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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 | 0.17 | 0.1875 | 0.00 | 15:06:21 |
(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. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II Other Information | ||||||||
Item 6. |
March 31, 2023 | June 30, 2022 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 544,320 | $ | 593,869 | |||||||
Restricted cash | 256,240 | 256,165 | |||||||||
Accounts receivable, net | 1,742,723 | 1,541,750 | |||||||||
Inventories, net | 1,665,193 | 1,603,955 | |||||||||
Other current assets | 162,247 | 190,043 | |||||||||
Total current assets | 4,370,723 | 4,185,782 | |||||||||
Property and equipment, net | 39,928 | 52,660 | |||||||||
Right-of-use assets | 572,485 | 788,257 | |||||||||
License and patent, net | 74,898 | 82,750 | |||||||||
Other long term assets | 62,788 | 62,788 | |||||||||
Total assets | $ | 5,120,822 | $ | 5,172,237 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Line of credit | $ | — | $ | 201,575 | |||||||
Current portion of note payable | 36,663 | 3,401 | |||||||||
Current portion of EIDL loan | 3,055 | 3,105 | |||||||||
Accounts payable | 1,047,826 | 1,012,451 | |||||||||
Accrued expenses | 868,933 | 901,996 | |||||||||
Related party accrued interest | 112,389 | 112,389 | |||||||||
Current portion of operating lease liabilities | 324,060 | 304,737 | |||||||||
Deferred revenue | 295,398 | 332,383 | |||||||||
Other short-term liabilities | 87,006 | 129,961 | |||||||||
Total current liabilities | 2,775,330 | 3,001,998 | |||||||||
Note payable, net of current portion | 169,036 | 3,888 | |||||||||
EIDL loan, net of current portion | 146,904 | 149,540 | |||||||||
Operating lease liabilities, net of current portion | 293,067 | 538,794 | |||||||||
Total long-term liabilities | 609,007 | 692,222 | |||||||||
Total liabilities | 3,384,337 | 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 $909,466 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 | (68,617,973) | (68,876,441) | |||||||||
Total shareholders’ equity | 1,736,485 | 1,478,017 | |||||||||
Total liabilities and shareholders’ equity | $ | 5,120,822 | $ | 5,172,237 |
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, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net revenues: | |||||||||||||||||||||||
Products | $ | 3,285,396 | $ | 2,259,860 | $ | 8,582,183 | $ | 7,261,134 | |||||||||||||||
Service plans | 148,918 | 156,267 | 462,436 | 530,819 | |||||||||||||||||||
Revenues, net | 3,434,314 | 2,416,127 | 9,044,619 | 7,791,953 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of goods sold | 1,720,853 | 1,477,651 | 5,021,470 | 4,681,088 | |||||||||||||||||||
Marketing, general and administrative | 938,161 | 1,001,074 | 3,108,177 | 2,855,373 | |||||||||||||||||||
Research and development | 185,750 | 229,315 | 641,316 | 780,943 | |||||||||||||||||||
Total costs and expenses | 2,844,764 | 2,708,040 | 8,770,963 | 8,317,404 | |||||||||||||||||||
Income (loss) from operations | 589,550 | (291,913) | 273,656 | (525,451) | |||||||||||||||||||
Other (expense) income | |||||||||||||||||||||||
Other income | — | — | — | 506,305 | |||||||||||||||||||
Interest expense | (4,315) | (4,103) | (15,188) | (12,804) | |||||||||||||||||||
Total other (expense) income, net | (4,315) | (4,103) | (15,188) | 493,501 | |||||||||||||||||||
Net income (loss) | 585,235 | (296,016) | 258,468 | (31,950) | |||||||||||||||||||
Undeclared dividends on preferred stocks | 13,006 | 13,006 | 38,735 | 39,018 | |||||||||||||||||||
Net income (loss) applicable to common shareholders | $ | 572,229 | $ | (309,022) | $ | 219,733 | $ | (70,968) | |||||||||||||||
Net earnings (loss) per share | |||||||||||||||||||||||
Basic earnings (loss) per share | $ | 0.08 | $ | (0.04) | $ | 0.03 | $ | (0.01) | |||||||||||||||
Diluted earnings (loss) per share | $ | 0.04 | $ | (0.04) | $ | 0.02 | $ | (0.01) | |||||||||||||||
Weighted average shares—basic | 7,415,329 | 7,415,329 | 7,415,329 | 7,415,329 | |||||||||||||||||||
Weighted average shares—diluted | 13,478,936 | 7,415,329 | 13,478,936 | 7,415,329 |
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 | |||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (6,043) | (6,043) | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | 2,000,000 | 645,000 | 7,415,329 | 7,415 | 69,702,043 | (69,203,208) | 1,151,250 | |||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 585,235 | 585,235 | |||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | 2,000,000 | $ | 645,000 | 7,415,329 | $ | 7,415 | $ | 69,702,043 | $ | (68,617,973) | $ | 1,736,485 | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (53,154) | (53,154) | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 2,000,000 | 645,000 | 7,415,329 | 7,415 | 69,702,043 | (68,630,456) | 1,724,002 | |||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (296,016) | (296,016) | |||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | 2,000,000 | $ | 645,000 | 7,415,329 | $ | 7,415 | $ | 69,702,043 | $ | (68,926,472) | $ | 1,427,986 | ||||||||||||||||||||||||||||||||
ESCALON MEDICAL CORP. AND SUBSIDIARIES | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(UNAUDITED) | |||||||||||
For the Nine Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income (loss) | $ | 258,468 | $ | (31,950) | |||||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||||||||||
Change in allowance of doubtful accounts | (93,400) | 15,000 | |||||||||
Other income | — | (506,305) | |||||||||
Depreciation and amortization | 34,424 | 36,941 | |||||||||
Non cash lease expense | 215,772 | 209,277 | |||||||||
Change in operating assets and liabilities: | |||||||||||
Accounts receivable | (107,573) | (62,946) | |||||||||
Inventories | (61,238) | (128,095) | |||||||||
Other current and non-current assets | 27,798 | (4,269) | |||||||||
Accounts payable | 35,375 | 16,653 | |||||||||
Accrued expenses | (33,063) | 183,579 | |||||||||
Change in operating lease liability | (226,404) | (217,002) | |||||||||
Deferred revenue | (36,985) | (61,002) | |||||||||
Other short term and long term liabilities | (42,955) | (47,006) | |||||||||
Net cash used in operating activities | (29,781) | (597,125) | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Purchase of equipment | (6,687) | — | |||||||||
Purchase of patents | (7,155) | — | |||||||||
Net cash used in investing activities | (13,842) | — | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Repayment of note payable | (3,165) | (2,936) | |||||||||
Repayment of EIDL loan | (2,686) | (2,196) | |||||||||
Net cash used in financing activities | (5,851) | (5,132) | |||||||||
Net decrease in cash, cash equivalents and restricted cash | (49,474) | (602,257) | |||||||||
Cash, cash equivalents and restricted cash, beginning of period | 850,034 | 1,906,890 | |||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 800,560 | $ | 1,304,633 | |||||||
Cash, cash equivalents and restricted cash consist of the following: | |||||||||||
End of period | |||||||||||
Cash and cash equivalents | $ | 544,320 | $ | 1,048,500 | |||||||
Restricted cash | 256,240 | 256,133 |
$ | 800,560 | $ | 1,304,633 | ||||||||
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 | $ | 15,697 | $ | 12,534 | |||||||
(in thousands) | Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Beginning of Period | $ | 259 | $ | 311 | $ | 332 | $ | 364 | ||||||||||||||||||
Additions | 185 | 148 | 425 | 470 | ||||||||||||||||||||||
Revenue Recognized | 149 | 156 | 462 | 531 | ||||||||||||||||||||||
End of Period | $ | 295 | $ | 303 | $ | 295 | $ | 303 |
For the Three Months Ended March 31, | For the Nine Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Numerator for basic loss per share: | |||||||||||||||||||||||
Net income (loss) | $ | 585,235 | $ | (296,016) | $ | 258,468 | $ | (31,950) | |||||||||||||||
Undeclared dividends on preferred stock | 13,006 | 13,006 | 38,735 | 39,018 | |||||||||||||||||||
Net income (loss) applicable to common shareholders | $ | 572,229 | $ | (309,022) | $ | 219,733 | $ | (70,968) | |||||||||||||||
Numerator for diluted earnings per share: | |||||||||||||||||||||||
Net income (loss) applicable to common shareholders | $ | 572,229 | $ | (309,022) | $ | 219,733 | $ | (70,968) | |||||||||||||||
Undeclared dividends on preferred stock | 13,006 | — | 38,735 | — | |||||||||||||||||||
Diluted income (loss) | $ | 585,235 | $ | (309,022) | $ | 258,468 | $ | (70,968) | |||||||||||||||
Denominator for basic earnings (loss) per share | |||||||||||||||||||||||
Denominator for basic earnings (loss) 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 | 6,063,607 | — | 6,063,607 | — | |||||||||||||||||||
Denominator for diluted earnings (loss) assumed conversion | 13,478,936 | 7,415,329 | 13,478,936 | 7,415,329 | |||||||||||||||||||
Net earnings (loss) per share: | |||||||||||||||||||||||
Basic net earnings (loss) per share | $ | 0.08 | $ | (0.04) | $ | 0.03 | $ | (0.01) | |||||||||||||||
Earnings (loss) per share | $ | 0.04 | $ | (0.04) | $ | 0.02 | $ | (0.01) | |||||||||||||||
For the Three Months Ended March 31, | For the Nine Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Stock options | 157,000 | 157,000 | 157,000 | 157,000 | |||||||||||||||||||
Convertible preferred stock | — | 5,720,993 | — | 5,720,993 | |||||||||||||||||||
Total potential dilutive securities not included in income per share | 157,000 | 5,877,993 | 157,000 | 5,877,993 |
March 31, | June 30, | ||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Inventories: | |||||||||||
Raw Material | $ | 1,050 | $ | 1,010 | |||||||
Work-In-Process | 144 | 138 | |||||||||
Finished Goods | 821 | 806 | |||||||||
Total inventories | $ | 2,015 | $ | 1,954 | |||||||
Allowance for obsolete inventory | (350) | (350) | |||||||||
Inventories, net | $ | 1,665 | $ | 1,604 |
Year ending June 30, | TD Note Payment | ||||
2023 (remainder of FY 2023) | $ | 8,023 |
2024 | 34,057 | ||||
2025 | 37,434 | ||||
2026 | 41,145 | ||||
2027 | 45,224 | ||||
Thereafter | 35,692 | ||||
Total | $ | 201,575 | |||
Year ending June 30, | EIDL Payment | ||||
2023 (remainder of FY 2023) | $ | 753 | |||
2024 | 3,084 | ||||
2025 | 3,202 | ||||
2026 | 3,324 | ||||
2027 | 3,451 | ||||
Thereafter | 136,145 | ||||
Total | $ | 149,959 | |||
( in thousands) | For the Three Months Ended March 31, | For the Nine Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Domestic | $ | 1,903 | 55 | % | $ | 1,266 | 52 | % | $ | 5,258 | 58 | % | $ | 4,251 | 55 | % | |||||||||||||||||||||||||||||||
Foreign | 1,531 | 45 | % | 1,150 | 48 | % | 3,787 | 42 | % | 3,541 | 45 | % | |||||||||||||||||||||||||||||||||||
Total | $ | 3,434 | 100 | % | $ | 2,416 | 100 | % | $ | 9,045 | 100 | % | $ | 7,792 | 100 | % |
Three Months Ended March 31, | Nine Months Ended March 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Operating lease costs: | ||||||||||||||||||||||||||
Fixed | $ | 85,324 | $ | 84,245 | $ | 256,084 | $ | 252,735 | ||||||||||||||||||
Total: | $ | 85,324 | $ | 84,245 | $ | 256,084 | $ | 252,735 |
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | |||||||||||||||||||||||
Operating cash flows for operating leases | $ | 86,350 | $ | 84,187 | $ | 256,883 | $ | 250,365 | |||||||||||||||
Total | $ | 86,350 | $ | 84,187 | $ | 256,883 | $ | 250,365 |
Operating | ||||||||
2023 (reminder of FY 2023) | $ | 86,358 | ||||||
2024 | 350,142 | |||||||
2025 | 211,215 | |||||||
2026 | 2,728 | |||||||
Total lease payments | 650,443 | |||||||
Less interest | 33,316 | |||||||
Present value of lease liabilities | $ | 617,127 |
March 31, | June 30, | |||||||||||||
2023 | 2022 | |||||||||||||
Weighted-average remaining lease terms (years) | ||||||||||||||
Operating leases | 1.93 | 2.61 | ||||||||||||
Weighted-average discount rate | ||||||||||||||
Operating leases | 5.65 | % | 5.65 | % |
For the Three Months Ended March 31, | For the Nine Months Ended March 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||||||||||||||
Net Revenue: | |||||||||||||||||||||||||||||||||||
Products | $ | 3,285 | $ | 2,260 | 45.4 | % | $ | 8,583 | $ | 7,261 | 18.2 | % | |||||||||||||||||||||||
Service plans | 149 | 156 | (4.5) | % | 462 | 531 | (13.0) | % | |||||||||||||||||||||||||||
Total | $ | 3,434 | $ | 2,416 | 42.1 | % | $ | 9,045 | $ | 7,792 | 16.1 | % | |||||||||||||||||||||||
For the Three Months Ended March 31, | For the Nine Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Domestic | $ | 1,903 | 55.4 | % | $ | 1,266 | 52.4 | % | $ | 5,258 | 58.1 | % | $ | 4,251 | 54.6 | % | |||||||||||||||||||||||||||||||
Foreign | 1,531 | 44.6 | % | 1,150 | 47.6 | % | 3,787 | 41.9 | % | 3,541 | 45.4 | % | |||||||||||||||||||||||||||||||||||
Total | $ | 3,434 | 100.0 | % | $ | 2,416 | 100.0 | % | $ | 9,045 | 100.0 | % | $ | 7,792 | 100.0 | % |
For the Three Months Ended March 31, | For the Nine Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | % | 2022 | % | 2022 | % | 2022 | % | ||||||||||||||||||||||||||||||||||||||||
Cost of Goods Sold: | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,721 | 50.1 | % | $ | 1,478 | 61.2 | % | 5,021 | 55.5 | % | 4,681 | 60.1 | % | ||||||||||||||||||||||||||||||||||
Total | $ | 1,721 | 50.1 | % | $ | 1,478 | 61.2 | % | 5,021 | 55.5 | % | 4,681 | 60.1 | % |
For the Three Months Ended March 31, | For the Nine Months Ended March 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||||||||||||||
Marketing, General and Administrative: | |||||||||||||||||||||||||||||||||||
$ | 938 | $ | 1,001 | (6.3) | % | $ | 3,108 | $ | 2,855 | 8.9 | % | ||||||||||||||||||||||||
Total | $ | 938 | $ | 1,001 | (6.3) | % | $ | 3,108 | $ | 2,855 | 8.9 | % |
For the Three Months Ended March 31, | For the Nine Months Ended March 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||||||||||||||
Research and Development: | |||||||||||||||||||||||||||||||||||
$ | 186 | $ | 229 | (18.8) | % | 641 | $ | 781 | (17.9) | % | |||||||||||||||||||||||||
Total | $ | 186 | $ | 229 | (18.8) | % | $ | 641 | $ | 781 | (17.9) | % |
March 31, | June 30, | |||||||||||||
2023 | 2022 | |||||||||||||
Current Ratio: | ||||||||||||||
Current assets | $4,371 | $4,186 | ||||||||||||
Less: Current liabilities | 2,775 | 3,002 | ||||||||||||
Working capital | $1,596 | $1,184 | ||||||||||||
Current ratio | 1.58 to 1 | 1.39 to 1 | ||||||||||||
Debt to Total Capital Ratio: | ||||||||||||||
Line of credit, note payable, lease liabilities, and EIDL loan | $973 | $1,205 | ||||||||||||
Total debt | 973 | 1,205 | ||||||||||||
Total equity | 1,736 | 1,478 | ||||||||||||
Total capital | $2,709 | $2,683 | ||||||||||||
Total debt to total capital | 35.9% | 44.9% |
101. CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||||||
101. DEF Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||||||
101. LAB Inline XBRL Taxonomy Extension Label Linkbase Document | ||||||||
101. PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||||||
Escalon Medical Corp. | ||||||||||||||
(Registrant) | ||||||||||||||
Date: May 15, 2023 | By: | /s/ Richard J. DePiano, Jr. | ||||||||||||
Richard J. DePiano, Jr. | ||||||||||||||
Chief Executive Officer | ||||||||||||||
Date: May 15, 2023 | 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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