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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% | 0.17 | 0.1306 | 0.1825 | 0.00 | 21:00:05 |
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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, 2020 and June 30, 2019
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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,
2020 |
|
June 30,
2019 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
695,648
|
|
|
$
|
409,743
|
|
Restricted cash
|
255,092
|
|
|
253,135
|
|
||
Accounts receivable, net
|
1,114,037
|
|
|
1,496,105
|
|
||
Inventories
|
1,900,268
|
|
|
1,878,860
|
|
||
Other current assets
|
134,518
|
|
|
223,078
|
|
||
Total current assets
|
4,099,563
|
|
|
4,260,921
|
|
||
Property and equipment, net
|
84,399
|
|
|
67,896
|
|
||
Right-of-use assets
|
1,179,240
|
|
|
—
|
|
||
Trademarks and trade names
|
—
|
|
|
605,006
|
|
||
License, net
|
126,962
|
|
|
141,700
|
|
||
Other long term assets
|
62,786
|
|
|
51,915
|
|
||
Total assets
|
$
|
5,552,950
|
|
|
$
|
5,127,438
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Line of credit
|
$
|
201,575
|
|
|
$
|
201,575
|
|
Current portion of note payable
|
3,133
|
|
|
3,401
|
|
||
Accounts payable
|
680,531
|
|
|
666,510
|
|
||
Accrued expenses
|
683,409
|
|
|
656,707
|
|
||
Related party accrued interest
|
112,389
|
|
|
112,389
|
|
||
Current portion of post-retirement benefits (related party)
|
—
|
|
|
101,891
|
|
||
Current portion of operating lease liabilities
|
284,647
|
|
|
—
|
|
||
Deferred revenue
|
543,415
|
|
|
426,803
|
|
||
Liabilities of discontinued operations
|
88,000
|
|
|
90,933
|
|
||
Total current liabilities
|
2,597,099
|
|
|
2,260,209
|
|
||
Note payable, net of current portion
|
12,642
|
|
|
14,896
|
|
||
Operating lease liabilities, net of current portion
|
962,823
|
|
|
—
|
|
||
Accrued post-retirement benefits, net of current portion (related party)
|
—
|
|
|
690,094
|
|
||
Total long-term liabilities
|
975,465
|
|
|
704,990
|
|
||
Total liabilities
|
3,572,564
|
|
|
2,965,199
|
|
||
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 $754,986 and $715,968)
|
645,000
|
|
|
645,000
|
|
||
Common stock, $0.001 par value; 35,000,000 shares authorized; 7,415,329 shares issued and outstanding
|
7,415
|
|
|
7,415
|
|
||
Additional paid-in capital
|
69,702,043
|
|
|
69,702,043
|
|
||
Accumulated deficit
|
(68,374,072
|
)
|
|
(68,192,219
|
)
|
||
Total shareholders’ equity
|
1,980,386
|
|
|
2,162,239
|
|
||
Total liabilities and shareholders’ equity
|
$
|
5,552,950
|
|
|
$
|
5,127,438
|
|
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,
|
||||||||||||
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2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Net revenues:
|
|
|
|
|
|
|
|
||||||||
Products
|
$
|
2,117,660
|
|
|
$
|
2,433,408
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|
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$
|
6,667,545
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|
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$
|
6,653,254
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Service plans
|
239,723
|
|
|
235,262
|
|
|
717,719
|
|
|
692,679
|
|
||||
Revenues, net
|
2,357,383
|
|
|
2,668,670
|
|
|
7,385,264
|
|
|
7,345,933
|
|
||||
Costs and expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of goods sold
|
1,280,995
|
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|
1,397,693
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3,909,844
|
|
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3,880,999
|
|
||||
Marketing, general and administrative
|
903,666
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1,030,778
|
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2,997,023
|
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3,171,931
|
|
||||
Research and development
|
301,029
|
|
|
218,014
|
|
|
808,426
|
|
|
540,760
|
|
||||
Intangible assets impairment
|
—
|
|
|
—
|
|
|
605,006
|
|
|
—
|
|
||||
Total costs and expenses
|
2,485,690
|
|
|
2,646,485
|
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|
8,320,299
|
|
|
7,593,690
|
|
||||
(Loss) income from operations
|
(128,307
|
)
|
|
22,185
|
|
|
(935,035
|
)
|
|
(247,757
|
)
|
||||
Other income (expense)
|
|
|
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|
||||||||
Other income
|
1,350
|
|
|
—
|
|
|
759,371
|
|
|
11,122
|
|
||||
Interest income
|
792
|
|
|
4,015
|
|
|
3,632
|
|
|
7,389
|
|
||||
Interest expense
|
(1,718
|
)
|
|
(3,995
|
)
|
|
(9,821
|
)
|
|
(14,268
|
)
|
||||
Total other income, net
|
424
|
|
|
20
|
|
|
753,182
|
|
|
4,243
|
|
||||
Net (loss) income
|
(127,883
|
)
|
|
22,205
|
|
|
(181,853
|
)
|
|
(243,514
|
)
|
||||
Undeclared dividends on preferred stocks
|
13,006
|
|
|
12,723
|
|
|
39,018
|
|
|
38,735
|
|
||||
Net (loss) income applicable to common shareholders
|
$
|
(140,889
|
)
|
|
$
|
9,482
|
|
|
$
|
(220,871
|
)
|
|
$
|
(282,249
|
)
|
Net (loss) income per share
|
|
|
|
|
|
|
|
||||||||
Basic loss per share
|
$
|
(0.02
|
)
|
|
$
|
0.00
|
|
|
$
|
(0.03
|
)
|
|
$
|
(0.04
|
)
|
Diluted loss per share
|
$
|
(0.02
|
)
|
|
$
|
0.00
|
|
|
$
|
(0.03
|
)
|
|
$
|
(0.04
|
)
|
Weighted average shares—basic
|
7,415,329
|
|
|
7,415,329
|
|
|
7,415,329
|
|
|
7,415,329
|
|
||||
Weighted average shares—diluted
|
7,415,329
|
|
|
12,017,856
|
|
|
7,415,329
|
|
|
7,415,329
|
|
ESCALON MEDICAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2020 AND 2019
(UNAUDITED)
|
||||||||||||||||||||||||||||
|
|
Series A Convertible Preferred Stock
|
|
Common Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Deficit
|
|
Total
Shareholders’
Equity
|
||||||||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|
||||||||||||||
Balance at June 30, 2019
|
|
2,000,000
|
|
|
$
|
645,000
|
|
|
7,415,329
|
|
|
$
|
7,415
|
|
|
$
|
69,702,043
|
|
|
$
|
(68,192,219
|
)
|
|
$
|
2,162,239
|
|
||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|
621,373
|
|
|
621,373
|
|
||||||
Balance at September 30, 2019
|
|
2,000,000
|
|
|
645,000
|
|
|
7,415,329
|
|
|
7,415
|
|
—
|
|
69,702,043
|
|
—
|
|
(67,570,846
|
)
|
|
2,783,612
|
|
|||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(675,343
|
)
|
|
(675,343
|
)
|
|||||||
Balance at December 31, 2019
|
|
2,000,000
|
|
|
645,000
|
|
|
7,415,329
|
|
|
7,415
|
|
|
69,702,043
|
|
|
(68,246,189
|
)
|
|
2,108,269
|
|
|||||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(127,883
|
)
|
|
(127,883
|
)
|
|||||||
Balance at March 31, 2020
|
|
2,000,000
|
|
|
$
|
645,000
|
|
|
7,415,329
|
|
|
$
|
7,415
|
|
|
$
|
69,702,043
|
|
|
$
|
(68,374,072
|
)
|
|
$
|
1,980,386
|
|
|
|
Series A Convertible Preferred Stock
|
|
Common Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated Deficit
|
|
Total
Shareholders’
Equity
|
||||||||||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|
||||||||||||||||
Balance at June 30, 2018
|
|
2,000,000
|
|
|
$
|
645,000
|
|
|
7,415,329
|
|
|
$
|
7,415
|
|
|
$
|
69,702,043
|
|
|
$
|
(67,942,203
|
)
|
|
$
|
2,412,255
|
|
||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(47,736
|
)
|
|
(47,736
|
)
|
|||||||||
Balance at September 30, 2018
|
|
2,000,000
|
|
—
|
|
645,000
|
|
|
7,415,329
|
|
|
7,415
|
|
—
|
|
69,702,043
|
|
—
|
|
(67,989,939
|
)
|
—
|
|
2,364,519
|
|
|||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(217,983
|
)
|
|
(217,983
|
)
|
|||||||||
Balance at December 31, 2018
|
|
2,000,000
|
|
|
645,000
|
|
|
7,415,329
|
|
|
7,415
|
|
|
69,702,043
|
|
|
(68,207,922
|
)
|
|
2,146,536
|
|
|||||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,205
|
|
|
22,205
|
|
|||||||||
Balance at March 31, 2019
|
|
2,000,000
|
|
|
$
|
645,000
|
|
|
7,415,329
|
|
|
$
|
7,415
|
|
|
$
|
69,702,043
|
|
|
$
|
(68,185,717
|
)
|
|
$
|
2,168,741
|
|
ESCALON MEDICAL CORP. AND SUBSIDIARIES
|
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|||||||
(UNAUDITED)
|
|||||||
|
For the Nine Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Cash Flows from Operating Activities:
|
|
|
|
||||
Net loss
|
$
|
(181,853
|
)
|
|
$
|
(243,514
|
)
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
|
|
|
||||
Depreciation and amortization
|
37,206
|
|
|
20,381
|
|
||
Non cash lease expense
|
243,342
|
|
|
—
|
|
||
Intangible assets impairment
|
605,006
|
|
|
—
|
|
||
Non cash post-retirement benefits adjustment
|
(758,021
|
)
|
|
—
|
|
||
Change in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
382,068
|
|
|
(235,784
|
)
|
||
Inventories
|
(21,408
|
)
|
|
138,430
|
|
||
Other current assets
|
88,560
|
|
|
(13,597
|
)
|
||
Other long-term assets
|
(10,872
|
)
|
|
—
|
|
||
Accounts payable
|
14,021
|
|
|
146,232
|
|
||
Accrued expenses
|
97,291
|
|
|
(114,135
|
)
|
||
Accrued post-retirement benefits (related party)
|
(33,964
|
)
|
|
(25,613
|
)
|
||
Change in operating lease liability
|
(245,700
|
)
|
|
—
|
|
||
Deferred revenue
|
116,612
|
|
|
(41,313
|
)
|
||
Liabilities of discontinued operations
|
(2,933
|
)
|
|
(2,444
|
)
|
||
Net cash provided by (used in) operating activities
|
329,355
|
|
|
(371,357
|
)
|
||
Cash Flows from Investing Activities:
|
|
|
|
||||
Purchase of equipment
|
(38,971
|
)
|
|
(6,506
|
)
|
||
Net cash used in investing activities
|
(38,971
|
)
|
|
(6,506
|
)
|
||
Cash Flows from Financing Activities:
|
|
|
|
||||
Repayment of note payable
|
—
|
|
|
(2,086
|
)
|
||
(Repayment of) proceeds from line of credit
|
(2,522
|
)
|
|
36,575
|
|
||
Net cash (used in) provided by financing activities
|
(2,522
|
)
|
|
34,489
|
|
||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
287,862
|
|
|
(343,374
|
)
|
||
Cash, cash equivalents and restricted cash, beginning of period
|
662,878
|
|
|
1,124,002
|
|
||
Cash, cash equivalents and restricted cash, end of period
|
$
|
950,740
|
|
|
$
|
780,628
|
|
|
|
|
|
||||
Cash, cash equivalents and restricted cash consist of the following:
|
|
|
|
||||
End of period
|
|
|
|
||||
Cash and cash equivalents
|
$
|
695,648
|
|
|
$
|
528,280
|
|
Restricted cash
|
255,092
|
|
|
252,348
|
|
||
|
$
|
950,740
|
|
|
$
|
780,628
|
|
Beginning of period
|
|
|
|
||||
Cash and cash equivalents
|
$
|
409,743
|
|
|
$
|
874,002
|
|
Restricted cash
|
253,135
|
|
|
250,000
|
|
||
|
$
|
662,878
|
|
|
$
|
1,124,002
|
|
|
|
|
|
||||
Supplemental Schedule of Cash Flow Information:
|
|
|
|
||||
Interest paid
|
$
|
12,515
|
|
|
$
|
42,242
|
|
Non Cash Finance Activities
|
|
|
|
||||
Record right-of-use assets per ASC 842, net of deferred rent reclassification
|
$
|
1,422,582
|
|
|
$
|
—
|
|
Record lease liability per ASC 842
|
$
|
1,493,170
|
|
|
$
|
—
|
|
|
|
|
|
•
|
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.
|
•
|
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.
|
(in thousands)
|
|
Three Months Ended March 31,
|
|
Nine Months Ended March 31,
|
||||||||||||
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Beginning of Period
|
|
$
|
636
|
|
|
$
|
465
|
|
|
$
|
427
|
|
|
$
|
481
|
|
Additions
|
|
147
|
|
|
209
|
|
|
834
|
|
|
668
|
|
||||
Revenue Recognized
|
|
240
|
|
|
234
|
|
|
718
|
|
|
709
|
|
||||
End of Period
|
|
$
|
543
|
|
|
$
|
440
|
|
|
$
|
543
|
|
|
$
|
440
|
|
|
For the Three Months Ended March 31,
|
|
For the Nine Months Ended March 31,
|
|||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|||||||||
Numerator:
|
|
|
|
|
|
|
|
|||||||||
Numerator for basic (loss) income per share:
|
|
|
|
|
|
|
|
|||||||||
Net (loss) income
|
$
|
(127,883
|
)
|
|
$
|
22,205
|
|
|
$
|
(181,853
|
)
|
|
$
|
(243,514
|
)
|
|
Undeclared dividends on preferred stock
|
13,006
|
|
|
12,723
|
|
|
39,018
|
|
|
38,735
|
|
|||||
Net (loss) income applicable to common shareholders
|
$
|
(140,889
|
)
|
|
$
|
9,482
|
|
|
$
|
(220,871
|
)
|
|
$
|
(282,249
|
)
|
|
Numerator for diluted earnings per share:
|
|
|
|
|
|
|
|
|||||||||
Net (loss) income applicable to common shareholders
|
$
|
(140,889
|
)
|
|
$
|
9,482
|
|
|
$
|
(220,871
|
)
|
|
$
|
(282,249
|
)
|
|
Undeclared dividends on preferred stock
|
13,006
|
|
|
12,723
|
|
|
39,018
|
|
|
—
|
|
|||||
Net (loss) income
|
$
|
(127,883
|
)
|
|
$
|
22,205
|
|
|
$
|
(181,853
|
)
|
|
$
|
(282,249
|
)
|
|
Denominator:
|
|
|
|
|
|
|
|
|||||||||
Denominator for basic (loss) income per share - weighted average shares outstanding
|
7,415,329
|
|
|
7,415,329
|
|
|
7,415,329
|
|
|
7,415,329
|
|
|||||
Weighted average preferred stock converted to common stock
|
—
|
|
|
4,602,527
|
|
|
—
|
|
|
—
|
|
|||||
Denominator for diluted (loss) income per share - weighted average and assumed conversion
|
7,415,329
|
|
|
12,017,856
|
|
|
7,415,329
|
|
—
|
|
7,415,329
|
|
||||
Net (loss) income per share:
|
|
|
|
|
|
|
|
|||||||||
Basic net (loss) income per share
|
$
|
(0.02
|
)
|
|
$
|
—
|
|
|
$
|
(0.03
|
)
|
|
$
|
(0.04
|
)
|
|
Diluted net (loss) income per share
|
$
|
(0.02
|
)
|
|
$
|
—
|
|
|
$
|
(0.03
|
)
|
|
$
|
(0.04
|
)
|
|
For the Three Months Ended March 31,
|
|
|
For the Nine Months Ended March 31,
|
|||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||
Stock options
|
213,000
|
|
|
213,000
|
|
|
213,000
|
|
|
213,000
|
|
Convertible preferred stock
|
5,033,239
|
|
|
—
|
|
|
5,033,239
|
|
|
4,602,527
|
|
Total potential dilutive securities not included in income per share
|
5,246,239
|
|
|
213,000
|
|
|
5,246,239
|
|
|
4,815,527
|
|
|
|||
|
|
|
|
|
March 31,
|
|
June 30,
|
||||
(in thousands)
|
2020
|
|
2019
|
||||
Inventories, net:
|
|
|
|
||||
Raw Material
|
$
|
793
|
|
|
$
|
875
|
|
Work-In-Process
|
243
|
|
|
225
|
|
||
Finished Goods
|
864
|
|
|
779
|
|
||
Total
|
$
|
1,900
|
|
|
$
|
1,879
|
|
|
March 31,
|
|
June 30,
|
||||
|
2020
|
|
2019
|
||||
Assets
|
|
|
|
||||
Total assets
|
$
|
—
|
|
|
$
|
—
|
|
Liabilities
|
|
|
|
||||
Accrued lease termination costs
|
88
|
|
|
91
|
|
||
Total liabilities
|
88
|
|
|
91
|
|
||
Net liabilities of discontinued operations
|
$
|
(88
|
)
|
|
$
|
(91
|
)
|
(in thousands)
|
For the Three Months Ended March 31,
|
|
For the Nine Months Ended March 31,
|
||||||||||||||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||||||||||||||
Domestic
|
$
|
1,440
|
|
|
61.1
|
%
|
|
$
|
1,509
|
|
|
56.6
|
%
|
|
$
|
4,496
|
|
|
60.9
|
%
|
|
$
|
4,422
|
|
|
60.2
|
%
|
Foreign
|
917
|
|
|
38.9
|
%
|
|
1,159
|
|
|
43.4
|
%
|
|
2,889
|
|
|
39.1
|
%
|
|
2,924
|
|
|
39.8
|
%
|
||||
Total
|
$
|
2,357
|
|
|
100.0
|
%
|
|
$
|
2,669
|
|
|
100.0
|
%
|
|
$
|
7,385
|
|
|
100.0
|
%
|
|
$
|
7,346
|
|
|
100.0
|
%
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
|
March 31, 2020
|
|
March 31, 2020
|
||||
Operating lease costs:
|
|
|
|
|
||||
Fixed
|
|
99,570
|
|
|
308,468
|
|
||
Total:
|
|
$
|
99,570
|
|
|
$
|
308,468
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
|
March 31, 2020
|
|
March 31, 2020
|
||||
Cash paid for amounts included in the measurement of lease liabilities
|
|
|
|
|
||||
Operating cash flows for operating leases
|
|
95,375
|
|
|
296,004
|
|
||
Total
|
|
$
|
95,375
|
|
|
$
|
296,004
|
|
|
|
|
|
March 31,
|
||
Leases (operating)
|
|
Classification on the Balance Sheet
|
|
2020
|
||
Assets
|
|
|
|
|
||
Operating lease ROU assets
|
|
Right-of-use asset
|
|
$
|
1,179,240
|
|
Liabilities
|
|
|
|
|
||
Current
|
|
Current portion of operating lease liabilities
|
|
284,647
|
|
|
Non-current
|
|
Operating lease liabilities
|
|
962,823
|
|
|
|
Operating
|
||
|
|
|
||
2020 (excluding the nine months ending March 31, 2020)
|
|
$
|
95,629
|
|
2021
|
|
339,925
|
|
|
2022
|
|
325,285
|
|
|
2023
|
|
256,121
|
|
|
2024
|
|
257,720
|
|
|
Thereafter
|
|
131,214
|
|
|
Total lease payments
|
|
1,405,894
|
|
|
Less interest
|
|
158,424
|
|
|
Present value of lease liabilities
|
|
$
|
1,247,470
|
|
|
|
Operating
|
||
|
|
|
||
2019
|
|
$
|
356,414
|
|
2020
|
|
272,881
|
|
|
2021
|
|
256,311
|
|
|
2022
|
|
188,755
|
|
|
2023
|
|
189,790
|
|
|
Thereafter
|
|
96,830
|
|
|
Total lease payments
|
|
$
|
1,360,981
|
|
•
|
Consolidated net revenue increased approximately $39,000 or 0.5%, to $7,385,000 during the nine-month period ended March 31, 2020 as compared to the same period of last fiscal year. The increase in net revenue is attributed to an increase in sales of Trek products of approximately $499,000 mainly due to back ordered items shipped in the nine-month period ended March 31, 2020 and an increase of approximately$25,000 from the service plans. The increase is offset by an
|
•
|
Consolidated cost of goods sold totaled approximately $3,910,000, or 52.9%, of total revenue for the nine-month period ended March 31, 2020, as compared to $3,881,000, or 52.8%, of total revenue of the same period of last fiscal year. The increase of 0.1% 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 $175,000, or 5.5%, to $2,997,000 for the nine-month period ended March 31, 2020, as compared to the same period of last fiscal year.The decrease is mainly due to decreased payroll expense, executive retirement expense, business tax and meeting and exhibits expense.
|
•
|
Consolidated research and development expenses increased $267,000 or 49.4%, to $808,000 for the nine-month period ended March 31, 2020, as compared to the same period of last 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 during the nine-month period ended March 31, 2020.
|
•
|
The increase of operating loss is also due to the loss from an intangible assets impairment of $605,000 in the nine-month period ended March 31, 2020 as compared to the same period of the last fiscal year.
|
|
For the Three Months Ended March 31,
|
|
For the Nine Months Ended March 31,
|
||||||||||||||||||
|
2020
|
|
2019
|
|
% Change
|
|
2020
|
|
2019
|
|
% Change
|
||||||||||
Net Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Products
|
$
|
2,117
|
|
|
$
|
2,434
|
|
|
(13.0
|
)%
|
|
$
|
6,667
|
|
|
$
|
6,653
|
|
|
0.2
|
%
|
Service plans
|
240
|
|
|
235
|
|
|
2.1
|
%
|
|
718
|
|
|
693
|
|
|
3.6
|
%
|
||||
Total
|
$
|
2,357
|
|
|
$
|
2,669
|
|
|
(11.7
|
)%
|
|
$
|
7,385
|
|
|
$
|
7,346
|
|
|
0.5
|
%
|
|
For the Three Months Ended March 31,
|
|
For the Nine Months Ended March 31,
|
||||||||||||||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||||||||||||||
Domestic
|
$
|
1,440
|
|
|
61.1
|
%
|
|
$
|
1,509
|
|
|
56.6
|
%
|
|
$
|
4,496
|
|
|
60.9
|
%
|
|
$
|
4,422
|
|
|
60.2
|
%
|
Foreign
|
917
|
|
|
38.9
|
%
|
|
1,159
|
|
|
43.4
|
%
|
|
2,889
|
|
|
39.1
|
%
|
|
2,924
|
|
|
39.8
|
%
|
||||
Total
|
$
|
2,357
|
|
|
100.0
|
%
|
|
$
|
2,669
|
|
|
100.0
|
%
|
|
$
|
7,385
|
|
|
100.0
|
%
|
|
$
|
7,346
|
|
|
100.0
|
%
|
|
For the Three Months Ended March 31,
|
|
For the Nine Months Ended March 31,
|
||||||||||||||||||||||||
|
2020
|
|
%
|
|
2019
|
|
% Change
|
|
2020
|
|
% Change
|
|
2019
|
|
%
|
||||||||||||
Cost of Goods Sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
$
|
1,281
|
|
|
54.3
|
%
|
|
$
|
1,398
|
|
|
52.4
|
%
|
|
$
|
3,910
|
|
|
52.9
|
%
|
|
$
|
3,881
|
|
|
52.8
|
%
|
Total
|
$
|
1,281
|
|
|
54.3
|
%
|
|
$
|
1,398
|
|
|
52.4
|
%
|
|
$
|
3,910
|
|
|
52.9
|
%
|
|
$
|
3,881
|
|
|
52.8
|
%
|
|
For the Three Months Ended March 31,
|
|
For the Nine Months Ended March 31,
|
||||||||||||||||||
|
2020
|
|
2019
|
|
% Change
|
|
2020
|
|
2019
|
|
% Change
|
||||||||||
Marketing, General and Administrative:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
$
|
904
|
|
|
$
|
1,031
|
|
|
(12.3
|
)%
|
|
$
|
2,997
|
|
|
$
|
3,172
|
|
|
(5.5
|
)%
|
Total
|
$
|
904
|
|
|
$
|
1,031
|
|
|
(12.3
|
)%
|
|
$
|
2,997
|
|
|
$
|
3,172
|
|
|
(5.5
|
)%
|
|
For the Three Months Ended March 31,
|
|
For the Nine Months Ended March 31,
|
||||||||||||||||||
|
2020
|
|
2019
|
|
% Change
|
|
2020
|
|
2019
|
|
% Change
|
||||||||||
Research and Development:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
$
|
301
|
|
|
$
|
218
|
|
|
38.1
|
%
|
|
$
|
808
|
|
|
$
|
541
|
|
|
49.4
|
%
|
Total
|
$
|
301
|
|
|
$
|
218
|
|
|
38.1
|
%
|
|
$
|
808
|
|
|
$
|
541
|
|
|
49.4
|
%
|
|
|
March 31,
|
|
June 30,
|
|
|
2020
|
|
2019
|
Current Ratio:
|
|
|
|
|
Current assets
|
|
$4,100
|
|
$4,261
|
Less: Current liabilities
|
|
2,597
|
|
2,260
|
Working capital
|
|
$1,503
|
|
$2,001
|
Current ratio
|
|
1.58 to 1
|
|
1.89 to 1
|
Debt to Total Capital Ratio:
|
|
|
|
|
Line of credit, note payable and lease liabilities
|
|
$1,465
|
|
$220
|
Total debt
|
|
1,465
|
|
220
|
Total equity
|
|
1,980
|
|
2,162
|
Total capital
|
|
$3,445
|
|
$2,382
|
Total debt to total capital
|
|
42.5%
|
|
9.2%
|
|
|
|
|
|
|
|
Escalon Medical Corp.
|
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
Date: May 14, 2020
|
|
By:
|
|
/s/ Richard J. DePiano, Jr.
|
|
|
|
|
Richard J. DePiano, Jr.
|
|
|
|
|
Chief Executive Officer
|
|
|
|
|
|
Date: May 14, 2020
|
|
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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