2020 Q1 Form 10-Q Financial Statement

#000086266820000005 Filed on May 14, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q3 2019 Q1
Revenue $2.357M $2.288M $2.669M
YoY Change -11.66% 1.31% 1.26%
Cost Of Revenue $1.281M $1.177M $1.398M
YoY Change -8.35% -2.2% -6.05%
Gross Profit $1.076M $1.111M $1.271M
YoY Change -15.31% 5.31% 10.73%
Gross Profit Margin 45.66% 48.57% 47.63%
Selling, General & Admin $903.7K $999.4K $1.031M
YoY Change -12.33% -0.28% -10.17%
% of Gross Profit 83.95% 89.93% 81.1%
Research & Development $301.0K $245.6K $218.0K
YoY Change 38.08% 154.79% 135.31%
% of Gross Profit 27.97% 22.1% 17.15%
Depreciation & Amortization $13.74K $11.91K -$4.550K
YoY Change -401.98% -9.71% -122.75%
% of Gross Profit 1.28% 1.07% -0.36%
Operating Expenses $1.205M $1.245M $1.249M
YoY Change -3.53% 13.33% 0.7%
Operating Profit -$128.3K -$133.7K $22.19K
YoY Change -678.35% 208.21% -124.02%
Interest Expense $1.718K $3.984K $3.995K
YoY Change -57.0% -41.85% -85.91%
% of Operating Profit 18.01%
Other Income/Expense, Net $424.00 $755.1K $20.00
YoY Change 2020.0% -17495.07% -100.07%
Pretax Income -$127.9K $621.4K $22.21K
YoY Change -675.78% -1342.74% -118.51%
Income Tax
% Of Pretax Income
Net Earnings -$127.9K $621.4K $22.21K
YoY Change -675.92% -1401.69% -118.65%
Net Earnings / Revenue -5.42% 27.16% 0.83%
Basic Earnings Per Share -$0.02 $0.08 $0.00
Diluted Earnings Per Share -$0.02 $0.05 $0.00
COMMON SHARES
Basic Shares Outstanding 7.415M shares 7.415M shares 7.415M shares
Diluted Shares Outstanding 7.415M shares 12.19M shares 12.02M shares

Balance Sheet

Concept 2020 Q1 2019 Q3 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $695.7K $415.8K $528.3K
YoY Change 31.68% -54.31% -53.25%
Cash & Equivalents $695.6K $415.8K $528.3K
Short-Term Investments
Other Short-Term Assets $134.5K $227.7K $263.2K
YoY Change -48.89% -11.43% 30.43%
Inventory $1.900M $1.785M $1.685M
Prepaid Expenses
Receivables $1.114M $1.355M $1.623M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.100M $4.153M $4.352M
YoY Change -5.8% -9.92% -6.06%
LONG-TERM ASSETS
Property, Plant & Equipment $84.40K $60.90K $77.13K
YoY Change 9.42% -18.25% 30.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $62.79K $62.79K
YoY Change
Total Long-Term Assets $1.453M $1.921M $828.7K
YoY Change 75.37% 129.82% -0.22%
TOTAL ASSETS
Total Short-Term Assets $4.100M $4.153M $4.352M
Total Long-Term Assets $1.453M $1.921M $828.7K
Total Assets $5.553M $6.074M $5.180M
YoY Change 7.19% 11.53% -5.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $680.5K $691.4K $675.1K
YoY Change 0.81% 1.82% -7.23%
Accrued Expenses $683.4K $619.4K $760.3K
YoY Change -10.11% -16.76% -37.78%
Deferred Revenue
YoY Change
Short-Term Debt $201.6K $201.6K $201.6K
YoY Change 0.0% 0.0% 18.57%
Long-Term Debt Due $3.130K $3.490K $3.340K
YoY Change -6.29%
Total Short-Term Liabilities $2.597M $2.432M $2.272M
YoY Change 14.3% 4.76% -1.87%
LONG-TERM LIABILITIES
Long-Term Debt $12.64K $13.98K $15.77K
YoY Change -19.85% -30.1% -16.35%
Other Long-Term Liabilities $962.8K $844.5K $723.9K
YoY Change 33.01% 14.12% -5.99%
Total Long-Term Liabilities $975.5K $858.5K $739.6K
YoY Change 31.89% 12.91% -6.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.597M $2.432M $2.272M
Total Long-Term Liabilities $975.5K $858.5K $739.6K
Total Liabilities $3.573M $3.290M $3.012M
YoY Change 18.62% 6.77% -2.93%
SHAREHOLDERS EQUITY
Retained Earnings -$68.37M -$67.57M -$68.19M
YoY Change 0.28% -0.62% 0.28%
Common Stock $7.415K $7.415K $7.415K
YoY Change 0.0% 0.0% -1.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.980M $2.784M $2.169M
YoY Change
Total Liabilities & Shareholders Equity $5.553M $6.074M $5.180M
YoY Change 7.19% 11.53% -5.17%

Cashflow Statement

Concept 2020 Q1 2019 Q3 2019 Q1
OPERATING ACTIVITIES
Net Income -$127.9K $621.4K $22.21K
YoY Change -675.92% -1401.69% -118.65%
Depreciation, Depletion And Amortization $13.74K $11.91K -$4.550K
YoY Change -401.98% -9.71% -122.75%
Cash From Operating Activities $465.0K $7.166K -$122.7K
YoY Change -479.09% -39.44% -134.08%
INVESTING ACTIVITIES
Capital Expenditures -$2.910K $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$2.910K -$9.390K $0.00
YoY Change 44.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -860.0 -$822.00 -800.0
YoY Change 7.5% -102.28% -97.33%
NET CHANGE
Cash From Operating Activities 465.0K $7.166K -122.7K
Cash From Investing Activities -2.910K -$9.390K 0.000
Cash From Financing Activities -860.0 -$822.00 -800.0
Net Change In Cash 461.3K $6.344K -123.5K
YoY Change -473.58% -84.67% -137.42%
FREE CASH FLOW
Cash From Operating Activities $465.0K $7.166K -$122.7K
Capital Expenditures -$2.910K $0.00 $0.00
Free Cash Flow $467.9K $7.166K -$122.7K
YoY Change -481.46% -67.18% -134.08%

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us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#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:justify;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 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 require extensive testing of new products prior to sale and have 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:justify;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 Securities 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, 2019. The results of operations for the nine-month period ended March 31, 2020 are not necessarily indicative of the results to be expected for the full year. </font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On March 11, 2020, the World Health Organization declared the outbreak of a coronavirus (COVID-19) a pandemic. This pandemic has had a significant impact on the global and domesitc economy, and is likely to impact the operations of the Company. The Company has been assessing the impact of the COVID-19 pandemic on the business, including the impact on the financial condition and results of operations,&#160;financial resources, changes in accounting judgment as well as the impact on the supply and demand, etc. The Company is considered an essential business and has been able to maintain operations during the lockdown. The Company applied for and received </font><font style="font-family:inherit;font-size:10pt;">$500,000</font><font style="font-family:inherit;font-size:10pt;"> in April 2020 under the Payroll Protection Program (PPP loan) which will help reverse the negative impact in terms of the liquidity. The maturity date is two years from the date of the note. The interest rate is </font><font style="font-family:inherit;font-size:10pt;">1.00%</font><font style="font-family:inherit;font-size:10pt;"> per year. The Company remains in strong communications with the customers and there is no evidence showing that COVID-19 will greatly effect collection of accounts receivable as of date of this filing. There is no indication of any write-down of inventory as of date of this filing, such as decline in the market value of inventory despite a decrease of the sales in the lock down period. However, the Company does not know the extent and duration of the impact of COVID-19 on its business due to the uncertainty about the spread of the virus. </font></div><div style="line-height:120%;text-align:justify;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 Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;text-align:justify;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;">Lease deposits of </font><font style="font-family:inherit;font-size:10pt;">$51,915</font><font style="font-family:inherit;font-size:10pt;"> in the June&#160;30, 2019 consolidated balance sheet has been reclassed from other current assets to the other assets be conformity with the current period presentation.</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-align:justify;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 affected in the 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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