10-Q Filing

BIOMERICA INC CIK: 73290 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001513162-20-000216`
Period End Date	20200831
Filing Date	20201015
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	bmra-20200831.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 38 Cash Flow Statement 62 Stockholders Equity 10

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$70.98K	USD	Point-in-time
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$272.36K	USD	Point-in-time
Accumulated depreciation and amortization (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.87M	USD	Point-in-time
Accumulated depreciation and amortization (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.89M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$686.78K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.64M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.96M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$807.55K	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $272,356 and $70,981 as of August 31, 2020 and May 31, 2020, respectively	`AccountsReceivableNetCurrent`	$1.58M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $272,356 and $70,981 as of August 31, 2020 and May 31, 2020, respectively	`AccountsReceivableNetCurrent`	$1.77M	USD	Point-in-time
Accumulated amortization, Right of Use Assets (in Dollars)	`OperatingLeaseRightOfUseAssetAccumulatedAmortization`	$231.49K	USD	Point-in-time
Accumulated amortization, Right of Use Assets (in Dollars)	`OperatingLeaseRightOfUseAssetAccumulatedAmortization`	$288.75K	USD	Point-in-time
Inventories, net	`InventoryNet`	$2.85M	USD	Point-in-time
Accumulated amortization, Intangible Assets (in Dollars)	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$501.96K	USD	Point-in-time
Accumulated amortization, Intangible Assets (in Dollars)	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$496.12K	USD	Point-in-time
Inventories, net	`InventoryNet`	$4.10M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$470.93K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$1.51M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$14.77M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$13.12M	USD	Point-in-time
Property and Equipment, net of accumulated depreciation and amortization of $1,894,375 and $1,867,643 as of August 31, 2020 and May 31, 2020, respectively	`PropertyPlantAndEquipmentNet`	$292.24K	USD	Point-in-time
Property and Equipment, net of accumulated depreciation and amortization of $1,894,375 and $1,867,643 as of August 31, 2020 and May 31, 2020, respectively	`PropertyPlantAndEquipmentNet`	$279.38K	USD	Point-in-time
Right of Use Assets, net of accumulated amortization of $288,746 and $231,489 as of August 31, 2020 and May 31, 2020, respectively	`OperatingLeaseRightOfUseAsset`	$1.71M	USD	Point-in-time
Right of Use Assets, net of accumulated amortization of $288,746 and $231,489 as of August 31, 2020 and May 31, 2020, respectively	`OperatingLeaseRightOfUseAsset`	$1.65M	USD	Point-in-time
Investments	`Investments`	$165.32K	USD	Point-in-time
Investments	`Investments`	$165.32K	USD	Point-in-time
Intangible Assets, net of accumulated amortization of $501,962 and $496,124 as of August 31, 2020 and May 31, 2020, respectively	`IntangibleAssetsNetExcludingGoodwill`	$168.66K	USD	Point-in-time
Intangible Assets, net of accumulated amortization of $501,962 and $496,124 as of August 31, 2020 and May 31, 2020, respectively	`IntangibleAssetsNetExcludingGoodwill`	$215.97K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$444.63K	USD	Point-in-time
Common stock par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.08	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$168.19K	USD	Point-in-time
Common stock par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.08	USD	Point-in-time
Total Assets	`Assets`	$15.89M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Total Assets	`Assets`	$17.26M	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
Common stock, shares issued	`CommonStockSharesIssued`	11.75M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$986.71K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.27M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	11.74M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	11.75M	shares	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$309.35K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$278.63K	USD	Point-in-time
Lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$221.20K	USD	Point-in-time
Lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$211.81K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.48M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.80M	USD	Point-in-time
Lease Liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.51M	USD	Point-in-time
Lease Liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.57M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.31M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.05M	USD	Point-in-time
Commitments and Contingencies (Notes 5 and 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Notes 5 and 6)	`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 August 31, 2020 and May 31, 2020 and Preferred stock, undesignated, no par value,4,428,571 shares authorized, none issued and outstanding at August 31, 2020 and May 31, 2020	`PreferredStockValue`	$25.71K	USD	Point-in-time
Preferred stock, Series A 5% convertible, $0.08 par value, 571,429 shares authorized, 321,429 issued and outstanding at August 31, 2020 and May 31, 2020 and Preferred stock, undesignated, no par value,4,428,571 shares authorized, none issued and outstanding at August 31, 2020 and May 31, 2020	`PreferredStockValue`	$25.71K	USD	Point-in-time
Common stock, $0.08 par value, 25,000,000 shares authorized, 11,752,589 and 11,740,089 issued and outstanding at August 31, 2020 and May 31, 2020, respectively	`CommonStockValue`	$940.21K	USD	Point-in-time
Common stock, $0.08 par value, 25,000,000 shares authorized, 11,752,589 and 11,740,089 issued and outstanding at August 31, 2020 and May 31, 2020, respectively	`CommonStockValue`	$939.21K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$35.23M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$35.21M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-39.84K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-41.56K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-21.93M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-23.58M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$12.58M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$14.21M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$15.89M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$17.26M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$1.19M	USD	1 Quarter
Net sales	`Revenues`	$1.14M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$827.11K	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$960.93K	USD	1 Quarter
Gross Profit	`GrossProfit`	$367.30K	USD	1 Quarter
Gross Profit	`GrossProfit`	$182.88K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.16M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$506.40K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$674.69K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$370.47K	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$876.86K	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$1.84M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.66M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-509.56K	USD	1 Quarter
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$8.09K	USD	1 Quarter
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$4.06K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$4.06K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$8.09K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-505.50K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.65M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$800.00	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.12K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-506.30K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.65M	USD	1 Quarter
Basic net loss per common share (in Dollars per share)	`EarningsPerShareBasic`	$-0.14	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`	$-0.14	USD	1 Quarter
Diluted net loss per common share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.05	USD	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	11.75M	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`	11.75M	shares	1 Quarter
Net loss	`NetIncomeLoss`	$-506.30K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.65M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-3.44K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-1.72K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-509.74K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.65M	USD	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-506.30K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.65M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$32.57K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$35.28K	USD	1 Quarter
Change in provision for allowance on accounts receivable	`ProvisionForDoubtfulAccounts`	$201.38K	USD	1 Quarter
Change in provision for allowance on accounts receivable	`ProvisionForDoubtfulAccounts`	$-6.97K	USD	1 Quarter
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$2.32K	USD	1 Quarter
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$5.00K	USD	1 Quarter
Stock option expense	`StockOptionPlanExpense`	$5.85K	USD	1 Quarter
Stock option expense	`StockOptionPlanExpense`	$3.81K	USD	1 Quarter
Reduction in deferred rent liability	`IncreaseDecreaseInDeferredRentLiability`	$-37.97K	USD	1 Quarter
Reduction in deferred rent liability	`IncreaseDecreaseInDeferredRentLiability`	-	USD	1 Quarter
Amortization of right-of-use asset	`OperatingLeaseRightofUseAssetAmortization`	$102.46K	USD	1 Quarter
Amortization of right-of-use asset	`OperatingLeaseRightofUseAssetAmortization`	$57.26K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-603.11K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$18.92K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$57.57K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.26M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$41.16K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.04M	USD	1 Quarter
Reduction in lease liability	`IncreaseDecreaseInLeaseLiability`	$-54.80K	USD	1 Quarter
Reduction in lease liability	`IncreaseDecreaseInLeaseLiability`	$-49.88K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	-	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$276.44K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-55.72K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$284.20K	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$30.72K	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$3.32K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.60M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.15K	USD	1 Quarter
Increase in intangibles	`PaymentsToAcquireIntangibleAssets`	$12.10K	USD	1 Quarter
Increase in intangibles	`PaymentsToAcquireIntangibleAssets`	$53.16K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.17K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$39.59K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-92.75K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-14.27K	USD	1 Quarter
Proceeds from sale of common stock, net	`ProceedsFromIssuanceOfCommonStock`	$112.61K	USD	1 Quarter
Proceeds from sale of common stock, net	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$34.03K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$14.90K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$146.64K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$14.90K	USD	1 Quarter
Effect of exchange rate changes in cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-1.72K	USD	1 Quarter
Effect of exchange rate changes in cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-3.44K	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.68M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$120.77K	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$686.78K	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.64M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.96M	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`	$686.78K	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.64M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.96M	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`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$1.12K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Establishment of Right-Of-Use Asset per ASC 842	`EstablishmentOfRightOfUseAsset`	-	USD	1 Quarter
Establishment of Right-Of-Use Asset per ASC 842	`EstablishmentOfRightOfUseAsset`	$1.94M	USD	1 Quarter
Establishment of Lease Liability per ASC 842	`EstablishmentOfLeaseLiability`	$1.98M	USD	1 Quarter
Establishment of Lease Liability per ASC 842	`EstablishmentOfLeaseLiability`	-	USD	1 Quarter

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Balances	`StockholdersEquity`	$12.58M	USD	Point-in-time
Balances	`StockholdersEquity`	$14.21M	USD	Point-in-time
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$14.90K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-3.44K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-1.72K	USD	1 Quarter
Compensation expense in connection with options granted	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$3.81K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-506.30K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.65M	USD	1 Quarter
Balances	`StockholdersEquity`	$12.58M	USD	Point-in-time
Balances	`StockholdersEquity`	$14.21M	USD	Point-in-time

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