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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% | 0.16 | 0.16 | 0.1825 | 0.00 | 21:15:06 |
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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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x
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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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||
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Condensed Consolidated Balance Sheets as of March 31, 2019 and June 30, 2018 (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)
|
|||||||
|
March 31,
2019 |
|
June 30,
2018 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
528,280
|
|
|
$
|
874,002
|
|
Restricted cash
|
252,348
|
|
|
250,000
|
|
||
Accounts receivable, net
|
1,622,917
|
|
|
1,387,133
|
|
||
Inventories
|
1,684,984
|
|
|
1,823,414
|
|
||
Other current assets
|
263,218
|
|
|
249,620
|
|
||
Total current assets
|
4,351,747
|
|
|
4,584,169
|
|
||
Property and equipment, net
|
77,131
|
|
|
76,268
|
|
||
Trademarks and trade names
|
605,006
|
|
|
605,006
|
|
||
License, net
|
146,612
|
|
|
161,350
|
|
||
Total assets
|
$
|
5,180,496
|
|
|
$
|
5,426,793
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Line of credit
|
$
|
201,575
|
|
|
$
|
165,000
|
|
Current portion of note payable
|
3,338
|
|
|
3,153
|
|
||
Accounts payable
|
675,077
|
|
|
528,844
|
|
||
Accrued expenses
|
760,286
|
|
|
874,421
|
|
||
Current portion of post-retirement benefits (related party)
|
101,891
|
|
|
101,891
|
|
||
Deferred revenue
|
439,867
|
|
|
481,180
|
|
||
Liabilities of discontinued operations
|
90,088
|
|
|
92,532
|
|
||
Total current liabilities
|
2,272,122
|
|
|
2,247,021
|
|
||
Note payable, net of current portion
|
15,766
|
|
|
18,037
|
|
||
Accrued post-retirement benefits, net of current portion (related party)
|
723,867
|
|
|
749,480
|
|
||
Total long-term liabilities
|
739,633
|
|
|
767,517
|
|
||
Total liabilities
|
3,011,755
|
|
|
3,014,538
|
|
||
Commitments and contingencies
|
|
|
|
||||
Shareholders' equity:
|
|
|
|
||||
Series A convertible preferred stock, $0.001 par value; 2,000,000 shares authorized; 2,000,000 shares issued and outstanding (liquidation value of $703,103 and $664,368)
|
645,000
|
|
|
645,000
|
|
||
Common stock, $0.001 par value; 35,000,000 shares authorized; 7,415,329 shares issued and outstanding as of March 31, 2019 and June 30, 2018
|
7,415
|
|
|
7,415
|
|
||
Additional paid-in capital
|
69,702,043
|
|
|
69,702,043
|
|
||
Accumulated deficit
|
(68,185,717
|
)
|
|
(67,942,203
|
)
|
||
Total shareholders’ equity
|
2,168,741
|
|
|
2,412,255
|
|
||
Total liabilities and shareholders’ equity
|
$
|
5,180,496
|
|
|
$
|
5,426,793
|
|
ESCALON MEDICAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
|
|||||||||||||||
|
For the Three Months Ended March 31,
|
|
For the Nine Months Ended March 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net revenues:
|
|
|
|
|
|
|
|
||||||||
Products
|
$
|
2,433,408
|
|
|
$
|
2,412,598
|
|
|
$
|
6,653,254
|
|
|
$
|
8,013,833
|
|
Service plans
|
235,262
|
|
|
222,884
|
|
|
692,679
|
|
|
634,301
|
|
||||
Revenues, net
|
2,668,670
|
|
|
2,635,482
|
|
|
7,345,933
|
|
|
8,648,134
|
|
||||
Costs and expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of goods sold
|
1,397,693
|
|
|
1,487,707
|
|
|
3,880,999
|
|
|
4,792,775
|
|
||||
Marketing, general and administrative
|
1,030,778
|
|
|
1,147,475
|
|
|
3,171,931
|
|
|
3,336,604
|
|
||||
Research and development
|
218,014
|
|
|
92,649
|
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|
540,760
|
|
|
393,239
|
|
||||
Total costs and expenses
|
2,646,485
|
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|
2,727,831
|
|
|
7,593,690
|
|
|
8,522,618
|
|
||||
Income (loss) from operations
|
22,185
|
|
|
(92,349
|
)
|
|
(247,757
|
)
|
|
125,516
|
|
||||
Other income (expense)
|
|
|
|
|
|
|
|
||||||||
Other income
|
—
|
|
|
—
|
|
|
11,122
|
|
|
500,000
|
|
||||
Interest income
|
4,015
|
|
|
1,627
|
|
|
7,389
|
|
|
2,471
|
|
||||
Interest expense
|
(3,995
|
)
|
|
(28,354
|
)
|
|
(14,268
|
)
|
|
(96,364
|
)
|
||||
Total other income
|
20
|
|
|
(26,727
|
)
|
|
4,243
|
|
|
406,107
|
|
||||
Net income (loss)
|
22,205
|
|
|
(119,076
|
)
|
|
(243,514
|
)
|
|
531,623
|
|
||||
Undeclared dividends on preferred stocks
|
12,723
|
|
|
6,503
|
|
|
38,735
|
|
|
6,503
|
|
||||
Net income (loss) applicable to common shareholders
|
$
|
9,482
|
|
|
$
|
(125,579
|
)
|
|
$
|
(282,249
|
)
|
|
$
|
525,120
|
|
Net income (loss) per share
|
|
|
|
|
|
|
|
||||||||
Basic income (loss) per share
|
$
|
0.00
|
|
|
$
|
(0.02
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
0.07
|
|
Diluted income (loss) per share
|
$
|
0.00
|
|
|
$
|
(0.02
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
0.06
|
|
Weighted average shares—basic
|
7,415,329
|
|
|
7,551,430
|
|
|
7,415,329
|
|
|
7,551,430
|
|
||||
Weighted average shares—diluted
|
12,017,856
|
|
|
7,551,430
|
|
|
7,415,329
|
|
|
8,268,097
|
|
ESCALON MEDICAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY
FOR THE NINE MONTHS ENDED MARCH 31, 2019 AND 2018
(UNAUDITED)
|
||||||||||||||||||||||||||
|
|
Common Stock
|
|
Series A Convertible Preferred Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Deficit
|
|
Total
Shareholders’
Equity
|
||||||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|
||||||||||||
Balance at June 30, 2018
|
|
7,415,329
|
|
|
$
|
7,415
|
|
|
2,000,000
|
|
|
$
|
645,000
|
|
|
$
|
69,702,043
|
|
|
$
|
(67,942,203
|
)
|
|
$
|
2,412,255
|
|
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(47,736
|
)
|
|
(47,736
|
)
|
|||||
Balance at September 30, 2018
|
|
7,415,329
|
|
|
7,415
|
|
|
2,000,000
|
|
|
645,000
|
|
|
69,702,043
|
|
|
(67,989,939
|
)
|
|
2,364,519
|
|
|||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(217,983
|
)
|
|
(217,983
|
)
|
|||||
Balance at December 31, 2018
|
|
7,415,329
|
|
|
7,415
|
|
|
2,000,000
|
|
|
645,000
|
|
|
69,702,043
|
|
|
(68,207,922
|
)
|
|
2,146,536
|
|
|||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,205
|
|
|
22,205
|
|
|||||
Balance at March 31, 2019
|
|
7,415,329
|
|
|
$
|
7,415
|
|
|
2,000,000
|
|
|
$
|
645,000
|
|
|
$
|
69,702,043
|
|
|
$
|
(68,185,717
|
)
|
|
$
|
2,168,741
|
|
|
|
Common Stock
|
|
Series A Convertible Preferred Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated Deficit
|
|
Total
Shareholders’
Equity
|
||||||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|
||||||||||||
Balance at June 30, 2017
|
|
7,551,430
|
|
|
$
|
7,551
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
69,701,907
|
|
|
$
|
(68,525,878
|
)
|
|
$
|
1,183,580
|
|
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(60,521
|
)
|
|
(60,521
|
)
|
|||||
Balance at September 30, 2017
|
|
7,551,430
|
|
|
7,551
|
|
|
—
|
|
|
—
|
|
|
69,701,907
|
|
|
(68,586,399
|
)
|
|
1,123,059
|
|
|||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
711,220
|
|
|
711,220
|
|
|||||
Balance at December 31, 2017
|
|
7,551,430
|
|
|
7,551
|
|
|
—
|
|
|
—
|
|
|
69,701,907
|
|
|
(67,875,179
|
)
|
|
1,834,279
|
|
|||||
Issuance of stock for debt
|
|
—
|
|
|
—
|
|
|
2,000,000
|
|
|
645,000
|
|
|
—
|
|
|
—
|
|
|
645,000
|
|
|||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(119,076
|
)
|
|
(119,076
|
)
|
|||||
Balance at March 31, 2018
|
|
7,551,430
|
|
|
$
|
7,551
|
|
|
2,000,000
|
|
|
$
|
645,000
|
|
|
$
|
69,701,907
|
|
|
$
|
(67,994,255
|
)
|
|
$
|
2,360,203
|
|
|
For the Nine Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Cash Flows from Operating Activities:
|
|
|
|
||||
Net (loss) income
|
$
|
(243,514
|
)
|
|
$
|
531,623
|
|
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
|
|
|
|
||||
Other income
|
—
|
|
|
(500,000
|
)
|
||
Depreciation and amortization
|
20,381
|
|
|
35,340
|
|
||
Change in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(235,784
|
)
|
|
172,509
|
|
||
Inventories
|
138,430
|
|
|
(73,433
|
)
|
||
Other current assets
|
(13,597
|
)
|
|
7,744
|
|
||
Accounts payable and accrued expenses
|
32,097
|
|
|
(137,794
|
)
|
||
Accrued post-retirement benefits
|
(25,613
|
)
|
|
(30,956
|
)
|
||
Deferred revenue
|
(41,313
|
)
|
|
74,197
|
|
||
Liabilities of discontinued operations
|
(2,444
|
)
|
|
4,704
|
|
||
Net cash (used in) provided by operating activities
|
(371,357
|
)
|
|
83,934
|
|
||
Cash Flows from Investing Activities:
|
|
|
|
||||
Proceeds from sales of source code licensing agreement
|
—
|
|
|
500,000
|
|
||
Purchase of equipment
|
(6,506
|
)
|
|
(2,206
|
)
|
||
Purchase of licenses
|
—
|
|
|
(12,500
|
)
|
||
Net cash (used in) provided by investing activities
|
(6,506
|
)
|
|
485,294
|
|
||
Cash Flows from Financing Activities:
|
|
|
|
||||
Proceeds from related party note payable
|
—
|
|
|
100,000
|
|
||
Repayment of note payable
|
(2,086
|
)
|
|
(426
|
)
|
||
Proceeds from (repayment of ) line of credit
|
36,575
|
|
|
(85,000
|
)
|
||
Net cash provided by financing activities
|
34,489
|
|
|
14,574
|
|
||
Net (decrease) increase in cash, cash equivalents and restricted cash
|
(343,374
|
)
|
|
583,802
|
|
||
Cash, cash equivalents and restricted cash, beginning of period
|
1,124,002
|
|
|
544,118
|
|
||
Cash, cash equivalents and restricted cash, end of period
|
$
|
780,628
|
|
|
$
|
1,127,920
|
|
|
|
|
|
||||
Cash, cash equivalents and restricted cash consist of the following:
|
|
|
|
||||
End of period
|
|
|
|
||||
Cash and cash equivalents
|
$
|
528,280
|
|
|
$
|
1,127,920
|
|
Restricted cash
|
252,348
|
|
|
—
|
|
||
|
$
|
780,628
|
|
|
$
|
1,127,920
|
|
Beginning of period
|
|
|
|
||||
Cash and cash equivalents
|
$
|
874,002
|
|
|
$
|
544,118
|
|
Restricted cash
|
250,000
|
|
|
—
|
|
||
|
$
|
1,124,002
|
|
|
$
|
544,118
|
|
|
|
|
|
||||
|
For the Nine Months Ended March 31,
|
|
|||||
|
2019
|
|
2018
|
||||
Supplemental Schedule of Cash Flow Information:
|
|
|
|
Interest paid
|
$
|
42,242
|
|
|
$
|
37,207
|
|
Non Cash Finance and Investing Activities
|
|
|
|
||||
Note payable for acquisition of vehicle
|
$
|
—
|
|
|
$
|
22,372
|
|
Related party note payable converted to preferred stock
|
$
|
—
|
|
|
$
|
645,000
|
|
|
|
|
|
|
For the Three Months Ended March 31,
|
|
For the Nine Months Ended March 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Numerator for basic earnings per share:
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
$
|
22,205
|
|
|
$
|
(119,076
|
)
|
|
$
|
(243,514
|
)
|
|
$
|
531,623
|
|
Undeclared dividends on preferred stock
|
12,723
|
|
|
6,503
|
|
|
38,735
|
|
|
6,503
|
|
||||
Net income (loss) applicable to common shareholders
|
$
|
9,482
|
|
|
$
|
(125,579
|
)
|
|
$
|
(282,249
|
)
|
|
$
|
525,120
|
|
Numerator for diluted earnings per share:
|
|
|
|
|
|
|
|
||||||||
Net income (loss) applicable to common shareholders
|
$
|
9,482
|
|
|
$
|
(125,579
|
)
|
|
$
|
(282,249
|
)
|
|
$
|
525,120
|
|
Undeclared dividends on preferred stock
|
12,723
|
|
|
—
|
|
|
—
|
|
|
6,503
|
|
||||
Net income (loss)
|
$
|
22,205
|
|
|
$
|
(125,579
|
)
|
|
$
|
(282,249
|
)
|
|
$
|
531,623
|
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Denominator for basic earnings per share - weighted average shares outstanding
|
7,415,329
|
|
|
7,551,430
|
|
|
7,415,329
|
|
|
7,551,430
|
|
||||
Weighted average preferred stock converted to common stock
|
4,602,527
|
|
|
—
|
|
|
—
|
|
|
716,667
|
|
||||
Denominator for diluted earnings per share - weighted average and assumed conversion
|
12,017,856
|
|
|
7,551,430
|
|
|
7,415,329
|
|
|
8,268,097
|
|
||||
Net income (loss) per share:
|
|
|
|
|
|
|
|
||||||||
Basic net income (loss) per share
|
$
|
0.00
|
|
|
$
|
(0.02
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
0.07
|
|
Diluted net income (loss) per share
|
$
|
0.00
|
|
|
(0.02)
|
|
|
$
|
(0.04
|
)
|
|
$
|
0.06
|
|
|
For the three-month period ended March 31,
|
|
For the nine-month period ended March 31,
|
||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Stock options
|
213,000
|
|
|
367,500
|
|
|
213,000
|
|
|
367,500
|
|
Convertible preferred stock
|
—
|
|
|
2,150,000
|
|
|
—
|
|
|
—
|
|
Total potential dilutive securities not included in income per share
|
213,000
|
|
|
2,517,500
|
|
|
213,000
|
|
|
367,500
|
|
(In thousands)
|
March 31,
|
|
June 30,
|
||||
|
2019
|
|
2018
|
||||
Inventories, net:
|
|
|
|
||||
Raw Material
|
$
|
710
|
|
|
$
|
653
|
|
Work-In-Process
|
284
|
|
|
192
|
|
||
Finished Goods
|
691
|
|
|
978
|
|
||
Total
|
$
|
1,685
|
|
|
$
|
1,823
|
|
|
March 31,
|
|
June 30,
|
||||
|
2019
|
|
2018
|
||||
Assets
|
|
|
|
||||
Total assets
|
$
|
—
|
|
|
$
|
—
|
|
Liabilities
|
|
|
|
||||
Accrued lease termination costs
|
90
|
|
|
93
|
|
||
Total liabilities
|
90
|
|
|
93
|
|
||
Net liabilities of discontinued operations
|
$
|
(90
|
)
|
|
$
|
(93
|
)
|
Year Ending June 30,
|
Lease
Obligations |
||
Remaining of fiscal year 2019
|
$
|
95,418
|
|
2020
|
343,843
|
|
|
2021
|
259,872
|
|
|
2022
|
243,685
|
|
|
2023
|
183,892
|
|
|
Thereafter
|
286,238
|
|
|
Total
|
$
|
1,412,948
|
|
|
For the Three Months Ended March 31,
|
|
For the Nine Months Ended March 31,
|
||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||||||||||
Domestic
|
$
|
1,509,189
|
|
|
56.6
|
%
|
|
$
|
1,556,978
|
|
|
59.1
|
%
|
|
$
|
4,422,034
|
|
|
60.2
|
%
|
|
$
|
5,153,681
|
|
|
59.6
|
%
|
Foreign
|
1,159,481
|
|
|
43.4
|
%
|
|
1,078,504
|
|
|
40.9
|
%
|
|
2,923,899
|
|
|
39.8
|
%
|
|
3,494,453
|
|
|
40.4
|
%
|
||||
Total
|
$
|
2,668,670
|
|
|
100.0
|
%
|
|
$
|
2,635,482
|
|
|
100.0
|
%
|
|
$
|
7,345,933
|
|
|
100.0
|
%
|
|
$
|
8,648,134
|
|
|
100.0
|
%
|
•
|
Unsatisfied Performance Obligations - all performance obligations relate to contracts with a duration of less than one year, the Company has elected to apply the optional exemption provided in ASC 606 and therefore, is not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period.
|
•
|
Contract Costs - all incremental customer contract acquisition costs are expensed as they are incurred as the amortization period of the asset that the Company otherwise would have recognized is one year or less in duration.
|
•
|
Significant Financing Component - the Company does not adjust the promised amount of consideration for the effects of a significant financing component as the Company expects, at contract inception, that the period between when the entity transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less.
|
•
|
Sales Tax Exclusion from the Transaction Price - the Company excludes from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from the customer.
|
•
|
Shipping and Handling Activities - the Company elected to account for shipping and handling activities as a fulfillment cost rather than as a separate performance obligation.
|
•
|
Modified Retrospective Method - the Company adopted ASC 606 on July 1, 2018 utilizing the modified retrospective method allowing the Company to not retrospectively adjust prior periods. The Company applied the modified retrospective method only to contracts that were not completed at July 1, 2018 and accounted for the aggregate effect of any contract modifications upon adoption.
|
•
|
Portfolio Approach - the Company applied the Portfolio Approach to contract reviews within its identified revenue streams that have similar characteristics and the Company believes this approach would not differ materially than if applying Topic 606 to each individual contract.
|
|
|
Three Months Ended March 31,
|
|
|
Nine Months Ended March 31,
|
|
||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Beginning of Period
|
|
$
|
465,000
|
|
|
$
|
482,000
|
|
|
$
|
481,000
|
|
|
$
|
388,000
|
|
Additions
|
|
209,000
|
|
|
201,000
|
|
|
668,000
|
|
|
708,000
|
|
||||
Revenue Recognized
|
|
234,000
|
|
|
220,000
|
|
|
709,000
|
|
|
633,000
|
|
||||
End of Period
|
|
$
|
440,000
|
|
|
$
|
463,000
|
|
|
$
|
440,000
|
|
|
$
|
463,000
|
|
•
|
Consolidated net revenue decreased approximately $1,302,000 or
15.1%
, to $
7,346,000
during the nine-month period ended March 31, 2019 as compared to the same period last fiscal year. The decrease in net revenue is attributed to a decrease in Escalon Digital Solutions, Inc. ("EMI") total product sales of $308,000, related to a decrease in ophthalmic fundus photography system product sales of $366,000 offset by an increase in revenue from service plans of $58,000, a decrease in sales of Trek products of $40,000 and a decrease in sales in Sonomed's ultrasound products of $953,000, primarily attributable to decreases within North America, Latin America and Asia Pacific markets.
|
•
|
Consolidated cost of goods sold totaled approximately $
3,881,000
, or
52.8%
, of total revenue for the nine-month period ended March 31, 2019, as compared to $
4,793,000
, or
55.4%
, of total revenue for the same period of the prior fiscal year. The decrease of
2.6%
in cost of goods sold as a percentage of total revenue is mainly due to changes in product sales mix and improved pricing.
|
•
|
Consolidated marketing, general and administrative expenses decreased $
165,000
, or
4.9%
, to $
3,172,000
for the nine-month period ended March 31, 2019, as compared to the same period of the prior fiscal year. The decrease is mainly due to decreased legal expense and decreased salary expense offset by increased exhibition expense.
|
•
|
Consolidated research and development expenses increased $
148,000
, or
37.7%
, to $
541,000
for the nine-month period ended March 31, 2019, as compared to the same period of the prior fiscal year. Research and development expenses were primarily expenses associated with the introduction of new or enhanced products. The increase in research and development expense is mainly due to expense for AXIS software development work and ultrasound certification costs incurred in nine months ended March 31, 2019.
|
|
For the Three Months Ended March 31,
|
|
For the Nine Months Ended March 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
||||||||||
Net Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Products
|
$
|
2,434
|
|
|
$
|
2,412
|
|
|
0.9
|
%
|
|
$
|
6,653
|
|
|
$
|
8,014
|
|
|
(17.0
|
)%
|
Service plans
|
$
|
235
|
|
|
$
|
223
|
|
|
5.4
|
%
|
|
$
|
693
|
|
|
$
|
634
|
|
|
9.3
|
%
|
Total
|
$
|
2,669
|
|
|
$
|
2,635
|
|
|
1.3
|
%
|
|
$
|
7,346
|
|
|
$
|
8,648
|
|
|
(15.1
|
)%
|
|
For the Three Months Ended March 31,
|
|
For the Nine Months Ended March 31,
|
||||||||||||||||||||||||
|
2019
|
|
%
|
|
2018
|
|
%
|
|
2019
|
|
%
|
|
2018
|
|
%
|
||||||||||||
Cost of Goods Sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
1,398
|
|
|
52.4
|
%
|
|
$
|
1,488
|
|
|
56.5
|
%
|
|
$
|
3,881
|
|
|
52.8
|
%
|
|
$
|
4,793
|
|
|
55.4
|
%
|
|
Total
|
$
|
1,398
|
|
|
52.4
|
%
|
|
$
|
1,488
|
|
|
56.5
|
%
|
|
$
|
3,881
|
|
|
52.8
|
%
|
|
$
|
4,793
|
|
|
55.4
|
%
|
|
For the Three Months Ended March 31,
|
|
For the Nine Months Ended March 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
||||||||||
Marketing, General and Administrative:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
$
|
1,031
|
|
|
$
|
1,147
|
|
|
(10.1
|
)%
|
|
$
|
3,172
|
|
|
$
|
3,337
|
|
|
(4.9
|
)%
|
Total
|
$
|
1,031
|
|
|
$
|
1,147
|
|
|
(10.1
|
)%
|
|
$
|
3,172
|
|
|
$
|
3,337
|
|
|
(4.9
|
)%
|
|
For the Three Months Ended March 31,
|
For the Nine Months Ended March 31,
|
|||||||||||||||||||
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
||||||||||
Research and Development:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
$
|
218
|
|
|
$
|
93
|
|
|
134.4
|
%
|
|
$
|
541
|
|
|
$
|
393
|
|
|
37.7
|
%
|
Total
|
$
|
218
|
|
|
$
|
93
|
|
|
134.4
|
%
|
|
$
|
541
|
|
|
$
|
393
|
|
|
37.7
|
%
|
|
|
March 31,
|
|
June 30,
|
||||
|
|
2019
|
|
2018
|
||||
Current Ratio:
|
|
|
|
|
||||
Current assets
|
|
$
|
4,352
|
|
|
$
|
4,584
|
|
Less: Current liabilities
|
|
2,272
|
|
|
2,247
|
|
||
Working capital
|
|
$
|
2,080
|
|
|
$
|
2,337
|
|
Current ratio
|
|
1.92 to 1
|
|
2.04 to 1
|
||||
Debt to Total Capital Ratio:
|
|
|
|
|
||||
Line of credit and note payable
|
|
$
|
221
|
|
|
$
|
186
|
|
Total debt
|
|
221
|
|
|
186
|
|
||
Total equity
|
|
2,169
|
|
|
2,412
|
|
||
Total capital
|
|
$
|
2,390
|
|
|
$
|
2,598
|
|
Total debt to total capital
|
|
9.2
|
%
|
|
7.2
|
%
|
|
|
|
|
|
|
|
|
3-5
|
|
More than
|
||||||||||
|
|
Total
|
|
1 Year
|
|
1-3 Years
|
|
Years
|
|
5 Years
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating lease agreements
|
|
$
|
1,412,949
|
|
|
$
|
363,392
|
|
|
$
|
527,951
|
|
|
$
|
377,077
|
|
|
$
|
144,529
|
|
Total
|
|
$
|
1,412,949
|
|
|
$
|
363,392
|
|
|
$
|
527,951
|
|
|
$
|
377,077
|
|
|
$
|
144,529
|
|
|
|
|
|
|
|
|
Escalon Medical Corp.
|
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
Date: May 14, 2019
|
|
By:
|
|
/s/ Richard J. DePiano, Jr.
|
|
|
|
|
Richard J. DePiano, Jr.
|
|
|
|
|
Chief Executive Officer
|
|
|
|
|
|
Date: May 14, 2019
|
|
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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