10-K Filing

BIOMERICA INC CIK: 73290 FY 2023

Filing Information

Form Type	10-K
Accession Number	`0001493152-23-030254`
Period End Date	20230531
Filing Date	20230825
Fiscal Year	2023
Fiscal Period	FY
XBRL Instance	form10-k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 38 Cash Flow Statement 70 Stockholders Equity 19

Balance Sheet 71 line items

Line Item	Tag	Value	Unit	Period
Accumulated amortization	`OperatingLeaseRightOfUseAssetAccumulatedAmortization`	$617.00K	USD	Point-in-time
Accumulated amortization	`OperatingLeaseRightOfUseAssetAccumulatedAmortization`	$725.00K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.72M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	4.43M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	4.43M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.92M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$722.00K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$774.00K	USD	Point-in-time
Inventories, net	`InventoryNet`	$2.06M	USD	Point-in-time
Inventories, net	`InventoryNet`	$2.42M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$320.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$300.00K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.08	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.08	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$12.80M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$9.43M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	16.82M	shares	Point-in-time
Property and equipment, net of accumulated depreciation and amortization	`PropertyPlantAndEquipmentNet`	$214.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	12.87M	shares	Point-in-time
Property and equipment, net of accumulated depreciation and amortization	`PropertyPlantAndEquipmentNet`	$213.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	16.82M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	12.87M	shares	Point-in-time
Right-of-use assets, net of accumulated amortization of $617,000 and $725,000 as of May 31, 2023 and 2022, respectively	`OperatingLeaseRightOfUseAsset`	$1.30M	USD	Point-in-time
Right-of-use assets, net of accumulated amortization of $617,000 and $725,000 as of May 31, 2023 and 2022, respectively	`OperatingLeaseRightOfUseAsset`	$1.03M	USD	Point-in-time
Investments	`Investments`	$165.00K	USD	Point-in-time
Investments	`Investments`	$165.00K	USD	Point-in-time
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$165.00K	USD	Point-in-time
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$170.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$96.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$79.00K	USD	Point-in-time
Total Assets	`Assets`	$14.45M	USD	Point-in-time
Total Assets	`Assets`	$11.37M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$892.00K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$972.00K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$647.00K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$696.00K	USD	Point-in-time
Advance from customers	`ContractWithCustomerLiability`	$60.00K	USD	Point-in-time
Advance from customers	`ContractWithCustomerLiability`	$51.00K	USD	Point-in-time
Lease liabilities, current portion	`OperatingLeaseLiabilityCurrent`	$297.00K	USD	Point-in-time
Lease liabilities, current portion	`OperatingLeaseLiabilityCurrent`	$341.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.01M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.95M	USD	Point-in-time
Lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.04M	USD	Point-in-time
Lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$785.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.73M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.05M	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, value	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, value	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.08 par value, 25,000,000 shares authorized, 16,821,646 and 12,867,924 issued and outstanding at May 31, 2023 and 2022, respectively	`CommonStockValue`	$1.03M	USD	Point-in-time
Common stock, $0.08 par value, 25,000,000 shares authorized, 16,821,646 and 12,867,924 issued and outstanding at May 31, 2023 and 2022, respectively	`CommonStockValue`	$1.35M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$52.70M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$42.45M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-74.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-110.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-42.22M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-35.08M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$11.72M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$8.32M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$9.23M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$14.45M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$11.37M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$5.34M	USD	Annual
Net sales	`Revenues`	$18.87M	USD	Annual
Cost of sales	`CostOfRevenue`	$4.89M	USD	Annual
Cost of sales	`CostOfRevenue`	$15.89M	USD	Annual
Gross profit	`GrossProfit`	$446.00K	USD	Annual
Gross profit	`GrossProfit`	$2.98M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$6.08M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.70M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$1.81M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$1.58M	USD	Annual
Total operating expense	`OperatingExpenses`	$7.67M	USD	Annual
Total operating expense	`OperatingExpenses`	$7.51M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-7.22M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-4.53M	USD	Annual
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$133.00K	USD	Annual
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$27.00K	USD	Annual
Other income	`OtherNonoperatingIncome`	-	USD	Annual
Other income	`OtherNonoperatingIncome`	$1.00K	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$27.00K	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$134.00K	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-7.09M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.51M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$24.00K	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$51.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-7.14M	USD	Annual
Net loss	`NetIncomeLoss`	$-4.53M	USD	Annual
Basic net loss per common share	`EarningsPerShareBasic`	$-0.36	USD	Annual
Basic net loss per common share	`EarningsPerShareBasic`	$-0.50	USD	Annual
Diluted net loss per common share	`EarningsPerShareDiluted`	$-0.36	USD	Annual
Diluted net loss per common share	`EarningsPerShareDiluted`	$-0.50	USD	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	14.15M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	12.67M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.67M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	14.15M	shares	Annual
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-26.00K	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-36.00K	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-4.56M	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-7.18M	USD	Annual

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-7.14M	USD	Annual
Net loss	`NetIncomeLoss`	$-4.53M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$339.00K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$84.00K	USD	Annual
Loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	Annual
Loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-53.00K	USD	Annual
Provision for allowance on accounts receivable	`ProvisionForDoubtfulAccounts`	$342.00K	USD	Annual
Provision for allowance on accounts receivable	`ProvisionForDoubtfulAccounts`	$-684.00K	USD	Annual
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$-772.00K	USD	Annual
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$-174.00K	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$1.26M	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$1.19M	USD	Annual
Amortization of right-of-use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$256.00K	USD	Annual
Amortization of right-of-use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$267.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.36M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$291.00K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-534.00K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-1.56M	USD	Annual
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-50.00K	USD	Annual
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-20.00K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-169.00K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-18.00K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$389.00K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-80.00K	USD	Annual
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$258.00K	USD	Annual
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$49.00K	USD	Annual
Advance from customers	`IncreaseDecreaseInContractWithCustomerLiability`	$51.00K	USD	Annual
Advance from customers	`IncreaseDecreaseInContractWithCustomerLiability`	$9.00K	USD	Annual
Reduction in lease liabilities	`IncreaseDecreaseInReductionInLeaseLiabilities`	$-297.00K	USD	Annual
Reduction in lease liabilities	`IncreaseDecreaseInReductionInLeaseLiabilities`	$-244.00K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.47M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-479.00K	USD	Annual
Expenditure related to intangibles	`PaymentsToAcquireIntangibleAssets`	$14.00K	USD	Annual
Expenditure related to intangibles	`PaymentsToAcquireIntangibleAssets`	$113.00K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$57.00K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$64.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-170.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-78.00K	USD	Annual
Gross proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$10.01M	USD	Annual
Gross proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$2.40M	USD	Annual
Costs from sale of common stock	`PaymentsOfStockIssuanceCosts`	$705.00K	USD	Annual
Costs from sale of common stock	`PaymentsOfStockIssuanceCosts`	$85.00K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$81.00K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$77.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.39M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.39M	USD	Annual
Effect of exchange rate changes in cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-26.00K	USD	Annual
Effect of exchange rate changes in cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-36.00K	USD	Annual
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.72M	USD	Annual
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$3.80M	USD	Annual
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$4.20M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$9.72M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$5.92M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$4.20M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$9.72M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$5.92M	USD	Point-in-time
Income taxes	`IncomeTaxesPaidNet`	$51.00K	USD	Annual
Income taxes	`IncomeTaxesPaidNet`	$24.00K	USD	Annual
Increase in right-of-use asset due to lease extension or establishment	`IncreaseInRightofuseAssetDueToLeaseExtensionOrEstablishment`	-	USD	Annual
Increase in right-of-use asset due to lease extension or establishment	`IncreaseInRightofuseAssetDueToLeaseExtensionOrEstablishment`	$4.00K	USD	Annual
Increase in lease liability due to lease extension or establishment	`IncreaseInLeaseLiabilityDueToLeaseExtensionOrEstablishment`	$4.00K	USD	Annual
Increase in lease liability due to lease extension or establishment	`IncreaseInLeaseLiabilityDueToLeaseExtensionOrEstablishment`	-	USD	Annual
Write off of fixed assets, cost	`WriteOffOfFixedAssetsCost`	$820.00K	USD	Annual
Write off of fixed assets, cost	`WriteOffOfFixedAssetsCost`	$40.00K	USD	Annual
Write off of fixed assets, accumulated depreciation	`WriteOffOfFixedAssetsAccumulatedDepreciation`	$767.00K	USD	Annual
Write off of fixed assets, accumulated depreciation	`WriteOffOfFixedAssetsAccumulatedDepreciation`	$40.00K	USD	Annual
Write off of intangible assets, cost	`WriteOffOfIntangibleAssetsCost`	$6.00K	USD	Annual
Write off of intangible assets, cost	`WriteOffOfIntangibleAssetsCost`	$247.00K	USD	Annual
Write off of intangible assets, accumulated amortization	`WriteOffOfIntangibleAssetsAccumulatedAmortization`	$6.00K	USD	Annual
Write off of intangible assets, accumulated amortization	`WriteOffOfIntangibleAssetsAccumulatedAmortization`	$37.00K	USD	Annual

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$11.72M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.32M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.23M	USD	Point-in-time
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$81.00K	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$77.00K	USD	Annual
Exercise of stock options, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	39,500.00	shares	Annual
Exercise of stock options, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	46,500.00	shares	Annual
Net proceeds from ATM	`StockIssuedDuringPeriodValueNewIssues`	$1.96M	USD	Annual
Net proceeds from ATM	`StockIssuedDuringPeriodValueNewIssues`	$2.32M	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-26.00K	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-36.00K	USD	Annual
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.19M	USD	Annual
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.26M	USD	Annual
Net loss	`NetIncomeLoss`	$-7.14M	USD	Annual
Net loss	`NetIncomeLoss`	$-4.53M	USD	Annual
Shares issued in connection with public offering, net of offering costs	`StockIssuedDuringPeriodValueSharesIssuedInConnectionWithPublicOfferingNetOfOfferingCosts`	$7.35M	USD	Annual
Balance	`StockholdersEquity`	$11.72M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.32M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.23M	USD	Point-in-time

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