10-Q Filing

BIOMERICA INC CIK: 73290 Q2 2019

Filing Information

Form Type	10-Q
Accession Number	`0001513162-19-000021`
Period End Date	20181130
Filing Date	20190114
Fiscal Year	2019
Fiscal Period	Q2
XBRL Instance	bmra-20181130.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 80 Cash Flow Statement 54

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$57.70K	USD	Point-in-time
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$70.89K	USD	Point-in-time
Accumulated depreciation and amortization (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.66M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.20M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.12M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.23M	USD	Point-in-time
Accumulated depreciation and amortization (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.72M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$817.81K	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
Accounts receivable, less allowance for doubtful accounts of $70,887 and $57,695 as of November 30, 2018 and May 31, 2018, respectively	`AccountsReceivableNetCurrent`	$1.26M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $70,887 and $57,695 as of November 30, 2018 and May 31, 2018, respectively	`AccountsReceivableNetCurrent`	$799.94K	USD	Point-in-time
Inventories, net	`InventoryNet`	$2.18M	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
Inventories, net	`InventoryNet`	$2.12M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$187.01K	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
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$300.41K	USD	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$4.69M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.48M	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
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 $1,716,810 and $1,661,128 as of November 30, 2018 and May 31, 2018, respectively	`PropertyPlantAndEquipmentNet`	$348.55K	USD	Point-in-time
Property and Equipment, net of accumulated depreciation and amortization of $1,716,810 and $1,661,128 as of November 30, 2018 and May 31, 2018, respectively	`PropertyPlantAndEquipmentNet`	$351.15K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Deferred Tax Assets	`DeferredTaxAssetsGrossNoncurrent`	$10.00K	USD	Point-in-time
Deferred Tax Assets	`DeferredTaxAssetsGrossNoncurrent`	$10.00K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.29M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	8.89M	shares	Point-in-time
Investments	`Investments`	$165.32K	USD	Point-in-time
Investments	`Investments`	$165.32K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.29M	shares	Point-in-time
Intangible Assets, net	`IntangibleAssetsNetExcludingGoodwill`	$97.53K	USD	Point-in-time
Intangible Assets, net	`IntangibleAssetsNetExcludingGoodwill`	$98.92K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	8.89M	shares	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$113.16K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$119.85K	USD	Point-in-time
Total Assets	`Assets`	$5.22M	USD	Point-in-time
Total Assets	`Assets`	$5.43M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$800.47K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$686.96K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$216.28K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$209.85K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$896.81K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.02M	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, 2018 and May 31, 2018	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, no par value authorized 5,000,000 shares, none issued and none outstanding at November 30, 2018 and May 31, 2018	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.08 par value authorized 25,000,000 shares, issued and outstanding 9,289,267 and 8,888,011 at November 30, 2018 and May 31, 2018, respectively	`CommonStockValue`	$711.04K	USD	Point-in-time
Common stock, $0.08 par value authorized 25,000,000 shares, issued and outstanding 9,289,267 and 8,888,011 at November 30, 2018 and May 31, 2018, respectively	`CommonStockValue`	$743.14K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$21.82M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$20.84M	USD	Point-in-time
Subscriptions receivable	`StockholdersEquityNoteSubscriptionsReceivable`	-	USD	Point-in-time
Subscriptions receivable	`StockholdersEquityNoteSubscriptionsReceivable`	$9.06K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-26.14K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-31.94K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-18.12M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-17.19M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$4.33M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$4.41M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$5.43M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$5.22M	USD	Point-in-time

Income Statement 80 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$1.61M	USD	1 Quarter
Net sales	`Revenues`	$1.50M	USD	1 Quarter
Net sales	`Revenues`	$3.06M	USD	2 Qtrs
Net sales	`Revenues`	$2.77M	USD	2 Qtrs
Cost of sales	`CostOfRevenue`	$2.04M	USD	2 Qtrs
Cost of sales	`CostOfRevenue`	$1.09M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$2.03M	USD	2 Qtrs
Cost of sales	`CostOfRevenue`	$1.11M	USD	1 Quarter
Gross profit	`GrossProfit`	$506.19K	USD	1 Quarter
Gross profit	`GrossProfit`	$408.06K	USD	1 Quarter
Gross profit	`GrossProfit`	$745.28K	USD	2 Qtrs
Gross profit	`GrossProfit`	$1.02M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$974.51K	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$512.59K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$912.82K	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$522.49K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$381.40K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$561.02K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$272.44K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$773.19K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$894.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.54M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$794.93K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.69M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-940.72K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-288.74K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-514.77K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-485.94K	USD	1 Quarter
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$11.79K	USD	2 Qtrs
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$39.08K	USD	2 Qtrs
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$20.11K	USD	1 Quarter
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$8.69K	USD	1 Quarter
Interest expense	`InterestExpense`	$37.00	USD	2 Qtrs
Interest expense	`InterestExpense`	$37.00	USD	1 Quarter
Interest expense	`InterestExpense`	$47.00	USD	2 Qtrs
Interest expense	`InterestExpense`	-	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$39.05K	USD	2 Qtrs
Total other income	`NonoperatingIncomeExpense`	$11.74K	USD	2 Qtrs
Total other income	`NonoperatingIncomeExpense`	$8.69K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$20.08K	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-268.66K	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-928.98K	USD	2 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-477.24K	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-475.72K	USD	2 Qtrs
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	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	2 Qtrs
Net loss	`NetIncomeLoss`	$-928.98K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-477.24K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-268.66K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-475.72K	USD	2 Qtrs
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`	$-0.05	USD	1 Quarter
Basic net loss per common share (in Dollars per share)	`EarningsPerShareBasic`	$-0.10	USD	2 Qtrs
Diluted net loss per common share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.05	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`	$-0.10	USD	2 Qtrs
Diluted net loss per common share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	9.06M	shares	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.52M	shares	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	9.00M	shares	2 Qtrs
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.52M	shares	2 Qtrs
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.52M	shares	2 Qtrs
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.52M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.06M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.00M	shares	2 Qtrs
Net loss	`NetIncomeLoss`	$-928.98K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-477.24K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-268.66K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-475.72K	USD	2 Qtrs
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-5.81K	USD	2 Qtrs
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-4.34K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-5.17K	USD	2 Qtrs
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-4.48K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-480.89K	USD	2 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-273.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-934.79K	USD	2 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-481.72K	USD	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-928.98K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-477.24K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-268.66K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-475.72K	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$89.01K	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$94.13K	USD	2 Qtrs
Stock option expense	`StockOptionPlanExpense`	$4.62K	USD	2 Qtrs
Stock option expense	`StockOptionPlanExpense`	$9.13K	USD	2 Qtrs
Change in provision for allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$7.51K	USD	2 Qtrs
Change in provision for allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$13.19K	USD	2 Qtrs
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$-343.00	USD	2 Qtrs
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$36.47K	USD	2 Qtrs
Increase in deferred rent liability	`IncreaseDecreaseInDeferredRentLiability`	$13.00K	USD	2 Qtrs
Increase in deferred rent liability	`IncreaseDecreaseInDeferredRentLiability`	$4.35K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$473.80K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.54K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$97.20K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-27.27K	USD	2 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-106.71K	USD	2 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$169.34K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$109.16K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$245.39K	USD	2 Qtrs
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$6.43K	USD	2 Qtrs
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$17.13K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.00M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-363.35K	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$53.08K	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$52.92K	USD	2 Qtrs
Increase in intangible assets	`PaymentsToAcquireIntangibleAssets`	$31.94K	USD	2 Qtrs
Increase in intangible assets	`PaymentsToAcquireIntangibleAssets`	-	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-85.02K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-52.92K	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$75.20K	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$13.79K	USD	2 Qtrs
Proceeds from sale of common stock, net	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Proceeds from sale of common stock, net	`ProceedsFromIssuanceOfCommonStock`	$936.70K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$13.79K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.01M	USD	2 Qtrs
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-5.81K	USD	2 Qtrs
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-5.17K	USD	2 Qtrs
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-79.99K	USD	2 Qtrs
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-407.65K	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.20M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.12M	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`	$817.81K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.20M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.12M	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`	$817.81K	USD	Point-in-time
Interest	`InterestPaidNet`	$37.00	USD	2 Qtrs
Interest	`InterestPaidNet`	$47.00	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.