10-K/A Filing

BIOMERICA INC CIK: 73290 FY 2021

Filing Information

Form Type	10-K/A
Accession Number	`0001513162-21-000127`
Period End Date	20210531
Filing Date	20211014
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	bmra-20210531.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 40 Cash Flow Statement 62 Stockholders Equity 17

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`	$837.41K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.64M	USD	Point-in-time
Accumulated depreciation and amortization (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.97M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$686.78K	USD	Point-in-time
Accumulated depreciation and amortization (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.87M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.20M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $837,415 and $70,981 as of May 31, 2021 and 2020, respectively	`AccountsReceivableNetCurrent`	$1.46M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $837,415 and $70,981 as of May 31, 2021 and 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`	$469.08K	USD	Point-in-time
Inventories, net	`InventoryNet`	$3.21M	USD	Point-in-time
Inventories, net	`InventoryNet`	$2.85M	USD	Point-in-time
Accumulated amortization, Intangible Assets (in Dollars)	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$126.77K	USD	Point-in-time
Accumulated amortization, Intangible Assets (in Dollars)	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$496.12K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$370.29K	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`	$9.23M	USD	Point-in-time
Property and equipment, net of accumulated depreciation and amortization of $1,972,357 and $1,867,643 as of May 31, 2021 and 2020, respectively	`PropertyPlantAndEquipmentNet`	$310.52K	USD	Point-in-time
Property and equipment, net of accumulated depreciation and amortization of $1,972,357 and $1,867,643 as of May 31, 2021 and 2020, respectively	`PropertyPlantAndEquipmentNet`	$279.38K	USD	Point-in-time
Right of use assets, net of accumulated amortization of $469,077 and $231,489 as of May 31, 2021 and 2020, respectively	`OperatingLeaseRightOfUseAsset`	$1.71M	USD	Point-in-time
Right of use assets, net of accumulated amortization of $469,077 and $231,489 as of May 31, 2021 and 2020, respectively	`OperatingLeaseRightOfUseAsset`	$1.55M	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 $126,769 and $496,124 as of May 31, 2021 and 2020, respectively	`IntangibleAssetsNetExcludingGoodwill`	$168.66K	USD	Point-in-time
Intangible assets, net of accumulated amortization of $126,769 and $496,124 as of May 31, 2021 and 2020, respectively	`IntangibleAssetsNetExcludingGoodwill`	$294.83K	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
Other assets	`OtherAssetsNoncurrent`	$168.19K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$264.15K	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
Total Assets	`Assets`	$11.82M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	12.31M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	11.74M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	12.31M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$986.71K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$583.38K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	11.74M	shares	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$388.90K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$278.63K	USD	Point-in-time
Lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$211.81K	USD	Point-in-time
Lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$327.94K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.30M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.48M	USD	Point-in-time
Lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.57M	USD	Point-in-time
Lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.29M	USD	Point-in-time
Total Liabilities	`Liabilities`	$3.05M	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.59M	USD	Point-in-time
Commitments and contingencies (Notes 1 and 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Notes 1 and 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, Series A 5% convertible, $0.08 par value, 571,429 shares authorized, none issued and outstanding at May 31, 2021 and 321,429 issued and outstanding at May 31, 2020 and Preferred stock, undesignated, no par value, 4,428,571 shares authorized, none issued and outstanding at May 31, 2021 and 2020	`PreferredStockValue`	$25.71K	USD	Point-in-time
Preferred stock, Series A 5% convertible, $0.08 par value, 571,429 shares authorized, none issued and outstanding at May 31, 2021 and 321,429 issued and outstanding at May 31, 2020 and Preferred stock, undesignated, no par value, 4,428,571 shares authorized, none issued and outstanding at May 31, 2021 and 2020	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.08 par value, 25,000,000 shares authorized, 12,307,157 and 11,740,089 issued and outstanding at May 31, 2021 and 2020, respectively	`CommonStockValue`	$984.57K	USD	Point-in-time
Common stock, $0.08 par value, 25,000,000 shares authorized, 12,307,157 and 11,740,089 issued and outstanding at May 31, 2021 and 2020, respectively	`CommonStockValue`	$939.21K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$36.39M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$38.84M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-47.96K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-39.84K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-30.55M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-23.10M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$9.23M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$3.98M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$14.21M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$17.26M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$11.82M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$6.69M	USD	Annual
Net sales	`Revenues`	$7.20M	USD	Annual
Cost of sales	`CostOfRevenue`	$6.83M	USD	Annual
Cost of sales	`CostOfRevenue`	$4.95M	USD	Annual
Gross Profit	`GrossProfit`	$366.29K	USD	Annual
Gross Profit	`GrossProfit`	$1.74M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.39M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.55M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$1.93M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$2.47M	USD	Annual
Total operating expense	`OperatingExpenses`	$7.87M	USD	Annual
Total operating expense	`OperatingExpenses`	$4.48M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-2.74M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-7.50M	USD	Annual
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$66.86K	USD	Annual
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$71.19K	USD	Annual
Interest expense	`InterestExpense`	$367.00	USD	Annual
Interest expense	`InterestExpense`	$9.00	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$66.50K	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$71.18K	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-7.43M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.67M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$13.06K	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$7.39K	USD	Annual
Net loss	`NetIncomeLoss`	$-2.68M	USD	Annual
Net loss	`NetIncomeLoss`	$-7.45M	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`	$-0.62	USD	Annual
Diluted net loss per common share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.62	USD	Annual
Diluted net loss per common share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.26	USD	Annual
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	11.93M	shares	Annual
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	10.17M	shares	Annual
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.93M	shares	Annual
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.17M	shares	Annual
Net loss	`NetIncomeLoss`	$-2.68M	USD	Annual
Net loss	`NetIncomeLoss`	$-7.45M	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-3.31K	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-8.12K	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-2.68M	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-7.45M	USD	Annual

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.68M	USD	Annual
Net loss	`NetIncomeLoss`	$-7.45M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$129.17K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$138.27K	USD	Annual
Change in allowance on accounts receivable	`ProvisionForDoubtfulAccounts`	$-2.13K	USD	Annual
Change in allowance on accounts receivable	`ProvisionForDoubtfulAccounts`	$766.43K	USD	Annual
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$17.71K	USD	Annual
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$1.55M	USD	Annual
Stock option expense	`StockOptionPlanExpense`	$538.59K	USD	Annual
Stock option expense	`StockOptionPlanExpense`	$1.35M	USD	Annual
Reduction in deferred rent liability	`IncreaseDecreaseInDeferredRentLiability`	$-37.97K	USD	Annual
Reduction in deferred rent liability	`IncreaseDecreaseInDeferredRentLiability`	-	USD	Annual
Amortization of right-of-use asset	`OperatingLeaseRightofUseAssetAmortization`	$269.46K	USD	Annual
Amortization of right-of-use asset	`OperatingLeaseRightofUseAssetAmortization`	$237.59K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$309.09K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$455.61K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$1.91M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$717.46K	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-1.14M	USD	Annual
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$1.31M	USD	Annual
Reduction in lease liability	`IncreaseDecreaseInLeaseLiability`	$-241.13K	USD	Annual
Reduction in lease liability	`IncreaseDecreaseInLeaseLiability`	$-199.48K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$95.96K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$41.36K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-12.88K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-403.33K	USD	Annual
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$51.80K	USD	Annual
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$110.27K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.30M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.25M	USD	Annual
Increase in intangibles	`PaymentsToAcquireIntangibleAssets`	$85.32K	USD	Annual
Increase in intangibles	`PaymentsToAcquireIntangibleAssets`	$159.73K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$135.86K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$33.61K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-295.58K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-118.93K	USD	Annual
Proceeds from sale of common stock, net	`ProceedsFromIssuanceOfCommonStock`	$10.23M	USD	Annual
Proceeds from sale of common stock, net	`ProceedsFromIssuanceOfCommonStock`	$1.01M	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 exercise of stock options	`ProceedsFromStockOptionsExercised`	$223.53K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$102.25K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.11M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$12.37M	USD	Annual
Effect of exchange rate changes in cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-8.12K	USD	Annual
Effect of exchange rate changes in cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-3.31K	USD	Annual
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-4.44M	USD	Annual
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$7.95M	USD	Annual
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$8.64M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$686.78K	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$4.20M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$8.64M	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$686.78K	USD	Point-in-time
Cash and cash equivalents at end of year	`CashAndCashEquivalentsAtCarryingValue`	$4.20M	USD	Point-in-time
Interest	`InterestPaidNet`	$9.00	USD	Annual
Interest	`InterestPaidNet`	$367.00	USD	Annual
Income taxes	`IncomeTaxesPaid`	$27.17K	USD	Annual
Income taxes	`IncomeTaxesPaid`	$7.39K	USD	Annual
Increase in right of use asset due to lease extension or establishment	`IncreaseInRightOfUseAsset`	$79.16K	USD	Annual
Increase in right of use asset due to lease extension or establishment	`IncreaseInRightOfUseAsset`	$1.94M	USD	Annual
Increase in lease liability due to lease extension or establishment	`IncreaseInLeaseLiability`	$1.98M	USD	Annual
Increase in lease liability due to lease extension or establishment	`IncreaseInLeaseLiability`	$79.16K	USD	Annual

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balances	`StockholdersEquity`	$9.23M	USD	Point-in-time
Balances	`StockholdersEquity`	$3.98M	USD	Point-in-time
Balances	`StockholdersEquity`	$14.21M	USD	Point-in-time
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$102.25K	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$223.53K	USD	Annual
Net proceeds from ATM	`StockIssuedDuringPeriodValueNewIssues`	$10.23M	USD	Annual
Net proceeds from ATM	`StockIssuedDuringPeriodValueNewIssues`	$1.01M	USD	Annual
Issuance of preferred stock	`StockIssuedDuringPeriodValuePreferredStock`	$1.92M	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-3.31K	USD	Annual
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-8.12K	USD	Annual
Compensation expense in connection with options granted	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$538.59K	USD	Annual
Compensation expense in connection with options granted	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$1.35M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.68M	USD	Annual
Net loss	`NetIncomeLoss`	$-7.45M	USD	Annual
Balances	`StockholdersEquity`	$9.23M	USD	Point-in-time
Balances	`StockholdersEquity`	$3.98M	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.