$KRMD
KORU Medical Systems, Inc.

2015 Form 10-K Financial Statement

#000116169715000213 Filed on May 08, 2015

View on sec.gov

Income Statement

Concept 2015 2014 Q1 2014
Revenue $11.24M $2.630M $8.699M
YoY Change 29.27% 31.5% 12.04%
Cost Of Revenue $4.557M $1.020M $3.389M
YoY Change 34.47% 39.73% 20.21%
Gross Profit $6.688M $1.620M $5.310M
YoY Change 25.94% 27.56% 7.39%
Gross Profit Margin 59.47% 61.6% 61.04%
Selling, General & Admin $4.788M $960.0K $3.851M
YoY Change 24.33% 7.87% 8.67%
% of Gross Profit 71.6% 59.26% 72.53%
Research & Development $468.2K $90.00K $218.2K
YoY Change 114.6% 125.0% 47.82%
% of Gross Profit 7.0% 5.56% 4.11%
Depreciation & Amortization $283.9K $60.00K $233.0K
YoY Change 21.86% 0.0% 21.99%
% of Gross Profit 4.24% 3.7% 4.39%
Operating Expenses $5.540M $1.110M $4.302M
YoY Change 28.77% 13.27% 16.55%
Operating Profit $1.147M $510.0K $1.008M
YoY Change 13.87% 75.86% -5.15%
Interest Expense $512.00 $10.00K $4.547K
YoY Change -88.74% -83.92%
% of Operating Profit 0.04% 1.96% 0.45%
Other Income/Expense, Net $2.782K
YoY Change -111.45%
Pretax Income $1.075M $520.0K $1.010M
YoY Change 6.34% 85.71% -2.66%
Income Tax $321.4K $140.0K $307.0K
% Of Pretax Income 29.91% 26.92% 30.38%
Net Earnings $753.1K $380.0K $703.4K
YoY Change 7.06% 65.22% -3.08%
Net Earnings / Revenue 6.7% 14.45% 8.09%
Basic Earnings Per Share $0.02 $0.02
Diluted Earnings Per Share $0.02 $10.37K $0.02
COMMON SHARES
Basic Shares Outstanding 37.63M shares 36.66M shares 36.66M shares
Diluted Shares Outstanding 37.63M shares 36.66M shares

Balance Sheet

Concept 2015 2014 Q1 2014
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.460M $2.490M $2.820M
YoY Change 58.16% 13.7% 13.25%
Cash & Equivalents $4.200M $2.227M $2.560M
Short-Term Investments $260.0K $260.0K $260.0K
Other Short-Term Assets $270.0K $250.0K $240.0K
YoY Change 12.5% 38.89% -4.0%
Inventory $1.040M $818.7K $1.230M
Prepaid Expenses $245.8K
Receivables $1.350M $1.745M $1.620M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.120M $5.295M $5.910M
YoY Change 20.47% 14.3% 11.51%
LONG-TERM ASSETS
Property, Plant & Equipment $1.000M $839.1K $1.160M
YoY Change -13.79% -4.22% 38.1%
Goodwill
YoY Change
Intangibles $43.31K
YoY Change 89.0%
Long-Term Investments
YoY Change
Other Assets $30.00K $31.05K $30.00K
YoY Change 0.0% -62.71% 0.0%
Total Long-Term Assets $1.270M $913.4K $1.370M
YoY Change -7.3% -4.78% 50.55%
TOTAL ASSETS
Total Short-Term Assets $7.120M $5.295M $5.910M
Total Long-Term Assets $1.270M $913.4K $1.370M
Total Assets $8.390M $6.209M $7.280M
YoY Change 15.25% 11.02% 17.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $310.0K $246.6K $240.0K
YoY Change 29.17% 123.47% -4.0%
Accrued Expenses $780.0K $263.5K $430.0K
YoY Change 81.4% 55.17% -14.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $1.110M $771.9K $690.0K
YoY Change 60.87% 46.93% -10.39%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $40.00K $90.00K $70.00K
YoY Change -42.86% -18.18% -22.22%
Total Long-Term Liabilities $40.00K $244.9K $70.00K
YoY Change -42.86% -65.52% -22.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.110M $771.9K $690.0K
Total Long-Term Liabilities $40.00K $244.9K $70.00K
Total Liabilities $1.280M $1.017M $1.010M
YoY Change 26.73% -17.71% -0.98%
SHAREHOLDERS EQUITY
Retained Earnings $1.484M
YoY Change 90.12%
Common Stock $3.902M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $142.0K
YoY Change 0.0%
Treasury Stock Shares 2.275M shares
Shareholders Equity $7.120M $5.192M $6.270M
YoY Change
Total Liabilities & Shareholders Equity $8.390M $6.209M $7.280M
YoY Change 15.25% 11.02% 17.23%

Cashflow Statement

Concept 2015 2014 Q1 2014
OPERATING ACTIVITIES
Net Income $753.1K $380.0K $703.4K
YoY Change 7.06% 65.22% -3.08%
Depreciation, Depletion And Amortization $283.9K $60.00K $233.0K
YoY Change 21.86% 0.0% 21.99%
Cash From Operating Activities $826.1K $350.0K $954.4K
YoY Change -13.44% 25.0% 21.61%
INVESTING ACTIVITIES
Capital Expenditures $591.4K -$50.00K $188.7K
YoY Change 213.44% 150.0% -66.52%
Acquisitions
YoY Change
Other Investing Activities $10.00K $0.00 $0.00
YoY Change
Cash From Investing Activities -$745.0K -$50.00K -$218.0K
YoY Change 241.73% 150.0% -61.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $24.28K $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $248.7K 0.000 -$439.3K
YoY Change -156.62% -100.0% 910.04%
NET CHANGE
Cash From Operating Activities $826.1K 350.0K $954.4K
Cash From Investing Activities -$745.0K -50.00K -$218.0K
Cash From Financing Activities $248.7K 0.000 -$439.3K
Net Change In Cash $329.8K 300.0K $297.1K
YoY Change 11.03% 20.0% 71.62%
FREE CASH FLOW
Cash From Operating Activities $826.1K $350.0K $954.4K
Capital Expenditures $591.4K -$50.00K $188.7K
Free Cash Flow $234.7K $400.0K $765.7K
YoY Change -69.35% 33.33% 246.12%

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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"><div style="width: 720px; margin: 0px;"> <p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">USE OF ESTIMATES IN THE FINANCIAL STATEMENTS</font></p> <p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</font></p> <p style="margin: 0pt; font-family: 'times new roman';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The preparation of financial statements in conformity with </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">U.S.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 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.</font></p> </div></div>
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StockIssued1
USD
CY2015 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
15000 USD
CY2014 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
984 USD
CY2015 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1000 USD
CY2015 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
102087 USD
CY2014 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-49000 USD
CY2015 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
218332 USD
CY2014 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
355040 USD
CY2015 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34 pure
CY2015 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
365342 USD
CY2014 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
343554 USD
CY2015Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
779797 USD
CY2015 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
660 USD
CY2014 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
984 USD
CY2015 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-44583 USD
CY2014 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-37514 USD
CY2015Q1 us-gaap Deferred Tax Liabilities Deferred Expense Deferred Financing Costs
DeferredTaxLiabilitiesDeferredExpenseDeferredFinancingCosts
19040 USD
CY2014Q1 us-gaap Deferred Tax Liabilities Deferred Expense Deferred Financing Costs
DeferredTaxLiabilitiesDeferredExpenseDeferredFinancingCosts
17595 USD
CY2015Q1 repr Deferred Tax Liabilities Depreciation And Amortization
DeferredTaxLiabilitiesDepreciationAndAmortization
239660 USD
CY2014Q1 repr Deferred Tax Liabilities Depreciation And Amortization
DeferredTaxLiabilitiesDepreciationAndAmortization
137405 USD
CY2015Q1 repr Deferred Tax Assets Allowance For Bad Debts And Other
DeferredTaxAssetsAllowanceForBadDebtsAndOther
10093 USD
CY2014Q1 repr Deferred Tax Assets Allowance For Bad Debts And Other
DeferredTaxAssetsAllowanceForBadDebtsAndOther
USD
CY2015Q1 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
248607 USD
CY2014Q1 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
155000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
shares
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
shares
CY2014Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
410468 USD
CY2015Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
49445 USD
CY2014Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
145264 USD
CY2015Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
471883 USD
CY2014Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
377585 USD
CY2015Q1 us-gaap Inventory Gross
InventoryGross
1301125 USD
CY2014Q1 us-gaap Inventory Gross
InventoryGross
933317 USD
CY2015Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
74489 USD
CY2014Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
114594 USD
CY2015 us-gaap Depreciation
Depreciation
268759 USD
CY2014 us-gaap Depreciation
Depreciation
225613 USD
CY2015 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
1178196 USD
CY2015Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2076926 USD
CY2014Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2666434 USD
CY2015Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
915494 USD
CY2014Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1827375 USD
CY2015Q1 us-gaap Minimum Lease Payments Sale Leaseback Transactions Within One Year
MinimumLeasePaymentsSaleLeasebackTransactionsWithinOneYear
132504 USD
CY2015Q1 us-gaap Minimum Lease Payments Sale Leaseback Transactions Within Two Years
MinimumLeasePaymentsSaleLeasebackTransactionsWithinTwoYears
132504 USD
CY2015Q1 us-gaap Minimum Lease Payments Sale Leaseback Transactions Within Three Years
MinimumLeasePaymentsSaleLeasebackTransactionsWithinThreeYears
132504 USD
CY2015Q1 us-gaap Minimum Lease Payments Sale Leaseback Transactions Within Four Years
MinimumLeasePaymentsSaleLeasebackTransactionsWithinFourYears
132504 USD
CY2015Q1 us-gaap Minimum Lease Payments Sale Leaseback Transactions
MinimumLeasePaymentsSaleLeasebackTransactions
530016 USD
CY1999Q1 us-gaap Sale Leaseback Transaction Deferred Gain Net
SaleLeasebackTransactionDeferredGainNet
500000 USD
CY2015 us-gaap Sale Leaseback Transaction Rent Expense
SaleLeasebackTransactionRentExpense
132504 USD
CY2014 us-gaap Sale Leaseback Transaction Rent Expense
SaleLeasebackTransactionRentExpense
132504 USD
CY2009Q2 repr Shares Issued To Reduce Debt
SharesIssuedToReduceDebt
755000 shares
CY2009Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.11
CY2009Q1 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
700000 USD
CY2009Q1 us-gaap Debt Instrument Periodic Payment Principal
DebtInstrumentPeriodicPaymentPrincipal
5754 USD
CY2009Q1 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.0600 pure
CY2015Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 USD
CY2015Q1 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
1400000 USD
CY2009Q1 repr Debt Instrument Number Of Installments
DebtInstrumentNumberOfInstallments
144 pure
CY2015 us-gaap Sale Leaseback Transaction Lease Terms
SaleLeasebackTransactionLeaseTerms
20 years

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