10-Q Filing

OPTICAL CABLE CORP CIK: 1000230 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001437749-20-005327`
Period End Date	20200131
Filing Date	20200316
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	occ20200131_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 28 Cash Flow Statement 52 Stockholders Equity 15

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$84.72K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$64.24K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$99.56K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$88.05K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$693.74K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$418.07K	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$177.41K	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$537.33K	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts of $84,724 at January 31, 2020 and $99,562 at October 31, 2019	`AccountsReceivableNetCurrent`	$6.80M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts of $84,724 at January 31, 2020 and $99,562 at October 31, 2019	`AccountsReceivableNetCurrent`	$10.35M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Income taxes refundable - current	`IncomeTaxesReceivable`	$25.00K	USD	Point-in-time
Income taxes refundable - current	`IncomeTaxesReceivable`	$25.00K	USD	Point-in-time
Preferred stock, no par value (in dollars per share)	`PreferredStockNoParValue`	-	USD	Point-in-time
Preferred stock, no par value (in dollars per share)	`PreferredStockNoParValue`	-	USD	Point-in-time
Other receivables	`OtherReceivables`	$26.35K	USD	Point-in-time
Other receivables	`OtherReceivables`	$69.73K	USD	Point-in-time
Common stock, no par value (in dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Inventories	`InventoryNet`	$17.18M	USD	Point-in-time
Inventories	`InventoryNet`	$18.10M	USD	Point-in-time
Common stock, no par value (in dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$304.71K	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$374.77K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$29.38M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$25.10M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	7.46M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	7.46M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$9.70M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$10.01M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	7.46M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	7.46M	shares	Point-in-time
Income taxes refundable - noncurrent	`IncomeTaxesReceivableNoncurrent`	$25.00K	USD	Point-in-time
Income taxes refundable - noncurrent	`IncomeTaxesReceivableNoncurrent`	$25.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$670.35K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$659.28K	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$1.17M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$32.43K	USD	Point-in-time
Total assets	`Assets`	$36.67M	USD	Point-in-time
Total assets	`Assets`	$40.11M	USD	Point-in-time
Current installments of long-term debt	`LoansPayableCurrent`	$738.96K	USD	Point-in-time
Current installments of long-term debt	`LoansPayableCurrent`	$500.36K	USD	Point-in-time
Note payable to bank - current	`NotesPayableToBankCurrent`	$5.65M	USD	Point-in-time
Note payable to bank - current	`NotesPayableToBankCurrent`	$5.65M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$4.62M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$5.46M	USD	Point-in-time
Accrued compensation and payroll taxes	`EmployeeRelatedLiabilitiesCurrent`	$1.76M	USD	Point-in-time
Accrued compensation and payroll taxes	`EmployeeRelatedLiabilitiesCurrent`	$1.13M	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$19.41K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$15.38K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$13.63M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.92M	USD	Point-in-time
Long-term debt, excluding current installments	`LongTermLoansPayable`	$5.09M	USD	Point-in-time
Long-term debt, excluding current installments	`LongTermLoansPayable`	$5.17M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$977.07K	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$71.34K	USD	Point-in-time
Total liabilities	`Liabilities`	$18.87M	USD	Point-in-time
Total liabilities	`Liabilities`	$17.98M	USD	Point-in-time
Preferred stock, no par value, authorized 1,000,000 shares; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, no par value, authorized 1,000,000 shares; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, no par value, authorized 50,000,000 shares; issued and outstanding 7,456,072 shares at January 31, 2020 and 7,458,981 shares at October 31, 2019	`CommonStockValue`	$13.89M	USD	Point-in-time
Common stock, no par value, authorized 50,000,000 shares; issued and outstanding 7,456,072 shares at January 31, 2020 and 7,458,981 shares at October 31, 2019	`CommonStockValue`	$13.85M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$7.39M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$4.79M	USD	Point-in-time
Total shareholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$21.24M	USD	Point-in-time
Total shareholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$18.68M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$40.11M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$36.67M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$12.89M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$16.75M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$10.48M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$13.19M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.56M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.40M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.77M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$4.82M	USD	1 Quarter
Royalty expense, net	`RoyaltyRevenueExpense`	$-218.00	USD	1 Quarter
Royalty expense, net	`RoyaltyRevenueExpense`	$-17.56K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$9.41K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$9.99K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.22M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.45M	USD	1 Quarter
Interest expense	`InterestExpense`	$136.69K	USD	1 Quarter
Interest expense	`InterestExpense`	$116.88K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-2.63K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$158.00	USD	1 Quarter
Other expense, net	`NonoperatingIncomeExpense`	$-139.32K	USD	1 Quarter
Other expense, net	`NonoperatingIncomeExpense`	$-116.72K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.59M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.34M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-27.42K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$5.03K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.59M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.31M	USD	1 Quarter
Net loss per share: Basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.44	USD	1 Quarter
Net loss per share: Basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.35	USD	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.59M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.31M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$443.43K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$392.98K	USD	1 Quarter
Bad debt expense (recovery)	`ProvisionForRecoveryOfDoubtfulAccounts`	$-14.84K	USD	1 Quarter
Bad debt expense (recovery)	`ProvisionForRecoveryOfDoubtfulAccounts`	$23.81K	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$34.36K	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$862.25K	USD	1 Quarter
Loss on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-2.78K	USD	1 Quarter
Loss on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	1 Quarter
Trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-3.56M	USD	1 Quarter
Trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.96M	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	$-43.38K	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	$-6.68K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-915.49K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$2.01M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpense`	$-98.09K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpense`	$73.12K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.10M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.73M	USD	1 Quarter
Accrued compensation and payroll taxes	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-632.41K	USD	1 Quarter
Accrued compensation and payroll taxes	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-1.92M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$4.03K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-1.34K	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-32.73K	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$3.21K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$543.63K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.15M	USD	1 Quarter
Purchase of and deposits for the purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$46.70K	USD	1 Quarter
Purchase of and deposits for the purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$317.62K	USD	1 Quarter
Investment in intangible assets	`PaymentsForProceedsFromIntangibleAssets`	$21.06K	USD	1 Quarter
Investment in intangible assets	`PaymentsForProceedsFromIntangibleAssets`	$25.98K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-343.60K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-67.76K	USD	1 Quarter
Proceeds from notes payable to bank	`ProceedsFromBankDebt`	-	USD	1 Quarter
Proceeds from notes payable to bank	`ProceedsFromBankDebt`	$2.00M	USD	1 Quarter
Principal payments on long-term debt and notes payable to bank	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$319.46K	USD	1 Quarter
Principal payments on long-term debt and notes payable to bank	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$263.74K	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$1.26K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.74M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-319.46K	USD	1 Quarter
Net increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$240.66K	USD	1 Quarter
Net increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$156.41K	USD	1 Quarter
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$693.74K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$418.07K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$177.41K	USD	Point-in-time
Cash at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$537.33K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$693.74K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$418.07K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$177.41K	USD	Point-in-time
Cash at end of period	`CashAndCashEquivalentsAtCarryingValue`	$537.33K	USD	Point-in-time

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Balances	`StockholdersEquity`	$26.81M	USD	Point-in-time
Balances	`StockholdersEquity`	$23.49M	USD	Point-in-time
Balances	`StockholdersEquity`	$21.24M	USD	Point-in-time
Balances	`StockholdersEquity`	$18.68M	USD	Point-in-time
Adoption of accounting standard ASU 2018-07	`ImpactOfAdoptionOfAccountingStandardsUpdate`	$61.76K	USD	1 Quarter
Adoption of accounting standard ASU 2018-07	`ImpactOfAdoptionOfAccountingStandardsUpdate`	-	USD	1 Quarter
Share-based compensation, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$34.36K	USD	1 Quarter
Share-based compensation, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-66.33K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-2.59M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-3.31M	USD	1 Quarter
Repurchase and retirement of common stock (at cost)	`StockRepurchasedAndRetiredDuringPeriodValue`	$1.26K	USD	1 Quarter
Balances	`StockholdersEquity`	$26.81M	USD	Point-in-time
Balances	`StockholdersEquity`	$23.49M	USD	Point-in-time
Balances	`StockholdersEquity`	$21.24M	USD	Point-in-time
Balances	`StockholdersEquity`	$18.68M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.