2023 Q2 Form 10-Q Financial Statement

#000149315223017083 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $19.74K $921.00 $0.00
YoY Change 1406.72%
Cost Of Revenue $1.234K $87.00
YoY Change 722.67%
Gross Profit $18.50K $834.00
YoY Change 1495.17%
Gross Profit Margin 93.75% 90.55%
Selling, General & Admin $1.426M $1.170M $352.5K
YoY Change 308.25% 231.77% 88.52%
% of Gross Profit 7708.98% 140234.89%
Research & Development $335.1K $369.6K $374.5K
YoY Change -0.22% -1.31% 23.11%
% of Gross Profit 1811.09% 44318.59%
Depreciation & Amortization $21.00K $22.00K $1.040K
YoY Change 1919.23% 2015.38% -36.59%
% of Gross Profit 113.49% 2637.89%
Operating Expenses $1.797M $1.559M $727.0K
YoY Change 162.21% 114.4% 48.01%
Operating Profit -$1.778M -$1.558M -$727.0K
YoY Change 159.95% 114.29%
Interest Expense $1.360K $37.00K -$742.8K
YoY Change -99.65% -104.98% 233.07%
% of Operating Profit
Other Income/Expense, Net $42.76K $37.00K -$1.147M
YoY Change -103.23%
Pretax Income -$1.736M -$1.521M -$1.470M
YoY Change 1871.14% 3.48% 105.8%
Income Tax $4.587K $11.82K $2.160K
% Of Pretax Income
Net Earnings -$1.740M -$1.533M -$1.472M
YoY Change 1876.35% 4.13% 105.54%
Net Earnings / Revenue -8816.36% -166426.71%
Basic Earnings Per Share -$0.20 -$0.18 -$0.55
Diluted Earnings Per Share -$0.20 -$0.18 -$981.3K
COMMON SHARES
Basic Shares Outstanding 8.519M shares 8.463M shares 2.681M shares
Diluted Shares Outstanding 8.521M shares 8.434M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.279M $9.769M $1.028M
YoY Change 3761.56% 850.27%
Cash & Equivalents $8.300M $9.800M $1.028M
Short-Term Investments
Other Short-Term Assets $279.7K $441.1K $64.93K
YoY Change 181.45% 579.39%
Inventory $10.10K $11.34K $5.800K
Prepaid Expenses
Receivables $90.23K $11.03K $6.860K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $8.659M $10.23M $1.106M
YoY Change 2546.05% 825.51%
LONG-TERM ASSETS
Property, Plant & Equipment $207.4K $225.1K $3.590K
YoY Change 8032.43% 6169.28%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.920K $6.920K $243.8K
YoY Change -98.87% -97.16%
Total Long-Term Assets $214.3K $232.0K $247.4K
YoY Change -65.07% -6.23%
TOTAL ASSETS
Total Short-Term Assets $8.659M $10.23M $1.106M
Total Long-Term Assets $214.3K $232.0K $247.4K
Total Assets $8.873M $10.46M $1.353M
YoY Change 843.24% 673.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $174.4K $146.5K $247.7K
YoY Change -70.19% -40.84%
Accrued Expenses $515.7K $481.3K $1.860M
YoY Change -73.89% -74.12%
Deferred Revenue
YoY Change
Short-Term Debt $42.33K $168.4K $11.78M
YoY Change -99.62% -98.57%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $775.2K $796.3K $13.88M
YoY Change -94.33% -94.26%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $149.7K
YoY Change -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $149.7K
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $775.2K $796.3K $13.88M
Total Long-Term Liabilities $0.00 $0.00 $149.7K
Total Liabilities $775.2K $796.3K $14.03M
YoY Change -94.33% -94.33%
SHAREHOLDERS EQUITY
Retained Earnings -$39.90M -$38.20M
YoY Change
Common Stock $59.89K $59.24K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.098M $9.668M -$12.68M
YoY Change
Total Liabilities & Shareholders Equity $8.873M $10.46M $1.353M
YoY Change 843.24% 673.42%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$1.740M -$1.533M -$1.472M
YoY Change 1876.35% 4.13% 105.54%
Depreciation, Depletion And Amortization $21.00K $22.00K $1.040K
YoY Change 1919.23% 2015.38% -36.59%
Cash From Operating Activities -$1.360M -$1.529M -$634.0K
YoY Change 261.55% 141.19% 61.5%
INVESTING ACTIVITIES
Capital Expenditures $3.870K $32.31K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.870K -$32.31K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -126.1K -$83.32K 301.4K
YoY Change -71.18% -127.65% -43.91%
NET CHANGE
Cash From Operating Activities -1.360M -$1.529M -634.0K
Cash From Investing Activities -3.870K -$32.31K
Cash From Financing Activities -126.1K -$83.32K 301.4K
Net Change In Cash -1.490M -$1.645M -332.6K
YoY Change 83.12% 394.47% -329.85%
FREE CASH FLOW
Cash From Operating Activities -$1.360M -$1.529M -$634.0K
Capital Expenditures $3.870K $32.31K
Free Cash Flow -$1.364M -$1.561M -$634.0K
YoY Change 146.28%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1360638 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
9769088 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1028034 usd
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
11819 usd
CY2022Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2159 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
1655 usd
CY2022Q1 BIAF Fair Value Of Warrants Issued
FairValueOfWarrantsIssued
217973 usd
CY2022Q1 BIAF Beneficial Conversion Feature For Bridge Notes
BeneficialConversionFeatureForBridgeNotes
213942 usd
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-38200000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
9800000 usd
CY2023Q1 BIAF Total Assets Percent
TotalAssetsPercent
0.93 pure
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84F_eus-gaap--UseOfEstimates_z0I8v3EazSuc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_861_zJH3ThwATV3j">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include: the valuation allowance on the Company’s deferred tax assets; the useful lives of fixed assets; and the fair value of the convertible notes payable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 us-gaap Advertising Expense
AdvertisingExpense
6000 usd
CY2022Q1 us-gaap Advertising Expense
AdvertisingExpense
3000 usd
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5556344 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6209737 shares
CY2023Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_843_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_z5pIjxOSVIt3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86D_z6ryzgrtUit4">Reclassifications</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain prior year balances have been reclassified to conform to current year presentation. The Company reclassified patent expenses and annuity costs of approximately $<span id="xdx_907_eus-gaap--FiniteLivedPatentsGross_iI_c20220331__us-gaap--IncomeStatementLocationAxis__us-gaap--SellingGeneralAndAdministrativeExpensesMember__srt--RestatementAxis__srt--RestatementAdjustmentMember_zk4bRXjqRzi4" title="Patent and annuity costs">42,000</span> from research and development to selling, general and administrative for the three months ended March 31, 2022, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
CY2023Q1 us-gaap Prepaid Insurance
PrepaidInsurance
222742 usd
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
340078 usd
CY2023Q1 BIAF Prepaid Legal And Professional
PrepaidLegalAndProfessional
84077 usd
CY2022Q4 BIAF Prepaid Legal And Professional
PrepaidLegalAndProfessional
72048 usd
CY2023Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
134313 usd
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
119773 usd
CY2023Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
441132 usd
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
531899 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
515932 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
483618 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
290865 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
269180 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
225067 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
214438 usd
CY2023Q1 us-gaap Depreciation
Depreciation
22000 usd
CY2022Q1 us-gaap Depreciation
Depreciation
1000 usd
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
281085 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
340680 usd
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
131819 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
144440 usd
CY2023Q1 BIAF Accrued Clinical Expense Current
AccruedClinicalExpenseCurrent
58262 usd
CY2022Q4 BIAF Accrued Clinical Expense Current
AccruedClinicalExpenseCurrent
50922 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
10170 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5852 usd
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
481336 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
541894 usd
CY2023Q1 us-gaap Payments For Rent
PaymentsForRent
26000 usd
CY2022Q1 us-gaap Payments For Rent
PaymentsForRent
13000 usd
CY2022Q2 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1-for-7 reverse stock split
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.007
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
14285714 shares
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.007
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
8463052 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
8381324 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1100000 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Purchased For Award
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward
1000000.0 shares
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
157613 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
106047 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
806392 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.33
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
806392 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.33
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y9M18D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
271298 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
803218 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
4.31
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P3Y8M12D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
271298 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
0 usd
CY2022Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
7142 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.84
CY2022Q1 us-gaap Share Price
SharePrice
4.62
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.639 pure
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0220 pure
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
4649952 shares
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
4649952 shares

Files In Submission

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0001493152-23-017083-index-headers.html Edgar Link pending
0001493152-23-017083-index.html Edgar Link pending
0001493152-23-017083.txt Edgar Link pending
0001493152-23-017083-xbrl.zip Edgar Link pending
biaf-20230331.xsd Edgar Link pending
ex31-1.htm Edgar Link pending
ex31-2.htm Edgar Link pending
ex32-1.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
form10-q.htm Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
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biaf-20230331_def.xml Edgar Link unprocessable
biaf-20230331_lab.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
form10-q_htm.xml Edgar Link completed
R8.htm Edgar Link pending
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biaf-20230331_cal.xml Edgar Link unprocessable
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