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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Pharma Bio Serv Inc (QB) | USOTC:PBSV | 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% | 0.735 | 0.624 | 0.75 | 0.00 | 21:00:06 |
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT
OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
Delaware
|
20-0653570
|
(State
or Other Jurisdiction of
Incorporation
or Organization)
|
(IRS Employer
Identification
No.)
|
Pharma-Bio Serv Building,
# 6 Road 696
Dorado, Puerto Rico
|
00646
(Zip
Code)
|
(Address
of Principal Executive Offices)
|
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
Non-accelerated
filer
|
☐
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
☒
|
|
|
Emerging
growth company
|
☐
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|
Page
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PART I FINANCIAL INFORMATION
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PART II OTHER INFORMATION
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I
tem 1.
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FINANCIAL STATEMENTS
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April 30,
2017*
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October 31,
2016**
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ASSETS
|
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Current
assets:
|
|
|
Cash and cash
equivalents
|
$
12,705,090
|
$
13,773,582
|
Marketable
securities
|
20,306
|
20,283
|
Accounts
receivable
|
6,611,800
|
6,853,123
|
Other
|
747,939
|
981,105
|
Total current
assets
|
20,085,135
|
21,628,093
|
|
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Property and
equipment
|
2,448,015
|
2,334,029
|
Other
assets
|
30,060
|
35,579
|
Total
assets
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$
22,563,210
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$
23,997,701
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LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
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Current
liabilities:
|
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Current
portion-obligations under capital leases
|
$
21,833
|
$
22,950
|
Accounts payable
and accrued expenses
|
1,376,618
|
2,090,818
|
Income taxes
payable
|
732
|
44,770
|
Total current
liabilities
|
1,399,183
|
2,158,538
|
|
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Obligations under
capital leases
|
20,206
|
29,002
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Total
liabilities
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1,419,389
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2,187,540
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Stockholders'
equity:
|
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Preferred Stock,
$0.0001 par value; authorized 10,000,000 shares;
none
outstanding
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-
|
-
|
Common Stock,
$0.0001 par value; authorized 50,000,000 shares; 23,333,083 and
23,226,268 shares issued, and 23,101,931 and 23,009,316 shares
outstanding, at April 30, 2017 and October 31, 2016,
respectively
|
2,333
|
2,323
|
Additional paid-in
capital
|
1,275,539
|
1,231,439
|
Retained
earnings
|
20,270,142
|
20,975,050
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Accumulated other
comprehensive loss
|
(161,535
)
|
(165,915
)
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21,386,479
|
22,042,897
|
Treasury stock, at
cost; 231,152 and 216,952 common shares held at April 30,
2017
and October 31,
2016, respectively
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(242,658
)
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(232,736
)
|
Total stockholders'
equity
|
21,143,821
|
21,810,161
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Total liabilities
and stockholders' equity
|
$
22,563,210
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$
23,997,701
|
*
|
Unaudited.
|
**
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Condensed
from audited financial statements.
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Three months
ended April 30,
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Six months ended
April 30,
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||
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2017
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2016
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2017
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2016
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REVENUES
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$
3,921,167
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$
5,129,803
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$
7,967,458
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$
10,030,258
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COST OF
SERVICES
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2,879,977
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3,605,646
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5,893,923
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6,747,710
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GROSS
PROFIT
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1,041,190
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1,524,157
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2,073,535
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3,282,548
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SELLING, GENERAL
AND ADMINISTRATIVE EXPENSES
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1,365,758
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1,429,520
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2,782,100
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2,803,763
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INCOME (LOSS) FROM
OPERATIONS
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(324,568
)
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94,637
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(708,565
)
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478,785
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OTHER-THAN-TEMPORARY
IMPAIRMENT ON AVAILABLE-FOR-SALE SECURITIES
|
-
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(55,000
)
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-
|
(55,000
)
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OTHER INCOME,
NET
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1,911
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5,130
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5,523
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2,425
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INCOME (LOSS)
BEFORE TAX
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(322,657
)
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44,767
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(703,042
)
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426,210
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INCOME TAX
EXPENSE
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106
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7,565
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1,856
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38,997
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NET INCOME
(LOSS)
|
$
(322,763
)
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$
37,202
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$
(704,898
)
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$
387,213
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BASIC EARNINGS
(LOSSES) PER COMMON SHARE
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$
(0.014
)
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$
0.002
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$
(0.031
)
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$
0.017
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DILUTED EARNINGS
(LOSSES) PER COMMON SHARE
|
$
(0.014
)
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$
0.002
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$
(0.031
)
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$
0.017
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WEIGHTED AVERAGE
NUMBER OF COMMON SHARES OUTSTANDING – BASIC
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23,110,541
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23,018,606
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23,078,658
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23,019,067
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WEIGHTED AVERAGE
NUMBER OF COMMON SHARES OUTSTANDING –
DILUTED
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23,110,541
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23,244,478
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23,084,634
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23,219,588
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Three months
ended April 30,
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Six months ended
April 30,
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||
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2017
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2016
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2017
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2016
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NET INCOME
(LOSS)
|
$
(322,763
)
|
$
37,202
|
$
(704,898
)
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$
387,213
|
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OTHER COMPREHENSIVE
INCOME (LOSS), NET OF
RECLASSIFICATION
ADJUSTMENTS AND TAXES:
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Foreign currency
translation gain
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656
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23,750
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4,357
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19,647
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Available-for-sale
securities:
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Net unrealized gain
(loss)
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(1,663
)
|
(4,255
)
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23
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(11,104
)
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Other-than-temporary
impairment included in net income
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-
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55,000
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-
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55,000
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TOTAL OTHER COMPREHENSIVE INCOME
(LOSS)
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(1,007
)
|
74,495
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4,380
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63,543
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COMPREHENSIVE
INCOME (LOSS)
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$
(323,770
)
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$
111,697
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$
(700,518
)
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$
450,756
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Level 1
:
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Quoted
prices in active markets for identical assets and
liabilities.
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Level 2:
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Observable
inputs other than Level 1 prices such as quoted prices for similar
assets or liabilities, quoted prices in markets with insufficient
volume or infrequent transactions (less active markets), or
model-derived valuations in which all significant inputs are
observable or can be derived principally from or corroborated by
observable market data for substantially the full term of the
assets or liabilities.
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Level 3:
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Prices
or valuation techniques that require inputs that are both
significant to the fair value measurement and unobservable
(supported by little or no market activity).
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Type of security as of April 30, 2017
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Amortized Cost
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Gross
Unrealized Gains
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Gross
Unrealized Losses
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Estimated
Fair Value
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U.S.
Treasury securities
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$
4,500,000
|
$
—
|
$
—
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$
4,500,000
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Other
government-related debt securities:
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Puerto
Rico Commonwealth Government Development Bond
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40,000
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—
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(19,694
)
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20,306
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Total
interest-bearing and available-for-sale securities
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$
4,540,000
|
$
—
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$
(19,694
)
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$
4,520,306
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Type of security as of October 31, 2016
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Amortized Cost
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Gross
Unrealized Gains
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Gross
Unrealized Losses
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Estimated
Fair Value
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U.S.
Treasury securities
|
$
4,500,000
|
$
-
|
$
-
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$
4,500,000
|
Other
government-related debt securities:
|
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Puerto
Rico Commonwealth Government Development Bond
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40,000
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-
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(19,717
)
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20,283
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Total
interest-bearing and available-for-sale securities
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$
4,540,000
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$
-
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$
(19,717
)
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$
4,520,283
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Classification in the Consolidated Balance Sheets
|
April 30, 2017
|
October 31, 2016
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Cash
and cash equivalents
|
$
4,500,000
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$
4,500,000
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Marketable
securities
|
20,306
|
20,283
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Total
available-for-sale securities
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$
4,520,306
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$
4,520,283
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Three
months
ended April
30,
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Six
months
ended April
30,
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||
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2017
|
2016
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2017
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2016
|
Net income (loss)
available to common equity holders - used to compute basic and
diluted earnings per share
|
$
(322,763
)
|
$
37,202
|
$
(704,898
)
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$
387,213
|
Weighted average
number of common shares - used to compute basic earnings (losses)
per share
|
23,110,541
|
23,018,606
|
23,078,658
|
23,019,067
|
Effect of warrants
to purchase common stock
|
-
|
-
|
-
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-
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Effect of
restricted stock units to issue common stock
|
-
|
16,497
|
5,705
|
21,980
|
Effect of options
to purchase common stock
|
-
|
209,375
|
271
|
178,541
|
Weighted average
number of common shares - used to compute diluted earnings (losses)
per share
|
23,110,541
|
23,244,478
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23,084,634
|
23,219,588
|
¹
|
Other
segments represent activities that fall below the reportable
threshold and are carried out in Puerto Rico, United States and
Brazil. These activities include a Brazilian compliance consulting
division, technical seminars/training division, a calibrations
division and corporate headquarters, as applicable.
|
I
TEM
2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.
|
Period
|
Total
Number
of Shares
Purchased
(1)
|
Average
Price Paid per
Share
|
Total
Number of
Shares
Purchased
as
Part of
Publicly
Announced Plans
or Programs
|
Maximum
Number
of Shares
that May
Yet Be
Purchased Under
the Plans or
Programs
(1)
|
February 1, 2017
through February 28, 2017
|
-
|
$
-
|
-
|
1,780,448
|
March 1, 2017
through March 31, 2017
|
800
|
$
0.72
|
800
|
1,779,648
|
April 1, 2017
through April 30, 2017
|
10,800
|
$
0.69
|
10,800
|
1,768,848
|
Total
|
11,600
|
$
0.69
|
11,600
|
|
(1)
|
On June
13, 2014, the Board of Directors of the Company approved the
Company Stock Repurchase Program authorizing the Company to
repurchase up to two million shares of its outstanding common
stock. The timing, manner, price and amount of any repurchases will
be at the discretion of the Company, subject to the requirements of
the Securities Exchange Act of 1934, as amended, and related rules.
The Company Stock Repurchase Program does not oblige the Company to
repurchase any shares and it may be modified, suspended or
terminated at any time and for any reason. No shares will be
repurchased directly from directors or officers of the
Company.
|
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Certification
of chief executive officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
|
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Certification
of chief financial officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
|
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Certification
of the chief executive officer and chief financial officer pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002.
|
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101.INS
|
|
XBRL
Instance Document
|
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|
|
101.SCH
|
|
XBRL
Taxonomy Extension Schema
|
|
|
|
101.CAL
|
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XBRL
Taxonomy Extension Calculation Linkbase
|
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101.DEF
|
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XBRL
Taxonomy Extension Definition Linkbase
|
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101.LAB
|
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XBRL
Taxonomy Extension Label Linkbase
|
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101.PRE
|
|
XBRL
Taxonomy Extension Presentation Linkbase
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PHARMA-BIO SERV, INC
.
|
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|
/s/
Victor Sanchez
|
|
Victor
Sanchez
|
|
Chief
Executive Officer and President Europe Operations
|
|
(Principal
Executive Officer)
|
|
|
|
/s/
Pedro J. Lasanta
|
|
Pedro
J. Lasanta
|
|
Chief
Financial Officer and Vice President Finance and
Administration
|
|
(Principal
Financial Officer and Principal Accounting
Officer)
|
|
|
Dated:
June 14, 2017
|
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1 Year Pharma Bio Serv (QB) Chart |
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