$ESMC
ESCALON MEDICAL CORP

2014 Form 10-K Financial Statement

#000086266814000007 Filed on September 26, 2014

View on sec.gov

Income Statement

Concept 2014 2013 Q2 2013 Q1
Revenue $5.420M $2.860M $2.725M
YoY Change -52.85% -52.96% -12.05%
Cost Of Revenue $6.292M $1.600M $1.337M
YoY Change 6.55% -57.1% -10.76%
Gross Profit -$871.2K $1.270M $1.387M
YoY Change -115.58% -45.96% -13.26%
Gross Profit Margin -16.07% 44.41% 50.91%
Selling, General & Admin $5.113M $1.410M $1.409M
YoY Change -10.58% -40.0% -9.83%
% of Gross Profit 111.02% 101.58%
Research & Development $1.306M $300.0K $272.9K
YoY Change 18.2% -16.67% -9.15%
% of Gross Profit 23.62% 19.67%
Depreciation & Amortization $12.59K -$10.00K $10.00K
YoY Change -11.83% -50.0%
% of Gross Profit -0.79% 0.72%
Operating Expenses $6.420M $1.710M $1.682M
YoY Change -5.92% -37.13% -9.72%
Operating Profit -$357.5K -$440.0K -$294.9K
YoY Change -70.98% 18.92% 11.78%
Interest Expense $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
% of Operating Profit
Other Income/Expense, Net $7.982K $0.00 $11.10K
YoY Change -749.47% -114.66%
Pretax Income -$349.5K -$450.0K -$283.8K
YoY Change -71.65% -2.17% -16.42%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$381.9K -$650.0K -$285.9K
YoY Change -114.55% -33.67% -55.32%
Net Earnings / Revenue -7.05% -22.73% -10.49%
Basic Earnings Per Share -$0.05 -$0.04
Diluted Earnings Per Share -$0.05 -$86.32K -$0.04
COMMON SHARES
Basic Shares Outstanding 7.526M shares 7.526M shares 7.526M shares
Diluted Shares Outstanding 7.526M shares 7.526M shares

Balance Sheet

Concept 2014 2013 Q2 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.010M $2.650M $3.280M
YoY Change -24.15% 197.75% 485.71%
Cash & Equivalents $2.010M $538.1K $3.283M
Short-Term Investments
Other Short-Term Assets $290.0K $288.6K $179.4K
YoY Change 0.0% 44.8% 5.51%
Inventory $2.910M $2.911M $2.012M
Prepaid Expenses
Receivables $1.690M $1.726M $1.380M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $6.900M $6.523M $6.855M
YoY Change 5.83% -17.23% -20.76%
LONG-TERM ASSETS
Property, Plant & Equipment $20.00K $12.59K $12.86K
YoY Change 100.0% -2.78% -96.52%
Goodwill $125.0K $125.0K
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00
YoY Change -100.0%
Total Long-Term Assets $760.0K $749.3K $750.2K
YoY Change 1.33% -59.92% -60.93%
TOTAL ASSETS
Total Short-Term Assets $6.900M $6.523M $6.855M
Total Long-Term Assets $760.0K $749.3K $750.2K
Total Assets $7.660M $7.272M $7.605M
YoY Change 5.36% -25.42% -28.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.490M $672.9K $863.8K
YoY Change 122.39% 1.92% -52.54%
Accrued Expenses $1.170M $1.171M $755.7K
YoY Change 0.0% -12.31% -55.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $3.350M $2.520M $2.121M
YoY Change 32.94% -68.75% -73.43%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $840.0K $920.0K $1.010M
YoY Change -8.7% -11.54% 2.02%
Total Long-Term Liabilities $840.0K $923.7K $1.015M
YoY Change -8.7% -11.37% 2.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.350M $2.520M $2.121M
Total Long-Term Liabilities $840.0K $923.7K $1.015M
Total Liabilities $4.190M $3.443M $3.135M
YoY Change 21.8% -62.19% -65.05%
SHAREHOLDERS EQUITY
Retained Earnings -$65.72M -$65.07M
YoY Change -3.84%
Common Stock $7.526K $7.526K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.460M $3.464M $4.469M
YoY Change
Total Liabilities & Shareholders Equity $7.660M $7.272M $7.605M
YoY Change 5.36% -25.42% -28.05%

Cashflow Statement

Concept 2014 2013 Q2 2013 Q1
OPERATING ACTIVITIES
Net Income -$381.9K -$650.0K -$285.9K
YoY Change -114.55% -33.67% -55.32%
Depreciation, Depletion And Amortization $12.59K -$10.00K $10.00K
YoY Change -11.83% -50.0%
Cash From Operating Activities -$622.6K -$620.0K -$290.0K
YoY Change -67.81% -219.23% -42.0%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K -$10.00K $0.00
YoY Change 100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Cash From Investing Activities -$22.54K $0.00 $0.00
YoY Change -100.35% -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $2.487M
YoY Change -100.0%
Cash From Financing Activities 0.000 0.000 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -$622.6K -620.0K -290.0K
Cash From Investing Activities -$22.54K 0.000 0.000
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -$645.1K -620.0K -290.0K
YoY Change -114.17% -221.57% -44.23%
FREE CASH FLOW
Cash From Operating Activities -$622.6K -$620.0K -$290.0K
Capital Expenditures -$20.00K -$10.00K $0.00
Free Cash Flow -$602.6K -$610.0K -$290.0K
YoY Change -68.68% -217.31% -42.0%

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CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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CY2014 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2014 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization and Description of Business and Business Conditions</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Escalon Medical Corp. (&#8220;Escalon&#8221; or the &#8220;Company&#8221; ) is a Pennsylvania corporation initially incorporated in California in 1987, and reincorporated in Pennsylvania in November 2001. Within this document, the &#8220;Company&#8221; collectively shall mean Escalon and its wholly owned subsidiaries: Sonomed, Inc. (&#8220;Sonomed&#8221;), Trek, Inc. (&#8220;Trek&#8221;), Escalon Medical Europe GmbH (inactive), Escalon Digital Solutions, Inc. (&#8220;EMI&#8221;), Escalon Pharmaceutical, Inc. (&#8220;Pharmaceutical&#8221; inactive), Escalon Holdings, Inc. (&#8220;EHI&#8221;), Escalon IP Holdings, Inc., Sonomed IP Holdings, Inc., Drew Scientific Holdings, Inc. (discontinued), Drew Scientific Inc. (discontinued), and Drew Scientific Group, Plc (&#8220;Drew&#8221;) and its subsidiaries (discontinued). All intercompany accounts and transactions have been eliminated. </font></div><div style="line-height:120%;text-align:justify;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Arial;font-size:9pt;"></font><font style="font-family:inherit;font-size:10pt;">The Company operates in the healthcare market, specializing in the development, manufacture, marketing and distribution of medical devices and pharmaceuticals in the area of ophthalmology. The Company and its products are subject to regulation and inspection by the United States Food and Drug Administration (the &#8220;FDA&#8221;). The FDA requires extensive testing of new products prior to sale and has jurisdiction over the safety, efficacy and manufacture of products, as well as product labeling and marketing.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Escalon Medical Corp. had incurred recurring operating losses and negative cash flows from operating activities. These conditions raised substantial doubt in prior periods about the Company&#8217;s ability to continue as a going concern.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We believe that our existing cash and cash flow from operations will be sufficient to fund our activities throughout fiscal 2015. However, we have based this estimate on assumptions that may prove to be wrong, and we may use our available capital resources sooner than we currently expect. Further, our operating plan may change, and we may need additional funds to meet operational needs and capital requirements for product development and commercialization sooner than planned. Our forecast of the period of time through which our financial resources will be adequate to support our operations is a forward-looking statement and involves risks and uncertainties, and actual results could vary as a result of a number of factors, including the factors discussed in &#8220;Risk Factors.&#8221;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">With the sale of Escalon Clinical Diagnostics Business ("ECD") in October 2012 the Company is directing all of its research and development efforts towards Sonomed-Escalon and plans on introducing new and enhanced products the next </font><font style="font-family:inherit;font-size:10pt;">12</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">18</font><font style="font-family:inherit;font-size:10pt;"> months.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Management reviews financial information, allocates resources and manages the business as </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">two</font><font style="font-family:inherit;font-size:10pt;"> segments, Sonomed-Escalon, and Escalon Medical Corp. The Sonomed-Escalon&#160;segment consists of Sonomed, EMI and Trek, all of which are engaged in the development and sale of Ophthalmic medical devices. The Escalon Medical Corp. segment includes the administrative corporate operations of the consolidated group.</font></div></div>
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CY2014 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7526430 shares
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7526430 shares
CY2012Q4 esmc Assets Liabilities Of Disposal Group Including Discontinued Operation Net
AssetsLiabilitiesOfDisposalGroupIncludingDiscontinuedOperationNet
-3458000 USD
CY2013Q1 esmc Brokers Fee
BrokersFee
-325000 USD
esmc Cta Cumulative Translation Adjustments
CtaCumulativeTranslationAdjustments
-578422 USD
CY2013 esmc Effective Income Tax Rate Reconciliation Net Operating Loss Carryforward
EffectiveIncomeTaxRateReconciliationNetOperatingLossCarryforward
0.2100
CY2014 esmc Effective Income Tax Rate Reconciliation Net Operating Loss Carryforward
EffectiveIncomeTaxRateReconciliationNetOperatingLossCarryforward
0.12
CY2014 esmc Maximum Maturity Of Highly Liquid Investments Period
MaximumMaturityOfHighlyLiquidInvestmentsPeriod
P90D
CY2013 esmc Non Operating Expense Disposal Group
NonOperatingExpenseDisposalGroup
0 USD
CY2013 esmc Paymnettoacquireassetsdiscontinuedoperations
PAYMNETTOACQUIREASSETSDISCONTINUEDOPERATIONS
-8618 USD
CY2014 esmc Paymnettoacquireassetsdiscontinuedoperations
PAYMNETTOACQUIREASSETSDISCONTINUEDOPERATIONS
0 USD
CY2014 esmc Pensionandpostretirementbenifitsobligationactuarialadjustments
Pensionandpostretirementbenifitsobligationactuarialadjustments
15965 USD
CY2013 esmc Pensionandpostretirementbenifitsobligationactuarialadjustments
Pensionandpostretirementbenifitsobligationactuarialadjustments
38213 USD
CY2014 esmc Provision For Valuation Allowance
ProvisionForValuationAllowance
0 USD
CY2013 esmc Provision For Valuation Allowance
ProvisionForValuationAllowance
0 USD
esmc Total Accrued Interest Related Party
TotalAccruedInterestRelatedParty
0 USD
CY2013Q1 esmc Total Bhh Debt Oustanding Accrued Interest Included
TotalBhhDebtOustandingAccruedInterestIncluded
4367604 USD
CY2014 dei Amendment Flag
AmendmentFlag
false
CY2014 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
CY2014 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2014 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014 dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
CY2014 dei Document Type
DocumentType
10-K
CY2014 dei Entity Central Index Key
EntityCentralIndexKey
0000862668
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
7526430 shares
CY2014 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2013Q4 dei Entity Public Float
EntityPublicFloat
7526430 USD
CY2014 dei Entity Registrant Name
EntityRegistrantName
ESCALON MEDICAL CORP.
CY2014 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No

Files In Submission

Name View Source Status
0000862668-14-000007-index-headers.html Edgar Link pending
0000862668-14-000007-index.html Edgar Link pending
0000862668-14-000007.txt Edgar Link pending
0000862668-14-000007-xbrl.zip Edgar Link pending
esmc-20140630.xml Edgar Link completed
esmc-20140630.xsd Edgar Link pending
esmc-20140630_cal.xml Edgar Link unprocessable
esmc-20140630_def.xml Edgar Link unprocessable
esmc-20140630_lab.xml Edgar Link unprocessable
esmc-20140630_pre.xml Edgar Link unprocessable
esmc_2014630-10k.htm Edgar Link pending
esmc_2014630-10kex231.htm Edgar Link pending
esmc_2014630-10kex311.htm Edgar Link pending
esmc_2014630-10kex312.htm Edgar Link pending
esmc_2014630-10kex321.htm Edgar Link pending
esmc_2014630-10kex322.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
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report.css Edgar Link pending
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