($304,000) and a GAAP EPS loss of ($0.01) for the corresponding period last fiscal year.

At the end of September 30, 2018, the Company had approximately $6.41 million in cash and cash equivalents. The Company believes that it has adequate financial resources to fund its short-term objectives including, among others, marketing Hyalolex(TM), developing and commercializing its recently announced drink formulation, expanding the depth of its complementary cannabis medication and product portfolio, initiating filings with the Food and Drug Administration (FDA), and conducting small clinical trials as appropriate in support of its product pipeline.

About IGC

IGC has two lines of business, a legacy infrastructure business and a medical cannabis business that has developed a flagship product for Alzheimer’s patients. The Company recently announced that it will develop and commercialize a hemp/CBD infused energy drink. The company is based in Maryland, U.S.A. Our website: www.igcpharma.comTwitter @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 Tables to Follow >

India Globalization Capital, Inc.                                  CONDENSED CONSOLIDATED BALANCE SHEETS                                    (in thousands, except share data)                                                                        September 30,       March 31,                                                                            2018              2018                                                                         (Unaudited)        (Audited)                                                                      -------------     -------------                               ASSETSCurrent assets:  Cash and cash equivalents                                               $   6,408         $   1,658  Accounts receivable, net of allowances                                        162               558  Inventories                                                                   650               486  Investments held for sale                                                     148               148  Other current assets                                                          373               355                                                                            -------           -------        Total current assets                                              $   7,741         $   3,205                                                                      ----- -------     ----- -------Long-term assets: Intangible Assets                                                            1,521               128 Property, plant and equipment, net                                           5,675             6,237 Investments                                                                    794               799 Other non-current assets                                                       819               484                                                                            -------           -------          Total long-term assets                                          $   8,809         $   7,648                                                                      ----- -------     ----- -------Total assets                                                              $  16,550         $  10,853                                                                      ===== =======     ===== =======                LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities: Trade payables                                                                  45                52 Other current liabilities                                                      659               494 Notes payable                                                                1,800             1,800                                                                            -------           -------      Total current liabilities                                           $   2,504         $   2,346Non-current liabilities: Loans - Other                                                     225               427 Other liabilities                                                               14                15                                                                            -------           -------      Total non-current liabilities                                       $     239         $     442                                                                      ----- -------     ----- -------      Total liabilities                                                   $   2,743         $   2,788                                                                      ----- -------     ----- -------Stockholders' equity:                                                                          $  71,670         $  63,917 Common stock and additional paid in capital al, $0.0001 par value: 150,000,000 shares authorized; and 34,247,769 and 30,764,192 shares issued and outstanding as of September 30, 2018 and March 31, 2018, respectively. 1,726,565 shares pursuant to three agreements were allocated but not issued as of September 30, 2018.   Accumulated other comprehensive loss                                      (2,697 )          (2,056 )   Retained deficit                                                         (55,166 )         (53,796 )                                                                            ------- -         ------- -      Total equity attributable to Parent                                 $  13,807         $   8,065      Total stockholders' equity                                          $  13,807         $   8,065                                                                      ----- -------     ----- -------      Total liabilities and stockholders' equity                          $  16,550         $  10,853                                                                      ===== =======     ===== =======                     See accompanying Notes to the Condensed Consolidated Financial                     Statements in the Quarterly Report on Form 10-Q for the quarter                     ended September 30, 2018, as filed with the SEC on October 15,                                                  2018.
India Globalization Capital, Inc.                                           CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS                                               (in thousands, except loss per shares)                                                             (unaudited)                                                                     Three months ended September       Six months ended September                                                                                  30,                               30,                                                                   ------------------------          ------------------------                                                                        2018             2017             2018             2017                                                                   ---------------  ---------------  ---------------  ---------------Revenues                                                             $    811         $    235         $  2,289         $    289Direct Cost (excluding depreciation)                                     (793 )           (163 )         (2,229 )           (170 )Selling, general and administrative expenses                             (873 )           (335 )         (1,427 )           (721 )Operating loss                                                       $   (855 )       $   (263 )       $ (1,367 )       $   (602 )Other expenses, net                                                        (3 )            (41 )             (4 )            (77 )                                                                       ------ ---       ------ ---       ------ ---       ------ ---Income before income taxes and minority interest attributable to     $   (858 )       $   (304 )       $ (1,371 )       $   (679 )non-controlling interestNet loss                                                             $   (858 )       $   (304 )       $ (1,371 )       $   (679 )Net loss attributable to common stockholders                         $   (858 )       $   (304 )       $ (1,371 )       $   (679 )                                                                   === ====== ===   === ====== ===   === ====== ===   === ====== ===Loss per share attributable to common stockholders:       Basic & Diluted                                               $  (0.03 )       $  (0.01 )       $  (0.04 )       $  (0.02 )Weighted-average number of shares used in computing earnings pershare amounts:       Basic & Diluted                                                 31,345           27,355           31,345           27,355                                   See accompanying Notes to the Condensed Consolidated Financial                                   Statements in the Quarterly Report on Form 10-Q for the quarter                                   ended September 30, 2018, as filed with the SEC on October 15,                                                                2018.

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SOURCE: India Globalization Capital, Inc.”><Property FormalName=”PrimaryTwitterHandle” Value=”@IGCIR

India Globalization Capital, Inc.Claudia Grimaldi, 301-983-0998
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