$ESMC
ESCALON MEDICAL CORP

2024 Q4 Form 10-Q Financial Statement

#000086266824000030 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $2.781M
YoY Change -5.56%
Cost Of Revenue $1.568M
YoY Change -4.89%
Gross Profit $1.213M
YoY Change -6.4%
Gross Profit Margin 43.62%
Selling, General & Admin $1.099M
YoY Change -0.08%
% of Gross Profit 90.61%
Research & Development $140.9K
YoY Change -33.45%
% of Gross Profit 11.61%
Depreciation & Amortization $10.63K
YoY Change -3.64%
% of Gross Profit 0.88%
Operating Expenses $1.240M
YoY Change -5.46%
Operating Profit -$26.96K
YoY Change 72.27%
Interest Expense -$5.260K
YoY Change -194.77%
% of Operating Profit
Other Income/Expense, Net -$5.262K
YoY Change -5.19%
Pretax Income -$32.22K
YoY Change 51.98%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$32.22K
YoY Change 51.99%
Net Earnings / Revenue -1.16%
Basic Earnings Per Share -$0.01
Diluted Earnings Per Share -$0.01
COMMON SHARES
Basic Shares Outstanding 7.415M shares 7.415M shares
Diluted Shares Outstanding 7.415M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $229.7K
YoY Change -69.16%
Cash & Equivalents $486.2K
Short-Term Investments
Other Short-Term Assets $224.6K
YoY Change -22.37%
Inventory $1.806M
Prepaid Expenses
Receivables $1.931M
Other Receivables $0.00
Total Short-Term Assets $4.448M
YoY Change 2.83%
LONG-TERM ASSETS
Property, Plant & Equipment $43.16K
YoY Change -6.73%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $62.79K
YoY Change 0.0%
Total Long-Term Assets $271.3K
YoY Change -55.0%
TOTAL ASSETS
Total Short-Term Assets $4.448M
Total Long-Term Assets $271.3K
Total Assets $4.719M
YoY Change -4.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.396M
YoY Change 23.71%
Accrued Expenses $589.2K
YoY Change -4.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change -100.0%
Long-Term Debt Due $41.56K
YoY Change 8.6%
Total Short-Term Liabilities $2.681M
YoY Change 2.94%
LONG-TERM LIABILITIES
Long-Term Debt $254.5K
YoY Change -13.51%
Other Long-Term Liabilities $5.810K
YoY Change -94.97%
Total Long-Term Liabilities $260.3K
YoY Change -36.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.681M
Total Long-Term Liabilities $260.3K
Total Liabilities $2.942M
YoY Change -2.42%
SHAREHOLDERS EQUITY
Retained Earnings -$68.58M
YoY Change 0.2%
Common Stock $7.415K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.777M
YoY Change
Total Liabilities & Shareholders Equity $4.719M
YoY Change -4.25%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$32.22K
YoY Change 51.99%
Depreciation, Depletion And Amortization $10.63K
YoY Change -3.64%
Cash From Operating Activities $33.33K
YoY Change -128.74%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$12.63K
YoY Change 20.1%
NET CHANGE
Cash From Operating Activities $33.33K
Cash From Investing Activities $0.00
Cash From Financing Activities -$12.63K
Net Change In Cash $20.70K
YoY Change -114.29%
FREE CASH FLOW
Cash From Operating Activities $33.33K
Capital Expenditures $0.00
Free Cash Flow $33.33K
YoY Change -124.82%

Facts In Submission

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CY2024Q3 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="margin-top:9pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited condensed consolidated financial statements (“financial statements”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and have been consistently applied. Certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP, but which are not required for interim reporting purposes, have been omitted. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary to present fairly the financial position as of September 30, 2024, and the results of operations and cash flows for the interim periods ended September 30, 2024, and 2023, have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended June 30, 2024 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on September 30, 2024. Operating results for the</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> three months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the full year ending June 30, 2025.</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:120%">    The Company’s common stock trades on the OTCQB Market under the symbol “ESMC.”</span></div>
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:9pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("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.</span></div>
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
171104 usd
CY2024Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
171104 usd
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
171104 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
153878 usd
CY2024Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 usd
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
20354 usd
CY2024Q3 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0 usd
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0 usd
CY2024Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
171104 usd
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
133524 usd
CY2024Q3 esmc Recognized Revenue That Was Included Within Prior Period Deferred Revenue
RecognizedRevenueThatWasIncludedWithinPriorPeriodDeferredRevenue
108000 usd
CY2023Q3 esmc Recognized Revenue That Was Included Within Prior Period Deferred Revenue
RecognizedRevenueThatWasIncludedWithinPriorPeriodDeferredRevenue
213000 usd
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q2 us-gaap Deferred Revenue
DeferredRevenue
280000 usd
CY2023Q2 us-gaap Deferred Revenue
DeferredRevenue
426000 usd
CY2023Q3 us-gaap Deferred Revenue Additions
DeferredRevenueAdditions
72000 usd
CY2024Q3 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
134000 usd
CY2023Q3 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
224000 usd
CY2024Q3 us-gaap Deferred Revenue
DeferredRevenue
329000 usd
CY2023Q3 us-gaap Deferred Revenue
DeferredRevenue
274000 usd
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-32217 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-21197 usd
CY2024Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
12970 usd
CY2023Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
13006 usd
CY2024Q3 us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
-45187 usd
CY2023Q3 us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
-34203 usd
CY2024Q3 us-gaap Net Income Loss From Continuing Operations Available To Common Shareholders Basic
NetIncomeLossFromContinuingOperationsAvailableToCommonShareholdersBasic
-45187 usd
CY2024Q3 us-gaap Convertible Preferred Dividends Net Of Tax
ConvertiblePreferredDividendsNetOfTax
12970 usd
CY2023Q3 us-gaap Convertible Preferred Dividends Net Of Tax
ConvertiblePreferredDividendsNetOfTax
13006 usd
CY2024Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-32217 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-21197 usd
CY2024Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
7415329 shares
CY2024Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
7415329 shares
CY2024Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0 shares
CY2023Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
0 shares
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7415329 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7415329 shares
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0
CY2024Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6600820 shares
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6391640 shares
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6391640 shares
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
1107000 usd
CY2024Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
804000 usd
CY2024Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
378000 usd
CY2024Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
466000 usd
CY2024Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
581000 usd
CY2024Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
603000 usd
CY2024Q3 us-gaap Inventory Gross
InventoryGross
2066000 usd
CY2024Q2 us-gaap Inventory Gross
InventoryGross
1873000 usd
CY2024Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
260000 usd
CY2024Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
259000 usd
CY2024Q3 us-gaap Inventory Net
InventoryNet
1806000 usd
CY2024Q2 us-gaap Inventory Net
InventoryNet
1613000 usd
CY2018Q1 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
645000 usd
CY2018Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
2000000 shares
CY2024Q3 esmc Preferred Stock Number Of Votes Per Share
PreferredStockNumberOfVotesPerShare
13 vote
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 us-gaap Common Stock Voting Rights
CommonStockVotingRights
77.81
CY2024Q3 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
2.15 shares
CY2024Q3 us-gaap Common Stock Conversion Basis
CommonStockConversionBasis
4,300,000
CY2024Q3 esmc Convertible Preferred Stock Percentage Of Outstanding Shares Of Common Stock Upon Conversion
ConvertiblePreferredStockPercentageOfOutstandingSharesOfCommonStockUponConversion
0.3670
CY2018Q1 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.0258
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 us-gaap Preferred Stock Amount Of Preferred Dividends In Arrears
PreferredStockAmountOfPreferredDividendsInArrears
341973 usd
CY2024Q3 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.1710
CY2024 us-gaap Preferred Stock Amount Of Preferred Dividends In Arrears
PreferredStockAmountOfPreferredDividendsInArrears
329003 usd
CY2024Q2 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.1645
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
84970 usd
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
85052 usd
CY2024Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
84970 usd
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
85052 usd
CY2024Q3 us-gaap Short Term Lease Payments
ShortTermLeasePayments
88659 usd
CY2023Q3 us-gaap Short Term Lease Payments
ShortTermLeasePayments
86358 usd
CY2024Q3 us-gaap Short Term Lease Payments
ShortTermLeasePayments
88659 usd
CY2023Q3 us-gaap Short Term Lease Payments
ShortTermLeasePayments
86358 usd
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
124013 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4269 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1541 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1541 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1541 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
385 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
133290 usd
CY2024Q3 esmc Interestportioninthefutureleasepayments
Interestportioninthefutureleasepayments
3371 usd
CY2024Q3 esmc Netpresentvalueofnewleasefuturepayments
Netpresentvalueofnewleasefuturepayments
129919 usd
CY2024Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y8M15D
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y8M1D
CY2024Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0587
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0569
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
2024-09-30

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