BETHESDA, MD. August 2, 2018 – India Globalization Capital, Inc. (NYSE AMERICAN: 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 tothe 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.