2022 Q4 Form 10-Q Financial Statement

#000151316222000122 Filed on October 13, 2022

View on sec.gov

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

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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
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5141 usd
CY2022Q3 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2022Q3 us-gaap Proceeds From Issuance Of Common Stock
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CY2021Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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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
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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:&quot;Times New Roman&quot;; MARGIN:0in 2.7pt 0in 0in"><b><span style="FONT-FAMILY:&quot;Times New Roman&quot;,serif">NOTE 1:  BASIS OF PRESENTATION</span></b></p><p style="FONT-SIZE:10pt; FONT-FAMILY:&quot;Times New Roman&quot;; MARGIN:0in 2.7pt 0in 0in"> </p><p style="FONT-SIZE:12pt; FONT-FAMILY:&quot;Times New Roman&quot;,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:&quot;Times New Roman&quot;,serif; TEXT-ALIGN:justify; MARGIN:0in"> </p><p style="FONT-SIZE:12pt; FONT-FAMILY:&quot;Times New Roman&quot;,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:&quot;Times New Roman&quot;,serif; TEXT-ALIGN:justify; MARGIN:0in"> </p><p style="FONT-SIZE:12pt; FONT-FAMILY:&quot;Times New Roman&quot;,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:&quot;Times New Roman&quot;,serif; TEXT-ALIGN:justify; MARGIN:0in"> </p><p style="FONT-SIZE:12pt; FONT-FAMILY:&quot;Times New Roman&quot;,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:&quot;Times New Roman&quot;,serif; TEXT-ALIGN:justify; MARGIN:0in"> </p><p style="FONT-SIZE:12pt; FONT-FAMILY:&quot;Times New Roman&quot;,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:&quot;Times New Roman&quot;,serif; TEXT-ALIGN:justify; MARGIN:0in 2.7pt 0in 0in"> </p><p style="FONT-SIZE:10pt; FONT-FAMILY:&quot;Times New Roman&quot;; TEXT-ALIGN:justify; MARGIN:0in 2.7pt 0in 0in"><span style="FONT-FAMILY:&quot;Times New Roman&quot;,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:&quot;Times New Roman&quot;,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:&quot;Times New Roman&quot;,serif; TEXT-ALIGN:justify; MARGIN:0in 2.7pt 0in 0in"> </p><p style="FONT-SIZE:12pt; FONT-FAMILY:&quot;Times New Roman&quot;,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:&quot;Times New Roman&quot;,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:&quot;Times New Roman&quot;,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:&quot;Times New Roman&quot;,serif; TEXT-ALIGN:justify; MARGIN:0in 2.7pt 0in 0in"> </p><p style="FONT-SIZE:12pt; FONT-FAMILY:&quot;Times New Roman&quot;,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:&quot;Times New Roman&quot;,serif; TEXT-ALIGN:justify; MARGIN:0in 2.7pt 0in 0in"> </p><p style="FONT-SIZE:12pt; FONT-FAMILY:&quot;Times New Roman&quot;,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:&quot;Times New Roman&quot;,serif; TEXT-ALIGN:justify; MARGIN:0in 2.7pt 0in 0in"> </p><p style="FONT-SIZE:12pt; FONT-FAMILY:&quot;Times New Roman&quot;,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:&quot;Times New Roman&quot;,serif; TEXT-ALIGN:justify; MARGIN:0in 2.7pt 0in 0in"> </p><p style="FONT-SIZE:12pt; FONT-FAMILY:&quot;Times New Roman&quot;,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:&quot;Times New Roman&quot;,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:&quot;Times New Roman&quot;,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:&quot;Times New Roman&quot;,serif; TEXT-ALIGN:justify; MARGIN:0in"> </p><p style="FONT-SIZE:12pt; FONT-FAMILY:&quot;Times New Roman&quot;,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

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