10-Q Filing

OPTICAL CABLE CORP CIK: 1000230 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001437749-21-006018`
Period End Date	20210131
Filing Date	20210315
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	occ20210131_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 28 Cash Flow Statement 58 Stockholders Equity 12

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$84.72K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$517.09K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$524.62K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$99.56K	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
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$140.84K	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$451.96K	USD	Point-in-time
Common stock, no par value (in dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts of $517,093 at January 31, 2021 and $524,617 at October 31, 2020	`AccountsReceivableNetCurrent`	$7.56M	USD	Point-in-time
Trade accounts receivable, net of allowance for doubtful accounts of $517,093 at January 31, 2021 and $524,617 at October 31, 2020	`AccountsReceivableNetCurrent`	$6.26M	USD	Point-in-time
Common stock, no par value (in dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Income taxes refundable - current	`IncomeTaxesReceivable`	-	USD	Point-in-time
Income taxes refundable - current	`IncomeTaxesReceivable`	$25.00K	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	7.54M	shares	Point-in-time
Other receivables	`OtherReceivables`	$23.14K	USD	Point-in-time
Other receivables	`OtherReceivables`	$21.77K	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	7.54M	shares	Point-in-time
Inventories	`InventoryNet`	$17.38M	USD	Point-in-time
Inventories	`InventoryNet`	$17.10M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	7.54M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	7.54M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$472.52K	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$369.27K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$25.32M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$24.49M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$8.81M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$8.58M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$665.73K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$669.99K	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$1.63M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$1.76M	USD	Point-in-time
Total assets	`Assets`	$35.36M	USD	Point-in-time
Total assets	`Assets`	$36.56M	USD	Point-in-time
Current installments of long-term debt	`LoansPayableCurrent`	$315.27K	USD	Point-in-time
Current installments of long-term debt	`LoansPayableCurrent`	$312.11K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$4.14M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$2.86M	USD	Point-in-time
Accrued compensation and payroll taxes	`EmployeeRelatedLiabilitiesCurrent`	$1.60M	USD	Point-in-time
Accrued compensation and payroll taxes	`EmployeeRelatedLiabilitiesCurrent`	$1.46M	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$16.76K	USD	Point-in-time
Income taxes payable	`TaxesPayableCurrent`	$13.99K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.36M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.27M	USD	Point-in-time
Note payable, revolver - noncurrent	`LongTermLineOfCredit`	$4.99M	USD	Point-in-time
Note payable, revolver - noncurrent	`LongTermLineOfCredit`	$4.93M	USD	Point-in-time
Long-term debt, excluding current installments	`LongTermLoansPayable`	$4.77M	USD	Point-in-time
Long-term debt, excluding current installments	`LongTermLoansPayable`	$4.85M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$1.45M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$1.82M	USD	Point-in-time
Total liabilities	`Liabilities`	$22.21M	USD	Point-in-time
Total liabilities	`Liabilities`	$21.30M	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 7,536,116 shares at January 31, 2021 and 7,537,087 shares at October 31, 2020	`CommonStockValue`	$14.00M	USD	Point-in-time
Common stock, no par value, authorized 50,000,000 shares; issued and outstanding 7,536,116 shares at January 31, 2021 and 7,537,087 shares at October 31, 2020	`CommonStockValue`	$14.04M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-883.69K	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$1.26M	USD	Point-in-time
Total shareholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$15.26M	USD	Point-in-time
Total shareholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$13.16M	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`	$35.36M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$36.56M	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`	$11.88M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$9.57M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$10.48M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.31M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.40M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$4.82M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$4.31M	USD	1 Quarter
Royalty (income) expense, net	`RoyaltyRevenueExpense`	$6.97K	USD	1 Quarter
Royalty (income) expense, net	`RoyaltyRevenueExpense`	$-17.56K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$9.99K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$10.89K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.00M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.45M	USD	1 Quarter
Interest expense	`InterestExpense`	$136.69K	USD	1 Quarter
Interest expense	`InterestExpense`	$173.98K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-2.63K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$2.63K	USD	1 Quarter
Other expense, net	`NonoperatingIncomeExpense`	$-139.32K	USD	1 Quarter
Other expense, net	`NonoperatingIncomeExpense`	$-171.35K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.17M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.59M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$5.03K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-32.34K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.14M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.59M	USD	1 Quarter
Net loss per share: Basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.35	USD	1 Quarter
Net loss per share: Basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.29	USD	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.14M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.59M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$324.26K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$392.98K	USD	1 Quarter
Bad debt recovery	`ProvisionForDoubtfulAccounts`	$-7.52K	USD	1 Quarter
Bad debt recovery	`ProvisionForDoubtfulAccounts`	$-14.84K	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$40.60K	USD	1 Quarter
Share-based compensation expense	`ShareBasedCompensation`	$34.36K	USD	1 Quarter
Loss on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-2.78K	USD	1 Quarter
Loss on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-3.17K	USD	1 Quarter
Trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-3.56M	USD	1 Quarter
Trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.30M	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	$-1.37K	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	$-43.38K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$280.39K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-915.49K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpense`	$-103.25K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpense`	$73.12K	USD	1 Quarter
Income taxes refundable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-25.00K	USD	1 Quarter
Income taxes refundable	`IncreaseDecreaseInIncomeTaxesReceivable`	-	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-84.52K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	-	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.10M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.28M	USD	1 Quarter
Accrued compensation and payroll taxes	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-632.41K	USD	1 Quarter
Accrued compensation and payroll taxes	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$133.52K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$2.77K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$4.03K	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$3.21K	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-346.44K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$543.63K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$525.45K	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`	$41.45K	USD	1 Quarter
Investment in intangible assets	`PaymentsForProceedsFromIntangibleAssets`	$21.06K	USD	1 Quarter
Investment in intangible assets	`PaymentsForProceedsFromIntangibleAssets`	$15.15K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-56.60K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-67.76K	USD	1 Quarter
Proceeds from note payable, revolver	`ProceedsFromNotesPayable`	-	USD	1 Quarter
Proceeds from note payable, revolver	`ProceedsFromNotesPayable`	$13.15M	USD	1 Quarter
Payments on note payable, revolver	`RepaymentsOfNotesPayable`	$13.20M	USD	1 Quarter
Payments on note payable, revolver	`RepaymentsOfNotesPayable`	-	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$319.46K	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$76.44K	USD	1 Quarter
Payments for financing costs	`PaymentsOfFinancingCosts`	-	USD	1 Quarter
Payments for financing costs	`PaymentsOfFinancingCosts`	$25.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-319.46K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-157.73K	USD	1 Quarter
Net increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$311.12K	USD	1 Quarter
Net increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$156.41K	USD	1 Quarter
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$140.84K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$537.33K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$693.74K	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$451.96K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$140.84K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$537.33K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$693.74K	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$451.96K	USD	Point-in-time

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Balances	`StockholdersEquity`	$18.68M	USD	Point-in-time
Balances	`StockholdersEquity`	$21.24M	USD	Point-in-time
Balances	`StockholdersEquity`	$15.26M	USD	Point-in-time
Balances	`StockholdersEquity`	$13.16M	USD	Point-in-time
Share-based compensation, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$34.36K	USD	1 Quarter
Share-based compensation, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$40.60K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-2.14M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-2.59M	USD	1 Quarter
Balances	`StockholdersEquity`	$18.68M	USD	Point-in-time
Balances	`StockholdersEquity`	$21.24M	USD	Point-in-time
Balances	`StockholdersEquity`	$15.26M	USD	Point-in-time
Balances	`StockholdersEquity`	$13.16M	USD	Point-in-time

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