10-K Filing

BIOMERICA INC CIK: 73290 FY 2015

Filing Information

Form Type	10-K
Accession Number	`0001513162-15-000518`
Period End Date	20150531
Filing Date	20150831
Fiscal Year	2015
Fiscal Period	FY
XBRL Instance	bmra-20150531.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 42 Cash Flow Statement 62 Stockholders Equity 18

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$17.47K	USD	Point-in-time
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$30.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.51M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.47M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.09M	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $17,468 and $30,000, respectively	`AccountsReceivableNetCurrent`	$1.11M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $17,468 and $30,000, respectively	`AccountsReceivableNetCurrent`	$1.45M	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
Inventories, net	`InventoryNet`	$1.77M	USD	Point-in-time
Inventories, net	`InventoryNet`	$2.03M	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
Deferred tax assets, current portion	`DeferredTaxAssetsNetCurrent`	$74.00K	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
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$164.35K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$103.57K	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
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`	$4.91M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.47M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	7.57M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	7.54M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.54M	shares	Point-in-time
Equipment	`EquipmentGross`	$1.50M	USD	Point-in-time
Equipment	`EquipmentGross`	$1.44M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.57M	shares	Point-in-time
Furniture, fixtures and leasehold improvements	`FurnitureFixturesAndLeaseholdImprovementsGross`	$270.15K	USD	Point-in-time
Furniture, fixtures and leasehold improvements	`FurnitureFixturesAndLeaseholdImprovementsGross`	$270.95K	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentGross`	$1.71M	USD	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentGross`	$1.78M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.27M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.16M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$445.39K	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$614.34K	USD	Point-in-time
DEFERRED TAX ASSETS, net of current portion	`DeferredTaxAssetsNetNoncurrent`	$670.00K	USD	Point-in-time
DEFERRED TAX ASSETS, net of current portion	`DeferredTaxAssetsNetNoncurrent`	$359.00K	USD	Point-in-time
INTANGIBLE ASSETS, net	`IntangibleAssetsNetExcludingGoodwill`	$321.30K	USD	Point-in-time
INTANGIBLE ASSETS, net	`IntangibleAssetsNetExcludingGoodwill`	$382.18K	USD	Point-in-time
INVESTMENTS	`Investments`	$165.32K	USD	Point-in-time
INVESTMENTS	`Investments`	$165.32K	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$36.30K	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$56.84K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$6.12M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$6.47M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$441.68K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$392.14K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$114.16K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$131.79K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$523.93K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$555.84K	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, no par value, 5,000,000 authorized shares, no shares issued and outstanding at May 31, 2015 and 2014	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, no par value, 5,000,000 authorized shares, no shares issued and outstanding at May 31, 2015 and 2014	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $.08 par value; 25,000,000 shares authorized; 7,566,714 and 7,543,714 shares issued and outstanding, respectively	`CommonStockValue`	$603.50K	USD	Point-in-time
Common stock, $.08 par value; 25,000,000 shares authorized; 7,566,714 and 7,543,714 shares issued and outstanding, respectively	`CommonStockValue`	$605.34K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$18.33M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$18.31M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-12.26K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-10.15K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-13.32M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-12.99M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$5.83M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$5.60M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$5.91M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$6.47M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$6.12M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$4.96M	USD	Annual
Net sales	`SalesRevenueNet`	$5.12M	USD	Annual
Cost of sales	`CostOfRevenue`	$3.45M	USD	Annual
Cost of sales	`CostOfRevenue`	$3.42M	USD	Annual
GROSS PROFIT	`GrossProfit`	$1.54M	USD	Annual
GROSS PROFIT	`GrossProfit`	$1.67M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.48M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.53M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$589.87K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$733.64K	USD	Annual
Total operating expenses	`OperatingExpenses`	$2.12M	USD	Annual
Total operating expenses	`OperatingExpenses`	$2.21M	USD	Annual
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-670.60K	USD	Annual
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-446.59K	USD	Annual
Interest expense	`InterestExpense`	-	USD	Annual
Interest expense	`InterestExpense`	$142.00	USD	Annual
Interest and dividend income	`InvestmentIncomeInterestAndDividend`	$17.18K	USD	Annual
Interest and dividend income	`InvestmentIncomeInterestAndDividend`	$21.91K	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$3.13K	USD	Annual
Other income	`OtherNonoperatingIncomeExpense`	$2.25K	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$20.17K	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$24.16K	USD	Annual
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-646.43K	USD	Annual
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-426.42K	USD	Annual
INCOME TAX BENEFIT	`IncomeTaxExpenseBenefit`	$-210.76K	USD	Annual
INCOME TAX BENEFIT	`IncomeTaxExpenseBenefit`	$-315.02K	USD	Annual
NET LOSS	`NetIncomeLoss`	$-331.41K	USD	Annual
NET LOSS	`NetIncomeLoss`	$-215.66K	USD	Annual
BASIC NET LOSS PER COMMON SHARE (in Dollars per share)	`EarningsPerShareBasic`	$-0.04	USD	Annual
BASIC NET LOSS PER COMMON SHARE (in Dollars per share)	`EarningsPerShareBasic`	$-0.03	USD	Annual
DILUTED NET LOSS PER COMMON SHARE (in Dollars per share)	`EarningsPerShareDiluted`	$-0.03	USD	Annual
DILUTED NET LOSS PER COMMON SHARE (in Dollars per share)	`EarningsPerShareDiluted`	$-0.04	USD	Annual
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.37M	shares	Annual
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.55M	shares	Annual
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.37M	shares	Annual
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.55M	shares	Annual
NET LOSS	`NetIncomeLoss`	$-331.41K	USD	Annual
NET LOSS	`NetIncomeLoss`	$-215.66K	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-1.14K	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-2.12K	USD	Annual
COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTax`	$-216.80K	USD	Annual
COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTax`	$-333.52K	USD	Annual

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Amount due on agreement to purchase restricted stock	`AmountDueOnAgreementToPurchaseRestrictedStock`	-	USD	Annual
Amount due on agreement to purchase restricted stock	`AmountDueOnAgreementToPurchaseRestrictedStock`	$100.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-331.41K	USD	Annual
Net loss	`NetIncomeLoss`	$-215.66K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$207.03K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$253.28K	USD	Annual
Change in provision for allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-12.53K	USD	Annual
Change in provision for allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-85.73K	USD	Annual
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$-18.22K	USD	Annual
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$-35.59K	USD	Annual
Gain on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$665.00	USD	Annual
Gain on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$1.20K	USD	Annual
Stock option expense	`StockOptionPlanExpense`	$10.02K	USD	Annual
Stock option expense	`StockOptionPlanExpense`	$11.00K	USD	Annual
Decrease in deferred rent liability	`IncreaseDecreaseInDeferredRentLiability`	$-13.80K	USD	Annual
Decrease in deferred rent liability	`IncreaseDecreaseInDeferredRentLiability`	$-20.41K	USD	Annual
Increase in deferred tax assets	`IncreaseDecreaseInDeferredIncomeTaxes`	$298.00K	USD	Annual
Increase in deferred tax assets	`IncreaseDecreaseInDeferredIncomeTaxes`	$217.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$490.32K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-348.67K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$158.96K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$243.38K	USD	Annual
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-93.11K	USD	Annual
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$60.78K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$20.54K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-35.09K	USD	Annual
Accounts payable and other accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$103.56K	USD	Annual
Accounts payable and other accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-29.14K	USD	Annual
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-93.81K	USD	Annual
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$17.63K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-862.27K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-405.48K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$137.23K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.50K	USD	Annual
Purchases of intangible assets	`PaymentsToAcquireIntangibleAssets`	$146.50K	USD	Annual
Purchases of intangible assets	`PaymentsToAcquireIntangibleAssets`	$14.18K	USD	Annual
Proceeds from sales of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.20K	USD	Annual
Proceeds from sales of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.90K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-282.53K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-22.78K	USD	Annual
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$150.00K	USD	Annual
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$9.56K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$35.27K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$185.28K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.56K	USD	Annual
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-2.12K	USD	Annual
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-1.14K	USD	Annual
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-420.82K	USD	Annual
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-960.67K	USD	Annual
CASH AND CASH EQUIVALENTS, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.51M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$2.47M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.09M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, end of year	`CashAndCashEquivalentsAtCarryingValue`	$1.51M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, end of year	`CashAndCashEquivalentsAtCarryingValue`	$2.47M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, end of year	`CashAndCashEquivalentsAtCarryingValue`	$1.09M	USD	Point-in-time
Payment of international regulatory approval fees in Exchange for $100,000 due on agreement to purchase Biomerica restricted stock	`PaymentOfInternationalRegulatoryApprovalFees`	$100.00K	USD	Annual
Payment of international regulatory approval fees in Exchange for $100,000 due on agreement to purchase Biomerica restricted stock	`PaymentOfInternationalRegulatoryApprovalFees`	-	USD	Annual
Interest	`InterestPaid`	$138.00	USD	Annual
Interest	`InterestPaid`	$142.00	USD	Annual
Income taxes	`IncomeTaxesPaid`	$800.00	USD	Annual
Income taxes	`IncomeTaxesPaid`	-	USD	Annual

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balances	`StockholdersEquity`	$5.83M	USD	Point-in-time
Balances	`StockholdersEquity`	$5.60M	USD	Point-in-time
Balances	`StockholdersEquity`	$5.91M	USD	Point-in-time
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$9.56K	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$35.27K	USD	Annual
Exercise of stock options (in Shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	69,000.00	shares	Annual
Exercise of stock options (in Shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	23,000.00	shares	Annual
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.12K	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-1.14K	USD	Annual
Sale of shares of common stock	`StockIssuedDuringPeriodValueNewIssues`	$250.00K	USD	Annual
Sale of shares of common stock (in Shares)	`StockIssuedDuringPeriodSharesNewIssues`	200,000.00	shares	Annual
Compensation expense in connection with options granted	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$11.00K	USD	Annual
Compensation expense in connection with options granted	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$10.02K	USD	Annual
Net loss	`NetIncomeLoss`	$-331.41K	USD	Annual
Net loss	`NetIncomeLoss`	$-215.66K	USD	Annual
Balances	`StockholdersEquity`	$5.83M	USD	Point-in-time
Balances	`StockholdersEquity`	$5.60M	USD	Point-in-time
Balances	`StockholdersEquity`	$5.91M	USD	Point-in-time

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