$KRMD
KORU Medical Systems, Inc.

2014 Form 10-K Financial Statement

#000116169714000223 Filed on May 29, 2014

View on sec.gov

Income Statement

Concept 2014 2013 Q1 2013
Revenue $8.699M $2.000M $7.764M
YoY Change 12.04% -1.48% 21.49%
Cost Of Revenue $3.389M $730.0K $2.819M
YoY Change 20.21% 15.87% 25.22%
Gross Profit $5.310M $1.270M $4.945M
YoY Change 7.39% -9.29% 19.47%
Gross Profit Margin 61.04% 63.5% 63.69%
Selling, General & Admin $3.851M $890.0K $3.544M
YoY Change 8.67% 14.1% 33.45%
% of Gross Profit 72.53% 70.08% 71.67%
Research & Development $218.2K $40.00K $147.6K
YoY Change 47.82% 0.0% 63.38%
% of Gross Profit 4.11% 3.15% 2.98%
Depreciation & Amortization $233.0K $60.00K $191.0K
YoY Change 21.99% 100.0% 83.66%
% of Gross Profit 4.39% 4.72% 3.86%
Operating Expenses $4.302M $980.0K $3.691M
YoY Change 16.55% 15.29% 34.43%
Operating Profit $1.008M $290.0K $1.062M
YoY Change -5.15% -47.27% -17.59%
Interest Expense $4.547K $0.00 $28.28K
YoY Change -83.92% -100.0% -10.34%
% of Operating Profit 0.45% 0.0% 2.66%
Other Income/Expense, Net $2.782K -$24.29K
YoY Change -111.45% 204.67%
Pretax Income $1.010M $280.0K $1.038M
YoY Change -2.66% -36.36% -18.97%
Income Tax $307.0K $50.00K $312.3K
% Of Pretax Income 30.38% 17.86% 30.09%
Net Earnings $703.4K $230.0K $725.8K
YoY Change -3.08% -28.13% -11.05%
Net Earnings / Revenue 8.09% 11.5% 9.35%
Basic Earnings Per Share $0.02 $0.02
Diluted Earnings Per Share $0.02 $6.276K $0.02
COMMON SHARES
Basic Shares Outstanding 36.66M shares 36.66M 36.01M shares
Diluted Shares Outstanding 36.66M shares 36.04M shares

Balance Sheet

Concept 2014 2013 Q1 2013
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.820M $2.190M $2.490M
YoY Change 13.25% 8.96% 13.7%
Cash & Equivalents $2.560M $1.930M $2.230M
Short-Term Investments $260.0K $260.0K $260.0K
Other Short-Term Assets $240.0K $180.0K $250.0K
YoY Change -4.0% -5.26% 38.89%
Inventory $1.230M $1.150M $820.0K
Prepaid Expenses $180.7K
Receivables $1.620M $1.115M $1.740M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.910M $4.633M $5.300M
YoY Change 11.51% 8.92% 14.47%
LONG-TERM ASSETS
Property, Plant & Equipment $1.160M $876.0K $840.0K
YoY Change 38.1% 75.57% -4.55%
Goodwill
YoY Change
Intangibles $22.91K
YoY Change -6.53%
Long-Term Investments
YoY Change
Other Assets $30.00K $83.28K $30.00K
YoY Change 0.0% 58.12% -50.0%
Total Long-Term Assets $1.370M $959.3K $910.0K
YoY Change 50.55% 73.9% -5.21%
TOTAL ASSETS
Total Short-Term Assets $5.910M $4.633M $5.300M
Total Long-Term Assets $1.370M $959.3K $910.0K
Total Assets $7.280M $5.592M $6.210M
YoY Change 17.23% 16.38% 11.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $240.0K $110.4K $250.0K
YoY Change -4.0% -44.69% 127.27%
Accrued Expenses $430.0K $169.8K $500.0K
YoY Change -14.0% 10.4% 42.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due -$45.45K $0.00
YoY Change 4.49% -100.0%
Total Short-Term Liabilities $690.0K $525.4K $770.0K
YoY Change -10.39% -5.99% 45.28%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $393.9K $0.00
YoY Change -10.34% -100.0%
Other Long-Term Liabilities $70.00K $110.0K $90.00K
YoY Change -22.22% -15.38% -18.18%
Total Long-Term Liabilities $70.00K $710.3K $90.00K
YoY Change -22.22% 2.11% -82.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $690.0K $525.4K $770.0K
Total Long-Term Liabilities $70.00K $710.3K $90.00K
Total Liabilities $1.010M $1.236M $1.020M
YoY Change -0.98% -1.5% -17.74%
SHAREHOLDERS EQUITY
Retained Earnings $780.5K
YoY Change 1325.18%
Common Stock $3.902M
YoY Change 7.25%
Preferred Stock
YoY Change
Treasury Stock (at cost) $142.0K
YoY Change 0.0%
Treasury Stock Shares 2.275M shares
Shareholders Equity $6.270M $4.357M $5.190M
YoY Change
Total Liabilities & Shareholders Equity $7.280M $5.592M $6.210M
YoY Change 17.23% 16.38% 11.09%

Cashflow Statement

Concept 2014 2013 Q1 2013
OPERATING ACTIVITIES
Net Income $703.4K $230.0K $725.8K
YoY Change -3.08% -28.13% -11.05%
Depreciation, Depletion And Amortization $233.0K $60.00K $191.0K
YoY Change 21.99% 100.0% 83.66%
Cash From Operating Activities $954.4K $280.0K $784.8K
YoY Change 21.61% -6.67% 39.99%
INVESTING ACTIVITIES
Capital Expenditures $188.7K -$20.00K $563.6K
YoY Change -66.52% -50.0% 138.56%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$218.0K -$20.00K -$568.2K
YoY Change -61.63% -50.0% 67.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$439.3K -10.00K -$43.49K
YoY Change 910.04% -87.5% -120.38%
NET CHANGE
Cash From Operating Activities $954.4K 280.0K $784.8K
Cash From Investing Activities -$218.0K -20.00K -$568.2K
Cash From Financing Activities -$439.3K -10.00K -$43.49K
Net Change In Cash $297.1K 250.0K $173.1K
YoY Change 71.62% 38.89% -60.2%
FREE CASH FLOW
Cash From Operating Activities $954.4K $280.0K $784.8K
Capital Expenditures $188.7K -$20.00K $563.6K
Free Cash Flow $765.7K $300.0K $221.2K
YoY Change 246.12% -11.76% -31.8%

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OtherAssetsNoncurrent
83282 USD
CY2014Q1 us-gaap Other Deferred Credits Current
OtherDeferredCreditsCurrent
22481 USD
CY2013Q1 us-gaap Other Deferred Credits Current
OtherDeferredCreditsCurrent
22481 USD
CY2014Q1 us-gaap Other Deferred Credits Noncurrent
OtherDeferredCreditsNoncurrent
89936 USD
CY2013Q1 us-gaap Other Deferred Credits Noncurrent
OtherDeferredCreditsNoncurrent
112414 USD
CY2014 us-gaap Other Noncash Income
OtherNoncashIncome
22478 USD
CY2013 us-gaap Other Noncash Income
OtherNoncashIncome
22481 USD
CY2014 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
27738 USD
CY2013 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
2850 USD
CY2014 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
188686 USD
CY2013 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
563567 USD
CY2014 us-gaap Payments To Acquire Restricted Certificates Of Deposit
PaymentsToAcquireRestrictedCertificatesOfDeposit
1581 USD
CY2013 us-gaap Payments To Acquire Restricted Certificates Of Deposit
PaymentsToAcquireRestrictedCertificatesOfDeposit
1781 USD
CY2014Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
245767 USD
CY2013Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
180651 USD
CY2014Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2666434 USD
CY2013Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2477984 USD
CY2014Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
839059 USD
CY2013Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
875986 USD
CY2014 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
1474 USD
CY2013 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
2077 USD
CY2014 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
437832 USD
CY2013 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
41417 USD
CY2014 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
218150 USD
CY2013 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
147576 USD
CY2014Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1483959 USD
CY2013Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
780530 USD
CY1999Q1 us-gaap Sale Leaseback Transaction Deferred Gain Net
SaleLeasebackTransactionDeferredGainNet
449617 USD
CY1999Q1 us-gaap Sale Leaseback Transaction Lease Terms
SaleLeasebackTransactionLeaseTerms
20 years
CY2014 us-gaap Sale Leaseback Transaction Rent Expense
SaleLeasebackTransactionRentExpense
132504 USD
CY2013 us-gaap Sale Leaseback Transaction Rent Expense
SaleLeasebackTransactionRentExpense
132504 USD
CY2014 us-gaap Sales Revenue Net
SalesRevenueNet
8698852 USD
CY2013 us-gaap Sales Revenue Net
SalesRevenueNet
7763953 USD
CY2014Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
2275000 shares
CY2013Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
2275000 shares
CY2014Q1 us-gaap Treasury Stock Value
TreasuryStockValue
142000 USD
CY2013Q1 us-gaap Treasury Stock Value
TreasuryStockValue
142000 USD
CY2014 us-gaap Use Of Estimates
UseOfEstimates
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CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36661667 shares
CY2009Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.11
CY2014Q1 us-gaap Stockholders Equity
StockholdersEquity
5191870 USD
CY2013Q1 us-gaap Stockholders Equity
StockholdersEquity
4356591 USD
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36036362 shares
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36661667 shares
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36011448 shares
CY2012Q1 us-gaap Stockholders Equity
StockholdersEquity
3550728 USD
CY2014Q1 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
5385620 USD
CY2013Q1 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
4682191 USD
CY2014 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3851298 USD
CY2013 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3543889 USD
CY2014 us-gaap Share Based Compensation
ShareBasedCompensation
131850 USD
CY2013 us-gaap Share Based Compensation
ShareBasedCompensation
80100 USD
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
1465000 shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
shares
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
shares
CY2014 us-gaap Stock Issued1
StockIssued1
USD
CY2013 us-gaap Stock Issued1
StockIssued1
263700 USD
CY2013 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
80100 USD
CY2014Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
166358 USD
CY2013Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
127090 USD

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