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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Escalon Medical Corp (QB) | USOTC:ESMC | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.175 | 0.1701 | 0.1875 | 0.00 | 21:30:08 |
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Pennsylvania
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33-0272839
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Large accelerated filer
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o
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Accelerated filer
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o
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Non-accelerated filer
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o
(Do not check if a smaller reporting company)
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Smaller reporting company
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x
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Emerging growth company
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o
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TABLE OF CONTENTS
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Page
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Item I.
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Condensed Consolidated Balance Sheets as of March 31, 2018
and June 30, 2017 (Unaudited)
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Item 2.
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Item 3.
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Item 4.
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Item 6.
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ESCALON MEDICAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
|
|||||||
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March 31,
2018 |
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June 30,
2017 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,127,920
|
|
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$
|
544,118
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Accounts receivable, net
|
1,311,261
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|
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1,483,770
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||
Inventories, net
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1,991,371
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1,917,938
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|
||
Other current assets
|
201,803
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209,546
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||
Total current assets
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4,632,355
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4,155,372
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Property and equipment, net
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59,269
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54,892
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||
Trademarks and trade names
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605,006
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605,006
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Patents, net
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—
|
|
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400
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|
||
License, net
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166,262
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168,500
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||
Total assets
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$
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5,462,892
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$
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4,984,170
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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||||
Current liabilities:
|
|
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||||
Line of credit
|
$
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165,000
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$
|
250,000
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Current portion of note payable
|
3,094
|
|
|
—
|
|
||
Accounts payable
|
727,662
|
|
|
1,047,463
|
|
||
Accrued expenses
|
1,221,969
|
|
|
965,764
|
|
||
Related party note payable
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—
|
|
|
545,000
|
|
||
Current portion of accrued post-retirement benefits
|
101,891
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|
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101,891
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||
Liabilities of discontinued operations
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95,829
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|
|
91,125
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|
||
Total current liabilities
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2,315,445
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|
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3,001,243
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|
||
Note payable, net of current portion
|
18,853
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|
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—
|
|
||
Accrued post-retirement benefits, net of current portion
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768,391
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|
|
799,347
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Total long-term liabilities
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787,244
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|
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799,347
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Total liabilities
|
3,102,689
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3,800,590
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Commitments and contingencies
|
|
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||||
Shareholders' equity:
|
|
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|
||||
Series A convertible preferred stock, $0.001 par value; 2,000,000 shares authorized;2,000,000 issued and outstanding at March 31, 2018 and none issued and outstanding at June 30, 2017 (liquidation value of $645,000)
|
645,000
|
|
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—
|
|
||
Common stock, $0.001 par value; 35,000,000 shares authorized; 7,551,430 issued and outstanding
|
7,551
|
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7,551
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||
Additional paid-in capital
|
69,701,907
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69,701,907
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Accumulated deficit
|
(67,994,255
|
)
|
|
(68,525,878
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)
|
||
Total shareholders’ equity
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2,360,203
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1,183,580
|
|
||
Total liabilities and shareholders’ equity
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$
|
5,462,892
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|
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$
|
4,984,170
|
|
ESCALON MEDICAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
|
|||||||||||||||||
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For the three-month period ended March 31,
|
|
For the nine-month period ended March 31,
|
||||||||||||||
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2018
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2017
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2018
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2017
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||||||||||
Net revenues:
|
|
|
|
|
|
|
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||||||||||
Products
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$
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2,412,598
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$
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2,660,781
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$
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8,013,833
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$
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7,794,775
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Licenses and service plans
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222,884
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184,764
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634,301
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545,323
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||||||
Revenues, net
|
2,635,482
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2,845,545
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8,648,134
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—
|
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8,340,098
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|
|||||
Costs and expenses:
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||||||||||
Cost of goods sold
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1,487,707
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1,542,898
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4,792,775
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4,506,442
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||||||
Marketing, general and administrative
|
1,147,475
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1,096,655
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3,336,604
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3,458,958
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||||||
Research and development
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92,649
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279,883
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393,239
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876,377
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||||||
Total costs and expenses
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2,727,831
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2,919,436
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8,522,618
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8,841,777
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||||||
Income (loss) from operations
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(92,349
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)
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|
(73,891
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)
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|
125,516
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(501,679
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)
|
||||||
Other income (expense)
|
|
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||||||||||
Other income
|
—
|
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—
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500,000
|
|
|
—
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|
||||||
Interest income
|
1,627
|
|
|
84
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|
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2,471
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|
|
185
|
|
||||||
Interest expense
|
(28,354
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)
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(33,049
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)
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(96,364
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)
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|
(65,851
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)
|
||||||
Total other income (expense)
|
(26,727
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)
|
|
(32,965
|
)
|
—
|
|
406,107
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—
|
|
(65,666
|
)
|
||||
Net income (loss)
|
(119,076
|
)
|
|
(106,856
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)
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|
531,623
|
|
|
(567,345
|
)
|
||||||
Undeclared dividends on preferred stock
|
6,503
|
|
|
—
|
|
|
6,503
|
|
|
—
|
|
||||||
Net income (loss) applicable to common shareholders
|
$
|
(125,579
|
)
|
|
$
|
(106,856
|
)
|
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$
|
525,120
|
|
|
$
|
(567,345
|
)
|
||
Net income (loss) per share
|
|
|
|
|
|
|
|
||||||||||
Basic net loss (income) per share
|
$
|
(0.02
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
0.07
|
|
|
$
|
(0.08
|
)
|
||
Diluted net loss (income) per share
|
$
|
(0.02
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
0.06
|
|
|
$
|
(0.08
|
)
|
||
Weighted average shares—basic
|
7,551,430
|
|
|
7,551,430
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7,551,430
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7,551,430
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|
||||||
Weighted average shares—diluted
|
7,551,430
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|
|
7,551,430
|
|
|
8,268,097
|
|
|
7,551,430
|
|
ESCALON MEDICAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
FOR THE NINE MONTHS ENDED MARCH 31, 2018
(UNAUDITED)
|
|||||||||||||||||||||||||||
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Common Stock
|
|
Preferred Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Deficit
|
|
Total Shareholders' Equity
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
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|
||||||||||||||
Balance at June 30, 2017
|
7,551,430
|
|
|
$
|
7,551
|
|
|
—
|
|
$—
|
|
$69,701,907
|
|
$
|
(68,525,878
|
)
|
|
$
|
1,183,580
|
|
|||||||
Issuance of stock for debt
|
|
|
|
|
2,000,000
|
|
|
645,000
|
|
|
—
|
|
|
—
|
|
645,000
|
|
645,000
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
531,623
|
|
|
531,623
|
|
|||||||
Balance at March 31, 2018
|
7,551,430
|
|
|
$
|
7,551
|
|
|
$
|
2,000,000
|
|
|
$
|
645,000
|
|
|
$
|
69,701,907
|
|
|
$
|
(67,994,255
|
)
|
|
$
|
2,360,203
|
|
ESCALON MEDICAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|||||||
|
For the nine-month period ended March 31,
|
||||||
|
2018
|
|
2017
|
||||
Cash Flows from Operating Activities:
|
|
|
|
||||
Net income (loss)
|
$
|
531,623
|
|
|
$
|
(567,345
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by(used in) operating activities:
|
|
|
|
||||
Gain on sale from source code license agreement
|
(500,000
|
)
|
|
—
|
|
||
Depreciation and amortization
|
35,340
|
|
|
34,413
|
|
||
Change in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable, net
|
172,509
|
|
|
158,981
|
|
||
Inventories, net
|
(73,433
|
)
|
|
181,366
|
|
||
Other current assets
|
7,744
|
|
|
71,115
|
|
||
Accounts payable and accrued expenses
|
(63,597
|
)
|
|
(479,921
|
)
|
||
Change in accrued post-retirement benefits
|
(30,956
|
)
|
|
(27,586
|
)
|
||
Change in liabilities of discontinued operations
|
4,704
|
|
|
(3,196
|
)
|
||
Net cash provided by (used in) operating activities
|
83,934
|
|
|
(632,173
|
)
|
||
Cash Flows from Investing Activities:
|
|
|
|
||||
Proceeds from sales of source code licensing agreement
|
500,000
|
|
|
—
|
|
||
Purchase of property and equipment
|
(2,206
|
)
|
|
—
|
|
||
Purchase of licenses
|
(12,500
|
)
|
|
—
|
|
||
Net cash provided by investing activities
|
485,294
|
|
|
—
|
|
||
Cash Flows from Financing Activities:
|
|
|
|
||||
Proceeds from related party note payable
|
100,000
|
|
|
270,000
|
|
||
Proceeds from (repayment of) line of credit
|
(85,000
|
)
|
|
250,000
|
|
||
Principal payments on the note payable
|
(426
|
)
|
|
—
|
|
||
Net cash provided by financing activities
|
14,574
|
|
|
520,000
|
|
||
Net increase (decrease) in cash and cash equivalents
|
583,802
|
|
|
(112,173
|
)
|
||
Cash and cash equivalents, beginning of period
|
544,118
|
|
|
538,114
|
|
||
Cash and cash equivalents, end of period
|
$
|
1,127,920
|
|
|
$
|
425,941
|
|
Supplemental Schedule of Cash Flow Information:
|
|
|
|
||||
Interest paid
|
$
|
37,207
|
|
|
$
|
9,225
|
|
Non-cash Investing and Financing Activities:
|
|
|
|
||||
Note payable for acquisition of vehicle
|
$
|
22,372
|
|
|
$
|
—
|
|
Related party note payable converted to preferred stock
|
$
|
645,000
|
|
|
$
|
—
|
|
|
For the three-month period ended March 31,
|
|
For the nine-month period ended March 31,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
|
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|
||||||||
Numerator:
|
|
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|
|
|
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|
||||||||
Numerator for basic earnings per share
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
$
|
(119,076
|
)
|
|
$
|
(106,856
|
)
|
|
$
|
531,623
|
|
|
$
|
(567,345
|
)
|
Undeclared dividends on preferred stock
|
6,503
|
|
|
—
|
|
|
6,503
|
|
|
—
|
|
||||
Net income(loss) applicable to common shareholders
|
$
|
(125,579
|
)
|
|
$
|
(106,856
|
)
|
|
$
|
525,120
|
|
|
$
|
(567,345
|
)
|
Numerator for diluted earnings per share:
|
|
|
|
|
|
|
|
||||||||
Net income (loss) applicable to common shareholders
|
(125,579
|
)
|
|
(106,856
|
)
|
|
525,120
|
|
|
(567,345
|
)
|
||||
Undeclared dividends on preferred stock
|
6,503
|
|
|
—
|
|
|
6,503
|
|
|
—
|
|
||||
Net income (loss)
|
(119,076
|
)
|
|
(106,856
|
)
|
|
531,623
|
|
|
(567,345
|
)
|
||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Denominator for basic earnings per share - weighted average shares outstanding
|
7,551,430
|
|
|
7,551,430
|
|
|
7,551,430
|
|
|
7,551,430
|
|
||||
Weighted average preferred stock converted to common stock
|
—
|
|
|
—
|
|
|
716,667
|
|
|
—
|
|
||||
Denominator for diluted earnings per share - weighted average and assumed conversion
|
7,551,430
|
|
|
7,551,430
|
|
|
8,268,097
|
|
|
7,551,430
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per share
|
|
|
|
|
|
|
|
||||||||
Basic net loss (income) per share
|
$
|
(0.02
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
0.07
|
|
|
$
|
(0.08
|
)
|
Diluted net loss (income) per share
|
$
|
(0.02
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
0.06
|
|
|
$
|
(0.08
|
)
|
|
For the three-month period ended March 31,
|
|
For the nine-month period ended March 31,
|
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Stock options
|
367,500
|
|
|
502,000
|
|
|
367,500
|
|
|
502,000
|
|
Preferred stock
|
2,150,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total potential dilutive securities not included in income per share
|
2,517,500
|
|
|
502,000
|
|
|
367,500
|
|
|
502,000
|
|
(In thousands)
|
March 31,
|
|
June 30,
|
||||
|
2018
|
|
2017
|
||||
Inventories, net:
|
|
|
|
||||
Raw Material
|
$
|
790
|
|
|
$
|
865
|
|
Work-In-Process
|
176
|
|
|
337
|
|
||
Finished Goods
|
1,025
|
|
|
716
|
|
||
Total
|
$
|
1,991
|
|
|
$
|
1,918
|
|
|
|
|
|
|
March 31,
|
|
June 30,
|
||||
|
2018
|
|
2017
|
||||
Assets
|
|
|
|
||||
Total assets
|
$
|
—
|
|
|
$
|
—
|
|
Liabilities
|
|
|
|
||||
Accrued lease termination costs
|
96
|
|
|
91
|
|
||
Total liabilities
|
96
|
|
|
91
|
|
||
Net liabilities of discontinued operations
|
$
|
(96
|
)
|
|
$
|
(91
|
)
|
|
|
|
|
Less than
|
|
|
|
3-5
|
|
More than
|
|||||
|
|
Total
|
|
1 Year
|
|
2-3 Years
|
|
Years
|
|
5 Years
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating lease agreements
|
|
1,496,838
|
|
|
320,093
|
|
|
484,428
|
|
|
547,788
|
|
|
144,529
|
|
|
|
1,496,838
|
|
|
320,093
|
|
|
484,428
|
|
|
547,788
|
|
|
144,529
|
|
|
For the three-month period ended March 31,
|
|
For the nine-month period ended March 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
||||||||||
Net Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Products
|
$
|
2,413
|
|
|
$
|
2,661
|
|
|
(9.3
|
)%
|
|
$
|
8,014
|
|
|
$
|
7,795
|
|
|
2.8
|
%
|
Licenses and service plans
|
$
|
223
|
|
|
$
|
185
|
|
|
20.5
|
%
|
|
$
|
634
|
|
|
$
|
545
|
|
|
16.3
|
%
|
Total
|
$
|
2,635
|
|
|
$
|
2,846
|
|
|
(7.4
|
)%
|
|
$
|
8,648
|
|
|
$
|
8,340
|
|
|
3.7
|
%
|
|
For the three-month period ended March 31,
|
|
For the nine-month period ended March 31,
|
||||||||||||||||||||||||
|
2018
|
|
%
|
|
2017
|
|
%
|
|
2018
|
|
%
|
|
2017
|
|
%
|
||||||||||||
Cost of Goods Sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
$
|
1,488
|
|
|
56.4
|
%
|
|
$
|
1,543
|
|
|
54.2
|
%
|
|
$
|
4,793
|
|
|
55.4
|
%
|
|
$
|
4,506
|
|
|
54.0
|
%
|
Total
|
$
|
1,488
|
|
|
56.4
|
%
|
|
$
|
1,543
|
|
|
54.2
|
%
|
|
$
|
4,793
|
|
|
55.4
|
%
|
|
$
|
4,506
|
|
|
54.0
|
%
|
|
For the three-month period ended March 31,
|
|
For the nine-month period ended March 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
||||||||||
Marketing, General and Administrative:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
$
|
1,147
|
|
|
$
|
1,097
|
|
|
4.6
|
%
|
|
$
|
3,337
|
|
|
$
|
3,459
|
|
|
(3.5
|
)%
|
Total
|
$
|
1,147
|
|
|
$
|
1,097
|
|
|
4.6
|
%
|
|
$
|
3,337
|
|
|
$
|
3,459
|
|
|
(3.5
|
)%
|
|
For the three-month period ended March 31,
|
|
For the nine-month period ended March 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
||||||||||
Research and Development:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
$
|
93
|
|
|
$
|
280
|
|
|
(66.9
|
)%
|
|
$
|
393
|
|
|
$
|
876
|
|
|
(55.1
|
)%
|
Total
|
$
|
93
|
|
|
$
|
280
|
|
|
(66.9
|
)%
|
|
$
|
393
|
|
|
$
|
876
|
|
|
(55.1
|
)%
|
|
March 31, 2018
|
|
June 30, 2017
|
||||
Current Ratio:
|
|
|
|
||||
Current assets
|
$
|
4,632
|
|
|
$
|
4,155
|
|
Less: Current liabilities
|
2,315
|
|
|
3,001
|
|
||
Working capital
|
$
|
2,317
|
|
|
$
|
1,154
|
|
Current ratio
|
2.00 to 1
|
|
|
1.38 to 1
|
|
||
Debt to Total Capital Ratio:
|
|
|
|
||||
Related party note payable and line of credit
|
$
|
165
|
|
|
$
|
795
|
|
Note payable
|
22
|
|
|
—
|
|
||
Total debt
|
187
|
|
|
795
|
|
||
Total equity
|
2,360
|
|
|
1,184
|
|
||
Total capital
|
$
|
2,547
|
|
|
$
|
1,979
|
|
Total debt to total capital
|
7.3
|
%
|
|
40.2
|
%
|
|
|
|
|
Less than
|
|
|
|
3-5
|
|
More than
|
||||||||||
|
|
Total
|
|
1 Year
|
|
2-3 Years
|
|
Years
|
|
5 Years
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating lease agreements
|
|
$
|
1,496,838
|
|
|
$
|
320,093
|
|
|
$
|
484,428
|
|
|
$
|
547,788
|
|
|
$
|
144,529
|
|
Total
|
|
$
|
1,496,838
|
|
|
$
|
320,093
|
|
|
$
|
484,428
|
|
|
$
|
547,788
|
|
|
$
|
144,529
|
|
|
|
|
|
|
|
|
Escalon Medical Corp.
|
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
Date: May 14, 2018
|
|
By:
|
|
/s/ Richard J. DePiano, Jr.
|
|
|
|
|
Richard J. DePiano, Jr.
|
|
|
|
|
Chief Executive Officer
|
|
|
|
|
|
Date: May14, 2018
|
|
By:
|
|
/s/ Mark Wallace
|
|
|
|
|
Mark Wallace
|
|
|
|
|
Chief Operating Officer and Principal Accounting & Financial Officer
|
1 Year Escalon Medical (QB) Chart |
1 Month Escalon Medical (QB) Chart |
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