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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Video Display Corporation (PK) | USOTC:VIDE | 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% | 1.05 | 1.05 | 1.68 | 0.00 | 12:48:08 |
☒ |
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
☐ |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
GEORGIA
|
58-1217564
|
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange
on which registered
|
||
Common Stock, no par value
|
VIDE
|
OTCMKTS
|
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated
filer
|
☐ | Smaller reporting company | ☒ | |||
Emerging growth company | ☐ |
May 31,
2021 |
February 28,
2021 |
|||||||
(unaudited)
|
||||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
842
|
|
$ | 293 | |||
Accounts receivable, less allowance for doubtful accounts of $6 and $12
|
|
434
|
|
1,314 | ||||
Inventories, net
|
|
3,929
|
|
4,027 | ||||
Contract assets
|
|
1,021
|
|
1,534 | ||||
Prepaid expenses and other current assets
|
|
320
|
|
279 | ||||
|
|
|
|
|||||
Total current assets
|
|
6,546
|
|
7,447 | ||||
|
|
|
|
|||||
Property, plant, and equipment
|
||||||||
Buildings
|
|
772
|
|
766 | ||||
Construction in progress
|
|
—
|
|
130 | ||||
Machinery and equipment
|
|
5,309
|
|
5,162 | ||||
|
|
|
|
|||||
6,081 | 6,058 | |||||||
Accumulated depreciation
|
|
(5,042
|
)
|
(4,979 | ) | |||
|
|
|
|
|||||
Net property, plant, and equipment
|
|
1,039
|
|
1,079 | ||||
Right of use assets under operating leases
|
|
996
|
|
1,127 | ||||
Intangible assets, net
|
|
215
|
|
247 | ||||
Other noncurrent assets
|
|
2
|
|
2 | ||||
|
|
|
|
|||||
Total assets
|
$
|
8,798
|
|
$ | 9,902 | |||
|
|
|
|
May 31,
2021 |
February 28,
2021 |
|||||||
(unaudited)
|
||||||||
Liabilities and Shareholders’ Equity
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
$
|
528
|
|
$ | 602 | |||
Accrued liabilities
|
|
652
|
|
728 | ||||
Customer deposits
|
|
1,667
|
|
1,717 | ||||
Note payable
|
|
86
|
|
100 | ||||
Current maturities of financing lease obligations
|
|
98
|
|
98 | ||||
Current operating lease liabilities
|
|
573
|
|
601 | ||||
|
|
|
|
|||||
Total current liabilities
|
|
3,604
|
|
3,846 | ||||
PPP related loans, noncurrent
|
|
1,084
|
|
1,084 | ||||
Finance lease obligations less current maturities
|
|
124
|
|
142 | ||||
Long-term operating lease liabilities
|
|
457
|
|
556 | ||||
|
|
|
|
|||||
Total liabilities
|
|
5,269
|
|
5,628 | ||||
|
|
|
|
|||||
Shareholders’ Equity
|
||||||||
Preferred stock, no par value – 10,000 shares authorized; none issued and outstanding
|
|
—
|
|
— | ||||
Common stock, no par value – 50,000 shares authorized; 9,732 issued and 5,878 outstanding at May 31, 2021, and at February
|
|
7,293
|
|
7,293 | ||||
Additional
paid-in
capital
|
|
281
|
|
281 | ||||
Retained earnings
|
|
12,237
|
|
12,982 | ||||
Treasury stock, shares at cost;
3,854 at May 31, 2021 and February 28, 2021 |
|
(16,282
|
)
|
(16,282 | ) | |||
|
|
|
|
|||||
Total shareholders’ equity
|
|
3,529
|
|
4,274 | ||||
|
|
|
|
|||||
Total liabilities and shareholders’ equity
|
$
|
8,798
|
|
$ | 9,902 | |||
|
|
|
|
Three Months Ended
May 31,
|
||||||||
2021
|
2020
|
|||||||
Net sales
|
$
|
1,857
|
|
$
|
3,705
|
|
||
Cost of goods sold
|
|
1,490
|
|
|
2,727
|
|
||
|
|
|
|
|||||
Gross profit
|
|
367
|
|
|
978
|
|
||
|
|
|
|
|||||
Operating expenses
|
||||||||
Selling and delivery
|
|
158
|
|
|
206
|
|
||
General and administrative
|
|
993
|
|
|
997
|
|
||
|
|
|
|
|||||
|
1,151
|
|
|
1,203
|
|
|||
|
|
|
|
|||||
Operating loss
|
|
(784
|
)
|
|
(225
|
)
|
||
|
|
|
|
|||||
Other income (expense)
|
||||||||
Interest (expense) income, net
|
|
(10
|
)
|
|
(15
|
)
|
||
Investment (loss) gains, net
|
|
—
|
|
|
(10
|
)
|
||
Other, net
|
|
49
|
|
|
242
|
|
||
|
|
|
|
|||||
|
39
|
|
|
217
|
|
|||
|
|
|
|
|||||
Loss before income taxes
|
|
(745
|
)
|
|
(8
|
)
|
||
Income tax expense
|
|
—
|
|
|
—
|
|
||
|
|
|
|
|||||
Net loss
|
$
|
(745
|
)
|
$
|
(8
|
)
|
||
|
|
|
|
|||||
Net loss per share:
|
||||||||
Net loss per share-basic
|
$
|
(0.13
|
)
|
$
|
(0.00
|
)
|
||
|
|
|
|
|||||
Net loss per share-diluted
|
$
|
(0.13
|
)
|
$
|
(0.00
|
)
|
||
|
|
|
|
|||||
Basic weighted average shares outstanding
|
|
5,878
|
|
|
5,878
|
|
||
|
|
|
|
|||||
Diluted weighted average shares outstanding
|
|
5,878
|
|
|
5,878
|
|
||
|
|
|
|
Common
Shares*
|
Share
Amount
|
Additional
Paid-in
Capital
|
Retained
Earnings
|
Treasury
Stock
|
Total
Shareholders’
Equity |
|||||||||||||||||||
Balance, February 28, 2021
|
5,878 | $ | 7,293 | $ | 281 | $ | 12,982 | $ | (16,282 | ) | $ | 4,274 | ||||||||||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(745
|
)
|
|
—
|
|
|
(745
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance, May 31, 2021 (unaudited)
|
|
5,878
|
|
$
|
7,293
|
|
$
|
281
|
|
$
|
12,237
|
|
$
|
(16,282
|
)
|
$
|
3,529
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Common
Shares*
|
Share
Amount
|
Additional
Paid-in
Capital
|
Retained
Earnings
|
Treasury
Stock
|
Total
Shareholders’ Equity |
|||||||||||||||||||
Balance, February 29, 2020
|
5,878 | $ | 7,293 | $ | 281 | $ | 12,170 | $ | (16,282 | ) | $ | 3,462 | ||||||||||||
Net loss
|
— | — | — | (8 | ) | — | (8 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance, May 31, 2020 (unaudited)
|
5,878 | $ | 7,293 | $ | 281 | $ | 12,162 | $ | (16,282 | ) | $ | 3,454 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
* |
Common Shares are shown net of Treasury Shares
|
Three Months Ended
May 31,
|
||||||||
2021
|
2020
|
|||||||
Operating Activities
|
||||||||
Net loss
|
$
|
(745
|
)
|
$ | (8 | ) | ||
Adjustments to reconcile net loss to net
|
||||||||
cash provided by (used in) operating activities:
|
||||||||
Depreciation expense
|
|
63
|
|
60 | ||||
Amortization of intangible assets
|
|
32
|
|
43 | ||||
Provision for doubtful accounts
|
|
(6
|
)
|
(4 | ) | |||
Provision for inventory reserve
|
|
15
|
|
15 | ||||
Realized/unrealized loss on investments
|
|
—
|
|
10 | ||||
Other
|
|
4
|
|
4 | ||||
Changes in working capital items:
|
||||||||
Accounts receivable
|
|
886
|
|
655 | ||||
Inventories
|
|
83
|
|
456 | ||||
Prepaid expenses and other assets
|
|
(41
|
)
|
(68 | ) | |||
Contract assets
|
|
513
|
|
(655 | ) | |||
Customer deposits
|
|
(50
|
)
|
(619 | ) | |||
Accounts payable and accrued liabilities
|
|
(150
|
)
|
(420 | ) | |||
|
|
|
|
|||||
Net cash provided by (used in) operating activities
|
|
604
|
|
(531 | ) | |||
|
|
|
|
|||||
Investing Activities
|
||||||||
Capital expenditures
|
|
(23
|
)
|
(19 | ) | |||
Purchases of investments
|
|
—
|
|
(43 | ) | |||
Proceeds from sale of investments
|
|
—
|
|
18 | ||||
|
|
|
|
|||||
Net cash used in investing activities
|
|
(23
|
)
|
(44 | ) | |||
|
|
|
|
|||||
Financing Activities
|
||||||||
Repayments of notes payable to officers and directors
|
|
—
|
|
(35 | ) | |||
Repayments of long-term debt
|
|
(14
|
)
|
— | ||||
Repayments on lease financing
|
|
(18
|
)
|
— | ||||
Proceeds from PPP related loans
|
|
—
|
|
988 | ||||
Marginal float borrowings
|
|
—
|
|
3 | ||||
|
|
|
|
|||||
Net cash (used in) provided by financing activities
|
|
(32
|
)
|
956 | ||||
|
|
|
|
|||||
Net change in cash and cash equivalents
|
|
549
|
|
381 | ||||
Cash and cash equivalents, beginning of year
|
|
293
|
|
844 | ||||
|
|
|
|
|||||
Cash and cash equivalents, end of period
|
$
|
842
|
|
$ | 1,225 | |||
|
|
|
|
May 31,
2021
|
February 28,
2021
|
|||||||
Working capital
|
$
|
2,942
|
|
$ | 3,601 | |||
Liquid assets
|
$
|
842
|
|
$ | 293 |
May 31,
2021 |
February 28,
2021 |
|||||||
Raw materials
|
$
|
2,880
|
|
$
|
2,888
|
|
||
Work-in-process
|
|
933
|
|
|
1,166
|
|
||
Finished goods
|
|
929
|
|
|
771
|
|
||
|
|
|
|
|||||
|
4,742
|
|
|
4,825
|
|
|||
Reserves for obsolescence
|
|
(813
|
)
|
|
(798
|
)
|
||
|
|
|
|
|||||
$
|
3,929
|
|
$
|
4,027
|
|
|||
|
|
|
|
May 31, 2021
|
||||
Assets
|
|
|
|
|
|
|
|||
Operating lease
right-of-use
|
$ | 996 | ||
|
|
|||
Liabilities
|
|
|
|
|
|
|
|||
Current portion of operating lease liabilities
|
$ | 573 | ||
Noncurrent portion of operating lease liabilities
|
457 | |||
|
|
|||
Total operating lease liabilities
|
$ | 1,030 | ||
|
|
May 31, 2021
|
||||
Weighted average remaining lease term
|
1.8 years | |||
Weighted average discount rate
|
6 | % | ||
|
|
FY2022
|
$ | 432 | ||
FY2023
|
263 | |||
FY2024
|
190 | |||
FY2025
|
185 | |||
|
|
|||
Total operating lease payments
|
1,070 | |||
Less imputed interest
|
(40 | ) | ||
|
|
|||
Total operating lease liabilities
|
$ | 1,030 | ||
|
|
FY2022
|
$ | 138 | ||
FY2023
|
12 | |||
|
|
|||
Total
|
$ | 150 | ||
|
|
May 31, 2021
|
||||
Financing lease
right-of-use
|
$ | 237 | ||
|
|
|||
Current portion of financing lease liabilities
|
$ | 98 | ||
Noncurrent portion of financing lease liabilities
|
124 | |||
|
|
|||
Total financing lease liabilities
|
$ | 222 | ||
|
|
Fiscal Year
|
Amount
|
|||
2022
|
$ | 78 | ||
2023
|
104 | |||
2024
|
78 | |||
|
|
|||
Total finance lease payments
|
$ | 260 | ||
Less imputed interest
|
(38 | ) | ||
|
|
|||
Total finance lease liabilities
|
$ | 222 | ||
|
|
Three Months
Ended May 31, |
||||||||
2021
|
2020
|
|||||||
Cash paid for:
|
||||||||
Interest
|
$ | 7 | $ | — | ||||
|
|
|
|
|||||
Non-cash
activity:
|
||||||||
Note receivable paid directly to officer
|
$ | — | $ | 55 | ||||
|
|
|
|
|||||
Note payable to officer
|
$ | — | $ | 55 | ||||
|
|
|
|
|||||
Imputed interest expense
|
$ | — | $ | 4 | ||||
|
|
|
|
|||||
Imputed interest income
|
$ | — | $ | 4 | ||||
|
|
|
|
Net
Loss |
Weighted
Average Common Shares Outstanding |
Loss
Per Share |
||||||||||
Three months ended May 31, 2021
|
||||||||||||
Basic
|
$ | (745 | ) | 5,878 | $ | (0.13 | ) | |||||
Effect of dilution:
|
||||||||||||
Options
|
— | — | — | |||||||||
|
|
|
|
|
|
|||||||
Diluted
|
$ | (745 | ) | 5,878 | $ | (0.13 | ) | |||||
|
|
|
|
|
|
|||||||
Three months ended May 31, 2020
|
||||||||||||
Basic
|
$ | (8 | ) | 5,878 | $ | (0.00 | ) | |||||
Effect of dilution:
|
||||||||||||
Options
|
— | — | — | |||||||||
|
|
|
|
|
|
|||||||
Diluted
|
$ | (8 | ) | 5,878 | $ | (0.00 | ) | |||||
|
|
|
|
|
|
• |
Simulation and Training Products
|
• |
Cyber Secure Products –
|
• |
Data Display
CRTs–
|
• |
Other Computer Products –
|
May 31,
2021
|
February 28,
2021 |
|||||||
Working capital
|
$
|
2,942
|
|
$ | 3,601 | |||
Liquid assets
|
$
|
842
|
|
$ | 293 |
Three Months Ended May 31
|
||||||||||||||||
2021
|
2020
|
|||||||||||||||
Net Sales
|
Amount
|
%
|
Amount
|
%
|
||||||||||||
Simulation and Training (VDC Display Systems)
|
|
1,011
|
|
|
54.4
|
%
|
|
1,801
|
|
|
48.6
|
%
|
||||
Data Display CRT (Lexel and Data Display)
|
|
232
|
|
|
12.5
|
|
|
762
|
|
|
20.6
|
|
||||
Cyber Secure Products (AYON Cyber Security)
|
|
204
|
|
|
11.0
|
|
|
865
|
|
|
23.3
|
|
||||
Other Computer Products (Unicomp)
|
|
410
|
|
|
22.1
|
|
|
277
|
|
|
7.5
|
|
||||
|
|
|
|
|
|
|
|
|||||||||
Total net sales
|
|
1,857
|
|
|
100.0
|
%
|
|
3,705
|
|
|
100.0
|
%
|
||||
Costs and expenses
|
||||||||||||||||
Cost of goods sold
|
|
1,490
|
|
|
80.2
|
%
|
|
2,727
|
|
|
73.6
|
%
|
||||
Selling and delivery
|
|
158
|
|
|
8.5
|
|
|
206
|
|
|
5.6
|
|
||||
General and administrative
|
|
993
|
|
|
53.5
|
|
|
997
|
|
|
26.9
|
|
||||
|
|
|
|
|
|
|
|
|||||||||
|
2,641
|
|
|
142.2
|
%
|
|
3,930
|
|
|
106.1
|
%
|
Operating loss
|
|
(784
|
)
|
|
(42.2
|
)%
|
|
(225
|
)
|
|
(6.1
|
)%
|
||||
Interest (expense) income, net
|
|
(10
|
)
|
|
(0.5
|
)%
|
|
(15
|
)
|
|
(0.4
|
)%
|
||||
Investment (loss) gains, net
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
(0.3
|
)
|
||||
Other income, net
|
|
49
|
|
|
2.6
|
|
|
242
|
|
|
6.6
|
|
||||
|
|
|
|
|
|
|
|
|||||||||
Loss before income taxes
|
|
(745
|
)
|
|
(40.1
|
)%
|
|
(8
|
)
|
|
(0.2
|
)%
|
||||
Income tax expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|||||||||
Net loss
|
|
(745
|
)
|
|
(40.1
|
)%
|
|
(8
|
)
|
|
(0.2
|
)%
|
||||
|
|
|
|
|
|
|
|
May 31,
2021
|
February 28,
2021 |
|||||||
Working capital
|
$
|
2,942
|
|
$ | 3,601 | |||
Liquid assets
|
$
|
842
|
|
$ | 293 |
Item 1. |
Legal Proceedings
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Item 1A. |
Risk Factors
|
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds
|
Item 3. |
Defaults upon Senior Securities
|
Item 4. |
Submission of Matters to a Vote of Security Holders
|
Item 5. |
Other information
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Item 6. |
Exhibits
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VIDEO DISPLAY CORPORATION | ||||||
July 12, 2021
|
By: |
/s/ Ronald D. Ordway
|
||||
Ronald D. Ordway | ||||||
Chief Executive Officer | ||||||
July 12, 2021
|
By: |
/s/ Gregory L. Osborn
|
||||
Gregory L. Osborn | ||||||
Chief Financial Officer |
1 Year Video Display (PK) Chart |
1 Month Video Display (PK) Chart |
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