$KRMD
KORU Medical Systems, Inc.

2013 Q1 Form 10-K Financial Statement

#000116169713000351 Filed on May 29, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2013 2012 Q1
Revenue $2.000M $7.764M $2.030M
YoY Change -1.48% 21.49% 26.87%
Cost Of Revenue $730.0K $2.819M $630.0K
YoY Change 15.87% 25.22% 21.15%
Gross Profit $1.270M $4.945M $1.400M
YoY Change -9.29% 19.47% 28.44%
Gross Profit Margin 63.5% 63.69% 68.97%
Selling, General & Admin $890.0K $3.544M $780.0K
YoY Change 14.1% 33.45% 65.96%
% of Gross Profit 70.08% 71.67% 55.71%
Research & Development $40.00K $147.6K $40.00K
YoY Change 0.0% 63.38% 300.0%
% of Gross Profit 3.15% 2.98% 2.86%
Depreciation & Amortization $60.00K $191.0K $30.00K
YoY Change 100.0% 83.66% 50.0%
% of Gross Profit 4.72% 3.86% 2.14%
Operating Expenses $980.0K $3.691M $850.0K
YoY Change 15.29% 34.43% 73.47%
Operating Profit $290.0K $1.062M $550.0K
YoY Change -47.27% -17.59% -8.33%
Interest Expense $0.00 $28.28K -$120.0K
YoY Change -100.0% -10.34%
% of Operating Profit 0.0% 2.66% -21.82%
Other Income/Expense, Net -$24.29K
YoY Change 204.67%
Pretax Income $280.0K $1.038M $440.0K
YoY Change -36.36% -18.97% -25.42%
Income Tax $50.00K $312.3K $120.0K
% Of Pretax Income 17.86% 30.09% 27.27%
Net Earnings $230.0K $725.8K $320.0K
YoY Change -28.13% -11.05% -8.57%
Net Earnings / Revenue 11.5% 9.35% 15.76%
Basic Earnings Per Share $0.02
Diluted Earnings Per Share $6.276K $0.02 $11.28K
COMMON SHARES
Basic Shares Outstanding 36.66M 36.01M shares
Diluted Shares Outstanding 36.04M shares

Balance Sheet

Concept 2013 Q1 2013 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.190M $2.490M $2.010M
YoY Change 8.96% 13.7% 36.73%
Cash & Equivalents $1.930M $2.230M $1.757M
Short-Term Investments $260.0K $260.0K $260.0K
Other Short-Term Assets $180.0K $250.0K $190.0K
YoY Change -5.26% 38.89% 18.75%
Inventory $1.150M $820.0K $1.167M
Prepaid Expenses $180.7K $188.9K
Receivables $1.115M $1.740M $884.7K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.633M $5.300M $4.254M
YoY Change 8.92% 14.47% 41.06%
LONG-TERM ASSETS
Property, Plant & Equipment $876.0K $840.0K $498.9K
YoY Change 75.57% -4.55% 38.07%
Goodwill
YoY Change
Intangibles $22.91K $24.51K
YoY Change -6.53% -17.85%
Long-Term Investments
YoY Change
Other Assets $83.28K $30.00K $52.67K
YoY Change 58.12% -50.0% -9.18%
Total Long-Term Assets $959.3K $910.0K $551.6K
YoY Change 73.9% -5.21% 31.54%
TOTAL ASSETS
Total Short-Term Assets $4.633M $5.300M $4.254M
Total Long-Term Assets $959.3K $910.0K $551.6K
Total Assets $5.592M $6.210M $4.805M
YoY Change 16.38% 11.09% 39.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $110.4K $250.0K $199.5K
YoY Change -44.69% 127.27% 26.2%
Accrued Expenses $169.8K $500.0K $153.8K
YoY Change 10.4% 42.86% 115.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due -$45.45K $0.00 -$43.49K
YoY Change 4.49% -100.0% -208.74%
Total Short-Term Liabilities $525.4K $770.0K $558.9K
YoY Change -5.99% 45.28% 77.95%
LONG-TERM LIABILITIES
Long-Term Debt $393.9K $0.00 $439.3K
YoY Change -10.34% -100.0% -8.48%
Other Long-Term Liabilities $110.0K $90.00K $130.0K
YoY Change -15.38% -18.18% -18.75%
Total Long-Term Liabilities $710.3K $90.00K $695.6K
YoY Change 2.11% -82.0% 8.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $525.4K $770.0K $558.9K
Total Long-Term Liabilities $710.3K $90.00K $695.6K
Total Liabilities $1.236M $1.020M $1.254M
YoY Change -1.5% -17.74% 31.46%
SHAREHOLDERS EQUITY
Retained Earnings $780.5K $54.77K
YoY Change 1325.18% -107.2%
Common Stock $3.902M $3.638M
YoY Change 7.25% 7.52%
Preferred Stock
YoY Change
Treasury Stock (at cost) $142.0K $142.0K
YoY Change 0.0% 0.0%
Treasury Stock Shares 2.275M shares 2.275M shares
Shareholders Equity $4.357M $5.190M $3.551M
YoY Change
Total Liabilities & Shareholders Equity $5.592M $6.210M $4.805M
YoY Change 16.38% 11.09% 39.9%

Cashflow Statement

Concept 2013 Q1 2013 2012 Q1
OPERATING ACTIVITIES
Net Income $230.0K $725.8K $320.0K
YoY Change -28.13% -11.05% -8.57%
Depreciation, Depletion And Amortization $60.00K $191.0K $30.00K
YoY Change 100.0% 83.66% 50.0%
Cash From Operating Activities $280.0K $784.8K $300.0K
YoY Change -6.67% 39.99% 25.0%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K $563.6K -$40.00K
YoY Change -50.0% 138.56% -63.64%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$20.00K -$568.2K -$40.00K
YoY Change -50.0% 67.58% -84.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.00K -$43.49K -80.00K
YoY Change -87.5% -120.38% 700.0%
NET CHANGE
Cash From Operating Activities 280.0K $784.8K 300.0K
Cash From Investing Activities -20.00K -$568.2K -40.00K
Cash From Financing Activities -10.00K -$43.49K -80.00K
Net Change In Cash 250.0K $173.1K 180.0K
YoY Change 38.89% -60.2% -700.0%
FREE CASH FLOW
Cash From Operating Activities $280.0K $784.8K $300.0K
Capital Expenditures -$20.00K $563.6K -$40.00K
Free Cash Flow $300.0K $221.2K $340.0K
YoY Change -11.76% -31.8% -2.86%

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MinimumLeasePaymentsSaleLeasebackTransactions
795024 USD
CY2013Q1 us-gaap Minimum Lease Payments Sale Leaseback Transactions Thereafter
MinimumLeasePaymentsSaleLeasebackTransactionsThereafter
132504 USD
CY2013Q1 us-gaap Minimum Lease Payments Sale Leaseback Transactions Within Five Years
MinimumLeasePaymentsSaleLeasebackTransactionsWithinFiveYears
132504 USD
CY2013Q1 us-gaap Minimum Lease Payments Sale Leaseback Transactions Within Four Years
MinimumLeasePaymentsSaleLeasebackTransactionsWithinFourYears
132504 USD
CY2013Q1 us-gaap Minimum Lease Payments Sale Leaseback Transactions Within One Year
MinimumLeasePaymentsSaleLeasebackTransactionsWithinOneYear
132504 USD
CY2013Q1 us-gaap Minimum Lease Payments Sale Leaseback Transactions Within Three Years
MinimumLeasePaymentsSaleLeasebackTransactionsWithinThreeYears
132504 USD
CY2013Q1 us-gaap Minimum Lease Payments Sale Leaseback Transactions Within Two Years
MinimumLeasePaymentsSaleLeasebackTransactionsWithinTwoYears
132504 USD
CY2013Q1 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
852977 USD
CY2013 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-43494 USD
CY2012 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
213436 USD
CY2012 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-339064 USD
CY2013 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
784790 USD
CY2012 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
560601 USD
CY2013 us-gaap Net Income Loss
NetIncomeLoss
725763 USD
CY2012 us-gaap Net Income Loss
NetIncomeLoss
815893 USD
CY2013 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-24294 USD
CY2012 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-7974 USD
CY2013Q1 us-gaap Notes Payable Current
NotesPayableCurrent
1474 USD
CY2012Q1 us-gaap Notes Payable Current
NotesPayableCurrent
2077 USD
CY2013Q1 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
43971 USD
CY2012Q1 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
41417 USD
CY2013Q1 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
393861 USD
CY2012Q1 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
437832 USD
CY2013 us-gaap Operating Income Loss
OperatingIncomeLoss
1062404 USD
CY2012 us-gaap Operating Income Loss
OperatingIncomeLoss
1289158 USD
CY2013Q1 us-gaap Other Assets
OtherAssets
60369 USD
CY2012Q1 us-gaap Other Assets
OtherAssets
28156 USD
CY2013Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
83282 USD
CY2012Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
52669 USD
CY2013Q1 us-gaap Other Deferred Credits Current
OtherDeferredCreditsCurrent
22481 USD
CY2012Q1 us-gaap Other Deferred Credits Current
OtherDeferredCreditsCurrent
22481 USD
CY2013Q1 us-gaap Other Deferred Credits Noncurrent
OtherDeferredCreditsNoncurrent
112414 USD
CY2012Q1 us-gaap Other Deferred Credits Noncurrent
OtherDeferredCreditsNoncurrent
134895 USD
CY2013Q1 us-gaap Other Long Term Debt Current
OtherLongTermDebtCurrent
1474 USD
CY2012Q1 us-gaap Other Long Term Debt Current
OtherLongTermDebtCurrent
3551 USD
CY2013 us-gaap Other Noncash Income
OtherNoncashIncome
22481 USD
CY2012 us-gaap Other Noncash Income
OtherNoncashIncome
22480 USD
CY2013 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
563567 USD
CY2012 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
236235 USD
CY2013 us-gaap Payments To Acquire Restricted Certificates Of Deposit
PaymentsToAcquireRestrictedCertificatesOfDeposit
1781 USD
CY2012 us-gaap Payments To Acquire Restricted Certificates Of Deposit
PaymentsToAcquireRestrictedCertificatesOfDeposit
102829 USD
CY2013Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
180651 USD
CY2012Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
188902 USD
CY2013 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
USD
CY2012 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
121500 USD
CY2013 us-gaap Proceeds From Sale Of Intangible Assets
ProceedsFromSaleOfIntangibleAssets
-2850 USD
CY2012 us-gaap Proceeds From Sale Of Intangible Assets
ProceedsFromSaleOfIntangibleAssets
USD
CY2013Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2477984 USD
CY2012Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1914417 USD
CY2013Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
875986 USD
CY2012Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
498940 USD
CY2013 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
2077 USD
CY2012 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
1929 USD
CY2013 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
41417 USD
CY2012 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
39010 USD
CY2013 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
147576 USD
CY2012 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
90329 USD
CY2013Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
780530 USD
CY2012Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
54767 USD
CY1999Q1 us-gaap Sale Leaseback Transaction Deferred Gain Net
SaleLeasebackTransactionDeferredGainNet
449617 USD
CY1999Q1 us-gaap Sale Leaseback Transaction Lease Terms
SaleLeasebackTransactionLeaseTerms
20 years
CY2013 us-gaap Sale Leaseback Transaction Rent Expense
SaleLeasebackTransactionRentExpense
132504 USD
CY2012 us-gaap Sale Leaseback Transaction Rent Expense
SaleLeasebackTransactionRentExpense
132504 USD
CY2013 us-gaap Sales Revenue Net
SalesRevenueNet
7763953 USD
CY2012 us-gaap Sales Revenue Net
SalesRevenueNet
6390534 USD
CY2012 us-gaap Share Based Compensation
ShareBasedCompensation
USD
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P1Y6M
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
shares
CY2013 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3543889 USD
CY2012 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2655668 USD
CY2013 us-gaap Share Based Compensation
ShareBasedCompensation
80100 USD
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.9616 pure
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.024 pure
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
1465000 shares
CY2007Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
4360000 shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
-125000 shares
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
shares
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.0272
CY2013 us-gaap Stock Issued1
StockIssued1
263700 USD
CY2012 us-gaap Stock Issued1
StockIssued1
USD
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
125000 shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.06
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3M19D
CY2011Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested In Period Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedInPeriodFairValue
400000 USD
CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0.06
CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
CY2013Q1 us-gaap Stockholders Equity
StockholdersEquity
4356591 USD
CY2012Q1 us-gaap Stockholders Equity
StockholdersEquity
3550728 USD
CY2011Q1 us-gaap Stockholders Equity
StockholdersEquity
2480460 USD
CY2013Q1 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
4682191 USD
CY2012Q1 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
3692728 USD
CY2012 us-gaap Stockholders Equity Other
StockholdersEquityOther
USD
CY2009Q1 us-gaap Stock Issued During Period Shares Issued For Noncash Consideration
StockIssuedDuringPeriodSharesIssuedForNoncashConsideration
755000 shares
CY2013 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
shares
CY2013 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
80100 USD
CY2012 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
121500 USD
CY2013Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
127090 USD
CY2012Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
98000 USD
CY2013Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
2275000 shares
CY2012Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
2275000 shares
CY2013Q1 us-gaap Treasury Stock Value
TreasuryStockValue
142000 USD
CY2012Q1 us-gaap Treasury Stock Value
TreasuryStockValue
142000 USD
CY2013 us-gaap Use Of Estimates
UseOfEstimates
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><div> <div style="WIDTH: 720px"><!--StartFragment--> <p style="MARGIN: 0px">USE OF ESTIMATES IN THE FINANCIAL STATEMENTS</p> <p style="MARGIN: 0px"><br /> </p> <p style="MARGIN: 0px">The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Important estimates include but are not limited to, asset lives, valuation allowances, inventory, and accruals.</p> <!--EndFragment--></div> </div>
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36036362 shares
CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35102446 shares
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36011448 shares
CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34250560 shares

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