10-Q Filing

BIOMERICA INC CIK: 73290 Q3 2018

Filing Information

Form Type	10-Q
Accession Number	`0001513162-18-000101`
Period End Date	20180228
Filing Date	20180416
Fiscal Year	2018
Fiscal Period	Q3
XBRL Instance	bmra-20180228.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 80 Cash Flow Statement 58

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$54.49K	USD	Point-in-time
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$50.13K	USD	Point-in-time
Accumulated depreciation and amortization (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.64M	USD	Point-in-time
Accumulated depreciation and amortization (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.55M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.54M	USD	Point-in-time
Preferred Stock, No Par Value (in Dollars per share)	`PreferredStockNoParValue`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$597.03K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.23M	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
Accounts receivable, less allowance for doubtful accounts of $54,486 and $50,129 as of February 28, 2018 and May 31, 2017, respectively	`AccountsReceivableNetCurrent`	$1.16M	USD	Point-in-time
Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $54,486 and $50,129 as of February 28, 2018 and May 31, 2017, respectively	`AccountsReceivableNetCurrent`	$1.06M	USD	Point-in-time
Inventories, net	`InventoryNet`	$1.95M	USD	Point-in-time
Preferred Stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$1.73M	USD	Point-in-time
Preferred Stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$340.61K	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`	$195.76K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.21M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.05M	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 $1,637,552 and $1,550,073 as of February 28, 2018 and May 31, 2017, respectively	`PropertyPlantAndEquipmentNet`	$331.86K	USD	Point-in-time
Property and Equipment, net of accumulated depreciation and amortization of $1,637,552 and $1,550,073 as of February 28, 2018 and May 31, 2017, respectively	`PropertyPlantAndEquipmentNet`	$318.68K	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	`DeferredTaxAssetsGrossNoncurrent`	$41.00K	USD	Point-in-time
Deferred Tax Assets	`DeferredTaxAssetsGrossNoncurrent`	$41.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	8.62M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	8.51M	shares	Point-in-time
Investments	`Investments`	$165.32K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	8.62M	shares	Point-in-time
Investments	`Investments`	$165.32K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	8.51M	shares	Point-in-time
Intangible Assets, net	`IntangibleAssetsNetExcludingGoodwill`	$174.47K	USD	Point-in-time
Intangible Assets, net	`IntangibleAssetsNetExcludingGoodwill`	$122.08K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$94.99K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$63.16K	USD	Point-in-time
Total Assets	`Assets`	$4.76M	USD	Point-in-time
Total Assets	`Assets`	$5.02M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$562.50K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$352.00K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$176.87K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$196.80K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$528.87K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$759.30K	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, 2018 and May 31, 2017	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, no par value authorized 5,000,000 shares, none issued and none outstanding at February 28, 2018 and May 31, 2017	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.08 par value authorized 25,000,000 shares, issued and outstanding 8,621,929 and 8,511,173 at February 28, 2018 and May 31, 2017, respectively	`CommonStockValue`	$689.75K	USD	Point-in-time
Common stock, $0.08 par value authorized 25,000,000 shares, issued and outstanding 8,621,929 and 8,511,173 at February 28, 2018 and May 31, 2017, respectively	`CommonStockValue`	$680.89K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$19.55M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$19.89M	USD	Point-in-time
Subscriptions receivable	`StockholdersEquityNoteSubscriptionsReceivable`	-	USD	Point-in-time
Subscriptions receivable	`StockholdersEquityNoteSubscriptionsReceivable`	$32.30K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-22.14K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-15.83K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-16.53M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-15.73M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$4.00M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$4.49M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$5.02M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$4.76M	USD	Point-in-time

Income Statement 80 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$4.34M	USD	3 Qtrs
Net sales	`Revenues`	$1.50M	USD	1 Quarter
Net sales	`Revenues`	$1.38M	USD	1 Quarter
Net sales	`Revenues`	$4.43M	USD	3 Qtrs
Cost of sales	`CostOfRevenue`	$2.76M	USD	3 Qtrs
Cost of sales	`CostOfRevenue`	$1.05M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$2.95M	USD	3 Qtrs
Cost of sales	`CostOfRevenue`	$910.29K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.58M	USD	3 Qtrs
Gross profit	`GrossProfit`	$1.49M	USD	3 Qtrs
Gross profit	`GrossProfit`	$465.37K	USD	1 Quarter
Gross profit	`GrossProfit`	$449.43K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$434.66K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$510.43K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.41M	USD	3 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.40M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$914.58K	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$256.72K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$353.56K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$781.93K	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$767.15K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.32M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$788.22K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.19M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-322.85K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-317.72K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-837.61K	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-603.18K	USD	3 Qtrs
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$39.44K	USD	3 Qtrs
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$355.00	USD	1 Quarter
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$40.72K	USD	3 Qtrs
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$13.68K	USD	1 Quarter
Interest expense	`InterestExpense`	$100.00	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$280.00	USD	3 Qtrs
Interest expense	`InterestExpense`	$37.00	USD	3 Qtrs
Total other income	`NonoperatingIncomeExpense`	$13.58K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$39.40K	USD	3 Qtrs
Total other income	`NonoperatingIncomeExpense`	$40.44K	USD	3 Qtrs
Total other income	`NonoperatingIncomeExpense`	$355.00	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-304.14K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-322.49K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-798.21K	USD	3 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-562.74K	USD	3 Qtrs
Income taxes	`IncomeTaxExpenseBenefit`	-	USD	3 Qtrs
Income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	-	USD	3 Qtrs
Income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-798.21K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-304.14K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-322.49K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-562.74K	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`	$-0.04	USD	1 Quarter
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`	$-0.09	USD	3 Qtrs
Diluted net loss per common share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.04	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	1 Quarter
Diluted net loss per common share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.09	USD	3 Qtrs
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.53M	shares	3 Qtrs
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.43M	shares	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.27M	shares	3 Qtrs
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.56M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.27M	shares	3 Qtrs
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.56M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.53M	shares	3 Qtrs
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.43M	shares	1 Quarter
Net loss	`NetIncomeLoss`	$-798.21K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-304.14K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-322.49K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-562.74K	USD	3 Qtrs
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-6.31K	USD	3 Qtrs
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-1.14K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-241.00	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-1.00K	USD	3 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-323.63K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-304.38K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-804.52K	USD	3 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-563.74K	USD	3 Qtrs

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-798.21K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-304.14K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-322.49K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-562.74K	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$139.86K	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$163.59K	USD	3 Qtrs
Stock option expense	`StockOptionPlanExpense`	$10.01K	USD	3 Qtrs
Stock option expense	`StockOptionPlanExpense`	$10.93K	USD	3 Qtrs
Change in provision for allowance on accounts receivable	`ProvisionForDoubtfulAccounts`	$4.36K	USD	3 Qtrs
Change in provision for allowance on accounts receivable	`ProvisionForDoubtfulAccounts`	$59.19K	USD	3 Qtrs
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$-465.00	USD	3 Qtrs
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$-12.80K	USD	3 Qtrs
Increase in deferred rent liability	`IncreaseDecreaseInDeferredRentLiability`	$12.45K	USD	3 Qtrs
Increase in deferred rent liability	`IncreaseDecreaseInDeferredRentLiability`	$2.51K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$101.98K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$161.56K	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$224.07K	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-57.67K	USD	3 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$144.85K	USD	3 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$98.45K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$170.87K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$198.04K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$9.19K	USD	3 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-31.82K	USD	3 Qtrs
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$19.93K	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`	$-852.17K	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$95.83K	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$74.30K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-95.83K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-74.30K	USD	3 Qtrs
Net proceeds from sales of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	3 Qtrs
Net proceeds from sales of common stock	`ProceedsFromIssuanceOfCommonStock`	$285.73K	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$139.00K	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$18.61K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$139.00K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$304.35K	USD	3 Qtrs
Effect of exchange rate changes in cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-6.31K	USD	3 Qtrs
Effect of exchange rate changes in cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-1.00K	USD	3 Qtrs
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-347.22K	USD	3 Qtrs
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-628.43K	USD	3 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.54M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$597.03K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.23M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.89M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.54M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$597.03K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.23M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.89M	USD	Point-in-time
Subscriptions receivable	`SubscriptionsReceivable`	$32.30K	USD	3 Qtrs
Subscriptions receivable	`SubscriptionsReceivable`	-	USD	3 Qtrs
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`	$242.00	USD	3 Qtrs
Interest	`InterestPaid`	$37.00	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.