BETHESDA, Md.--(BUSINESS WIRE)--India Globalization Capital, Inc. (NYSEAM: IGC) announces its financial results for the Fiscal Year Ended March 31, 2019.
Fiscal 2019 revenue was approximately $5.12 million compared to approximately $2.19 million for Fiscal 2018. In both years, revenue was primarily derived from our India based Infrastructure Business which consists of a) rental of heavy equipment; b) execution of construction contracts; and c) the sale of infrastructure commodities.
During the two last weeks of Fiscal 2019, sales commenced in the Plant and Cannabinoid Business. Specifically, on March 22, 2019, the Company began offering hemp-based cannabidiol (CBD) under the brand Holi HempTM and that contributed $25 thousand to total revenue. On March 27, 2019 HyalolexTM, the Company’s flagship product for helping improve the quality of life for elderly patients suffering from Alzheimer’s, became available through select dispensaries in Puerto Rico.
SG&A expense for Fiscal 2019 was approximately $3.52 million as compared to approximately $1.73 million for Fiscal 2018. Approximately $1.1 million of the increase is due to legal and professional fees.
Research and Development (R&D) expense for Fiscal 2019 was approximately $1.3 million compared to approximately $137 thousand for the Fiscal 2018. R&D expenses are entirely from our Plant and Cannabinoid Business and relate primarily to a) HyalolexTM, SerosapseTM, NatrinolTM, and Holi HempTM products; b) costs associated with the preparation of FDA filings, and preparation for medical trials; and c) inventory that was shown as work in progress in Fiscal 2018.
Net loss for Fiscal 2019 was approximately $4.1 million or $0.13 per share, compared to approximately $1.79 million or $0.06 per share for Fiscal 2018. Increased expenses outlined above were primarily the cause of the larger loss.
About IGC:
IGC has two lines of business: a) infrastructure, and b) plant and cannabinoid-based products. The company is based in Maryland, U.S.A. Our website: www.igcinc.us.Twitter @IGCIR
