10-Q Filing

BIOMERICA INC CIK: 73290 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001513162-13-000770`
Period End Date	20130831
Filing Date	20131015
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	bmra-20130831.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 40 Cash Flow Statement 50

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$115.73K	USD	Point-in-time
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$120.41K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.09M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.30M	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.47M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $120,405 and $115,730 as of August 31, 2013 and May 31, 2013, respectively	`AccountsReceivableNetCurrent`	$903.25K	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $120,405 and $115,730 as of August 31, 2013 and May 31, 2013, respectively	`AccountsReceivableNetCurrent`	$871.66K	USD	Point-in-time
Inventories, net	`InventoryNet`	$1.57M	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$1.79M	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$196.68K	USD	Point-in-time
Preferred Stock, Par Value (in Dollars per share)	`PreferredStockNoParValue`	-	USD	Point-in-time
Preferred Stock, Par Value (in Dollars per share)	`PreferredStockNoParValue`	-	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$181.15K	USD	Point-in-time
Common Stock, Par Value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.08	USD	Point-in-time
Deferred tax assets, current portion	`DeferredTaxAssetsNetCurrent`	$144.00K	USD	Point-in-time
Deferred tax assets, current portion	`DeferredTaxAssetsNetCurrent`	$144.00K	USD	Point-in-time
Common Stock, Par Value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.08	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$5.25M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$5.11M	USD	Point-in-time
Property and Equipment, net of accumulated depreciation and amortization	`PropertyPlantAndEquipmentNet`	$654.62K	USD	Point-in-time
Property and Equipment, net of accumulated depreciation and amortization	`PropertyPlantAndEquipmentNet`	$620.57K	USD	Point-in-time
Common Stock, Shares Issued	`CommonStockSharesIssued`	7.28M	shares	Point-in-time
Common Stock, Shares Issued	`CommonStockSharesIssued`	7.27M	shares	Point-in-time
Deferred Tax Assets, net of current portion	`DeferredTaxAssetsNetNoncurrent`	$85.00K	USD	Point-in-time
Deferred Tax Assets, net of current portion	`DeferredTaxAssetsNetNoncurrent`	$85.00K	USD	Point-in-time
Common Stock, Shares Outstanding	`CommonStockSharesOutstanding`	7.28M	shares	Point-in-time
Common Stock, Shares Outstanding	`CommonStockSharesOutstanding`	7.27M	shares	Point-in-time
Investments	`Investments`	$165.32K	USD	Point-in-time
Investments	`Investments`	$165.32K	USD	Point-in-time
Intangible Assets, net	`IntangibleAssetsNetExcludingGoodwill`	$165.20K	USD	Point-in-time
Intangible Assets, net	`IntangibleAssetsNetExcludingGoodwill`	$157.74K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$71.39K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$71.39K	USD	Point-in-time
Total Assets	`Assets`	$6.39M	USD	Point-in-time
Total Assets	`Assets`	$6.21M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$324.65K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$351.92K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$211.85K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$207.98K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$559.89K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$536.50K	USD	Point-in-time
Commitments and Contingencies (Note 5)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 5)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, no par value authorized 5,000,000 shares, none issued and none outstanding at August 31, 2013 and May 31, 2013	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, no par value authorized 5,000,000 shares, none issued and none outstanding at August 31, 2013 and May 31, 2013	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.08 par value authorized 25,000,000 shares, issued and outstanding 7,276,714 and 7,274,714 at August 31 and May 31, 2013, respectively	`CommonStockValue`	$582.14K	USD	Point-in-time
Common stock, $0.08 par value authorized 25,000,000 shares, issued and outstanding 7,276,714 and 7,274,714 at August 31 and May 31, 2013, respectively	`CommonStockValue`	$581.98K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$18.04M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$18.03M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-9.01K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-9.10K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.77M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.94M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$5.83M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$5.67M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$6.21M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$6.39M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$1.70M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$1.01M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$969.69K	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$753.45K	USD	1 Quarter
Gross profit	`GrossProfit`	$732.26K	USD	1 Quarter
Gross profit	`GrossProfit`	$260.29K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$332.13K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$342.80K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$91.26K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$87.98K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$434.06K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$420.11K	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$312.15K	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$-173.77K	USD	1 Quarter
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$1.12K	USD	1 Quarter
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$6.05K	USD	1 Quarter
Interest expense	`InterestExpense`	$308.00	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$808.00	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$6.05K	USD	1 Quarter
(Loss) income before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-167.71K	USD	1 Quarter
(Loss) income before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$312.96K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$21.32K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-167.71K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$291.64K	USD	1 Quarter
Basic net (loss) income per common share (in Dollars per share)	`EarningsPerShareBasic`	$-0.02	USD	1 Quarter
Basic net (loss) income per common share (in Dollars per share)	`EarningsPerShareBasic`	$0.04	USD	1 Quarter
Diluted net (loss) income per common share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.02	USD	1 Quarter
Diluted net (loss) income per common share (in Dollars per share)	`EarningsPerShareDiluted`	$0.04	USD	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.28M	shares	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	6.95M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.28M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.30M	shares	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-167.71K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$291.64K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-91.00	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-81.00	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$291.56K	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$-167.81K	USD	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-167.71K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$291.64K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$50.23K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$54.17K	USD	1 Quarter
Change in provision for losses on accounts receivable	`ProvisionForDoubtfulAccounts`	$4.67K	USD	1 Quarter
Change in provision for losses on accounts receivable	`ProvisionForDoubtfulAccounts`	$2.73K	USD	1 Quarter
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$24.78K	USD	1 Quarter
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$-6.71K	USD	1 Quarter
Stock option expense	`StockOptionPlanExpense`	$881.00	USD	1 Quarter
Stock option expense	`StockOptionPlanExpense`	-	USD	1 Quarter
Decrease in deferred rent liability	`IncreaseDecreaseInDeferredRentLiability`	$-1.66K	USD	1 Quarter
Decrease in deferred rent liability	`IncreaseDecreaseInDeferredRentLiability`	$-108.00	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$175.67K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$36.26K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$24.46K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$213.51K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.76K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-15.53K	USD	1 Quarter
Accounts payable and other accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$89.03K	USD	1 Quarter
Accounts payable and other accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-25.61K	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$3.88K	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$72.05K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$330.40K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-376.27K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.73K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$65.19K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-65.19K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.73K	USD	1 Quarter
Exercise of stock options	`ProceedsFromStockOptionsExercised`	$760.00	USD	1 Quarter
Exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Payments on line of credit or equipment loan	`RepaymentsOfBankDebt`	-	USD	1 Quarter
Payments on line of credit or equipment loan	`RepaymentsOfBankDebt`	$43.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-43.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$760.00	USD	1 Quarter
Effect of exchange rate changes in cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-81.00	USD	1 Quarter
Effect of exchange rate changes in cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-91.00	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-384.33K	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$222.14K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.09M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.30M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.47M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.09M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.30M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.47M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
Interest	`InterestPaid`	$308.00	USD	1 Quarter
Interest	`InterestPaid`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$1.75K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$61.54K	USD	1 Quarter

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