IGC Pharma(US:IGC)2020-08-19 20:06Revenue Performance - Revenue for the three months ended June 30, 2020, was approximately $584 thousand, a decrease of 65% from $1,649 thousand in the same period in 2019[124] - The Life Sciences segment generated $584 thousand in revenue for the quarter ended June 30, 2020, compared to $104 thousand in the same quarter of 2019, reflecting a significant shift in product mix[125] Cost and Expenses - Cost of revenue decreased to approximately $538 thousand in Q2 2020 from $1,608 thousand in Q2 2019, a reduction of 67%[126] - Selling, general and administrative expenses increased by approximately $506 thousand or 41% to $1,755 thousand for the three months ended June 30, 2020, primarily due to one-time legal expenses[127] - Research and development expenses for the three months ended June 30, 2020, were approximately $222 thousand, down from $247 thousand in the same period in 2019[128] Cash Flow and Liquidity - Net cash used in operating activities was approximately $4 million for the three months ended June 30, 2020, compared to $2.9 million in the same period in 2019, representing a 39% increase[139] - Cash and cash equivalents decreased by approximately $4,555 thousand to $2,703 thousand as of June 30, 2020, a decline of 63% from $7,258 thousand as of March 31, 2020[136] COVID-19 Impact - The company expects volatility in both the Life Sciences and Infrastructure segments due to the ongoing impact of COVID-19, with limited visibility on revenue stabilization[125] - The company is actively monitoring the impact of COVID-19 on its financial condition, liquidity, and operations[133] - The company anticipates a decrease in general and administrative expenses as one-time legal and other expenses are expected to abate over the rest of the year[127]