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Share Name | Share Symbol | Market | Type |
---|---|---|---|
IGC Pharma Inc | AMEX:IGC | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.0095 | 1.86% | 0.5204 | 0.525 | 0.50 | 0.525 | 102,359 | 15:12:05 |
India Globalization Capital, Inc. (NYSE American: IGC) announces its financial results for the three months ending December 31, 2021 – quarter three of the Company’s 2022 fiscal year.
Highlights include:
The Company’s financial results for the quarter ending December 31, 2021 relative to the same period a year ago:
Primarily due to COVID-19, we expect volatility in both segments in the foreseeable future and it is difficult to predict when either segment will generate significant, stable revenue.
The following expense results refer to the quarters ending December 31, 2021, and December 31, 2020:
About IGC:
India Globalization Capital, Inc. (IGC), headquartered in Maryland, engages in the development of cannabinoid-based therapies for healthcare applications. IGC recently completed the first safety and tolerability clinical trial to treat symptoms of Alzheimer’s patients using a THC-based investigational new drug. The Company also operates an infrastructure business based in India. www.igcinc.us, www.igcpharma.com
Forward-Looking Statements:
This press release contains forward-looking statements that are based largely on IGC’s expectations and are subject to several risks and uncertainties, which may be beyond IGC’s control. Actual results could differ significantly from these if the Company is unable to commercialize one or more of the Company’s products or technologies, including the investigational new drug IGC-AD1 described in this press release. Other risks which could materially impact results include failure to obtain FDA approval for IGC-AD1 or additional clinical trials; unanticipated or unfavorable testing results from subsequent clinical trials; general economic conditions that are less favorable than expected; the impact of the ongoing COVID-19 pandemic; the FDA’s general position regarding cannabis- and hemp-based products; and other factors, which are discussed in IGC’s SEC filings.
IGC incorporates by reference the human trial disclosures and Risk Factors identified in its Annual Reports on Form 10-K filed with the SEC on June 14, 2021, and Quarterly Report on Form 10-Q, filed with the SEC on August 11, 2021, October 29, 2021, and February 10, 2022. Given these risks and uncertainties, we cannot assure the forward-looking information contained in this release will occur.
< Financial Tables to Follow>
India Globalization Capital, Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
December 31,
March 31,
2021
2021
($)
($)
ASSETS
Current assets:
Cash and cash equivalents
11,941
14,548
Accounts receivable, net
164
175
Inventory
5,428
5,478
Non-Marketable securities
-
80
Deposits and advances
1,704
3,236
Total current assets
19,237
23,517
Intangible assets, net
426
407
Property, plant and equipment, net
10,520
10,840
Non-Marketable securities
11
12
Claims and advances
612
603
Operating lease asset
482
488
Total long-term assets
12,051
12,350
Total assets
31,288
35,867
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
357
476
Accrued liabilities and others
919
1,588
Short-term loans
3
304
Total current liabilities
1,279
2,368
Long-term loans
145
276
Other liabilities
15
15
Operating lease liability
374
405
Total non-current liabilities
534
696
Total liabilities
1,813
3,064
Commitments and Contingencies – See Note 12
Stockholders' equity:
Preferred stock, $0.0001 par value: authorized 1,000,000 shares, no shares issued or outstanding as of December 31, 2021, and March 31, 2021.
-
-
Common stock and additional paid-in capital, $0.0001 par value: 150,000,000 shares authorized; 51,041,017 and 47,827,273 shares issued and outstanding as of December 31, 2021 and March 31, 2021, respectively.
114,894
109,720
Accumulated other comprehensive loss
(2,763
)
(2,774
)
Accumulated deficit
(82,656
)
(74,143
)
Total stockholders' equity
29,475
32,803
Total liabilities and stockholders' equity
31,288
35,867
These financial statements should be read in connection with the accompanying notes on Form 10-Q for the quarter ended December 31, 2021, filed with the SEC on February 10, 2022.
India Globalization Capital, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except loss per share and share data)
Three months ended December 31,
2021
($)
2020
($)
Revenue
142
108
Cost of revenue
(80
)
(94
)
Gross Profit
62
14
Selling, general and administrative expenses
(2,070
)
(2,186
)
Research and development expenses
(377
)
(154
)
Operating loss
(2,385
)
(2,326
)
Impairment of investment
-
-
Other income, net
4
3
Loss before income taxes
(2,381
)
(2,323
)
Net loss attributable to common stockholders
(2,381
)
(2,323
)
Foreign currency translation adjustments
77
40
Comprehensive loss
(2,304
)
(2,283
)
Loss per share attributable to common stockholders:
Basic & diluted
$
(0.05
)
$
(0.06
)
Weighted-average number of shares used in computing loss per share amounts:
51,053,191
41,304,365
These financial statements should be read in connection with the accompanying notes on Form 10-Q for the quarter ended December 31, 2021, filed with the SEC on February 10, 2022.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220210005859/en/
Claudia Grimaldi Phone: 301-983-0998
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