10-Q Filing

BIOMERICA INC CIK: 73290 Q2 2016

Filing Information

Form Type	10-Q
Accession Number	`0001513162-16-000678`
Period End Date	20151130
Filing Date	20160114
Fiscal Year	2016
Fiscal Period	Q2
XBRL Instance	bmra-20151130.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 80 Cash Flow Statement 58

Balance Sheet 66 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`	$8.81K	USD	Point-in-time
Accumulated Depreciation and Amortization (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.35M	USD	Point-in-time
Accumulated Depreciation and Amortization (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.27M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.51M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$642.98K	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`	$1.67M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.09M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $8,815 and $17,468 as of November 30, 2015 and May 31, 2015, respectively	`AccountsReceivableNetCurrent`	$1.17M	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $8,815 and $17,468 as of November 30, 2015 and May 31, 2015, respectively	`AccountsReceivableNetCurrent`	$1.11M	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$2.24M	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	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
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$164.35K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$105.31K	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.08	USD	Point-in-time
Total Current assets	`AssetsCurrent`	$4.16M	USD	Point-in-time
Common stock par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.08	USD	Point-in-time
Total Current assets	`AssetsCurrent`	$4.39M	USD	Point-in-time
Property and Equipment, net of accumulated depreciation and amortization of $1,346,477 and $1,267,617 as of November 30, 2015 and May 31, 2015, respectively	`PropertyPlantAndEquipmentNet`	$394.82K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Property and Equipment, net of accumulated depreciation and amortization of $1,346,477 and $1,267,617 as of November 30, 2015 and May 31, 2015, respectively	`PropertyPlantAndEquipmentNet`	$445.39K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Deferred Tax Assets	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$744.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	7.57M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	7.59M	shares	Point-in-time
Deferred Tax Assets	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$873.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.59M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.57M	shares	Point-in-time
Investments	`Investments`	$165.32K	USD	Point-in-time
Investments	`Investments`	$165.32K	USD	Point-in-time
Intangible Assets, net	`IntangibleAssetsNetExcludingGoodwill`	$284.69K	USD	Point-in-time
Intangible Assets, net	`IntangibleAssetsNetExcludingGoodwill`	$321.30K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$56.84K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$65.89K	USD	Point-in-time
Total Assets	`Assets`	$6.12M	USD	Point-in-time
Total Assets	`Assets`	$5.94M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$392.14K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$315.83K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$153.25K	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`	$469.09K	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, no par value authorized 5,000,000 shares, none issued and none outstanding at November 30, 2015 and May 31, 2015	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, no par value authorized 5,000,000 shares, none issued and none outstanding at November 30, 2015 and May 31, 2015	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.08 par value authorized 25,000,000 shares, Issued and outstanding 7,590,237 and 7,566,714 at November 30, 2015 and May 31, 2015, respectively	`CommonStockValue`	$607.22K	USD	Point-in-time
Common stock, $0.08 par value authorized 25,000,000 shares, Issued and outstanding 7,590,237 and 7,566,714 at November 30, 2015 and May 31, 2015, respectively	`CommonStockValue`	$605.34K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$18.34M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$18.33M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-12.26K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-13.63K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-13.46M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-13.32M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$5.47M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$5.60M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$5.94M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$6.12M	USD	Point-in-time

Income Statement 80 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$1.17M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$2.17M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$2.45M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	$1.13M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$1.55M	USD	2 Qtrs
Cost of sales	`CostOfRevenue`	$753.04K	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$1.62M	USD	2 Qtrs
Cost of sales	`CostOfRevenue`	$826.36K	USD	1 Quarter
Gross profit	`GrossProfit`	$833.46K	USD	2 Qtrs
Gross profit	`GrossProfit`	$307.24K	USD	1 Quarter
Gross profit	`GrossProfit`	$617.15K	USD	2 Qtrs
Gross profit	`GrossProfit`	$412.04K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$713.34K	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$391.60K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$731.26K	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$375.02K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$230.21K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$377.79K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$388.21K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$182.09K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.09M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$621.82K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$557.11K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.12M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-249.87K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-473.98K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-209.77K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-286.01K	USD	2 Qtrs
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$11.84K	USD	1 Quarter
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$14.02K	USD	1 Quarter
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$16.70K	USD	2 Qtrs
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$17.96K	USD	2 Qtrs
Interest expense	`InterestExpense`	$54.00	USD	2 Qtrs
Interest expense	`InterestExpense`	$18.00	USD	1 Quarter
Interest expense	`InterestExpense`	$17.00	USD	2 Qtrs
Interest expense	`InterestExpense`	-	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$14.01K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$11.84K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$17.90K	USD	2 Qtrs
Total other income	`NonoperatingIncomeExpense`	$16.68K	USD	2 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-268.10K	USD	2 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-457.30K	USD	2 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-195.77K	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-238.03K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Income tax benefit	`IncomeTaxExpenseBenefit`	$-129.00K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-129.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-66.77K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-139.10K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-238.03K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-457.30K	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`	$-0.06	USD	2 Qtrs
Basic net loss per common share (in Dollars per share)	`EarningsPerShareBasic`	$-0.02	USD	2 Qtrs
Basic net loss per common share (in Dollars per share)	`EarningsPerShareBasic`	$-0.01	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`	$-0.02	USD	2 Qtrs
Diluted net loss per common share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Diluted net loss per common share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.55M	shares	2 Qtrs
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.58M	shares	2 Qtrs
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.55M	shares	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.59M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.55M	shares	2 Qtrs
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.59M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.55M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.58M	shares	2 Qtrs
Net loss	`NetIncomeLoss`	$-66.77K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-139.10K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-238.03K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-457.30K	USD	2 Qtrs
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-1.68K	USD	2 Qtrs
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-1.02K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-1.37K	USD	2 Qtrs
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-744.00	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-67.79K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-140.47K	USD	2 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-238.77K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-458.97K	USD	2 Qtrs

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-66.77K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-139.10K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-238.03K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-457.30K	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$126.18K	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$116.40K	USD	2 Qtrs
Stock option expense	`StockOptionPlanExpense`	$2.56K	USD	2 Qtrs
Stock option expense	`StockOptionPlanExpense`	$1.80K	USD	2 Qtrs
Change in provision for allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-8.65K	USD	2 Qtrs
Change in provision for allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-16.66K	USD	2 Qtrs
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$7.42K	USD	2 Qtrs
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$4.22K	USD	2 Qtrs
Gain on disposal of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$665.00	USD	2 Qtrs
Gain on disposal of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	2 Qtrs
Decrease in deferred rent liability	`IncreaseDecreaseInDeferredRentLiability`	$-9.26K	USD	2 Qtrs
Decrease in deferred rent liability	`IncreaseDecreaseInDeferredRentLiability`	$-13.07K	USD	2 Qtrs
Increase in deferred tax assets	`IncreaseDecreaseInDeferredIncomeTaxes`	$129.00K	USD	2 Qtrs
Increase in deferred tax assets	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$52.36K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-900.45K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$214.24K	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`	$-49.99K	USD	2 Qtrs
Accounts payable and other accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-88.08K	USD	2 Qtrs
Accounts payable and other accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-63.23K	USD	2 Qtrs
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$8.49K	USD	2 Qtrs
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$21.46K	USD	2 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$184.00K	USD	2 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-425.04K	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$28.29K	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.65K	USD	2 Qtrs
Proceeds from sales of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.90K	USD	2 Qtrs
Proceeds from sales of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	2 Qtrs
Increase in intangibles	`PaymentsToAcquireIntangibleAssets`	$925.00	USD	2 Qtrs
Increase in intangibles	`PaymentsToAcquireIntangibleAssets`	$14.14K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-29.22K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-20.89K	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$10.30K	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$3.50K	USD	2 Qtrs
Net cash provided financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.50K	USD	2 Qtrs
Net cash provided financing activities	`NetCashProvidedByUsedInFinancingActivities`	$10.30K	USD	2 Qtrs
Effect of exchange rate changes in cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-1.68K	USD	2 Qtrs
Effect of exchange rate changes in cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-1.37K	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-445.33K	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$164.92K	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.51M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$642.98K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.67M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.09M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.51M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$642.98K	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`	$1.09M	USD	Point-in-time
Interest	`InterestPaid`	$54.00	USD	2 Qtrs
Interest	`InterestPaid`	$17.00	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	-	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.