2018 Q4 Form 10-Q Financial Statement

#000086266819000003 Filed on February 14, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q4
Revenue $2.419M $2.258M $3.383M
YoY Change -28.5% -14.12% 6.97%
Cost Of Revenue $1.280M $1.203M $1.838M
YoY Change -30.34% -18.0% 7.34%
Gross Profit $1.139M $1.055M $1.545M
YoY Change -26.31% -9.21% 6.53%
Gross Profit Margin 47.08% 46.73% 45.68%
Selling, General & Admin $1.139M $1.002M $1.193M
YoY Change -4.5% 0.58% -1.18%
% of Gross Profit 100.02% 94.98% 77.18%
Research & Development $226.3K $96.41K $107.5K
YoY Change 110.53% -50.07% -62.43%
% of Gross Profit 19.88% 9.14% 6.96%
Depreciation & Amortization $14.93K $13.19K $10.00K
YoY Change 49.3% 11.23% 0.0%
% of Gross Profit 1.31% 1.25% 0.65%
Operating Expenses $1.365M $1.099M $1.300M
YoY Change 5.01% -7.64% -12.92%
Operating Profit -$226.5K -$43.40K $245.1K
YoY Change -192.42% 59.12% -676.66%
Interest Expense $3.422K $6.851K $34.56K
YoY Change -90.1% -79.52% 53.68%
% of Operating Profit 14.1%
Other Income/Expense, Net $8.564K -$4.341K $466.1K
YoY Change -98.16% -86.94% -2176.37%
Pretax Income -$218.0K -$50.00K $710.0K
YoY Change -130.7% -16.67% -1283.33%
Income Tax
% Of Pretax Income
Net Earnings -$218.0K -$47.74K $711.2K
YoY Change -130.65% -21.12% -1194.91%
Net Earnings / Revenue -9.01% -2.11% 21.02%
Basic Earnings Per Share -$0.03 -$0.01 $0.09
Diluted Earnings Per Share -$0.03 -$0.01 $0.09
COMMON SHARES
Basic Shares Outstanding 7.415M shares 7.415M shares 7.551M shares
Diluted Shares Outstanding 7.415M shares 7.415M shares 7.551M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $652.5K $910.0K $790.0K
YoY Change -17.4% 111.63% 46.3%
Cash & Equivalents $652.5K $415.8K $788.2K
Short-Term Investments
Other Short-Term Assets $237.6K $257.0K $197.0K
YoY Change 20.64% 11.53% -40.69%
Inventory $1.969M $1.969M $2.067M
Prepaid Expenses
Receivables $1.300M $1.422M $1.926M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.410M $4.610M $4.979M
YoY Change -11.42% 9.54% 8.66%
LONG-TERM ASSETS
Property, Plant & Equipment $67.67K $74.50K $43.93K
YoY Change 54.04% 47.36% -34.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $824.2K $835.9K $820.1K
YoY Change 0.5% 0.52% -15.3%
TOTAL ASSETS
Total Short-Term Assets $4.410M $4.610M $4.979M
Total Long-Term Assets $824.2K $835.9K $820.1K
Total Assets $5.234M $5.446M $5.799M
YoY Change -9.73% 8.05% 4.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $740.2K $679.0K $945.3K
YoY Change -21.7% -33.22% -22.29%
Accrued Expenses $736.4K $744.2K $1.221M
YoY Change -39.7% -29.34% 12.28%
Deferred Revenue
YoY Change
Short-Term Debt $201.6K $201.6K $645.0K
YoY Change -68.75% -76.83% 158.0%
Long-Term Debt Due $3.490K $0.00
YoY Change
Total Short-Term Liabilities $2.341M $2.321M $3.199M
YoY Change -26.82% -25.99% -2.53%
LONG-TERM LIABILITIES
Long-Term Debt $16.41K $20.00K $0.00
YoY Change
Other Long-Term Liabilities $730.3K $740.0K $770.0K
YoY Change -5.15% -5.13% -6.1%
Total Long-Term Liabilities $746.7K $760.3K $765.3K
YoY Change -2.42% -2.63% -6.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.341M $2.321M $3.199M
Total Long-Term Liabilities $746.7K $760.3K $765.3K
Total Liabilities $3.088M $3.082M $3.964M
YoY Change -22.11% -21.33% -3.3%
SHAREHOLDERS EQUITY
Retained Earnings -$68.21M -$67.99M -$67.88M
YoY Change 0.49% -0.87% -0.56%
Common Stock $7.415K $7.415K $7.551K
YoY Change -1.8% -1.8% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.147M $2.365M $1.834M
YoY Change
Total Liabilities & Shareholders Equity $5.234M $5.446M $5.799M
YoY Change -9.73% 8.05% 4.48%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q4
OPERATING ACTIVITIES
Net Income -$218.0K -$47.74K $711.2K
YoY Change -130.65% -21.12% -1194.91%
Depreciation, Depletion And Amortization $14.93K $13.19K $10.00K
YoY Change 49.3% 11.23% 0.0%
Cash From Operating Activities -$258.7K $11.83K -$110.0K
YoY Change 135.17% -106.96% -68.57%
INVESTING ACTIVITIES
Capital Expenditures $3.490K -$10.00K $0.00
YoY Change 0.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $500.0K
YoY Change -100.0%
Cash From Investing Activities $3.490K -$6.506K $500.0K
YoY Change -99.3% -55.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.710K $36.07K -40.00K
YoY Change -88.23% -51.91% -107.69%
NET CHANGE
Cash From Operating Activities -258.7K $11.83K -110.0K
Cash From Investing Activities 3.490K -$6.506K 500.0K
Cash From Financing Activities -4.710K $36.07K -40.00K
Net Change In Cash -259.9K $41.40K 350.0K
YoY Change -174.26% -136.24% 105.88%
FREE CASH FLOW
Cash From Operating Activities -$258.7K $11.83K -$110.0K
Capital Expenditures $3.490K -$10.00K $0.00
Free Cash Flow -$262.2K $21.83K -$110.0K
YoY Change 138.35% -113.65% -68.57%

Facts In Submission

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-6506 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-281201 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-248694 USD
CY2017Q4 us-gaap Net Income Loss
NetIncomeLoss
711220 USD
us-gaap Net Income Loss
NetIncomeLoss
650699 USD
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
-217983 USD
us-gaap Net Income Loss
NetIncomeLoss
-265719 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
432834 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
1278423 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
178316 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
183892 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
178535 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
182972 USD
CY2018Q2 us-gaap Other Assets Current
OtherAssetsCurrent
249620 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
268469 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
286239 USD
CY2018Q4 us-gaap Other Assets Current
OtherAssetsCurrent
237600 USD
us-gaap Other Income
OtherIncome
1000000 USD
us-gaap Other Income
OtherIncome
0 USD
CY2018Q2 us-gaap Other Long Term Notes Payable
OtherLongTermNotesPayable
18037 USD
CY2018Q4 us-gaap Other Long Term Notes Payable
OtherLongTermNotesPayable
16412 USD
CY2017Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
500000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
500000 USD
CY2018Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
11122 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
11122 USD
CY2018Q2 us-gaap Other Notes Payable Current
OtherNotesPayableCurrent
3153 USD
CY2018Q4 us-gaap Other Notes Payable Current
OtherNotesPayableCurrent
3491 USD
us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
500000 USD
us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
0 USD
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
12500 USD
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
0 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
2206 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
6506 USD
CY2018Q2 us-gaap Pension And Other Postretirement Defined Benefit Plans Current Liabilities
PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities
101891 USD
CY2018Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Current Liabilities
PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities
101891 USD
CY2018Q2 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
749480 USD
CY2018Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
730313 USD
CY2018 us-gaap Preferred Stock Amount Of Preferred Dividends In Arrears
PreferredStockAmountOfPreferredDividendsInArrears
19368 USD
us-gaap Preferred Stock Amount Of Preferred Dividends In Arrears
PreferredStockAmountOfPreferredDividendsInArrears
45379 USD
CY2017Q4 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
0 USD
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
0 USD
CY2018Q4 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
13006 USD
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
26011 USD
CY2018Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2018Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2018Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
2000000 shares
CY2018Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
2000000 shares
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
2000000 shares
CY2018Q2 us-gaap Preferred Stock Value
PreferredStockValue
645000 USD
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
645000 USD
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
100000 USD
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
0 USD
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
36575 USD
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
76268 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
67672 USD
CY2017Q3 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
545000 USD
CY2018Q3 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
100000 USD
CY2018Q2 us-gaap Related Party Transaction Due From To Related Party
RelatedPartyTransactionDueFromToRelatedParty
645000 USD
CY2018Q3 us-gaap Related Party Transaction Rate
RelatedPartyTransactionRate
0.0125
CY2018Q3 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
201575 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
1287 USD
CY2018Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
201575 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
2412255 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
2146536 USD
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7551430 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7551430 shares
CY2018Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7415329 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7415329 shares
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
60000 USD
CY2017Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
107509 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
300590 USD
CY2018Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
226338 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
322746 USD
CY2017Q2 us-gaap Restricted Cash
RestrictedCash
0 USD
CY2017Q4 us-gaap Restricted Cash
RestrictedCash
0 USD
CY2018Q2 us-gaap Restricted Cash
RestrictedCash
250000 USD
CY2018Q4 us-gaap Restricted Cash
RestrictedCash
251572 USD
CY2018Q2 us-gaap Restricted Cash Current
RestrictedCashCurrent
250000 USD
CY2018Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
251572 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-67942203 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-68207922 USD
CY2017Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3174742 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
5601234 USD
CY2018Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2197050 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
4219433 USD
CY2017Q4 us-gaap Sales Revenue Net
SalesRevenueNet
3383028 USD
us-gaap Sales Revenue Net
SalesRevenueNet
6012652 USD
CY2018Q4 us-gaap Sales Revenue Net
SalesRevenueNet
2418880 USD
us-gaap Sales Revenue Net
SalesRevenueNet
4677263 USD
CY2017Q4 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
208286 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
411418 USD
CY2018Q4 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
221830 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
457830 USD
CY2017Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1192624 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2189129 USD
CY2018Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1138916 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2141153 USD
CY2018Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
165000 USD
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7551430 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7551430 shares
CY2018Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7415329 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7415329 shares
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;Escalon Medical Corp. ("Escalon" or "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, which includes its division called "Trek" and its wholly owned subsidiaries: Sonomed, Inc. (&#8220;Sonomed&#8221;), Escalon Digital Solutions, Inc. (&#8220;EMI&#8221;), Escalon Holdings, Inc. (&#8220;EHI&#8221;), Escalon IP Holdings, Inc., and Sonomed IP Holdings, Inc. </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 and other government authorities 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:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The unaudited condensed consolidated financial statements included herein have been prepared pursuant to the rules and regulations of the Security and Exchange Commission, and reflect all adjustments (consisting of only normal and recurring adjustments) which are, in the opinion of management, necessary to present fairly the unaudited condensed consolidated financial information required herein. Certain information and note disclosures normally included in financial statement prepared in accordance with accounting principles generally accepted in the United Statements of America ("US GAAP") have been condensed or omitted pursuant to such rules and regulations. While management believes that the disclosures are adequate to make the information presented not misleading, it is suggested that these unaudited condensed consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K filed with the Security and Exchange Commission for the fiscal year ended June 30, 2018.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> The Company&#8217;s common stock trades on the OTCQB Market under the symbol &#8220;ESMC.&#8221;</font></div></div>
us-gaap Reclassifications
Reclassifications
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<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 US GAAP 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>

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0000862668-19-000003.txt Edgar Link pending
0000862668-19-000003-xbrl.zip Edgar Link pending
esmc-20181231.xml Edgar Link completed
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