10-Q Filing

BIOMERICA INC CIK: 73290 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001513162-21-000128`
Period End Date	20210831
Filing Date	20211014
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	bmra-20210831_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 36 Cash Flow Statement 54 Stockholders Equity 17

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$837.41K	USD	Point-in-time
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$742.52K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.64M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.20M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.00M	USD	Point-in-time
Accumulated depreciation and amortization (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.97M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.96M	USD	Point-in-time
Accumulated depreciation and amortization (in Dollars)	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$2.00M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $742,524 and $837,415 as of August 31, 2021 and May 31, 2021, respectively	`AccountsReceivableNetCurrent`	$1.46M	USD	Point-in-time
Accumulated amortization, Right of Use Assets (in Dollars)	`OperatingLeaseRightOfUseAssetAccumulatedAmortization`	$531.97K	USD	Point-in-time
Accumulated amortization, Right of Use Assets (in Dollars)	`OperatingLeaseRightOfUseAssetAccumulatedAmortization`	$469.08K	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $742,524 and $837,415 as of August 31, 2021 and May 31, 2021, respectively	`AccountsReceivableNetCurrent`	$772.19K	USD	Point-in-time
Inventories, net	`InventoryNet`	$3.21M	USD	Point-in-time
Accumulated amortization, Intangible Assets (in Dollars)	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$126.77K	USD	Point-in-time
Inventories, net	`InventoryNet`	$2.86M	USD	Point-in-time
Accumulated amortization, Intangible Assets (in Dollars)	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$83.68K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$370.29K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$315.22K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$8.95M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$9.23M	USD	Point-in-time
Property and equipment, net of accumulated depreciation and amortization of $2,000,167 and $1,972,357 as of August 31, 2021 and May 31, 2021, respectively	`PropertyPlantAndEquipmentNet`	$310.52K	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
Property and equipment, net of accumulated depreciation and amortization of $2,000,167 and $1,972,357 as of August 31, 2021 and May 31, 2021, respectively	`PropertyPlantAndEquipmentNet`	$287.85K	USD	Point-in-time
Right of use assets, net of accumulated amortization of $531,974 and $469,077 as of August 31, 2021 and May 31, 2021, respectively	`OperatingLeaseRightOfUseAsset`	$1.49M	USD	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Right of use assets, net of accumulated amortization of $531,974 and $469,077 as of August 31, 2021 and May 31, 2021, respectively	`OperatingLeaseRightOfUseAsset`	$1.55M	USD	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred Stock, No Par Value (in Dollars per share)	`PreferredStockNoParValue`	-	USD	Point-in-time
Investments	`Investments`	$165.32K	USD	Point-in-time
Investments	`Investments`	$165.32K	USD	Point-in-time
Preferred Stock, No Par Value (in Dollars per share)	`PreferredStockNoParValue`	-	USD	Point-in-time
Preferred Stock, undesignated shares	`PreferredStockUndesignatedShares`	4.43M	shares	Point-in-time
Preferred Stock, undesignated shares	`PreferredStockUndesignatedShares`	4.43M	shares	Point-in-time
Intangible assets, net of accumulated amortization of $83,683 and $126,769 as of August 31, 2021 and May 31, 2021, respectively	`IntangibleAssetsNetExcludingGoodwill`	$294.83K	USD	Point-in-time
Intangible assets, net of accumulated amortization of $83,683 and $126,769 as of August 31, 2021 and May 31, 2021, respectively	`IntangibleAssetsNetExcludingGoodwill`	$360.29K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$266.58K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$264.15K	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
Total Assets	`Assets`	$11.52M	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
Total Assets	`Assets`	$11.82M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	12.51M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	12.31M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$583.38K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	12.51M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	12.31M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$641.40K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$388.90K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$507.72K	USD	Point-in-time
Lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$327.94K	USD	Point-in-time
Lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$332.97K	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`	$1.29M	USD	Point-in-time
Lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.23M	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.71M	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.59M	USD	Point-in-time
Commitments and contingencies (Notes 1 and 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Notes 1 and 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, Series A 5% convertible, $0.08 par value, 571,429 shares authorized, none issued and outstanding as of August 31, 2021 and May 31, 2021	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, Series A 5% convertible, $0.08 par value, 571,429 shares authorized, none issued and outstanding as of August 31, 2021 and May 31, 2021	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, undesignated, no par value, 4,428,571 shares authorized, none issued and outstanding as of August 31, 2021 and May 31, 2021	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, undesignated, no par value, 4,428,571 shares authorized, none issued and outstanding as of August 31, 2021 and May 31, 2021	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.08 par value, 25,000,000 shares authorized, 12,510,210 and 12,307,157 issued and outstanding at August 31, 2021 and May 31, 2021, respectively	`CommonStockValue`	$1.00M	USD	Point-in-time
Common stock, $0.08 par value, 25,000,000 shares authorized, 12,510,210 and 12,307,157 issued and outstanding at August 31, 2021 and May 31, 2021, respectively	`CommonStockValue`	$984.57K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$38.84M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$39.94M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-47.96K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-53.57K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-32.09M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-30.55M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$14.21M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$12.58M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$8.80M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$9.23M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$11.52M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$11.82M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$1.14M	USD	1 Quarter
Net sales	`Revenues`	$1.26M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$1.03M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$1.35M	USD	1 Quarter
Gross (Loss) Profit	`GrossProfit`	$118.09K	USD	1 Quarter
Gross (Loss) Profit	`GrossProfit`	$-88.97K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.01M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.31M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$439.86K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$711.50K	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$1.45M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$2.02M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.54M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.90M	USD	1 Quarter
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$8.09K	USD	1 Quarter
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$6.80K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.89M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.53M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.12K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$9.02K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.89M	USD	1 Quarter
Basic net loss per common share (in Dollars per share)	`EarningsPerShareBasic`	$-0.12	USD	1 Quarter
Basic net loss per common share (in Dollars per share)	`EarningsPerShareBasic`	$-0.16	USD	1 Quarter
Diluted net loss per common share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.12	USD	1 Quarter
Diluted net loss per common share (in Dollars per share)	`EarningsPerShareDiluted`	$-0.16	USD	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	11.75M	shares	1 Quarter
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	12.43M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.43M	shares	1 Quarter
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.75M	shares	1 Quarter
Net loss	`NetIncomeLoss`	$-1.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.89M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-5.61K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-1.72K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.89M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.55M	USD	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.89M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$32.57K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$34.72K	USD	1 Quarter
Change in allowance on accounts receivable	`ProvisionForDoubtfulAccounts`	$-94.89K	USD	1 Quarter
Change in allowance on accounts receivable	`ProvisionForDoubtfulAccounts`	$201.38K	USD	1 Quarter
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$5.00K	USD	1 Quarter
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$179.74K	USD	1 Quarter
Stock option expense	`StockOptionPlanExpense`	$319.62K	USD	1 Quarter
Stock option expense	`StockOptionPlanExpense`	$246.79K	USD	1 Quarter
Amortization of right-of-use asset	`OperatingLeaseRightofUseAssetAmortization`	$62.90K	USD	1 Quarter
Amortization of right-of-use asset	`OperatingLeaseRightofUseAssetAmortization`	$57.26K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-777.75K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$18.92K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-164.73K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.26M	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.04M	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-55.07K	USD	1 Quarter
Reduction in lease liability	`IncreaseDecreaseInLeaseLiability`	$-55.65K	USD	1 Quarter
Reduction in lease liability	`IncreaseDecreaseInLeaseLiability`	$-49.88K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$276.44K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$2.43K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$284.20K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$58.02K	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$30.72K	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$118.83K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$75.84K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.60M	USD	1 Quarter
Increase in intangibles	`PaymentsToAcquireIntangibleAssets`	$72.38K	USD	1 Quarter
Increase in intangibles	`PaymentsToAcquireIntangibleAssets`	$53.16K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$39.59K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.14K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-77.52K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-92.75K	USD	1 Quarter
Proceeds from sale of common stock, net	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Proceeds from sale of common stock, net	`ProceedsFromIssuanceOfCommonStock`	$800.71K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$14.90K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$3.90K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$804.61K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$14.90K	USD	1 Quarter
Effect of exchange rate changes in cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-5.61K	USD	1 Quarter
Effect of exchange rate changes in cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-1.72K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$797.31K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.68M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.64M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$4.20M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.00M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.96M	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`	$4.20M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.96M	USD	Point-in-time
Income taxes	`IncomeTaxesPaid`	$1.12K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$9.02K	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balances	`StockholdersEquity`	$14.21M	USD	Point-in-time
Balances	`StockholdersEquity`	$12.58M	USD	Point-in-time
Balances	`StockholdersEquity`	$8.80M	USD	Point-in-time
Balances	`StockholdersEquity`	$9.23M	USD	Point-in-time
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$14.90K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$3.90K	USD	1 Quarter
Net proceeds from ATM	`StockIssuedDuringPeriodValueNewIssues`	$800.71K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-5.61K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-1.72K	USD	1 Quarter
Compensation expense in connection with options granted	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$246.79K	USD	1 Quarter
Compensation expense in connection with options granted	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$319.62K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.89M	USD	1 Quarter
Balances	`StockholdersEquity`	$14.21M	USD	Point-in-time
Balances	`StockholdersEquity`	$12.58M	USD	Point-in-time
Balances	`StockholdersEquity`	$8.80M	USD	Point-in-time
Balances	`StockholdersEquity`	$9.23M	USD	Point-in-time

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