10-Q Filing

BIOMERICA INC CIK: 73290 Q1 2024

Filing Information

Form Type	10-Q
Accession Number	`0001493152-23-037070`
Period End Date	20230831
Filing Date	20231012
Fiscal Year	2024
Fiscal Period	Q1
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 36 Cash Flow Statement 62 Stockholders Equity 21

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Accumulated amortization	`OperatingLeaseRightOfUseAssetAccumulatedAmortization`	$688.00K	USD	Point-in-time
Accumulated amortization	`OperatingLeaseRightOfUseAssetAccumulatedAmortization`	$617.00K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	-	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`	$9.72M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.99M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$1.43M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$722.00K	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$1.88M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$2.06M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.08	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$279.00K	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, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$11.57M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.80M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	16.82M	shares	Point-in-time
Property and equipment, net of accumulated depreciation and amortization	`PropertyPlantAndEquipmentNet`	$213.00K	USD	Point-in-time
Property and equipment, net of accumulated depreciation and amortization	`PropertyPlantAndEquipmentNet`	$218.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	16.82M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	16.82M	shares	Point-in-time
Right-of-use assets, net of accumulated amortization of $688,000 and $617,000 as of August 31, 2023 and May 31, 2023, respectively	`OperatingLeaseRightOfUseAsset`	$964.00K	USD	Point-in-time
Right-of-use assets, net of accumulated amortization of $688,000 and $617,000 as of August 31, 2023 and May 31, 2023, respectively	`OperatingLeaseRightOfUseAsset`	$1.03M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	16.82M	shares	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`	$202.00K	USD	Point-in-time
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$165.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$79.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$96.00K	USD	Point-in-time
Total Assets	`Assets`	$13.22M	USD	Point-in-time
Total Assets	`Assets`	$14.45M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$892.00K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$713.00K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$696.00K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$667.00K	USD	Point-in-time
Advance from customers	`ContractWithCustomerLiability`	$60.00K	USD	Point-in-time
Advance from customers	`ContractWithCustomerLiability`	$60.00K	USD	Point-in-time
Lease liabilities, current portion	`OperatingLeaseLiabilityCurrent`	$306.00K	USD	Point-in-time
Lease liabilities, current portion	`OperatingLeaseLiabilityCurrent`	$297.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.95M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.75M	USD	Point-in-time
Lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$705.00K	USD	Point-in-time
Lease liabilities, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$785.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.45M	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.73M	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 6)	`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 issued and outstanding at August 31, 2023 and May 31, 2023, respectively	`CommonStockValue`	$1.35M	USD	Point-in-time
Common stock, $0.08 par value, 25,000,000 shares authorized, 16,821,646 issued and outstanding at August 31, 2023 and May 31, 2023, respectively	`CommonStockValue`	$1.35M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$52.70M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$52.88M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-104.00K	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`	$-43.35M	USD	Point-in-time
Total Shareholders Equity	`StockholdersEquity`	$8.32M	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`	$10.77M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$13.22M	USD	Point-in-time
Total Liabilities and Shareholders Equity	`LiabilitiesAndStockholdersEquity`	$14.45M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$1.71M	USD	1 Quarter
Net sales	`Revenues`	$1.64M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$1.30M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$1.69M	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$412.00K	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-55.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.65M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.17M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$361.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$472.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.64M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.02M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.23M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.07M	USD	1 Quarter
Interest and dividend income	`InterestAndDividendIncomeOperating`	-	USD	1 Quarter
Interest and dividend income	`InterestAndDividendIncomeOperating`	$123.00K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$123.00K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	-	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.11M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.07M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$23.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.07M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.13M	USD	1 Quarter
Basic net loss per common share	`EarningsPerShareBasic`	$-0.07	USD	1 Quarter
Basic net loss per common share	`EarningsPerShareBasic`	$-0.16	USD	1 Quarter
Diluted net loss per common share	`EarningsPerShareDiluted`	$-0.07	USD	1 Quarter
Diluted net loss per common share	`EarningsPerShareDiluted`	$-0.16	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	16.82M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	13.10M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	13.10M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	16.82M	shares	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-13.00K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$6.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.13M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-2.08M	USD	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.07M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.13M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$29.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$21.00K	USD	1 Quarter
Provision for allowance on accounts receivable	`ProvisionForDoubtfulAccounts`	$230.00K	USD	1 Quarter
Provision for allowance on accounts receivable	`ProvisionForDoubtfulAccounts`	-	USD	1 Quarter
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$136.00K	USD	1 Quarter
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$-140.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$304.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$170.00K	USD	1 Quarter
Amortization of right-of-use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$71.00K	USD	1 Quarter
Amortization of right-of-use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$67.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$708.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$388.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-358.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-319.00K	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-82.00K	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-21.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$17.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-2.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-179.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-301.00K	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-29.00K	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-55.00K	USD	1 Quarter
Advance from customers	`IncreaseDecreaseInContractWithCustomerLiability`	$100.00K	USD	1 Quarter
Advance from customers	`IncreaseDecreaseInContractWithCustomerLiability`	-	USD	1 Quarter
Reduction in lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-65.00K	USD	1 Quarter
Reduction in lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-71.00K	USD	1 Quarter
Net cash used in by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.57M	USD	1 Quarter
Net cash used in by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.67M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$21.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$34.00K	USD	1 Quarter
Expenditures related to intangibles	`PaymentsToAcquireIntangibleAssets`	-	USD	1 Quarter
Expenditures related to intangibles	`PaymentsToAcquireIntangibleAssets`	$42.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-63.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-34.00K	USD	1 Quarter
Gross proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$1.81M	USD	1 Quarter
Gross proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Costs from sale of common stock	`PaymentsOfStockIssuanceCosts`	-	USD	1 Quarter
Costs from sale of common stock	`PaymentsOfStockIssuanceCosts`	$47.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$14.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.78M	USD	1 Quarter
Effect of exchange rate changes in cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.00K	USD	1 Quarter
Effect of exchange rate changes in cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-13.00K	USD	1 Quarter
Net decrease (increase) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$158.00K	USD	1 Quarter
Net decrease (increase) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.73M	USD	1 Quarter
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$5.92M	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`	$6.08M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.99M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$5.92M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$9.72M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.08M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$7.99M	USD	Point-in-time
Income taxes	`IncomeTaxesPaidNet`	$2.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	$23.00K	USD	1 Quarter
Write off of intangible assets, cost	`WriteOffOfIntangibleAssetsCost`	-	USD	1 Quarter
Write off of intangible assets, cost	`WriteOffOfIntangibleAssetsCost`	$6.00K	USD	1 Quarter
Write off of intangible assets, accumulated amortization	`WriteOffOfReservedInventory`	-	USD	1 Quarter
Write off of intangible assets, accumulated amortization	`WriteOffOfReservedInventory`	$1.00K	USD	1 Quarter

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Balances	`StockholdersEquity`	$8.32M	USD	Point-in-time
Balances	`StockholdersEquity`	$11.72M	USD	Point-in-time
Balances	`StockholdersEquity`	$8.32M	USD	Point-in-time
Balances	`StockholdersEquity`	$10.77M	USD	Point-in-time
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$14.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	1 Quarter
Exercise of stock options, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	-	shares	1 Quarter
Net proceeds from ATM	`StockIssuedDuringPeriodValueNewIssues`	-	USD	1 Quarter
Net proceeds from ATM	`StockIssuedDuringPeriodValueNewIssues`	$1.76M	USD	1 Quarter
Shares issued in connection with public offering	`StockIssuedDuringPeriodValueSharesIssuedInConnectionWithPublicOffering`	-	USD	1 Quarter
Shares issued in connection with public offering	`StockIssuedDuringPeriodValueSharesIssuedInConnectionWithPublicOffering`	-	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-13.00K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$6.00K	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$304.00K	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$170.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.07M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.13M	USD	1 Quarter
Balances	`StockholdersEquity`	$8.32M	USD	Point-in-time
Balances	`StockholdersEquity`	$11.72M	USD	Point-in-time
Balances	`StockholdersEquity`	$8.32M	USD	Point-in-time
Balances	`StockholdersEquity`	$10.77M	USD	Point-in-time

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