2022 Q4 Form 10-Q Financial Statement
#000151316222000122 Filed on October 13, 2022
Income Statement
Concept | 2022 Q4 | 2022 Q3 | 2021 Q3 |
---|---|---|---|
Revenue | $1.482M | $1.637M | $1.262M |
YoY Change | -68.11% | 29.74% | 10.68% |
Cost Of Revenue | $1.130M | $1.692M | $1.351M |
YoY Change | -70.84% | 25.29% | 40.7% |
Gross Profit | $351.9K | -$54.96K | -$88.97K |
YoY Change | -54.41% | -38.23% | -149.43% |
Gross Profit Margin | 23.74% | -3.36% | -7.05% |
Selling, General & Admin | $1.556M | $1.654M | $1.012M |
YoY Change | 21.28% | 63.5% | -12.8% |
% of Gross Profit | 442.21% | ||
Research & Development | $462.0K | $361.0K | $439.9K |
YoY Change | -25.31% | -17.93% | -34.35% |
% of Gross Profit | 131.3% | ||
Depreciation & Amortization | $16.00K | $20.00K | $34.72K |
YoY Change | -52.87% | -42.4% | 15.73% |
% of Gross Profit | 4.55% | ||
Operating Expenses | $2.018M | $2.015M | $1.451M |
YoY Change | 6.12% | 38.83% | -21.12% |
Operating Profit | -$1.666M | -$2.070M | -$1.540M |
YoY Change | 47.47% | 34.38% | -7.21% |
Interest Expense | $41.25K | $30.00 | $6.810K |
YoY Change | 496.1% | -99.56% | -31.9% |
% of Operating Profit | |||
Other Income/Expense, Net | $41.25K | $28.00 | $6.805K |
YoY Change | -99.59% | ||
Pretax Income | -$1.625M | -$2.070M | -$1.534M |
YoY Change | 44.71% | 34.97% | -7.06% |
Income Tax | $1.254K | $1.957K | $9.020K |
% Of Pretax Income | |||
Net Earnings | -$1.626M | -$2.072M | -$1.543M |
YoY Change | 44.51% | 34.31% | -6.51% |
Net Earnings / Revenue | -109.72% | -126.57% | -122.25% |
Basic Earnings Per Share | -$0.12 | -$0.16 | -$0.12 |
Diluted Earnings Per Share | -$0.12 | -$0.16 | -$124.1K |
COMMON SHARES | |||
Basic Shares Outstanding | 13.43M shares | 13.39M shares | 12.43M shares |
Diluted Shares Outstanding | 13.46M shares | 13.10M shares | 12.43M shares |
Balance Sheet
Concept | 2022 Q4 | 2022 Q3 | 2021 Q3 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $5.067M | $6.075M | $4.997M |
YoY Change | -29.62% | 21.58% | -28.21% |
Cash & Equivalents | $5.067M | $6.075M | $4.997M |
Short-Term Investments | |||
Other Short-Term Assets | $120.7K | $238.8K | $315.2K |
YoY Change | -88.99% | -24.26% | -32.93% |
Inventory | $2.061M | $1.922M | $2.862M |
Prepaid Expenses | |||
Receivables | $850.0K | $932.3K | $772.2K |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $8.099M | $9.168M | $8.946M |
YoY Change | -34.71% | 2.48% | -31.82% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $236.7K | $227.9K | $1.778M |
YoY Change | -86.09% | -87.18% | -8.82% |
Goodwill | |||
YoY Change | |||
Intangibles | $157.7K | $160.8K | |
YoY Change | |||
Long-Term Investments | $165.3K | $165.3K | $165.3K |
YoY Change | 0.0% | 0.0% | -2.75% |
Other Assets | $79.65K | $93.51K | $266.6K |
YoY Change | -46.75% | -64.92% | -39.41% |
Total Long-Term Assets | $1.809M | $1.882M | $2.570M |
YoY Change | -24.81% | -26.77% | -7.21% |
TOTAL ASSETS | |||
Total Short-Term Assets | $8.099M | $9.168M | $8.946M |
Total Long-Term Assets | $1.809M | $1.882M | $2.570M |
Total Assets | $9.908M | $11.05M | $11.52M |
YoY Change | -33.1% | -4.05% | -27.53% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $670.1K | $671.2K | $641.4K |
YoY Change | -57.61% | 4.65% | -49.5% |
Accrued Expenses | $1.044M | $935.8K | $840.7K |
YoY Change | 3.41% | 11.32% | 58.62% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $1.763M | $1.758M | $1.482M |
YoY Change | -62.81% | 18.59% | -17.66% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | $901.5K | $970.9K | $1.231M |
YoY Change | -22.74% | -21.12% | -18.48% |
Total Long-Term Liabilities | $901.5K | $970.9K | $1.231M |
YoY Change | -22.74% | -21.12% | -18.48% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $1.763M | $1.758M | $1.482M |
Total Long-Term Liabilities | $901.5K | $970.9K | $1.231M |
Total Liabilities | $2.665M | $2.728M | $2.713M |
YoY Change | -54.9% | 0.57% | -18.04% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$38.80M | -$37.15M | |
YoY Change | |||
Common Stock | $1.078M | $1.073M | |
YoY Change | |||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $7.243M | $8.322M | $8.803M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $9.908M | $11.05M | $11.52M |
YoY Change | -33.1% | -4.05% | -27.53% |
Cashflow Statement
Concept | 2022 Q4 | 2022 Q3 | 2021 Q3 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$1.626M | -$2.072M | -$1.543M |
YoY Change | 44.51% | 34.31% | -6.51% |
Depreciation, Depletion And Amortization | $16.00K | $20.00K | $34.72K |
YoY Change | -52.87% | -42.4% | 15.73% |
Cash From Operating Activities | -$1.213M | -$1.573M | $75.84K |
YoY Change | -190.34% | -2174.52% | -104.74% |
INVESTING ACTIVITIES | |||
Capital Expenditures | -$24.48K | $33.62K | -$77.52K |
YoY Change | -50.66% | -143.37% | -13.87% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | |||
YoY Change | |||
Cash From Investing Activities | -$24.48K | -$33.62K | -$77.52K |
YoY Change | -50.66% | -56.63% | -13.87% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | $804.6K | ||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 238.1K | $1.778M | 804.6K |
YoY Change | -73.95% | 120.92% | 7946.1% |
NET CHANGE | |||
Cash From Operating Activities | -1.213M | -$1.573M | 75.84K |
Cash From Investing Activities | -24.48K | -$33.62K | -77.52K |
Cash From Financing Activities | 238.1K | $1.778M | 804.6K |
Net Change In Cash | -999.6K | $158.1K | 802.9K |
YoY Change | -145.28% | -80.32% | -147.79% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$1.213M | -$1.573M | $75.84K |
Capital Expenditures | -$24.48K | $33.62K | -$77.52K |
Free Cash Flow | -$1.189M | -$1.607M | $153.4K |
YoY Change | -185.37% | -1147.82% | -110.16% |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
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Investments
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|
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|
Irvine | |
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CA | |
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92614 | |
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949 | |
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645-2111 | |
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COMMON STOCK, PAR VALUE $0.08 | |
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NASDAQ | |
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10-Q | |
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true | |
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2022-08-31 | |
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001-37863 | |
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BIOMERICA, INC. | |
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DE | |
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95-2645573 | |
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17571 Von Karman Avenue | |
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CY2021Q3 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
|
-5613 | usd |
CY2022Q3 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-2084403 | usd |
CY2021Q3 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-1548194 | usd |
CY2021Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
9227023 | usd |
CY2021Q3 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
3895 | usd |
CY2021Q3 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
800710 | usd |
CY2021Q3 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
|
-5613 | usd |
CY2021Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
319622 | usd |
CY2021Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1542581 | usd |
CY2021Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
8803056 | usd |
CY2022Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
8324714 | usd |
CY2022Q3 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
13950 | usd |
CY2022Q3 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
1763568 | usd |
CY2022Q3 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
|
-12527 | usd |
CY2022Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
303755 | usd |
CY2022Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2071876 | usd |
CY2022Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
8321584 | usd |
CY2022Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2071876 | usd |
CY2021Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1542581 | usd |
CY2022Q3 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
28971 | usd |
CY2021Q3 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
34722 | usd |
CY2022Q3 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
229875 | usd |
CY2021Q3 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
-94891 | usd |
CY2022Q3 | us-gaap |
Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
|
136265 | usd |
CY2021Q3 | us-gaap |
Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
|
179744 | usd |
CY2022Q3 | us-gaap |
Stock Option Plan Expense
StockOptionPlanExpense
|
303755 | usd |
CY2021Q3 | us-gaap |
Stock Option Plan Expense
StockOptionPlanExpense
|
319622 | usd |
CY2022Q3 | us-gaap |
Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
|
67057 | usd |
CY2021Q3 | us-gaap |
Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
|
62897 | usd |
CY2022Q3 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
388330 | usd |
CY2021Q3 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-777752 | usd |
CY2022Q3 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-358448 | usd |
CY2021Q3 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-164732 | usd |
CY2022Q3 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-81521 | usd |
CY2021Q3 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-55069 | usd |
CY2022Q3 | bmra |
Increase Decrease In Lease Liability
IncreaseDecreaseInLeaseLiability
|
-64801 | usd |
CY2021Q3 | bmra |
Increase Decrease In Lease Liability
IncreaseDecreaseInLeaseLiability
|
-55649 | usd |
CY2022Q3 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
-2076 | usd |
CY2021Q3 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
2431 | usd |
CY2022Q3 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-301132 | usd |
CY2021Q3 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
58024 | usd |
CY2022Q3 | us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
-54996 | usd |
CY2021Q3 | us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
118826 | usd |
CY2022Q3 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
99853 | usd |
CY2022Q3 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-1573314 | usd |
CY2021Q3 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
75836 | usd |
CY2021Q3 | us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
72375 | usd |
CY2022Q3 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
33623 | usd |
CY2021Q3 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
5141 | usd |
CY2022Q3 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-33623 | usd |
CY2021Q3 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-77516 | usd |
CY2022Q3 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
1810927 | usd |
CY2021Q3 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
838333 | usd |
CY2022Q3 | us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
47359 | usd |
CY2021Q3 | us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
37622 | usd |
CY2022Q3 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
13950 | usd |
CY2021Q3 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
3895 | usd |
CY2022Q3 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
1777518 | usd |
CY2021Q3 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
804606 | usd |
CY2022Q3 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
-12527 | usd |
CY2021Q3 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
-5613 | usd |
CY2022Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
158054 | usd |
CY2021Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
797313 | usd |
CY2022Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
5916983 | usd |
CY2021Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
4199311 | usd |
CY2022Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
6075037 | usd |
CY2021Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
4996624 | usd |
CY2022Q3 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
1957 | usd |
CY2021Q3 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
9017 | usd |
CY2022Q3 | bmra |
Write Off Of Intangible Assets Cost
WriteOffOfIntangibleAssetsCost
|
6489 | usd |
CY2022Q3 | bmra |
Write Off Of Intangible Assets Accumulated Amortization
WriteOffOfIntangibleAssetsAccumulatedAmortization
|
850 | usd |
CY2022Q3 | us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<p style="FONT-SIZE:10pt; FONT-FAMILY:"Times New Roman"; MARGIN:0in 2.7pt 0in 0in"><b><span style="FONT-FAMILY:"Times New Roman",serif">NOTE 1: BASIS OF PRESENTATION</span></b></p><p style="FONT-SIZE:10pt; FONT-FAMILY:"Times New Roman"; MARGIN:0in 2.7pt 0in 0in"> </p><p style="FONT-SIZE:12pt; FONT-FAMILY:"Times New Roman",serif; TEXT-ALIGN:justify; MARGIN:0in"><span style="FONT-SIZE:10pt; COLOR:black">Biomerica, Inc. and its subsidiaries (which includes wholly-owned subsidiaries, Biomerica de Mexico and BioEurope GmbH) is</span><span style="FONT-SIZE:10pt"> a biomedical technology company that develops, patents, manufactures and markets advanced diagnostic and therapeutic products used at the point-of-care </span><span style="FONT-SIZE:10pt; COLOR:black">(physicians' offices and over-the-counter through drugstores and online)</span><span style="FONT-SIZE:10pt"> and in hospital/clinical laboratories for detection and/or treatment of medical conditions and diseases</span><span style="FONT-SIZE:10pt; COLOR:black">. Our diagnostic test kits are used to analyze blood, urine, nasal or fecal material from patients in the diagnosis of various diseases, food intolerances and other medical complications, or to measure the level of specific hormones, antibodies, antigens or other substances, which may exist in the human body in extremely small concentrations. The</span><span style="FONT-SIZE:10pt"> Company's products are designed to enhance the health and well-being of people, while reducing total healthcare costs. </span></p><p style="FONT-SIZE:12pt; FONT-FAMILY:"Times New Roman",serif; TEXT-ALIGN:justify; MARGIN:0in"> </p><p style="FONT-SIZE:12pt; FONT-FAMILY:"Times New Roman",serif; TEXT-ALIGN:justify; MARGIN:0in"><span style="FONT-SIZE:10pt; COLOR:black">Our primary focus is the research, development, commercialization and in certain cases regulatory approval, of patented, diagnostic-guided therapy (“DGT”) products based on our InFoods<sup>®</sup> Technology platform that treat gastrointestinal diseases, such as irritable bowel syndrome (“IBS”), and other inflammatory diseases. These InFoods<sup>®</sup> based products are directed at chronic inflammatory illnesses that are widespread and common, and as such address very large markets. The first product we are launching using this patented InFoods Technology is our InFoods® IBS product which uses a simple blood sample and is designed to identify patient-specific foods that, when removed from the diet, may alleviate IBS symptoms such as pain, bloating, diarrhea, cramping and constipation. Instead of broad and difficult to manage dietary restrictions, the InFoods® IBS product works by identifying a patient’s above normal immunoreactivity to specific foods. A food identified as positive and causing an abnormal immune response in the patient is simply removed from the diet to help alleviate IBS symptoms. We are currently in discussions with key gastroenterology (GI) physician groups who are interested in offering this product to their patients. As such, we are expecting to begin generating revenues from the launch of our InFoods<sup>®</sup> IBS product during our fiscal third quarter. </span></p><p style="FONT-SIZE:12pt; FONT-FAMILY:"Times New Roman",serif; TEXT-ALIGN:justify; MARGIN:0in"> </p><p style="FONT-SIZE:12pt; FONT-FAMILY:"Times New Roman",serif; TEXT-ALIGN:justify; MARGIN:0in"><span style="FONT-SIZE:10pt; COLOR:black">Our existing medical diagnostic products are sold worldwide primarily in two markets: 1) clinical laboratories and 2) point-of-care (physicians' offices and over-the-counter at Walmart, Amazon, and Walgreens). The diagnostic test kits are used to analyze blood, urine, nasal or fecal specimens from patients in the diagnosis of various diseases, food intolerances and other medical complications, by measuring or detecting the existence and/or level of specific bacteria, hormones, antibodies, antigens, or other substances, which may exist in a patient’s body, stools, or blood, often in extremely small concentrations.</span></p><p style="FONT-SIZE:12pt; FONT-FAMILY:"Times New Roman",serif; TEXT-ALIGN:justify; MARGIN:0in"> </p><p style="FONT-SIZE:12pt; FONT-FAMILY:"Times New Roman",serif; TEXT-ALIGN:justify; MARGIN:0in"><span style="FONT-SIZE:10pt">Due to the global 2019 SARS-CoV-2 novel coronavirus pandemic<span style="COLOR:black">, in March 2020 we</span> began developing COVID-19 products to indicate if a person has been infected by COVID-19 or is currently infected. While we initially offered a COVID-19 antibody diagnostic test to determine if a person has previously been infected by the COVID-19 virus, all of our COVID-19 revenues <span style="COLOR:black">in fiscal 2022</span> and 2023 have come from international sales of our COVID-19 antigen tests that use a patient’s nasal fluid sample to detect if the patient is currently infected with the virus. Due to falling demand, less than 12% of our revenues during the three months ended August 31, 2022 were from sales of our COVID-19 related products. <span style="COLOR:black"> </span></span></p><p style="FONT-SIZE:12pt; FONT-FAMILY:"Times New Roman",serif; TEXT-ALIGN:justify; MARGIN:0in"> </p><p style="FONT-SIZE:12pt; FONT-FAMILY:"Times New Roman",serif; TEXT-ALIGN:justify; MARGIN:0in"><span style="FONT-SIZE:10pt; COLOR:black">Our non-COVID-19 products that accounted for over 88% of our revenues during the three months ended August 31, 2022, are primarily focused on gastrointestinal diseases, food intolerances, and certain esoteric tests. These diagnostic test products utilize immunoassay technology. Most of our products are CE marked and/or sold for diagnostic use where they are registered by each country’s regulatory agency. In addition, some products are cleared for sale in the United States by the FDA.</span></p><p style="FONT-SIZE:12pt; FONT-FAMILY:"Times New Roman",serif; TEXT-ALIGN:justify; MARGIN:0in 2.7pt 0in 0in"> </p><p style="FONT-SIZE:10pt; FONT-FAMILY:"Times New Roman"; TEXT-ALIGN:justify; MARGIN:0in 2.7pt 0in 0in"><span style="FONT-FAMILY:"Times New Roman",serif; COLOR:black">The unaudited consolidated financial statements herein have been prepared by management pursuant to the rules and regulations of the United States Securities and Exchange Commission ("SEC"). The accompanying interim unaudited consolidated financial statements have been prepared under the presumption that users of the interim financial information have either read or have access to the audited consolidated financial statements for the latest fiscal year ended May 31, 2022. Accordingly, certain information and note disclosures normally included in financial statements prepared in accordance with United States generally accepted accounting principles ("GAAP") have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the three months ended August 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending May 31, 2023. For further information, refer to the audited consolidated financial statements and notes thereto for the fiscal year ended May 31, 2022 included in the Company's Annual Report on Form 10-K filed with the SEC on August 29, 2022. Management has evaluated all subsequent events and transactions through the date of filing this report.</span></p> | |
CY2022Q3 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="FONT-SIZE:12pt; FONT-FAMILY:"Times New Roman",serif; TEXT-ALIGN:justify; MARGIN:0in 2.7pt 0in 0in"><b><span style="FONT-SIZE:10pt">ACCOUNTING ESTIMATES</span></b></p><p style="FONT-SIZE:12pt; FONT-FAMILY:"Times New Roman",serif; TEXT-ALIGN:justify; MARGIN:0in 2.7pt 0in 0in"> </p><p style="FONT-SIZE:12pt; FONT-FAMILY:"Times New Roman",serif; TEXT-ALIGN:justify; MARGIN:0in 2.7pt 0in 0in"><span style="FONT-SIZE:10pt; COLOR:black">The preparation of the condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“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 condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reported period. Estimates that are made include the allowance for doubtful accounts, which is estimated based on current as well as historical practices with a customer; stock option forfeiture rates, which are calculated based on historical data; inventory obsolescence, which is based on projected and historical usage of materials; and lease liability and right-of-use assets, which are calculated based on certain assumptions such as borrowing rate, the likelihood of lease extensions to occur, asset valuation, among other things; and other items that may be necessary to estimate using current, historical and judgment based information. Actual results could materially differ from those estimates. </span></p><p style="FONT-SIZE:12pt; FONT-FAMILY:"Times New Roman",serif; TEXT-ALIGN:justify; MARGIN:0in 2.7pt 0in 0in"> </p> | |
CY2022Q3 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
20000 | usd |
CY2021Q3 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
28000 | usd |
CY2022Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
6075000 | usd |
CY2022Q3 | bmra |
Working Capital
WorkingCapital
|
7410000 | usd |
CY2020Q3 | bmra |
Shelf Registration Statement Maximum Authorized Common Stock Issuance Value
ShelfRegistrationStatementMaximumAuthorizedCommonStockIssuanceValue
|
90000000 | usd |
CY2021Q1 | bmra |
Shelf Registration Statement Maximum Authorized Common Stock Issuance Value
ShelfRegistrationStatementMaximumAuthorizedCommonStockIssuanceValue
|
15000000 | usd |
CY2021Q1 | us-gaap |
Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
|
9600000 | shares |
CY2022Q3 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="FONT-SIZE:12pt; FONT-FAMILY:"Times New Roman",serif; TEXT-ALIGN:justify; MARGIN:0in 2.7pt 0in 0in"><b><span style="FONT-SIZE:10pt">CONCENTRATION OF CREDIT RISK</span></b></p><p style="FONT-SIZE:12pt; FONT-FAMILY:"Times New Roman",serif; TEXT-ALIGN:justify; MARGIN:0in 2.7pt 0in 0in"> </p><p style="FONT-SIZE:12pt; FONT-FAMILY:"Times New Roman",serif; TEXT-ALIGN:justify; MARGIN:0in 2.7pt 0in 0in"><span style="FONT-SIZE:10pt">The Company maintains cash balances at certain financial institutions in excess of amounts insured by federal agencies. <span style="COLOR:black">As of August 31, 2022,</span> the Company had approximately $5,834,000 of uninsured cash. <span style="COLOR:black">The Company does not believe it is exposed to any significant credit risks.</span></span></p><p style="FONT-SIZE:12pt; FONT-FAMILY:"Times New Roman",serif; TEXT-ALIGN:justify; MARGIN:0in 2.7pt 0in 0in"> </p><p style="FONT-SIZE:12pt; FONT-FAMILY:"Times New Roman",serif; TEXT-ALIGN:justify; MARGIN:0in 2.7pt 0in 0in"><span style="FONT-SIZE:10pt">Consolidated net sales were approximately $1,637,000 for the <span style="COLOR:black">three months ended August 31, 2022, as compared to $1,262,000 for the three months ended August 31, 2021. </span>For <span style="COLOR:black">the three months ended August 31, 2022 and 2021,</span> the Company had <span style="COLOR:black">two</span> key customers who are located in foreign countries which accounted <span style="COLOR:black">for 64%</span> and <span style="COLOR:black">60%</span> of net consolidated sales, respectively. </span></p><p style="FONT-SIZE:12pt; FONT-FAMILY:"Times New Roman",serif; TEXT-ALIGN:justify; MARGIN:0in 2.7pt 0in 0in"> </p><p style="FONT-SIZE:12pt; FONT-FAMILY:"Times New Roman",serif; TEXT-ALIGN:justify; MARGIN:0in 2.7pt 0in 0in"><span style="FONT-SIZE:10pt; COLOR:black">Total gross receivables on August 31, 2022 and May 31, 2022 were approximately $1,315,000 and $927,000, respectively. On August 31, 2022</span><span style="FONT-SIZE:10pt"> and <span style="COLOR:black"> May 31, 2022,</span> the Company had two and <span style="COLOR:black">one</span> key customers who are located in foreign countries which accounted for a total of 67% and <span style="COLOR:black">50%,</span> respectively, of gross accounts receivable. </span></p><p style="FONT-SIZE:12pt; FONT-FAMILY:"Times New Roman",serif; TEXT-ALIGN:justify; MARGIN:0in 2.7pt 0in 0in"> </p><p style="FONT-SIZE:12pt; FONT-FAMILY:"Times New Roman",serif; TEXT-ALIGN:justify; MARGIN:0in 2.7pt 0in 0in"><span style="FONT-SIZE:10pt; COLOR:black">For the three months ended August 31, 2022 and 2021, the</span><span style="FONT-SIZE:10pt"> Company had one <span style="COLOR:black">k</span>ey vendor which accounted for 9% <span style="COLOR:black">and 17%</span> of the purchases of raw materials, respectively. <span style="COLOR:black">As of August 31, 2022 and May 31, 2022,</span> the Company had one and two key vendors which accounted for 11% <span style="COLOR:black">and 69%, respectively</span>, of accounts payable.</span></p><p style="FONT-SIZE:12pt; FONT-FAMILY:"Times New Roman",serif; TEXT-ALIGN:justify; MARGIN:0in 2.7pt 0in 0in"> </p> | |
CY2022Q3 | us-gaap |
Cash Uninsured Amount
CashUninsuredAmount
|
5834000 | usd |
CY2022Q3 | us-gaap |
Revenues
Revenues
|
1637000 | usd |
CY2021Q3 | us-gaap |
Revenues
Revenues
|
1262000 | usd |
CY2022Q3 | us-gaap |
Accounts Receivable Gross
AccountsReceivableGross
|
1315000 | usd |
CY2022Q2 | us-gaap |
Accounts Receivable Gross
AccountsReceivableGross
|
927000 | usd |
CY2022Q3 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
383000 | usd |
CY2022Q2 | us-gaap |
Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
|
153000 | usd |
CY2021Q3 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
1262000 | usd |
CY2022Q3 | us-gaap |
Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
|
239000 | usd |
CY2022Q2 | us-gaap |
Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
|
320000 | usd |
CY2022Q3 | us-gaap |
Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
|
1732000 | usd |
CY2022Q2 | us-gaap |
Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
|
1717000 | usd |
CY2022Q3 | us-gaap |
Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
|
723000 | usd |
CY2022Q2 | us-gaap |
Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
|
763000 | usd |
CY2022Q3 | us-gaap |
Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
|
449000 | usd |
CY2022Q2 | us-gaap |
Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
|
782000 | usd |
CY2022Q3 | us-gaap |
Inventory Gross
InventoryGross
|
2904000 | usd |
CY2022Q2 | us-gaap |
Inventory Gross
InventoryGross
|
3262000 | usd |
CY2022Q3 | us-gaap |
Inventory Valuation Reserves
InventoryValuationReserves
|
982000 | usd |
CY2022Q2 | us-gaap |
Inventory Valuation Reserves
InventoryValuationReserves
|
846000 | usd |
CY2022Q3 | us-gaap |
Inventory Net
InventoryNet
|
1922000 | usd |
CY2022Q2 | us-gaap |
Inventory Net
InventoryNet
|
2416000 | usd |
CY2022Q3 | us-gaap |
Inventory Valuation Reserves
InventoryValuationReserves
|
982000 | usd |
CY2022Q2 | us-gaap |
Inventory Valuation Reserves
InventoryValuationReserves
|
846000 | usd |
CY2022Q3 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
9000 | usd |
CY2021Q3 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
7000 | usd |
CY2022Q3 | us-gaap |
Asset Impairment Charges
AssetImpairmentCharges
|
6000 | usd |
CY2021Q3 | us-gaap |
Asset Impairment Charges
AssetImpairmentCharges
|
0 | usd |
CY2022Q3 | us-gaap |
Deferred Tax Assets Gross
DeferredTaxAssetsGross
|
7402000 | usd |
CY2022Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
304000 | usd |
CY2021Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
320000 | usd |
CY2022Q3 | us-gaap |
Proceeds From Customers
ProceedsFromCustomers
|
151000 | usd |
CY2022Q3 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
1637000 | usd |
CY2022Q3 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
361000 | usd |
CY2021Q3 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
382000 | usd |
CY2022Q2 | us-gaap |
Deferred Tax Assets Gross
DeferredTaxAssetsGross
|
6967000 | usd |
CY2022Q3 | us-gaap |
Advertising Expense
AdvertisingExpense
|
18000 | usd |
CY2021Q3 | us-gaap |
Advertising Expense
AdvertisingExpense
|
8000 | usd |
CY2022Q3 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.065 | pure |
CY2022Q3 | us-gaap |
Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
|
<p style="FONT-SIZE:12pt; FONT-FAMILY:"Times New Roman",serif; TEXT-ALIGN:justify; MARGIN:0in"><b><span style="FONT-SIZE:10pt; COLOR:black">RECLASSIFICATIONS</span></b></p><p style="FONT-SIZE:12pt; FONT-FAMILY:"Times New Roman",serif; TEXT-ALIGN:justify; MARGIN:0in"> </p><p style="FONT-SIZE:12pt; FONT-FAMILY:"Times New Roman",serif; TEXT-ALIGN:justify; MARGIN:0in"><span style="FONT-SIZE:10pt; COLOR:black">Certain comparative figures in the August 31, 2021 condensed consolidated statement of operations have been reclassified to conform to the current period presentation. </span></p> | |
CY2022Q3 | us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
1 | pure |
CY2022Q3 | us-gaap |
Revenues
Revenues
|
1637000 | usd |
CY2021Q3 | us-gaap |
Revenues
Revenues
|
1262000 | usd |
CY2022Q3 | us-gaap |
Security Deposit
SecurityDeposit
|
22000 | usd |
CY2022Q3 | us-gaap |
Payments For Rent
PaymentsForRent
|
78000 | usd |
CY2021Q3 | us-gaap |
Payments For Rent
PaymentsForRent
|
78000 | usd |
CY2022Q3 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
86000 | usd |
CY2022Q3 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P4Y7D | |
CY2022Q3 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
354000 | usd |
CY2022Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
364000 | usd |
CY2022Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
375000 | usd |
CY2022Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
387000 | usd |
CY2022Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
|
8000 | usd |
CY2022Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
1488000 | usd |
CY2022Q3 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
173000 | usd |
CY2022Q3 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
1315000 | usd |
CY2022Q3 | us-gaap |
Interest Expense Other
InterestExpenseOther
|
usd | |
CY2021Q3 | us-gaap |
Interest Expense Other
InterestExpenseOther
|
usd | |
CY2021Q3 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
usd | |
CY2022Q3 | us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
usd | |
CY2021Q3 | bmra |
Write Off Of Intangible Assets Cost
WriteOffOfIntangibleAssetsCost
|
usd | |
CY2021Q3 | bmra |
Write Off Of Intangible Assets Accumulated Amortization
WriteOffOfIntangibleAssetsAccumulatedAmortization
|
usd | |
CY2022Q3 | dei |
Amendment Flag
AmendmentFlag
|
false | |
CY2022Q3 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--05-31 | |
CY2022Q3 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q1 | |
CY2022Q3 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2023 | |
CY2022Q3 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0000073290 |