10-Q Filing

BIOMERICA INC CIK: 73290 Q2 2015

Filing Information

Form Type	10-Q
Accession Number	`0001513162-15-000021`
Period End Date	20141130
Filing Date	20150114
Fiscal Year	2015
Fiscal Period	Q2
XBRL Instance	bmra-20141130.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 80 Cash Flow Statement 56

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$13.34K	USD	Point-in-time
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$30.00K	USD	Point-in-time
Accumulated Depreciation and Amortization (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.25M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.67M	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
Accumulated Depreciation and Amortization (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.16M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.51M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $13,341 and $30,000 as of November 30, 2014 and May 31, 2014, respectively	`AccountsReceivableNetCurrent`	$1.45M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $13,341 and $30,000 as of November 30, 2014 and May 31, 2014, respectively	`AccountsReceivableNetCurrent`	$563.91K	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, Shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$1.99M	USD	Point-in-time
Inventories, net	`InventoryNet`	$1.77M	USD	Point-in-time
Preferred stock, Shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	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
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$103.57K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$151.64K	USD	Point-in-time
Preferred stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Deferred tax assets, current portion	`DeferredTaxAssetsNetCurrent`	$87.00K	USD	Point-in-time
Preferred stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Deferred tax assets, current portion	`DeferredTaxAssetsNetCurrent`	$87.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.91M	USD	Point-in-time
Common stock, Par Value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.08	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.47M	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 $1,249,785 and $1,160,934 as of November 30, 2014 and May 31, 2014, respectively	`PropertyPlantAndEquipmentNet`	$614.34K	USD	Point-in-time
Property and Equipment, net of accumulated depreciation and amortization of $1,249,785 and $1,160,934 as of November 30, 2014 and May 31, 2014, respectively	`PropertyPlantAndEquipmentNet`	$532.24K	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
Deferred Tax Assets, net of current portion	`DeferredTaxAssetsNetNoncurrent`	$359.00K	USD	Point-in-time
Common stock, Shares Issued	`CommonStockSharesIssued`	7.54M	shares	Point-in-time
Common stock, Shares Issued	`CommonStockSharesIssued`	7.55M	shares	Point-in-time
Deferred Tax Assets, net of current portion	`DeferredTaxAssetsNetNoncurrent`	$359.00K	USD	Point-in-time
Investments	`Investments`	$165.32K	USD	Point-in-time
Common stock, Shares Outstanding	`CommonStockSharesOutstanding`	7.55M	shares	Point-in-time
Investments	`Investments`	$165.32K	USD	Point-in-time
Common stock, Shares Outstanding	`CommonStockSharesOutstanding`	7.54M	shares	Point-in-time
Intangible Assets, net	`IntangibleAssetsNetExcludingGoodwill`	$359.66K	USD	Point-in-time
Intangible Assets, net	`IntangibleAssetsNetExcludingGoodwill`	$382.18K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$45.02K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$36.30K	USD	Point-in-time
Total Assets	`Assets`	$6.47M	USD	Point-in-time
Total Assets	`Assets`	$5.93M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$441.68K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$344.34K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$122.65K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$114.16K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$466.99K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$555.84K	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, 2014 and May 31, 2014	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, no par value authorized 5,000,000 shares, none issued and none outstanding at November 30, 2014 and May 31, 2014	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.08 par value authorized 25,000,000 shares, issued and outstanding 7,552,714 and 7,543,714 at November 30 and May 31, 2014, respectively	`CommonStockValue`	$604.22K	USD	Point-in-time
Common stock, $0.08 par value authorized 25,000,000 shares, issued and outstanding 7,552,714 and 7,543,714 at November 30 and May 31, 2014, respectively	`CommonStockValue`	$603.50K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$18.31M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$18.31M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-10.15K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-11.83K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.99M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-13.45M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$5.46M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$5.91M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$5.93M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$6.47M	USD	Point-in-time

Income Statement 80 line items

Line Item	Tag	Value	Unit	Period
Net Sales	`SalesRevenueNet`	$934.84K	USD	1 Quarter
Net Sales	`SalesRevenueNet`	$1.13M	USD	1 Quarter
Net Sales	`SalesRevenueNet`	$1.95M	USD	2 Qtrs
Net Sales	`SalesRevenueNet`	$2.17M	USD	2 Qtrs
Cost of Sales	`CostOfRevenue`	$1.55M	USD	2 Qtrs
Cost of Sales	`CostOfRevenue`	$826.36K	USD	1 Quarter
Cost of Sales	`CostOfRevenue`	$1.43M	USD	2 Qtrs
Cost of Sales	`CostOfRevenue`	$679.20K	USD	1 Quarter
Gross Profit	`GrossProfit`	$307.24K	USD	1 Quarter
Gross Profit	`GrossProfit`	$617.15K	USD	2 Qtrs
Gross Profit	`GrossProfit`	$515.93K	USD	2 Qtrs
Gross Profit	`GrossProfit`	$255.64K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$709.16K	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$366.36K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$713.34K	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$375.02K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$182.09K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$136.79K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$377.79K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$228.05K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$503.15K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$937.21K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$1.09M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$557.11K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-249.87K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-421.27K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-473.98K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-247.50K	USD	1 Quarter
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$16.70K	USD	2 Qtrs
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$10.20K	USD	2 Qtrs
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$11.84K	USD	1 Quarter
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$4.14K	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	2 Qtrs
Interest expense	`InterestExpense`	$17.00	USD	2 Qtrs
Total other income	`NonoperatingIncomeExpense`	$16.68K	USD	2 Qtrs
Total other income	`NonoperatingIncomeExpense`	$10.20K	USD	2 Qtrs
Total other income	`NonoperatingIncomeExpense`	$11.84K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$4.14K	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-243.36K	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-457.30K	USD	2 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-411.07K	USD	2 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-238.03K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-238.03K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-411.07K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-457.30K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-243.36K	USD	1 Quarter
Basic net loss per common share (in Dollars per share)	`EarningsPerShareBasic`	$-0.06	USD	2 Qtrs
Basic net loss per common share (in Dollars per share)	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Basic net loss per common share (in Dollars per share)	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Basic net loss per common share (in Dollars per share)	`EarningsPerShareBasic`	$-0.06	USD	2 Qtrs
Diluted net loss per common share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter
Diluted net loss per common share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter
Diluted net loss per common share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.06	USD	2 Qtrs
Diluted net loss per common share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.06	USD	2 Qtrs
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.55M	shares	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.28M	shares	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.55M	shares	2 Qtrs
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.28M	shares	2 Qtrs
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.28M	shares	2 Qtrs
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.55M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.55M	shares	2 Qtrs
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.28M	shares	1 Quarter
Net loss	`NetIncomeLoss`	$-238.03K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-411.07K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-457.30K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-243.36K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-744.00	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$77.00	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-14.00	USD	2 Qtrs
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-1.68K	USD	2 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-411.09K	USD	2 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-238.77K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-458.97K	USD	2 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-243.28K	USD	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-238.03K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-411.07K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-457.30K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-243.36K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$126.18K	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$97.35K	USD	2 Qtrs
Stock option expense	`StockOptionPlanExpense`	$1.80K	USD	2 Qtrs
Stock option expense	`StockOptionPlanExpense`	$881.00	USD	2 Qtrs
Change in provision for losses on accounts receivable	`ProvisionForDoubtfulAccounts`	$-16.66K	USD	2 Qtrs
Change in provision for losses on accounts receivable	`ProvisionForDoubtfulAccounts`	$4.67K	USD	2 Qtrs
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$-6.71K	USD	2 Qtrs
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$7.42K	USD	2 Qtrs
Gain on disposal of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	2 Qtrs
Gain on disposal of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$665.00	USD	2 Qtrs
Decrease in deferred rent liability	`IncreaseDecreaseInDeferredRentLiability`	$-6.42K	USD	2 Qtrs
Decrease in deferred rent liability	`IncreaseDecreaseInDeferredRentLiability`	$-9.26K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-45.41K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-900.45K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$321.70K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$231.60K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$56.79K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-10.32K	USD	2 Qtrs
Accounts payable and other accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-65.53K	USD	2 Qtrs
Accounts payable and other accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-88.08K	USD	2 Qtrs
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-87.36K	USD	2 Qtrs
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$8.49K	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-740.15K	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$184.00K	USD	2 Qtrs
Purchases of property and equipment	`RepaymentsOfLinesOfCredit`	$83.86K	USD	2 Qtrs
Purchases of property and equipment	`RepaymentsOfLinesOfCredit`	$8.65K	USD	2 Qtrs
Proceeds from sales of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	2 Qtrs
Proceeds from sales of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.90K	USD	2 Qtrs
Increase in intangibles	`PaymentsToAcquireIntangibleAssets`	-	USD	2 Qtrs
Increase in intangibles	`PaymentsToAcquireIntangibleAssets`	$14.14K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-83.86K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-20.89K	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$3.50K	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.78K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.78K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.50K	USD	2 Qtrs
Effect of exchange rate changes in cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-14.00	USD	2 Qtrs
Effect of exchange rate changes in cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-1.68K	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-822.24K	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$164.92K	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.67M	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`	$1.51M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.67M	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`	$1.51M	USD	Point-in-time
Interest	`InterestPaid`	-	USD	2 Qtrs
Interest	`InterestPaid`	$17.00	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	$3.50K	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs

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