10-Q Filing

BIOMERICA INC CIK: 73290 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001513162-22-000122`
Period End Date	20220831
Filing Date	20221013
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	bmra-20220831_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 40 Cash Flow Statement 62 Stockholders Equity 18

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$383.11K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$153.23K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.08M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.92M	USD	Point-in-time
Inventory reserves	`InventoryValuationReserves`	$845.55K	USD	Point-in-time
Inventory reserves	`InventoryValuationReserves`	$981.81K	USD	Point-in-time
Accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.33M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $383,106 and $153,231 as of August 31, 2022 and May 31, 2022, respectively	`AccountsReceivableNetCurrent`	$932.27K	USD	Point-in-time
Accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.31M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $383,106 and $153,231 as of August 31, 2022 and May 31, 2022, respectively	`AccountsReceivableNetCurrent`	$773.82K	USD	Point-in-time
Accumulated amortization, Right of Use Assets	`AccumulatedAmortizationRightOfUseAssets`	$724.80K	USD	Point-in-time
Accumulated amortization, Right of Use Assets	`AccumulatedAmortizationRightOfUseAssets`	$791.86K	USD	Point-in-time
Inventories, net of inventory reserves of $981,814 and $845,549 as of August 31, 2022 and May 31, 2022, respectively	`InventoryNet`	$1.92M	USD	Point-in-time
Inventories, net of inventory reserves of $981,814 and $845,549 as of August 31, 2022 and May 31, 2022, respectively	`InventoryNet`	$2.42M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$320.28K	USD	Point-in-time
Accumulated amortization, Intangible Assets	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$21.27K	USD	Point-in-time
Accumulated amortization, Intangible Assets	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$18.99K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$238.76K	USD	Point-in-time
Common stock par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.08	USD	Point-in-time
Total current assets	`AssetsCurrent`	$9.17M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$9.43M	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 $1,325,561 and $1,305,360 as of August 31, 2022 and May 31, 2022, respectively	`PropertyPlantAndEquipmentNet`	$214.49K	USD	Point-in-time
Property and equipment, net of accumulated depreciation and amortization of $1,325,561 and $1,305,360 as of August 31, 2022 and May 31, 2022, respectively	`PropertyPlantAndEquipmentNet`	$227.91K	USD	Point-in-time
Common stock, shares authorized (in Shares)	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Common stock, shares authorized (in Shares)	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Right of use assets, net of accumulated amortization of $791,859 and $724,802 as of August 31, 2022 and May 31, 2022, respectively	`OperatingLeaseRightOfUseAsset`	$1.23M	USD	Point-in-time
Common stock, shares issued (in Shares)	`CommonStockSharesIssued`	13.41M	shares	Point-in-time
Right of use assets, net of accumulated amortization of $791,859 and $724,802 as of August 31, 2022 and May 31, 2022, respectively	`OperatingLeaseRightOfUseAsset`	$1.30M	USD	Point-in-time
Common stock, shares issued (in Shares)	`CommonStockSharesIssued`	12.87M	shares	Point-in-time
Investments	`Investments`	$165.32K	USD	Point-in-time
Investments	`Investments`	$165.32K	USD	Point-in-time
Common stock, shares outstanding (in Shares)	`CommonStockSharesOutstanding`	12.87M	shares	Point-in-time
Common stock, shares outstanding (in Shares)	`CommonStockSharesOutstanding`	13.41M	shares	Point-in-time
Intangible assets, net of accumulated amortization of $21,271 and $18,994 as of August 31, 2022 and May 31, 2022, respectively	`IntangibleAssetsNetExcludingGoodwill`	$169.52K	USD	Point-in-time
Intangible assets, net of accumulated amortization of $21,271 and $18,994 as of August 31, 2022 and May 31, 2022, respectively	`IntangibleAssetsNetExcludingGoodwill`	$160.75K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$95.59K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$93.51K	USD	Point-in-time
Total Assets	`Assets`	$11.37M	USD	Point-in-time
Total Assets	`Assets`	$11.05M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$972.37K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$671.24K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$646.94K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$591.95K	USD	Point-in-time
Advance from customers	`ContractWithCustomerLiability`	$150.52K	USD	Point-in-time
Advance from customers	`ContractWithCustomerLiability`	$50.67K	USD	Point-in-time
Lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$341.30K	USD	Point-in-time
Lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$343.89K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.01M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.76M	USD	Point-in-time
Lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$970.89K	USD	Point-in-time
Lease liability, net of current portion	`OperatingLeaseLiabilityNoncurrent`	$1.04M	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.73M	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
Common stock, $0.08 par value, 25,000,000 shares authorized, 13,406,901 and 12,867,924 issued and outstanding at August 31, 2022 and May 31, 2022, respectively	`CommonStockValue`	$1.03M	USD	Point-in-time
Common stock, $0.08 par value, 25,000,000 shares authorized, 13,406,901 and 12,867,924 issued and outstanding at August 31, 2022 and May 31, 2022, respectively	`CommonStockValue`	$1.07M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$42.45M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$44.48M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-86.46K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-73.94K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-37.15M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-35.08M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$8.32M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$8.32M	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`	$11.37M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$11.05M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$1.26M	USD	1 Quarter
Net sales	`Revenues`	$1.64M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$1.69M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$1.35M	USD	1 Quarter
Gross loss	`GrossProfit`	$-54.95K	USD	1 Quarter
Gross loss	`GrossProfit`	$-88.97K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.07M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.65M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$361.17K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$381.54K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.01M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.45M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.54M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.07M	USD	1 Quarter
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$28.00	USD	1 Quarter
Dividend and interest income	`InvestmentIncomeInterestAndDividend`	$6.80K	USD	1 Quarter
Interest expense	`InterestExpenseOther`	-	USD	1 Quarter
Interest expense	`InterestExpenseOther`	-	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$6.80K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$28.00	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.53M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.07M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.96K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$9.02K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.07M	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`	13.10M	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`	13.10M	shares	1 Quarter
Net loss	`NetIncomeLoss`	$-1.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.07M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-5.61K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-12.53K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-2.08M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.55M	USD	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.07M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$28.97K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$34.72K	USD	1 Quarter
Provision for allowance on accounts receivable	`ProvisionForDoubtfulAccounts`	$-94.89K	USD	1 Quarter
Provision for allowance on accounts receivable	`ProvisionForDoubtfulAccounts`	$229.88K	USD	1 Quarter
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$136.26K	USD	1 Quarter
Inventory reserve	`InventoryLIFOReservePeriodCharge`	$179.74K	USD	1 Quarter
Stock option expense	`StockOptionPlanExpense`	$303.75K	USD	1 Quarter
Stock option expense	`StockOptionPlanExpense`	$319.62K	USD	1 Quarter
Amortization of right-of-use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$67.06K	USD	1 Quarter
Amortization of right-of-use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$62.90K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-777.75K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$388.33K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-358.45K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-164.73K	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-81.52K	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-55.07K	USD	1 Quarter
Reduction in lease liability	`IncreaseDecreaseInLeaseLiability`	$-64.80K	USD	1 Quarter
Reduction in lease liability	`IncreaseDecreaseInLeaseLiability`	$-55.65K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$2.43K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-2.08K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$58.02K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-301.13K	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$118.83K	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-55.00K	USD	1 Quarter
Advance from customers	`IncreaseDecreaseInContractWithCustomerLiability`	$99.85K	USD	1 Quarter
Advance from customers	`IncreaseDecreaseInContractWithCustomerLiability`	-	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$75.84K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.57M	USD	1 Quarter
Expenditures related to intangibles	`PaymentsToAcquireIntangibleAssets`	$72.38K	USD	1 Quarter
Expenditures related to intangibles	`PaymentsToAcquireIntangibleAssets`	-	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.14K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$33.62K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-77.52K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-33.62K	USD	1 Quarter
Gross proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$1.81M	USD	1 Quarter
Gross proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$838.33K	USD	1 Quarter
Costs from sale of common stock	`PaymentsOfStockIssuanceCosts`	$37.62K	USD	1 Quarter
Costs from sale of common stock	`PaymentsOfStockIssuanceCosts`	$47.36K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$3.90K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$13.95K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.78M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$804.61K	USD	1 Quarter
Effect of exchange rate changes in cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-12.53K	USD	1 Quarter
Effect of exchange rate changes in cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-5.61K	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$158.05K	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$797.31K	USD	1 Quarter
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.92M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.08M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.00M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.20M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.92M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.08M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.00M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.20M	USD	Point-in-time
Income taxes	`IncomeTaxesPaid`	$1.96K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$9.02K	USD	1 Quarter
Write off of intangible assets, cost	`WriteOffOfIntangibleAssetsCost`	-	USD	1 Quarter
Write off of intangible assets, cost	`WriteOffOfIntangibleAssetsCost`	$6.49K	USD	1 Quarter
Write off of intangible assets, accumulated amortization	`WriteOffOfIntangibleAssetsAccumulatedAmortization`	$850.00	USD	1 Quarter
Write off of intangible assets, accumulated amortization	`WriteOffOfIntangibleAssetsAccumulatedAmortization`	-	USD	1 Quarter

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balances	`StockholdersEquity`	$8.32M	USD	Point-in-time
Balances	`StockholdersEquity`	$8.32M	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`	$13.95K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$3.90K	USD	1 Quarter
Net proceeds from ATM	`StockIssuedDuringPeriodValueNewIssues`	$800.71K	USD	1 Quarter
Net proceeds from ATM	`StockIssuedDuringPeriodValueNewIssues`	$1.76M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-5.61K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-12.53K	USD	1 Quarter
Stock option expense	`AllocatedShareBasedCompensationExpense`	$319.62K	USD	1 Quarter
Stock option expense	`AllocatedShareBasedCompensationExpense`	$303.75K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.07M	USD	1 Quarter
Balances	`StockholdersEquity`	$8.32M	USD	Point-in-time
Balances	`StockholdersEquity`	$8.32M	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.