10-Q Filing

BIOMERICA INC CIK: 73290 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001513162-19-000219`
Period End Date	20190831
Filing Date	20191015
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	bmra-20190831.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 40 Cash Flow Statement 58 Stockholders Equity 11

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$66.14K	USD	Point-in-time
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$73.11K	USD	Point-in-time
Accumulated depreciation and amortization (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.76M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.20M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$583.69K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$686.78K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$807.55K	USD	Point-in-time
Accumulated depreciation and amortization (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.79M	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 $66,143 and $73,110 as of August 31, 2019 and May 31, 2019, respectively	`AccountsReceivableNetCurrent`	$858.51K	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 $66,143 and $73,110 as of August 31, 2019 and May 31, 2019, respectively	`AccountsReceivableNetCurrent`	$1.45M	USD	Point-in-time
Inventories	`InventoryNet`	$2.15M	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	`InventoryNet`	$2.21M	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`	$202.40K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$241.75K	USD	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$4.49M	USD	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$4.11M	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 $1,791,841 and $1,762,344 as of August 31, 2019 and May 31, 2019.	`PropertyPlantAndEquipmentNet`	$323.74K	USD	Point-in-time
Property and Equipment, net of accumulated depreciation and amortization of $1,791,841 and $1,762,344 as of August 31, 2019 and May 31, 2019.	`PropertyPlantAndEquipmentNet`	$351.07K	USD	Point-in-time
Right of Use Assets	`OperatingLeaseRightOfUseAsset`	$1.88M	USD	Point-in-time
Right of Use Assets	`OperatingLeaseRightOfUseAsset`	-	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
Common stock, shares issued	`CommonStockSharesIssued`	9.77M	shares	Point-in-time
Investments	`Investments`	$165.32K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.68M	shares	Point-in-time
Investments	`Investments`	$165.32K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.77M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.68M	shares	Point-in-time
Intangible Assets, net	`IntangibleAssetsNetExcludingGoodwill`	$113.53K	USD	Point-in-time
Intangible Assets, net	`IntangibleAssetsNetExcludingGoodwill`	$107.21K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$128.64K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$126.83K	USD	Point-in-time
Total Assets	`Assets`	$5.25M	USD	Point-in-time
Total Assets	`Assets`	$6.72M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$943.88K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.04M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$230.15K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$226.83K	USD	Point-in-time
Lease liability, short term	`OperatingLeaseLiabilityCurrent`	$194.78K	USD	Point-in-time
Lease liability, short term	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.37M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.26M	USD	Point-in-time
Lease Liability, long term	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Lease Liability, long term	`OperatingLeaseLiabilityNoncurrent`	$1.73M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.26M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.10M	USD	Point-in-time
Commitments and Contingencies (Notes 6 and 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Notes 6 and 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, no par value authorized 5,000,000 shares, none issued and none outstanding at August 31, 2019 and May 31, 2019	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, no par value authorized 5,000,000 shares, none issued and none outstanding at August 31, 2019 and May 31, 2019	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.08 par value authorized 25,000,000 shares, issued and outstanding 9,768,813 at August 31, 2019 and 9,677,188 at May 31, 2019	`CommonStockValue`	$781.50K	USD	Point-in-time
Common stock, $0.08 par value authorized 25,000,000 shares, issued and outstanding 9,768,813 at August 31, 2019 and 9,677,188 at May 31, 2019	`CommonStockValue`	$774.17K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$22.98M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$22.83M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-36.53K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-39.97K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-20.09M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-19.59M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$3.98M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$3.62M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$5.25M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$6.72M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$1.27M	USD	1 Quarter
Net sales	`Revenues`	$1.19M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$935.65K	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$827.11K	USD	1 Quarter
Gross profit	`GrossProfit`	$367.30K	USD	1 Quarter
Gross profit	`GrossProfit`	$337.22K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$400.23K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$506.40K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$370.47K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$391.78K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$876.86K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$792.01K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-454.79K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-509.56K	USD	1 Quarter
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$4.06K	USD	1 Quarter
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$3.09K	USD	1 Quarter
Interest expense	`InterestExpense`	$47.00	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$3.05K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$4.06K	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-451.74K	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-505.50K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$800.00	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-451.74K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-506.30K	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`	$-0.05	USD	1 Quarter
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`	$-0.05	USD	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.93M	shares	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	9.74M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.74M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.93M	shares	1 Quarter
Net loss	`NetIncomeLoss`	$-451.74K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-506.30K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-1.33K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-3.44K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-453.07K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-509.74K	USD	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-451.74K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-506.30K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$35.28K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$43.96K	USD	1 Quarter
Change in provision for allowance on accounts receivable	`ProvisionForDoubtfulAccounts`	$-6.97K	USD	1 Quarter
Change in provision for allowance on accounts receivable	`ProvisionForDoubtfulAccounts`	$5.70K	USD	1 Quarter
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$715.00	USD	1 Quarter
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$2.32K	USD	1 Quarter
Stock option expense	`StockOptionPlanExpense`	$8.08K	USD	1 Quarter
Stock option expense	`StockOptionPlanExpense`	$5.85K	USD	1 Quarter
Increase (reduction) in deferred rent liability	`IncreaseDecreaseInDeferredRentLiability`	$3.33K	USD	1 Quarter
Increase (reduction) in deferred rent liability	`IncreaseDecreaseInDeferredRentLiability`	$-37.97K	USD	1 Quarter
Amortization of right-of-use asset	`OperatingLeaseRightofUseAssetAmortization`	$102.46K	USD	1 Quarter
Amortization of right-of-use asset	`OperatingLeaseRightofUseAssetAmortization`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-603.11K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$219.44K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$30.39K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$57.57K	USD	1 Quarter
Reduction in lease liability	`IncreaseDecreaseInLeaseLiability`	$-54.80K	USD	1 Quarter
Reduction in lease liability	`IncreaseDecreaseInLeaseLiability`	-	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$41.16K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$14.26K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-55.72K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-107.31K	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$4.70K	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$3.32K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-756.66K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.15K	USD	1 Quarter
Increase in intangibles	`PaymentsToAcquireIntangibleAssets`	$22.52K	USD	1 Quarter
Increase in intangibles	`PaymentsToAcquireIntangibleAssets`	$12.10K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.17K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$38.08K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-14.27K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-60.60K	USD	1 Quarter
Proceeds from sale of common stock, net	`ProceedsFromIssuanceOfCommonStock`	$179.50K	USD	1 Quarter
Proceeds from sale of common stock, net	`ProceedsFromIssuanceOfCommonStock`	$112.61K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$34.03K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$17.88K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$197.38K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$146.64K	USD	1 Quarter
Effect of exchange rate changes in cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-3.44K	USD	1 Quarter
Effect of exchange rate changes in cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-1.33K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-621.21K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$120.77K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.20M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$583.69K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$686.78K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$807.55K	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`	$583.69K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$686.78K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$807.55K	USD	Point-in-time
Interest	`InterestPaidNet`	-	USD	1 Quarter
Interest	`InterestPaidNet`	$47.00	USD	1 Quarter
Establishment of Right-Of-Use Asset per ASC 842	`EstablishmentOfRightOfUseAsset`	$1.94M	USD	1 Quarter
Establishment of Right-Of-Use Asset per ASC 842	`EstablishmentOfRightOfUseAsset`	-	USD	1 Quarter
Establishment of Lease Liability per ASC 842	`EstablishmentOfLeaseLiability`	-	USD	1 Quarter
Establishment of Lease Liability per ASC 842	`EstablishmentOfLeaseLiability`	$1.98M	USD	1 Quarter

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Balances	`StockholdersEquity`	$3.98M	USD	Point-in-time
Balances	`StockholdersEquity`	$3.62M	USD	Point-in-time
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$34.03K	USD	1 Quarter
Net proceeds from ATM	`StockIssuedDuringPeriodValueNewIssues`	$112.61K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-1.33K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-3.44K	USD	1 Quarter
Compensation expense in connection with options granted	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$5.85K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-451.74K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-506.30K	USD	1 Quarter
Balances	`StockholdersEquity`	$3.98M	USD	Point-in-time
Balances	`StockholdersEquity`	$3.62M	USD	Point-in-time

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