10-Q Filing

BIOMERICA INC CIK: 73290 Q2 2014

Filing Information

Form Type	10-Q
Accession Number	`0001513162-14-000020`
Period End Date	20131130
Filing Date	20140114
Fiscal Year	2014
Fiscal Period	Q2
XBRL Instance	bmra-20131130.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 80 Cash Flow Statement 53

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$120.41K	USD	Point-in-time
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$115.73K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.65M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.47M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.19M	USD	Point-in-time
Accumulated depreciation and amortization (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.03M	USD	Point-in-time
Accumulated depreciation and amortization (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.12M	USD	Point-in-time
Preferred stock, Shares authorized (in Shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, Shares authorized (in Shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $120,405 and $115,730 as of November 30, 2013 and May 31, 2013, respectively	`AccountsReceivableNetCurrent`	$821.57K	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $120,405 and $115,730 as of November 30, 2013 and May 31, 2013, respectively	`AccountsReceivableNetCurrent`	$871.66K	USD	Point-in-time
Inventories, net	`InventoryNet`	$1.90M	USD	Point-in-time
Inventories, net	`InventoryNet`	$1.57M	USD	Point-in-time
Preferred stock, Shares Issued (in Shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, Shares Issued (in Shares)	`PreferredStockSharesIssued`	0.00	shares	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
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$196.68K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$186.36K	USD	Point-in-time
Deferred tax assets, current portion	`DeferredTaxAssetsNetCurrent`	$144.00K	USD	Point-in-time
Preferred stock, No Par Value (in Dollars per share)	`PreferredStockNoParValue`	-	USD	Point-in-time
Deferred tax assets, current portion	`DeferredTaxAssetsNetCurrent`	$144.00K	USD	Point-in-time
Preferred stock, No Par Value (in Dollars per share)	`PreferredStockNoParValue`	-	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.70M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$5.25M	USD	Point-in-time
Common stock, Par Value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.08	USD	Point-in-time
Common stock, Par Value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.08	USD	Point-in-time
Property and Equipment, net of accumulated depreciation and amortization of $1,118,240 and $1,032,009 as of November 30, 2013 and May 31, 2013, respectively	`PropertyPlantAndEquipmentNet`	$654.62K	USD	Point-in-time
Common stock, Shares Authorized (in Shares)	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Common stock, Shares Authorized (in Shares)	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Property and Equipment, net of accumulated depreciation and amortization of $1,118,240 and $1,032,009 as of November 30, 2013 and May 31, 2013, respectively	`PropertyPlantAndEquipmentNet`	$652.24K	USD	Point-in-time
Common stock, Shares Issued (in Shares)	`CommonStockSharesIssued`	7.27M	shares	Point-in-time
Deferred Tax Assets, net of current portion	`DeferredTaxAssetsNetNoncurrent`	$85.00K	USD	Point-in-time
Common stock, Shares Issued (in Shares)	`CommonStockSharesIssued`	7.28M	shares	Point-in-time
Deferred Tax Assets, net of current portion	`DeferredTaxAssetsNetNoncurrent`	$85.00K	USD	Point-in-time
Investments	`Investments`	$165.32K	USD	Point-in-time
Investments	`Investments`	$165.32K	USD	Point-in-time
Common stock, Shares Outstanding (in Shares)	`CommonStockSharesOutstanding`	7.28M	shares	Point-in-time
Common stock, Shares Outstanding (in Shares)	`CommonStockSharesOutstanding`	7.27M	shares	Point-in-time
Intangible Assets, net	`IntangibleAssetsNetExcludingGoodwill`	$154.08K	USD	Point-in-time
Intangible Assets, net	`IntangibleAssetsNetExcludingGoodwill`	$165.20K	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`	$5.83M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$279.97K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$351.92K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$207.98K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$120.62K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$559.89K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$400.59K	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 November 30, 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 November 30, 2013 and May 31, 2013	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.08 par value authorized 25,000,000 shares, issued and outstanding 7,279,214 and 7,274,714 at November 30 and May 31, 2013, respectively	`CommonStockValue`	$581.98K	USD	Point-in-time
Common stock, $0.08 par value authorized 25,000,000 shares, issued and outstanding 7,279,214 and 7,274,714 at November 30 and May 31, 2013, respectively	`CommonStockValue`	$582.34K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$18.03M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$18.04M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-9.02K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-9.01K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-13.18M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.77M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$5.43M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$5.83M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$6.39M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$5.83M	USD	Point-in-time

Income Statement 80 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$1.95M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$934.84K	USD	1 Quarter
Net sales	`SalesRevenueNet`	$1.88M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$3.59M	USD	2 Qtrs
Cost of sales	`CostOfRevenue`	$1.11M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$2.08M	USD	2 Qtrs
Cost of sales	`CostOfRevenue`	$1.43M	USD	2 Qtrs
Cost of sales	`CostOfRevenue`	$679.20K	USD	1 Quarter
Gross profit	`GrossProfit`	$515.93K	USD	2 Qtrs
Gross profit	`GrossProfit`	$255.64K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.50M	USD	2 Qtrs
Gross profit	`GrossProfit`	$769.21K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$738.09K	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$366.36K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$405.97K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$709.16K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$203.72K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$228.05K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$115.74K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$136.79K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$503.15K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$937.21K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$521.71K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$941.82K	USD	2 Qtrs
(Loss) income from operations	`OperatingIncomeLoss`	$559.64K	USD	2 Qtrs
(Loss) income from operations	`OperatingIncomeLoss`	$-247.50K	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$-421.27K	USD	2 Qtrs
(Loss) income from operations	`OperatingIncomeLoss`	$247.50K	USD	1 Quarter
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$10.20K	USD	2 Qtrs
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$4.14K	USD	1 Quarter
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$1.13K	USD	1 Quarter
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$2.24K	USD	2 Qtrs
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$308.00	USD	2 Qtrs
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	2 Qtrs
Total other income	`NonoperatingIncomeExpense`	$1.13K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$4.14K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$10.20K	USD	2 Qtrs
Total other income	`NonoperatingIncomeExpense`	$1.94K	USD	2 Qtrs
(Loss) income before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$248.63K	USD	1 Quarter
(Loss) income before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-411.07K	USD	2 Qtrs
(Loss) income before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$561.58K	USD	2 Qtrs
(Loss) income before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-243.36K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$33.03K	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	$11.71K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-243.36K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-411.07K	USD	2 Qtrs
Net (loss) income	`NetIncomeLoss`	$236.92K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$528.55K	USD	2 Qtrs
Basic net (loss) income per common share (in Dollars per share)	`EarningsPerShareBasic`	$0.03	USD	1 Quarter
Basic net (loss) income per common share (in Dollars per share)	`EarningsPerShareBasic`	$-0.06	USD	2 Qtrs
Basic net (loss) income per common share (in Dollars per share)	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Basic net (loss) income per common share (in Dollars per share)	`EarningsPerShareBasic`	$0.08	USD	2 Qtrs
Diluted net (loss) income per common share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.06	USD	2 Qtrs
Diluted net (loss) income per common share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter
Diluted net (loss) income per common share (in Dollars per share)	`EarningsPerShareDiluted`	$0.07	USD	2 Qtrs
Diluted net (loss) income per common share (in Dollars per share)	`EarningsPerShareDiluted`	$0.03	USD	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	6.96M	shares	2 Qtrs
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	6.97M	shares	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.28M	shares	2 Qtrs
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.28M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.39M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.28M	shares	2 Qtrs
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.28M	shares	2 Qtrs
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.28M	shares	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-243.36K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-411.07K	USD	2 Qtrs
Net (loss) income	`NetIncomeLoss`	$236.92K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$528.55K	USD	2 Qtrs
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-554.00	USD	2 Qtrs
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$77.00	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-473.00	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-14.00	USD	2 Qtrs
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$236.45K	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$-243.28K	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$528.00K	USD	2 Qtrs
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$-411.09K	USD	2 Qtrs

Cash Flow Statement 53 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-243.36K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-411.07K	USD	2 Qtrs
Net (loss) income	`NetIncomeLoss`	$236.92K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$528.55K	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$110.82K	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$97.35K	USD	2 Qtrs
Stock option expense	`StockOptionPlanExpense`	$881.00	USD	2 Qtrs
Stock option expense	`StockOptionPlanExpense`	-	USD	2 Qtrs
Change in provision for losses on accounts receivable	`ProvisionForDoubtfulAccounts`	$4.67K	USD	2 Qtrs
Change in provision for losses on accounts receivable	`ProvisionForDoubtfulAccounts`	$4.21K	USD	2 Qtrs
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$-6.71K	USD	2 Qtrs
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$2.05K	USD	2 Qtrs
Decrease in deferred rent liability	`IncreaseDecreaseInDeferredRentLiability`	$-6.42K	USD	2 Qtrs
Decrease in deferred rent liability	`IncreaseDecreaseInDeferredRentLiability`	$-1.76K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$313.36K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-45.41K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$321.70K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-18.92K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-49.41K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-10.32K	USD	2 Qtrs
Accounts payable and other accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-27.46K	USD	2 Qtrs
Accounts payable and other accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-65.53K	USD	2 Qtrs
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$25.62K	USD	2 Qtrs
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-87.36K	USD	2 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$397.00K	USD	2 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-740.15K	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$83.86K	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$242.42K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-83.86K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-242.42K	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$6.00K	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.78K	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$760.00	USD	Point-in-time
Payments on line of credit or equipment loan	`RepaymentsOfBankDebt`	$43.00K	USD	2 Qtrs
Payments on line of credit or equipment loan	`RepaymentsOfBankDebt`	-	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-37.00K	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.78K	USD	2 Qtrs
Effect of exchange rate changes in cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-554.00	USD	2 Qtrs
Effect of exchange rate changes in cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-14.00	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$117.03K	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-822.24K	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.65M	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`	$1.19M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.08M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.65M	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`	$1.19M	USD	Point-in-time
Interest	`InterestPaid`	-	USD	2 Qtrs
Interest	`InterestPaid`	$307.00	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	$3.50K	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	$108.16K	USD	2 Qtrs

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