BETHESDA, Md., Nov. 21, 2016 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE MKT:IGC) announces financial results for the quarter ended September 30, 2016. Total revenue was $162,163 for the three months ended September 30, 2016, as compared to $2,055,585 for the three months ended September 30, 2015. For the three months ended September 30, 2016, the revenue was primarily generated from the renting of heavy equipment and from managing the ongoing construction of the hotel in Genting. The decrease in revenue is attributable to the planned curtailment of the electronic trading business. Selling, general and administrative expenses were $339,585 for the quarter ended September 30, 2016 as compared to $525,353 for the quarter ended September 30, 2015. Most of these expenses were public company related costs. The Company reported a consolidated GAAP net income loss of $583,871 and a GAAP EPS loss of $0.02 for the three months ended September 30, 2016 compared to a GAAP net income loss of $623,373 and a GAAP EPS loss of $0.04 for the three months ended September 30, 2015. For the quarter ended September 30, 2016, our non-GAAP cash burn was approximately $252,325 after adjusting for $97,842 of depreciation, $40,075 of non-cash interest and $193,629 of certain one-time charges. At the end of September 30, 2016, our cash and cash equivalents along with restricted cash was $939,285 with working capital of $60,236. "We are pleased with our progress in our specialty IP unit as we strive to develop phytocannabinoid-based therapies in major market indications. In the coming quarters, we will further delineate the pathways to assess our compounds with the goal of commencing pre-clinical trials as appropriate. Internationally, our acquisition of Cabaran Ultima has provided real estate management expertise to drive the development of high-end luxury complexes as exemplified by our 10% stake in the $262 MM Genting Highlands project," stated Ram Mukunda, CEO.