IGC Pharma(US:IGC)2019-08-09 01:29Revenue and Income - Revenue for the three months ended June 30, 2019, was approximately $1.65 million, an increase of $171 thousand or 12% compared to $1.48 million in the same period in 2018[95]. - Other income rose by approximately $77 thousand or 7700%, totaling $76 thousand for the three months ended June 30, 2019, compared to a loss of $1 thousand in 2018[100]. Costs and Expenses - Cost of revenue for the same period was approximately $1.6 million, reflecting an increase of $172 thousand or 12% from $1.4 million in 2018, primarily due to increased purchases of physical commodities[97]. - General and administrative expenses surged by approximately $732 thousand or 142% to $1.2 million for the three months ended June 30, 2019, largely due to legal and professional fees related to shareholder lawsuits[98]. - Research and development expenses increased significantly by approximately $211 thousand or 586% to $247 thousand, primarily for the Plant and Cannabinoid Business[99]. Cash Flow - Cash and cash equivalents decreased by approximately $9 million to $16.55 million as of June 30, 2019, a decline of 35% from $25.61 million on March 31, 2019[103]. - Net cash used in operating activities was $2.87 million for the three months ended June 30, 2019, compared to $535 thousand in the same period in 2018, representing an increase of 437%[106]. - Net cash used in investing activities was $6.19 million, significantly up from $8 thousand in the same period in 2018, primarily due to investments in mutual funds and office space[108]. Business Strategy and Market Outlook - The company is exploring acquisitions, investments, or joint ventures to enhance its Plant and Cannabinoid Business as market demand for hemp products is expected to grow[94]. - The company’s product mix is anticipated to include hemp/CBD-infused drinks, tinctures, and oils, among others, as part of its strategy to expand its market presence[94].