2021 Q3 Form 10-Q Financial Statement

#000086266821000018 Filed on November 15, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3
Revenue $2.675M $2.414M
YoY Change 10.82% 5.5%
Cost Of Revenue $1.664M $1.504M
YoY Change 10.64% 27.81%
Gross Profit $1.011M $909.9K
YoY Change 11.13% -18.12%
Gross Profit Margin 37.8% 37.7%
Selling, General & Admin $904.5K $892.2K
YoY Change 1.38% -10.73%
% of Gross Profit 89.45% 98.05%
Research & Development $291.2K $209.3K
YoY Change 39.11% -14.78%
% of Gross Profit 28.8% 23.0%
Depreciation & Amortization $13.45K $11.30K
YoY Change 18.99% -5.06%
% of Gross Profit 1.33% 1.24%
Operating Expenses $1.196M $1.101M
YoY Change 8.55% -11.53%
Operating Profit -$184.5K -$191.6K
YoY Change -3.7% 43.24%
Interest Expense $4.697K $5.518K
YoY Change -14.88% 38.5%
% of Operating Profit
Other Income/Expense, Net $501.7K -$4.979K
YoY Change -10176.42% -100.66%
Pretax Income $317.2K -$196.6K
YoY Change -261.39% -131.63%
Income Tax
% Of Pretax Income
Net Earnings $317.2K -$196.6K
YoY Change -261.39% -131.63%
Net Earnings / Revenue 11.86% -8.14%
Basic Earnings Per Share $0.04 -$0.03
Diluted Earnings Per Share $0.02 -$0.03
COMMON SHARES
Basic Shares Outstanding 7.415M shares 7.415M shares
Diluted Shares Outstanding 12.88M shares 7.415M shares

Balance Sheet

Concept 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.256M $1.366M
YoY Change -8.06% 228.5%
Cash & Equivalents $1.256M $1.366M
Short-Term Investments
Other Short-Term Assets $195.9K $178.8K
YoY Change 9.56% -21.45%
Inventory $1.388M $1.585M
Prepaid Expenses
Receivables $1.358M $1.046M
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.453M $4.431M
YoY Change 0.51% 6.7%
LONG-TERM ASSETS
Property, Plant & Equipment $72.91K $90.82K
YoY Change -19.73% 49.13%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $62.79K $62.79K
YoY Change 0.0% 0.0%
Total Long-Term Assets $1.008M $1.312M
YoY Change -23.19% -31.69%
TOTAL ASSETS
Total Short-Term Assets $4.453M $4.431M
Total Long-Term Assets $1.008M $1.312M
Total Assets $5.461M $5.743M
YoY Change -4.91% -5.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.122M $919.6K
YoY Change 21.99% 33.01%
Accrued Expenses $793.1K $814.1K
YoY Change -2.57% 31.42%
Deferred Revenue
YoY Change
Short-Term Debt $204.5K $201.6K
YoY Change 1.43% 0.0%
Long-Term Debt Due $3.400K $3.490K
YoY Change -2.58% 0.0%
Total Short-Term Liabilities $2.911M $3.191M
YoY Change -8.79% 31.22%
LONG-TERM LIABILITIES
Long-Term Debt $158.9K $354.9K
YoY Change -55.23% 2438.77%
Other Long-Term Liabilities $40.86K $881.8K
YoY Change -95.37% 4.43%
Total Long-Term Liabilities $773.8K $1.237M
YoY Change -37.44% 44.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.911M $3.191M
Total Long-Term Liabilities $773.8K $1.237M
Total Liabilities $3.684M $4.428M
YoY Change -16.79% 34.57%
SHAREHOLDERS EQUITY
Retained Earnings -$68.60M -$69.04M
YoY Change -0.64% 2.17%
Common Stock $7.415K $7.415K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.777M $1.315M
YoY Change
Total Liabilities & Shareholders Equity $5.461M $5.743M
YoY Change -4.91% -5.44%

Cashflow Statement

Concept 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $317.2K -$196.6K
YoY Change -261.39% -131.63%
Depreciation, Depletion And Amortization $13.45K $11.30K
YoY Change 18.99% -5.06%
Cash From Operating Activities -$393.4K $541.1K
YoY Change -172.7% 7450.64%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.663K -$889.00
YoY Change 87.06% 8.15%
NET CHANGE
Cash From Operating Activities -$393.4K $541.1K
Cash From Investing Activities $0.00
Cash From Financing Activities -$1.663K -$889.00
Net Change In Cash -$395.0K $540.2K
YoY Change -173.13% 8414.97%
FREE CASH FLOW
Cash From Operating Activities -$393.4K $541.1K
Capital Expenditures
Free Cash Flow
YoY Change

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1081239 USD
CY2021Q3 us-gaap Interest Paid Net
InterestPaidNet
4697 USD
CY2020Q3 us-gaap Interest Paid Net
InterestPaidNet
2854 USD
CY2021Q3 esmc Record Ro Uassets
RecordROUassets
0 USD
CY2020Q3 esmc Record Ro Uassets
RecordROUassets
18001 USD
CY2021Q3 esmc Record Lease Liabilities
RecordLeaseLiabilities
0 USD
CY2020Q3 esmc Record Lease Liabilities
RecordLeaseLiabilities
18001 USD
CY2021Q3 esmc Dispose Ro Uassets
DisposeROUassets
0 USD
CY2020Q3 esmc Dispose Ro Uassets
DisposeROUassets
9154 USD
CY2021Q3 esmc Dispose Lease Liabilities
DisposeLeaseLiabilities
0 USD
CY2020Q3 esmc Dispose Lease Liabilities
DisposeLeaseLiabilities
9154 USD
CY2020Q2 us-gaap Nature Of Operations
NatureOfOperations
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 “Company” collectively shall mean Escalon, which includes its division called "Trek" and its wholly owned subsidiaries: Sonomed, Inc. (“Sonomed”), Escalon Digital Solutions, Inc. (“EMI”), and Sonomed IP Holdings, Inc. <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">    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 “FDA”). The FDA and other government authorities require 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.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">    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 statements 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, 2021. The results of operations for the three months ended September 30, 2021 are not necessarily indicative of </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the results to be expected for the full year. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">    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 domestic 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, 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 was able to maintain operations during the lockdown. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">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. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company applied for and received $500,000 in April 2020 under the Payroll Protection Program (PPP loan) which helped reverse the negative impact in terms of the liquidity. The maturity date was two years from the date of the note. The interest rate was 1.00% per year. The full amount of the PPP loan and accrued interest were forgiven on August 13, 2021 a</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">nd was included in other income in the unaudited condensed consolidated statement of operations for the three-month period ended September 30, 2021</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. The Company received a $150,000 Economic Injury Disaster ("EIDL") loan. The annual interest rate is 3.75%.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> The payment term is 30 years and the monthly payment of $731 started on July 1, 2021. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">    The Company’s common stock trades on the OTCQB Market under the symbol “ESMC.”</span></div>
CY2021Q3 esmc Pp Ploanamount
PPPloanamount
500000 USD
CY2021Q3 us-gaap Long Term Debt Percentage Bearing Fixed Interest Rate
LongTermDebtPercentageBearingFixedInterestRate
0.0100
CY2021Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-68600000 USD
CY2021Q3 us-gaap Use Of Estimates
UseOfEstimates
The preparation of financial statements in conformity with accounting principles generally affected in the US Generally Accepted Accounting Principles ("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.
CY2021Q3 esmc Maximum Maturity Of Highly Liquid Investments Period
MaximumMaturityOfHighlyLiquidInvestmentsPeriod
P90D
CY2021Q3 us-gaap Restricted Cash
RestrictedCash
256000 USD
CY2021Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
115000 USD
CY2020Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
100000 USD
CY2021 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 USD
CY2020Q3 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
230000 USD
CY2021Q3 us-gaap Deferred Revenue
DeferredRevenue
276000 USD
CY2020Q3 us-gaap Deferred Revenue
DeferredRevenue
467000 USD
CY2021Q2 us-gaap Deferred Revenue
DeferredRevenue
364000 USD
CY2020Q2 us-gaap Deferred Revenue
DeferredRevenue
516000 USD
CY2021Q3 us-gaap Deferred Revenue Additions
DeferredRevenueAdditions
107000 USD
CY2020Q3 us-gaap Deferred Revenue Additions
DeferredRevenueAdditions
181000 USD
CY2021Q3 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
195000 USD
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
317220 USD
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
317220 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-196553 USD
CY2021Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
13006 USD
CY2020Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
12970 USD
CY2021Q3 us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
304214 USD
CY2020Q3 us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
-209523 USD
CY2021Q3 us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
304214 USD
CY2020Q3 us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
-209523 USD
CY2021Q3 us-gaap Convertible Preferred Dividends Net Of Tax
ConvertiblePreferredDividendsNetOfTax
13006 USD
CY2020Q3 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
0 USD
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
317220 USD
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-209523 USD
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7415329 shares
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7415329 shares
CY2021Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
5460873 shares
CY2020Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12876202 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7415329 shares
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.03
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
157000 shares
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5361527 shares
CY2021Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
852000 USD
CY2021Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
833000 USD
CY2021Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
134000 USD
CY2021Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
171000 USD
CY2021Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
752000 USD
CY2021Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
773000 USD
CY2021Q3 us-gaap Inventory Gross
InventoryGross
1738000 USD
CY2021Q2 us-gaap Inventory Gross
InventoryGross
1777000 USD
CY2021Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
350000 USD
CY2021Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
360000 USD
CY2021Q3 us-gaap Inventory Net
InventoryNet
1388000 USD
CY2021Q2 us-gaap Inventory Net
InventoryNet
1417000 USD
CY2018Q1 us-gaap Related Party Transaction Due From To Related Party
RelatedPartyTransactionDueFromToRelatedParty
645000 USD
CY2018Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
2000000 shares
CY2021Q3 us-gaap Common Stock Voting Rights
CommonStockVotingRights
77.81
CY2021Q1 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
2.15 shares
CY2021Q3 us-gaap Common Stock Conversion Basis
CommonStockConversionBasis
4,300,000
CY2021Q3 us-gaap Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
0.3670
CY2018Q1 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.0258
CY2021Q3 us-gaap Preferred Stock Amount Of Preferred Dividends In Arrears
PreferredStockAmountOfPreferredDividendsInArrears
187137 USD
CY2021Q3 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.0936
CY2020Q3 us-gaap Preferred Stock Amount Of Preferred Dividends In Arrears
PreferredStockAmountOfPreferredDividendsInArrears
174131 USD
CY2020Q3 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.0871
CY2021Q1 us-gaap Line Of Credit Facility Interest Rate At Period End
LineOfCreditFacilityInterestRateAtPeriodEnd
0.0099
CY2021Q3 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
201575 USD
CY2021Q3 us-gaap Line Of Credit Facility Periodic Payment Interest
LineOfCreditFacilityPeriodicPaymentInterest
3000 USD
CY2020Q3 us-gaap Line Of Credit Facility Periodic Payment Interest
LineOfCreditFacilityPeriodicPaymentInterest
3000 USD
CY2021Q3 us-gaap Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
731 USD
CY2021Q3 us-gaap Other Long Term Debt
OtherLongTermDebt
82000 USD
CY2021Q3 us-gaap Other Short Term Borrowings
OtherShortTermBorrowings
41000 USD
CY2021Q3 us-gaap Concentration Risk Supplier
ConcentrationRiskSupplier
three
CY2021 us-gaap Concentration Risk Supplier
ConcentrationRiskSupplier
three
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
84245 USD
CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
93861 USD
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
84245 USD
CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
93861 USD
CY2021Q3 us-gaap Short Term Lease Payments
ShortTermLeasePayments
82390 USD
CY2020Q3 us-gaap Short Term Lease Payments
ShortTermLeasePayments
89800 USD
CY2021Q3 us-gaap Short Term Lease Payments
ShortTermLeasePayments
82390 USD
CY2020Q3 us-gaap Short Term Lease Payments
ShortTermLeasePayments
89800 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
239133 USD
CY2021Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
263162 USD
CY2021Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
268372 USD
CY2021Q3 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
141865 USD
CY2021Q3 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
2728 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
915260 USD
CY2021Q3 esmc Interestportioninthefutureleasepayments
Interestportioninthefutureleasepayments
76182 USD
CY2021Q3 esmc Netpresentvalueofnewleasefuturepayments
Netpresentvalueofnewleasefuturepayments
839078 USD
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y1M24D
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y4M6D
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0565
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0565

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