$ESMC
ESCALON MEDICAL CORP

2016 Form 10-K Financial Statement

#000086266816000043 Filed on October 12, 2016

View on sec.gov

Income Statement

Concept 2016 2015 Q2 2015
Revenue $11.58M $3.380M $13.14M
YoY Change -11.87% 13.04% 142.35%
Cost Of Revenue $6.198M $1.930M $7.007M
YoY Change -11.55% 10.29% 11.37%
Gross Profit $5.379M $1.450M $6.129M
YoY Change -12.25% 16.94% -803.55%
Gross Profit Margin 46.46% 42.9% 46.66%
Selling, General & Admin $5.069M $1.690M $5.880M
YoY Change -13.79% 23.36% 14.99%
% of Gross Profit 94.24% 116.55% 95.93%
Research & Development $1.450M $300.0K $1.302M
YoY Change 11.39% 3.45% -0.35%
% of Gross Profit 26.96% 20.69% 21.24%
Depreciation & Amortization $24.65K $0.00 $14.30K
YoY Change 72.36% 13.59%
% of Gross Profit 0.46% 0.0% 0.23%
Operating Expenses $6.519M $1.990M $7.182M
YoY Change -9.23% 19.88% 11.87%
Operating Profit -$1.140M -$540.0K -$1.052M
YoY Change 8.37% 28.57% 194.31%
Interest Expense $11.40K $0.00 $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$11.22K $0.00 $105.00
YoY Change -10786.67% -98.68%
Pretax Income -$1.152M -$540.0K -$1.052M
YoY Change 9.45% 28.57% 201.0%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$1.152M -$60.00K -$541.2K
YoY Change 112.75% -83.78% 41.73%
Net Earnings / Revenue -9.95% -1.78% -4.12%
Basic Earnings Per Share -$0.15 -$0.07
Diluted Earnings Per Share -$0.15 -$7.968K -$0.07
COMMON SHARES
Basic Shares Outstanding 7.541M shares 7.526M shares 7.526M shares
Diluted Shares Outstanding 7.541M shares 7.526M shares

Balance Sheet

Concept 2016 2015 Q2 2015
SHORT-TERM ASSETS
Cash & Short-Term Investments $538.1K $1.520M $1.517M
YoY Change -64.52% -24.38% -24.54%
Cash & Equivalents $538.1K $1.517M $1.517M
Short-Term Investments
Other Short-Term Assets $281.3K $245.5K $245.5K
YoY Change 14.59% -14.32% -15.34%
Inventory $2.107M $2.220M $2.220M
Prepaid Expenses
Receivables $1.615M $1.786M $1.786M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.541M $5.768M $5.768M
YoY Change -21.27% -16.37% -16.41%
LONG-TERM ASSETS
Property, Plant & Equipment $81.21K $48.01K $48.01K
YoY Change 69.15% 96.32% 140.05%
Goodwill $125.0K
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $989.2K $781.2K $781.3K
YoY Change 26.62% 2.89% 2.8%
TOTAL ASSETS
Total Short-Term Assets $4.541M $5.768M $5.768M
Total Long-Term Assets $989.2K $781.2K $781.3K
Total Assets $5.530M $6.549M $6.549M
YoY Change -15.55% -14.46% -14.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.092M $1.044M $1.044M
YoY Change 4.57% -29.73% -29.92%
Accrued Expenses $1.227M $1.529M $1.529M
YoY Change -19.78% 30.73% 30.72%
Deferred Revenue
YoY Change
Short-Term Debt $275.0K $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.784M $2.762M $2.762M
YoY Change 0.82% -17.58% -17.56%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $835.6K $800.0K $797.4K
YoY Change 4.79% -4.76% -5.07%
Total Long-Term Liabilities $835.6K $797.4K $797.4K
YoY Change 4.79% -5.26% -5.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.784M $2.762M $2.762M
Total Long-Term Liabilities $835.6K $797.4K $797.4K
Total Liabilities $3.620M $3.559M $3.559M
YoY Change 1.71% -15.11% -15.06%
SHAREHOLDERS EQUITY
Retained Earnings -$66.65M
YoY Change 0.82%
Common Stock $7.526K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.910M $2.990M $2.990M
YoY Change
Total Liabilities & Shareholders Equity $5.530M $6.549M $6.549M
YoY Change -15.55% -14.46% -14.5%

Cashflow Statement

Concept 2016 2015 Q2 2015
OPERATING ACTIVITIES
Net Income -$1.152M -$60.00K -$541.2K
YoY Change 112.75% -83.78% 41.73%
Depreciation, Depletion And Amortization $24.65K $0.00 $14.30K
YoY Change 72.36% 13.59%
Cash From Operating Activities -$1.197M $300.0K -$456.5K
YoY Change 162.19% -176.92% -26.67%
INVESTING ACTIVITIES
Capital Expenditures -$232.6K -$10.00K -$36.26K
YoY Change 541.59% 81.3%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$232.6K -$10.00K -$36.26K
YoY Change 541.59% 60.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 275.0K
YoY Change
NET CHANGE
Cash From Operating Activities -$1.197M 300.0K -$456.5K
Cash From Investing Activities -232.6K -10.00K -36.26K
Cash From Financing Activities 275.0K
Net Change In Cash -$1.197M 290.0K -$456.5K
YoY Change 162.19% -174.36% -29.24%
FREE CASH FLOW
Cash From Operating Activities -$1.197M $300.0K -$456.5K
Capital Expenditures -$232.6K -$10.00K -$36.26K
Free Cash Flow -$964.4K $310.0K -$420.3K
YoY Change 129.46% -179.49% -30.26%

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CY2016 us-gaap Nature Of 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:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;The Company 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:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;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%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;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. The Company has incurred recurring operating losses and negative cash flows from operating activities. These conditions raise substantial doubt about the Company&#8217;s ability to continue as a going concern.</font></div></div>
CY2016 us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that impact the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
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