Top Cannabis Investment News, Member Posts, Cannabis Investment Daily Indices and more!

1w ago Cannabis greenmarketreport Views: 136

-

India Globalization Capital, Inc. (IGC) (NYSE: IGC) announces its financial results for the fiscal year ending March 31, 2022. IGC reported that its revenue was approximately $397 thousand and $898 thousand for Fiscal 2022 and Fiscal 2021, respectively. The net loss for Fiscal 2022 for IGC was approximately $15 million or $0.30 per share, compared to approximately $8.8 million or $0.21 per share for Fiscal 2021. Adjusting for approximately $5.3 million in one-time and non-cash expenses, the net loss is approximately $9.7 million in Fiscal 2022.

In Fiscal 2022 and Fiscal 2021, revenue was primarily derived from the Life Sciences segment, which involved sales of in-house brands and alcohol-based hand sanitizers, among others. In Fiscal 2022, the company de-emphasized the manufacturing and sale of low-margin hand sanitizers and shifted its focus to higher-margin white label services and the sale of products under its brands. This increased the gross margin from 12% in Fiscal 2021 to 48% in Fiscal 2022. The infrastructure segment had lower revenue in Fiscal 2022 due to the continued impact of the COVID-19 pandemic.

The company has roughly $10 million in cash on hand. SG&A expenses increased by approximately $5.3 million or 68% to $13.2 million for Fiscal 2022, from approximately $7.9 million for Fiscal 2021. The increase is attributed to one-time expenses, which include law-suit settlement expenses of approximately $264 thousand; impairment of facility of $833 thousand; net realizable value (NRV) adjustment of $1.7 million for its hemp crop; approximately $475 thousand in provisions for advances paid; approximately $1.7 million in provisions against inventory that was stolen at our vendor’s facility; and an increase of approximately $1.3 million attributable to non-cash expenses. Adjusting for approximately $5.3 million in one-time and non-cash expenses, the SG&A for the fiscal year 2022 was lower year over year by approximately $500 thousand.

R&D

Research and Development expenses were attributed to the Life Sciences segment. The R&D expenses increased by approximately $1.4 million or 151% to $2.3 million in Fiscal 2022, from approximately $929 thousand for Fiscal 2021. The increase is attributed to the now completed Phase 1 clinical trial on Alzheimer’s. “We expect R&D expenses to increase with progression in Phase 2 trials on IGC-AD1 and pre-clinical trials on TGR-63.”

Alzheimer’s

IGC completed the first-in-human safety and tolerability trial on its tetrahydrocannabinol (THC) based investigational new drug IGC-AD1. During the trial, the company discovered positive signals for improving several neuropsychiatric symptoms including agitation in dementia associated with Alzheimer’s. “Based on these signals, we are initiating a larger efficacy trial to test IGC-AD1 as a symptom modifying agent, specifically on agitation in dementia due to Alzheimer’s disease.”

On June 7, 2022, the USPTO issued a patent (#11,351,152) to IGC titled “Method and Composition for Treating Seizures Disorders.” The patent relates to compositions and methods for treating multiple types of seizure disorders and epilepsy in humans and animals using a combination of cannabidiol (CBD) with other compounds. Subject to further research and study, the combination is intended to reduce side effects caused by hydantoin anticonvulsant drugs such as phenobarbital, by reducing the dosing of anticonvulsant drugs in humans, dogs, and cats.

IGC Makes Progress on THC For Alzheimer’s on Green Market Report.


Today's Cannabis Investment Headlines:

Log In for More
Access Over 250K+ Industry Headlines, Posts and Updates
Not a member yet?

Join AlphaMaven

The Premier Alternative Investment
Research and Due Diligence Platform for Investors

Free Membership for Qualified Investors and Industry Participants
  • Easily Customize Content to Match Your Investment Preferences
  • Breaking News 24/7/365
  • Daily Newsletter & Indices
  • Alternative Investment Listings & LeaderBoards
  • Industry Research, Due Diligence, Videos, Webinars, Events, Press Releases, Market Commentary, Newsletters, Fact Sheets, Presentations, Investment Mandates, Video PitchBooks & More!
  • Company Directory
  • Contact Directory
  • Member Posts & Publications
  • Alpha University Video Series to Expand Investor Knowledge
  • AUM Accelerator Program (designed for investment managers)
  • Over 450K+ Industry Headlines, Posts and Updates
ALL ALPHAMAVEN CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. CONTENT POSTED BY MEMBERS DOES NOT NECESSARILY REFLECT THE OPINION OR BELIEFS OF ALPHAMAVEN AND HAS NOT ALWAYS BEEN INDEPENDENTLY VERIFIED BY ALPHAMAVEN. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THIS IS NOT A SOLICITATION FOR INVESTMENT. THE MATERIAL PROVIDED HEREIN IS FOR INFORMATIONAL PURPOSES ONLY. IT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY INTERESTS OF ANY FUND OR ANY OTHER SECURITIES. ANY SUCH OFFERINGS CAN BE MADE ONLY IN ACCORDANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THE INVESTMENT'S PRIVATE PLACEMENT MEMORANDUM. PRIOR TO INVESTING, INVESTORS ARE STRONGLY URGED TO REVIEW CAREFULLY THE PRIVATE PLACEMENT MEMORANDUM (INCLUDING THE RISK FACTORS DESCRIBED THEREIN), THE LIMITED PARTNERSHIP AGREEMENT AND THE SUBSCRIPTION DOCUMENTS, TO ASK SUCH QUESTIONS OF THE INVESTMENT MANAGER AS THEY DEEM APPROPRIATE, AND TO DISCUSS ANY PROSPECTIVE INVESTMENT IN THE FUND WITH THEIR LEGAL AND TAX ADVISERS IN ORDER TO MAKE AN INDEPENDENT DETERMINATION OF THE SUITABILITY AND CONSEQUENCES OF AN INVESTMENT.