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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 | 0.1626 | 0.19 | 0.00 | 21:08:05 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Large accelerated filer | o | Accelerated filer | o | |||||||||||||||||
Non-accelerated filer | x | Smaller reporting company | x | |||||||||||||||||
Emerging growth company | o |
Page | ||||||||
PART I Financial Information | ||||||||
Item I. | Unaudited Condensed Consolidated Financial Statements | |||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II Other Information | ||||||||
Item 6. |
September 30, 2022 | June 30, 2022 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 275,147 | $ | 593,869 | |||||||
Restricted cash | 256,176 | 256,165 | |||||||||
Accounts receivable, net | 1,650,922 | 1,541,750 | |||||||||
Inventories, net | 1,617,000 | 1,603,955 | |||||||||
Other current assets | 216,540 | 190,043 | |||||||||
Total current assets | 4,015,785 | 4,185,782 | |||||||||
Property and equipment, net | 46,177 | 52,660 | |||||||||
Right-of-use assets | 717,345 | 788,257 | |||||||||
License, net | 84,903 | 82,750 | |||||||||
Other long term assets | 62,788 | 62,788 | |||||||||
Total assets | $ | 4,926,998 | $ | 5,172,237 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Line of credit | $ | 201,575 | $ | 201,575 | |||||||
Current portion of note payable | 3,401 | 3,401 | |||||||||
Current portion of EIDL loan | 2,888 | 3,105 | |||||||||
Accounts payable | 1,289,847 | 1,012,451 | |||||||||
Accrued expenses | 842,045 | 901,996 | |||||||||
Related party accrued interest | 112,389 | 112,389 | |||||||||
Current portion of operating lease liabilities | 310,921 | 304,737 | |||||||||
Deferred revenue | 274,118 | 332,383 | |||||||||
Other short-term liabilities | 120,861 | 129,961 | |||||||||
Total current liabilities | 3,158,045 | 3,001,998 | |||||||||
Note payable, net of current portion | 3,201 | 3,888 | |||||||||
EIDL loan, net of current portion | 149,269 | 149,540 | |||||||||
Operating lease liabilities, net of current portion | 459,190 | 538,794 | |||||||||
Total long-term liabilities | 611,660 | 692,222 | |||||||||
Total liabilities | 3,769,705 | 3,694,220 | |||||||||
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 $883,737 and $870,731) | 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 | (69,197,165) | (68,876,441) | |||||||||
Total shareholders’ equity | 1,157,293 | 1,478,017 | |||||||||
Total liabilities and shareholders’ equity | $ | 4,926,998 | $ | 5,172,237 |
ESCALON MEDICAL CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||||
For the Three Months Ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Net revenues: | ||||||||||||||
Products | $ | 2,442,337 | $ | 2,479,777 | ||||||||||
Service plans | 162,479 | 195,292 | ||||||||||||
Revenues, net | 2,604,816 | 2,675,069 | ||||||||||||
Costs and expenses: | ||||||||||||||
Cost of goods sold | 1,548,372 | 1,663,874 | ||||||||||||
Marketing, general and administrative | 1,108,100 | 904,491 | ||||||||||||
Research and development | 264,241 | 291,189 | ||||||||||||
Total costs and expenses | 2,920,713 | 2,859,554 | ||||||||||||
Loss from operations | (315,897) | (184,485) | ||||||||||||
Other (expense) income | ||||||||||||||
Other income | — | 506,305 | ||||||||||||
Interest expense | (4,827) | (4,600) | ||||||||||||
Total other (expense) income, net | (4,827) | 501,705 | ||||||||||||
Net (loss) income | (320,724) | 317,220 | ||||||||||||
Undeclared dividends on preferred stocks | 13,006 | 13,006 | ||||||||||||
$ | (333,730) | $ | 304,214 | |||||||||||
Net (loss) earning per share | ||||||||||||||
Basic (loss) earnings per share | $ | (0.05) | $ | 0.04 | ||||||||||
Diluted (loss) earnings per share | $ | (0.05) | $ | 0.02 | ||||||||||
Weighted average shares—basic | 7,415,329 | 7,415,329 | ||||||||||||
Weighted average shares—diluted | 7,415,329 | 12,876,202 |
Series A Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Shareholders’ Equity | ||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 2,000,000 | $ | 645,000 | 7,415,329 | $ | 7,415 | $ | 69,702,043 | $ | (68,876,441) | $ | 1,478,017 | ||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (320,724) | (320,724) | |||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | 2,000,000 | $ | 645,000 | 7,415,329 | $ | 7,415 | 69,702,043 | (69,197,165) | 1,157,293 | |||||||||||||||||||||||||||||||||||
Series A Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total Shareholders’ Equity | ||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 2,000,000 | $ | 645,000 | 7,415,329 | $ | 7,415 | $ | 69,702,043 | $ | (68,894,522) | $ | 1,459,936 | ||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 317,220 | 317,220 | |||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | 2,000,000 | $ | 645,000 | 7,415,329 | $ | 7,415 | $ | 69,702,043 | $ | (68,577,302) | $ | 1,777,156 | ||||||||||||||||||||||||||||||||
ESCALON MEDICAL CORP. AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(UNAUDITED) | |||||||||||
For Three Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net (loss) income | $ | (320,724) | $ | 317,220 | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Increase in allowance of doubtful accounts | 5,000 | 15,000 | |||||||||
Other income | — | (506,305) | |||||||||
Depreciation and amortization | 11,485 | 13,450 | |||||||||
Non cash lease expense | 105,573 | 68,718 | |||||||||
Change in operating assets and liabilities: | |||||||||||
Accounts receivable | (114,172) | (291,148) | |||||||||
Inventories | (13,045) | 28,929 | |||||||||
Other current and non-current assets | (26,497) | (8,551) | |||||||||
Accounts payable | 277,396 | 19,617 | |||||||||
Accrued expenses | (59,951) | 109,519 | |||||||||
Change in operating lease liability | (108,081) | (70,303) | |||||||||
Deferred revenue | (58,265) | (87,432) | |||||||||
Other short term and long term liabilities | (9,100) | (2,100) | |||||||||
Net cash used in operating activities | (310,381) | (393,386) | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Purchase of licenses | (7,155) | — | |||||||||
Net cash used in investing activities | (7,155) | — | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Repayment of note payable | (687) | (958) | |||||||||
Repayment of EIDL loan | (488) | (705) | |||||||||
Net cash used in financing activities | (1,175) | (1,663) | |||||||||
Net decrease in cash, cash equivalents and restricted cash | (318,711) | (395,049) | |||||||||
Cash, cash equivalents and restricted cash, beginning of period | 850,034 | 1,906,890 | |||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 531,323 | $ | 1,511,841 | |||||||
Cash, cash equivalents and restricted cash consist of the following: | |||||||||||
End of period | |||||||||||
Cash and cash equivalents | $ | 275,147 | $ | 1,255,824 | |||||||
Restricted cash | 256,176 | 256,017 | |||||||||
$ | 531,323 | $ | 1,511,841 | ||||||||
Beginning of period | |||||||||||
Cash and cash equivalents | $ | 593,869 | $ | 1,650,970 | |||||||
Restricted cash | 256,165 | 255,920 | |||||||||
$ | 850,034 | $ | 1,906,890 | ||||||||
Supplemental Schedule of Cash Flow Information: |
Interest paid | $ | 5,273 | $ | 4,697 | |||||||
Non Cash Finance Activities | |||||||||||
(in thousands) | Three Months Ended September 30, | ||||||||||||||||
2022 | 2021 | ||||||||||||||||
Beginning of Period | $ | 332 | $ | 364 | |||||||||||||
Additions | 104 | 107 | |||||||||||||||
Revenue Recognized | 162 | 195 | |||||||||||||||
End of Period | $ | 274 | $ | 276 |
For the Three Months Ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Numerator: | ||||||||||||||
Numerator for basic loss per share: | ||||||||||||||
Net (loss) income | $ | (320,724) | $ | 317,220 | ||||||||||
Undeclared dividends on preferred stock | $ | 13,006 | 13,006 | |||||||||||
Net (loss) income applicable to common shareholders | $ | (333,730) | $ | 304,214 | ||||||||||
Numerator for diluted earnings per share: | ||||||||||||||
Net (loss) income applicable to common shareholders | $ | (333,730) | $ | 304,214 | ||||||||||
Undeclared dividends on preferred stock | 13,006 | 13,006 | ||||||||||||
Diluted (loss) income | $ | (320,724) | $ | 317,220 | ||||||||||
Denominator for basic (loss) earnings per share | ||||||||||||||
Denominator for basic (loss) earnings per share - weighted average shares outstanding | 7,415,329 | 7,415,329 | ||||||||||||
Weighted average preferred stock converted to common stock | — | 5,460,873 | ||||||||||||
Denominator for diluted (loss) earnings assumed conversion | 7,415,329 | 12,876,202 | ||||||||||||
Net (loss) earnings per share: | ||||||||||||||
Basic net (loss) earnings per share | $ | (0.05) | $ | 0.04 | ||||||||||
Diluted net (loss) earnings per share | $ | (0.05) | $ | 0.02 | ||||||||||
For the Three Months Ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Stock options | 157,000 | 157,000 | ||||||||||||
Convertible preferred stock | 5,891,580 | — | ||||||||||||
Total potential dilutive securities not included in income per share | 6,048,580 | 157,000 |
September 30, | June 30, | ||||||||||
(in thousands) | 2022 | 2022 | |||||||||
Inventories: | |||||||||||
Raw Material | $ | 1,028 | $ | 1,010 | |||||||
Work-In-Process | 154 | 138 | |||||||||
Finished Goods | 785 | 806 | |||||||||
Total inventories | $ | 1,967 | $ | 1,954 | |||||||
Allowance for obsolete inventory | (350) | (350) | |||||||||
Inventories, net | $ | 1,617 | $ | 1,604 |
Year ending June 30, | EIDL Payment | ||||
2023 (remainder of FY 2023) | 2,631 | ||||
2024 | 3,237 | ||||
2025 | 3,376 | ||||
2026 | 3,497 | ||||
Thereafter | 139,416 | ||||
Total | $ | 152,157 | |||
( in thousands) | For the Three Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
Domestic | $ | 1,620 | 62.2 | % | $ | 1,625 | 60.7 | % | ||||||||||||||||||
Foreign | 985 | 37.8 | % | $ | 1,050 | 39.3 | % | |||||||||||||||||||
Total | $ | 2,605 | 100 | % | $ | 2,675 | 100 | % |
Three Months Ended September 30, | |||||||||||||||||
2022 | 2021 | ||||||||||||||||
Operating lease costs: | |||||||||||||||||
Fixed | $ | 85,436 | $ | 84,245 | |||||||||||||
Total: | $ | 85,436 | $ | 84,245 |
Three Months Ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||||||||||
Operating cash flows for operating leases | $ | 84,592 | $ | 82,390 | ||||||||||
Total | $ | 84,592 | $ | 82,390 |
Operating | ||||||||
2023 (reminder of FY 2023) | 258,649 | |||||||
2024 | 350,142 | |||||||
2025 | 211,215 | |||||||
2026 | 2,728 | |||||||
Total lease payments | 822,734 | |||||||
Less interest | 52,622 | |||||||
Present value of lease liabilities | $ | 770,112 |
September 30, | June 30, | |||||||||||||
2022 | 2022 | |||||||||||||
Weighted-average remaining lease terms (years) | ||||||||||||||
Operating leases | 2.36 | 2.61 | ||||||||||||
Weighted-average discount rate | ||||||||||||||
Operating leases | 5.65 | % | 5.65 | % |
For the Three Months Ended September 30, | ||||||||||||||||||||
2022 | 2021 | % Change | ||||||||||||||||||
Net Revenue: | ||||||||||||||||||||
Products | $ | 2,443 | $ | 2,480 | (1.5) | % | ||||||||||||||
Service plans | 162 | 195 | (16.9) | % | ||||||||||||||||
Total | $ | 2,605 | $ | 2,675 | (2.6) | % | ||||||||||||||
For the Three Months Ended September 30, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
Domestic | $ | 1,620 | 62.2 | % | $ | 1,625 | 60.7 | % | ||||||||||||||||||
Foreign | 985 | 37.8 | % | 1,050 | 39.3 | % | ||||||||||||||||||||
Total | $ | 2,605 | 100.0 | % | $ | 2,675 | 100.0 | % |
For the Three Months Ended September 30, | ||||||||||||||||||||||||||
2022 | % | 2021 | % | |||||||||||||||||||||||
Cost of Goods Sold: | ||||||||||||||||||||||||||
$ | 1,548 | 59.4 | % | $ | 1,664 | 62.2 | % | |||||||||||||||||||
Total | $ | 1,548 | 59.4 | % | $ | 1,664 | 62.2 | % |
For the Three Months Ended September 30, | ||||||||||||||||||||
2022 | 2021 | % Change | ||||||||||||||||||
Marketing, General and Administrative: | ||||||||||||||||||||
$ | 1,108 | $ | 904 | 22.6 | % | |||||||||||||||
Total | $ | 1,108 | $ | 904 | 22.6 | % |
For Three Months Ended September 30, | |||||||||||||||||
2022 | 2021 | % Change | |||||||||||||||
Research and Development: | |||||||||||||||||
264 | $ | 291 | (9.3) | % | |||||||||||||
Total | $ | 264 | $ | 291 | (9.3) | % |
September 30, | June 30, | |||||||||||||
2022 | 2022 | |||||||||||||
Current Ratio: | ||||||||||||||
Current assets | $4,016 | $4,186 | ||||||||||||
Less: Current liabilities | 3,158 | 3,002 | ||||||||||||
Working capital | $858 | $1,184 | ||||||||||||
Current ratio | 1.27 to 1 | 1.39 to 1 | ||||||||||||
Debt to Total Capital Ratio: | ||||||||||||||
Line of credit, note payable, lease liabilities, and EIDL loan | $1,130 | $1,205 | ||||||||||||
Total debt | 1,130 | 1,205 | ||||||||||||
Total equity | 1,157 | 1,478 | ||||||||||||
Total capital | $2,287 | $2,683 | ||||||||||||
Total debt to total capital | 49.4% | 44.9% |
Escalon Medical Corp. | ||||||||||||||
(Registrant) | ||||||||||||||
Date: November 14, 2022 | By: | /s/ Richard J. DePiano, Jr. | ||||||||||||
Richard J. DePiano, Jr. | ||||||||||||||
Chief Executive Officer | ||||||||||||||
Date: November 14, 2022 | 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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