10-Q Filing

BIOMERICA INC CIK: 73290 Q3 2017

Filing Information

Form Type	10-Q
Accession Number	`0001513162-17-000121`
Period End Date	20170228
Filing Date	20170414
Fiscal Year	2017
Fiscal Period	Q3
XBRL Instance	bmra-20170228.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`	$67.59K	USD	Point-in-time
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$8.40K	USD	Point-in-time
Accumulated depreciation and amortization (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.42M	USD	Point-in-time
Accumulated depreciation and amortization (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.51M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.09M	USD	Point-in-time
Preferred Stock, No Par Value (in Dollars per share)	`PreferredStockNoParValue`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.89M	USD	Point-in-time
Preferred Stock, No Par Value (in Dollars per share)	`PreferredStockNoParValue`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$859.14K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.54M	USD	Point-in-time
Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $67,595 and $8,405 as of February 28, 2017 and May 31, 2016, respectively	`AccountsReceivableNetCurrent`	$1.07M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $67,595 and $8,405 as of February 28, 2017 and May 31, 2016, respectively	`AccountsReceivableNetCurrent`	$969.47K	USD	Point-in-time
Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$1.82M	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
Inventories, net	`InventoryNet`	$1.86M	USD	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$113.58K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$212.03K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.64M	USD	Point-in-time
Common stock par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.08	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.84M	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
Property and Equipment, net of accumulated depreciation and amortization of $1,513,598 and $1,423,900 as of February 28, 2017 and May 31, 2016, respectively	`PropertyPlantAndEquipmentNet`	$380.66K	USD	Point-in-time
Property and Equipment, net of accumulated depreciation and amortization of $1,513,598 and $1,423,900 as of February 28, 2017 and May 31, 2016, respectively	`PropertyPlantAndEquipmentNet`	$368.33K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	8.17M	shares	Point-in-time
Deferred Tax Assets	`DeferredTaxAssetsGrossNoncurrent`	$41.00K	USD	Point-in-time
Deferred Tax Assets	`DeferredTaxAssetsGrossNoncurrent`	$41.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	8.51M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	8.17M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	8.51M	shares	Point-in-time
Investments	`Investments`	$165.32K	USD	Point-in-time
Investments	`Investments`	$165.32K	USD	Point-in-time
Intangible Assets, net	`IntangibleAssetsNetExcludingGoodwill`	$248.80K	USD	Point-in-time
Intangible Assets, net	`IntangibleAssetsNetExcludingGoodwill`	$193.37K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$55.65K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$64.84K	USD	Point-in-time
Total Assets	`Assets`	$5.73M	USD	Point-in-time
Total Assets	`Assets`	$5.48M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$333.49K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$492.67K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$164.07K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$172.54K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$656.74K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$506.03K	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 February 28, 2017 and May 31, 2016	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, no par value authorized 5,000,000 shares , none issued and none outstanding at February 28, 2017 and May 31, 2016	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.08 par value authorized 25,000,000 shares, issued and outstanding 8,505,173 and 8,169,673 at February 28, 2017 and May 31, 2016, respectively	`CommonStockValue`	$680.41K	USD	Point-in-time
Common stock, $0.08 par value authorized 25,000,000 shares, issued and outstanding 8,505,173 and 8,169,673 at February 28, 2017 and May 31, 2016, respectively	`CommonStockValue`	$653.57K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$19.40M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$19.54M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-14.59K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-13.59K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-14.82M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-15.38M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$5.22M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$4.82M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$5.73M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$5.48M	USD	Point-in-time

Income Statement 80 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$1.36M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$4.34M	USD	3 Qtrs
Net sales	`SalesRevenueNet`	$1.50M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$3.81M	USD	3 Qtrs
Cost of sales	`CostOfRevenue`	$2.64M	USD	3 Qtrs
Cost of sales	`CostOfRevenue`	$1.02M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$2.76M	USD	3 Qtrs
Cost of sales	`CostOfRevenue`	$1.05M	USD	1 Quarter
Gross profit	`GrossProfit`	$344.52K	USD	1 Quarter
Gross profit	`GrossProfit`	$449.43K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.58M	USD	3 Qtrs
Gross profit	`GrossProfit`	$1.18M	USD	3 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$510.43K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$428.36K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.40M	USD	3 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.16M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$781.93K	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$256.72K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$573.47K	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$185.27K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$767.15K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.19M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$1.73M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$613.63K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-555.12K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-269.11K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-317.72K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-603.18K	USD	3 Qtrs
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$9.18K	USD	1 Quarter
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$27.13K	USD	3 Qtrs
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$13.68K	USD	1 Quarter
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$40.72K	USD	3 Qtrs
Interest expense	`InterestExpense`	$100.00	USD	1 Quarter
Interest expense	`InterestExpense`	$69.00	USD	1 Quarter
Interest expense	`InterestExpense`	$124.00	USD	3 Qtrs
Interest expense	`InterestExpense`	$280.00	USD	3 Qtrs
Total other income	`NonoperatingIncomeExpense`	$13.58K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$27.01K	USD	3 Qtrs
Total other income	`NonoperatingIncomeExpense`	$40.44K	USD	3 Qtrs
Total other income	`NonoperatingIncomeExpense`	$9.11K	USD	1 Quarter
Loss before income tax benefit	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-260.00K	USD	1 Quarter
Loss before income tax benefit	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-304.14K	USD	1 Quarter
Loss before income tax benefit	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-562.74K	USD	3 Qtrs
Loss before income tax benefit	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-528.11K	USD	3 Qtrs
Income tax benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-254.00K	USD	3 Qtrs
Income tax benefit	`IncomeTaxExpenseBenefit`	$-125.00K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	-	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-274.11K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-304.14K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-135.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-562.74K	USD	3 Qtrs
Basic net loss per common share (in Dollars per share)	`EarningsPerShareBasic`	$-0.07	USD	3 Qtrs
Basic net loss per common share (in Dollars per share)	`EarningsPerShareBasic`	$-0.04	USD	3 Qtrs
Basic net loss per common share (in Dollars per share)	`EarningsPerShareBasic`	$-0.04	USD	1 Quarter
Basic net loss per common share (in Dollars per share)	`EarningsPerShareBasic`	$-0.02	USD	1 Quarter
Diluted net loss per common share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.02	USD	1 Quarter
Diluted net loss per common share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.07	USD	3 Qtrs
Diluted net loss per common share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.04	USD	3 Qtrs
Diluted net loss per common share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.04	USD	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.62M	shares	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.43M	shares	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.27M	shares	3 Qtrs
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.60M	shares	3 Qtrs
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.27M	shares	3 Qtrs
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.62M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.43M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.60M	shares	3 Qtrs
Net loss	`NetIncomeLoss`	$-274.11K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-304.14K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-135.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-562.74K	USD	3 Qtrs
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-73.00	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-241.00	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-1.00K	USD	3 Qtrs
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-1.44K	USD	3 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-304.38K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-275.54K	USD	3 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-135.07K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-563.74K	USD	3 Qtrs

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-274.11K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-304.14K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-135.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-562.74K	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$163.59K	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$174.55K	USD	3 Qtrs
Stock option expense	`StockOptionPlanExpense`	$10.01K	USD	3 Qtrs
Stock option expense	`StockOptionPlanExpense`	$25.87K	USD	3 Qtrs
Change in provision for allowance on accounts receivable	`ProvisionForDoubtfulAccounts`	$-9.01K	USD	3 Qtrs
Change in provision for allowance on accounts receivable	`ProvisionForDoubtfulAccounts`	$59.19K	USD	3 Qtrs
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$-12.80K	USD	3 Qtrs
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$12.22K	USD	3 Qtrs
Increase (decrease) in deferred rent liability	`IncreaseDecreaseInDeferredRentLiability`	$2.51K	USD	3 Qtrs
Increase (decrease) in deferred rent liability	`IncreaseDecreaseInDeferredRentLiability`	$-20.57K	USD	3 Qtrs
Increase in deferred tax assets	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	3 Qtrs
Increase in deferred tax assets	`IncreaseDecreaseInDeferredIncomeTaxes`	$254.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$161.56K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-200.64K	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$84.95K	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-57.67K	USD	3 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$98.45K	USD	3 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-62.27K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$170.87K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-44.56K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$11.45K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$9.19K	USD	3 Qtrs
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$28.04K	USD	3 Qtrs
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-8.47K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-389.38K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-195.06K	USD	3 Qtrs
Increase in intangibles	`PaymentsToAcquireIntangibleAssets`	$925.00	USD	3 Qtrs
Increase in intangibles	`PaymentsToAcquireIntangibleAssets`	-	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$70.00K	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$95.83K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-95.83K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-70.92K	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$139.00K	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$38.26K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$139.00K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$38.26K	USD	3 Qtrs
Effect of exchange rate changes in cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-1.00K	USD	3 Qtrs
Effect of exchange rate changes in cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-1.44K	USD	3 Qtrs
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-229.16K	USD	3 Qtrs
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-347.22K	USD	3 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.09M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.89M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$859.14K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.54M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.09M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.89M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$859.14K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.54M	USD	Point-in-time
Exercise of stock options for reduction of accrued expenses	`ExerciseOfStockOptionsForReductionOfAccruedExpenses`	-	USD	3 Qtrs
Exercise of stock options for reduction of accrued expenses	`ExerciseOfStockOptionsForReductionOfAccruedExpenses`	$-14.19K	USD	3 Qtrs
Interest	`InterestPaid`	$17.00	USD	3 Qtrs
Interest	`InterestPaid`	$242.00	USD	3 Qtrs
Income taxes	`IncomeTaxesPaid`	$800.00	USD	3 Qtrs
Income taxes	`IncomeTaxesPaid`	$800.00	USD	3 Qtrs

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