Bethesda, February 20, 2018 (ACCESSWIRE) – India Globalization Capital, Inc. (NYSE MKT: IGC) announced financial results for the third quarter ended December 31, 2017 for the fiscal year that ends March 31, 2018 (the “FYE2018 Q3”)
Revenue for fiscal Q3 2018 was $762,000 compared to $250,000 for fiscal Q3 2017. The increase in revenue is attributable to trading commodities related to infrastructure that is part of our legacy business.
Selling, general and administrative expenses were $507,000 for Q3 2018 as compared to $323,000 for Q3 2017. The majority of these expenses are associated with public company costs, and the increase is attributable largely to non-cash share grants to employees, directors, and advisors.
In Q3 2018, the Company reported a GAAP loss of $533,000 and a GAAP EPS loss of $0.02, compared to a GAAP net loss of $112,000 and a GAAP EPS loss of $0.00 for Q3 2017. The increase in loss is attributable to a one-time non-cash gain incurred in Q3 2017 and the accounting for non-cash share grants in Q3 2018. The non-GAAP cash loss in Q3 2018 is about $360 thousand.
For the period ended December 31, 2017, our cash and cash equivalents was approximately $1,691,000.