10-K Filing

BIOMERICA INC CIK: 73290 FY 2020

Filing Information

Form Type	10-K
Accession Number	`0001513162-20-000185`
Period End Date	20200531
Filing Date	20200831
Fiscal Year	2020
Fiscal Period	FY
XBRL Instance	bmra-20200531.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 40 Cash Flow Statement 66 Stockholders Equity 18

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$73.11K	USD	Point-in-time
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$70.98K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.64M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.20M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$686.78K	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $70,981 and $73,110, respectively	`AccountsReceivableNetCurrent`	$1.77M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $70,981 and $73,110, respectively	`AccountsReceivableNetCurrent`	$1.45M	USD	Point-in-time
Inventories, net	`InventoryNet`	$2.85M	USD	Point-in-time
Inventories, net	`InventoryNet`	$2.15M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$1.51M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$202.40K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.49M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$14.77M	USD	Point-in-time
Common stock par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.08	USD	Point-in-time
Equipment	`EquipmentGross`	$1.89M	USD	Point-in-time
Common stock par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.08	USD	Point-in-time
Equipment	`EquipmentGross`	$1.92M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Furniture, fixtures and leasehold improvements	`FurnitureFixturesAndLeaseholdImprovementsGross`	$225.19K	USD	Point-in-time
Furniture, fixtures and leasehold improvements	`FurnitureFixturesAndLeaseholdImprovementsGross`	$222.03K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	11.74M	shares	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentGross`	$2.11M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.68M	shares	Point-in-time
Total property and equipment	`PropertyPlantAndEquipmentGross`	$2.15M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.68M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	11.74M	shares	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.76M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.87M	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$279.38K	USD	Point-in-time
Net property and equipment	`PropertyPlantAndEquipmentNet`	$351.07K	USD	Point-in-time
INTANGIBLE ASSETS, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$107.21K	USD	Point-in-time
INTANGIBLE ASSETS, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$168.66K	USD	Point-in-time
RIGHT OF USE ASSETS, net of accumulated amortization	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
RIGHT OF USE ASSETS, net of accumulated amortization	`OperatingLeaseRightOfUseAsset`	$1.71M	USD	Point-in-time
INVESTMENTS	`Investments`	$165.32K	USD	Point-in-time
INVESTMENTS	`Investments`	$165.32K	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$126.83K	USD	Point-in-time
OTHER ASSETS	`OtherAssetsNoncurrent`	$168.19K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$5.25M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$17.26M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$986.71K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.04M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$278.63K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$226.83K	USD	Point-in-time
Lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$211.81K	USD	Point-in-time
Lease liability, current portion	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.48M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.26M	USD	Point-in-time
Lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.57M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.26M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.05M	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (NOTE 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES (NOTE 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, Series A 5%, convertible, $0.08 par value, 571,429 shares authorized, 321,429 issued and outstanding at May 31, 2020 and no shares authorized, issued and outstanding at May 31, 2019 and Preferred stock, undesignated, no par value, authorized 4,428,571 and 5,000,000 shares, at May 31, 2020 and May 31, 2019, respectively and none issued and outstanding at May 31, 2020 and May 31, 2019	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, Series A 5%, convertible, $0.08 par value, 571,429 shares authorized, 321,429 issued and outstanding at May 31, 2020 and no shares authorized, issued and outstanding at May 31, 2019 and Preferred stock, undesignated, no par value, authorized 4,428,571 and 5,000,000 shares, at May 31, 2020 and May 31, 2019, respectively and none issued and outstanding at May 31, 2020 and May 31, 2019	`PreferredStockValue`	$25.71K	USD	Point-in-time
Common stock, $.08 par value; 25,000,000 shares authorized; 11,740,089 and 9,677,188 shares issued and outstanding at May 31, 2020 and 2019, respectively	`CommonStockValue`	$774.17K	USD	Point-in-time
Common stock, $.08 par value; 25,000,000 shares authorized; 11,740,089 and 9,677,188 shares issued and outstanding at May 31, 2020 and 2019, respectively	`CommonStockValue`	$939.21K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$22.83M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$35.21M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-36.53K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-39.84K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-19.59M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-21.93M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$4.33M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$14.21M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$3.98M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$17.26M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$5.25M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$5.20M	USD	Annual
Net sales	`Revenues`	$6.69M	USD	Annual
Cost of sales	`CostOfRevenue`	$4.91M	USD	Annual
Cost of sales	`CostOfRevenue`	$3.91M	USD	Annual
GROSS PROFIT	`GrossProfit`	$1.78M	USD	Annual
GROSS PROFIT	`GrossProfit`	$1.29M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.27M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.03M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$1.91M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$1.68M	USD	Annual
Total operating expenses	`OperatingExpenses`	$4.18M	USD	Annual
Total operating expenses	`OperatingExpenses`	$3.70M	USD	Annual
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-2.40M	USD	Annual
LOSS FROM OPERATIONS	`OperatingIncomeLoss`	$-2.41M	USD	Annual
Interest expense	`InterestExpense`	$47.00	USD	Annual
Interest expense	`InterestExpense`	$9.00	USD	Annual
Interest and dividend income	`InvestmentIncomeInterestAndDividend`	$44.01K	USD	Annual
Interest and dividend income	`InvestmentIncomeInterestAndDividend`	$71.19K	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$43.97K	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$71.18K	USD	Annual
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-2.33M	USD	Annual
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-2.37M	USD	Annual
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$7.39K	USD	Annual
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$24.24K	USD	Annual
NET LOSS	`NetIncomeLoss`	$-2.34M	USD	Annual
NET LOSS	`NetIncomeLoss`	$-2.39M	USD	Annual
BASIC NET LOSS PER COMMON SHARE (in Dollars per share)	`EarningsPerShareBasic`	$-0.26	USD	Annual
BASIC NET LOSS PER COMMON SHARE (in Dollars per share)	`EarningsPerShareBasic`	$-0.23	USD	Annual
DILUTED NET LOSS PER COMMON SHARE (in Dollars per share)	`EarningsPerShareDiluted`	$-0.23	USD	Annual
DILUTED NET LOSS PER COMMON SHARE (in Dollars per share)	`EarningsPerShareDiluted`	$-0.26	USD	Annual
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	9.21M	shares	Annual
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	10.17M	shares	Annual
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.17M	shares	Annual
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.21M	shares	Annual
NET LOSS	`NetIncomeLoss`	$-2.34M	USD	Annual
NET LOSS	`NetIncomeLoss`	$-2.39M	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-10.39K	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-3.31K	USD	Annual
COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTax`	$-2.40M	USD	Annual
COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTax`	$-2.34M	USD	Annual

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.34M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.39M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$129.17K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$162.91K	USD	Annual
Change in provision for allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-2.13K	USD	Annual
Change in provision for allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$15.41K	USD	Annual
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$17.71K	USD	Annual
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$6.30K	USD	Annual
Stock option expense	`StockOptionPlanExpense`	$151.22K	USD	Annual
Stock option expense	`StockOptionPlanExpense`	$200.47K	USD	Annual
Reduction (increase) in deferred rent liability	`IncreaseDecreaseInDeferredRentLiability`	$-37.97K	USD	Annual
Reduction (increase) in deferred rent liability	`IncreaseDecreaseInDeferredRentLiability`	$6.62K	USD	Annual
Decrease in deferred tax asset	`IncreaseDecreaseInDeferredIncomeTaxes`	$-10.00K	USD	Annual
Decrease in deferred tax asset	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	Annual
Amortization of right-of-use asset	`OperatingLeaseRightofUseAssetAmortization`	-	USD	Annual
Amortization of right-of-use asset	`OperatingLeaseRightofUseAssetAmortization`	$269.46K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$309.09K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$670.13K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-21.39K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$717.46K	USD	Annual
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-98.01K	USD	Annual
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.31M	USD	Annual
Reduction in lease liability	`IncreaseDecreaseInLeaseLiability`	$-199.48K	USD	Annual
Reduction in lease liability	`IncreaseDecreaseInLeaseLiability`	-	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$41.36K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$13.68K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$343.99K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-12.88K	USD	Annual
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$51.80K	USD	Annual
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$16.98K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.24M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.30M	USD	Annual
Increase in intangibles	`PaymentsToAcquireIntangibleAssets`	$85.32K	USD	Annual
Increase in intangibles	`PaymentsToAcquireIntangibleAssets`	$69.97K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$101.14K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$33.61K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-171.11K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-118.93K	USD	Annual
Common stock subscribed	`ProceedsFromCommonStockSubscribed`	$9.06K	USD	Annual
Common stock subscribed	`ProceedsFromCommonStockSubscribed`	-	USD	Annual
Proceeds from sale of convertible preferred stock, net	`ProceedsFromIssuanceOfConvertiblePreferredStock`	-	USD	Annual
Proceeds from sale of convertible preferred stock, net	`ProceedsFromIssuanceOfConvertiblePreferredStock`	$1.92M	USD	Annual
Proceeds from sales of common stock, net	`ProceedsFromIssuanceOfCommonStock`	$1.78M	USD	Annual
Proceeds from sales of common stock, net	`ProceedsFromIssuanceOfCommonStock`	$10.23M	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$121.79K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$223.53K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$12.37M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.91M	USD	Annual
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-3.31K	USD	Annual
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-10.39K	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-518.12K	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$7.95M	USD	Annual
CASH AND CASH EQUIVALENTS, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$8.64M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.20M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$686.78K	USD	Point-in-time
CASH AND CASH EQUIVALENTS, end of year	`CashAndCashEquivalentsAtCarryingValue`	$8.64M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, end of year	`CashAndCashEquivalentsAtCarryingValue`	$1.20M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, end of year	`CashAndCashEquivalentsAtCarryingValue`	$686.78K	USD	Point-in-time
Interest	`InterestPaidNet`	$9.00	USD	Annual
Interest	`InterestPaidNet`	$47.00	USD	Annual
Income taxes	`IncomeTaxesPaid`	$7.39K	USD	Annual
Income taxes	`IncomeTaxesPaid`	$14.24K	USD	Annual
Establishment of Right-of-use asset per ASC 842	`EstablishmentOfRightOfUseAsset`	-	USD	Annual
Establishment of Right-of-use asset per ASC 842	`EstablishmentOfRightOfUseAsset`	$-1.94M	USD	Annual
Establishment of Lease liability per ASC 842	`EstablishmentOfLeaseLiability`	$-1.98M	USD	Annual
Establishment of Lease liability per ASC 842	`EstablishmentOfLeaseLiability`	-	USD	Annual

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balances	`StockholdersEquity`	$4.33M	USD	Point-in-time
Balances	`StockholdersEquity`	$14.21M	USD	Point-in-time
Balances	`StockholdersEquity`	$3.98M	USD	Point-in-time
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$223.53K	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$121.79K	USD	Annual
Net proceeds from ATM	`StockIssuedDuringPeriodValueNewIssues`	$10.23M	USD	Annual
Net proceeds from ATM	`StockIssuedDuringPeriodValueNewIssues`	$1.78M	USD	Annual
Issuance of preferred stock	`StockIssuedDuringPeriodValuePreferredStock`	$1.92M	USD	Annual
Stock subscription receivable	`AdjustmentsToSubscriptionsReceivableStockSubscriptionReceivable`	$9.06K	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-10.39K	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-3.31K	USD	Annual
Compensation expense in connection with options granted	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$151.22K	USD	Annual
Compensation expense in connection with options granted	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$200.47K	USD	Annual
Net loss	`NetIncomeLoss`	$-2.34M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.39M	USD	Annual
Balances	`StockholdersEquity`	$4.33M	USD	Point-in-time
Balances	`StockholdersEquity`	$14.21M	USD	Point-in-time
Balances	`StockholdersEquity`	$3.98M	USD	Point-in-time

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