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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 | 1.10 | 0.00 | 13:07:05 |
☒ | 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 |
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 |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☐ | Smaller reporting company | ☒ | |||
Emerging growth company |
☐ |
May 31, 2022 |
February 28, 2022 |
|||||||
(unaudited) |
||||||||
Assets |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ |
153 |
$ | 245 | ||||
Accounts receivable, less allowance for doubtful accounts of $3 and $3 |
1,073 |
390 | ||||||
Employee retention credit refund receivable |
611 |
796 | ||||||
Inventories, net |
2,983 |
3,342 | ||||||
Contract assets |
1,236 |
444 | ||||||
Prepaid expenses and other current assets |
204 |
297 | ||||||
|
|
|
|
|||||
Total current assets |
6,260 |
5,514 | ||||||
|
|
|
|
|||||
Property, plant, and equipment |
||||||||
Buildings |
778 |
778 | ||||||
Machinery and equipment |
5,364 |
5,359 | ||||||
|
|
|
|
|||||
6,142 |
6,137 | |||||||
Accumulated depreciation |
(5,316 |
) |
(5,247 | ) | ||||
|
|
|
|
|||||
Net property, plant, and equipment |
826 |
890 | ||||||
Right of use assets under operating leases |
493 |
592 | ||||||
Intangible assets, net |
86 |
118 | ||||||
Other noncurrent assets |
2 |
2 | ||||||
|
|
|
|
|||||
Total assets |
$ |
7,667 |
$ | 7,116 | ||||
|
|
|
|
May 31, 2022 |
February 28, 2022 |
|||||||
(unaudited) |
||||||||
Liabilities and Shareholders’ Equity |
||||||||
Current liabilities |
||||||||
Accounts payable |
$ |
1,945 |
$ | 1,465 | ||||
Accrued liabilities |
975 |
855 | ||||||
Contract liabilities |
1,910 |
1,872 | ||||||
Note payable to officers and directors, current (Note 6) |
784 |
458 | ||||||
Current maturities of financing lease obligations |
98 |
98 | ||||||
Current operating lease liabilities |
200 |
257 | ||||||
|
|
|
|
|||||
Total current liabilities |
5,912 |
5,005 | ||||||
Finance lease obligations less current maturities |
43 |
64 | ||||||
Long-term operating lease liabilities |
293 |
333 | ||||||
|
|
|
|
|||||
Total liabilities |
6,248 |
5,402 | ||||||
|
|
|
|
|||||
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, 2022, and February |
7,293 |
7,293 | ||||||
Additional paid-in capital |
281 |
281 | ||||||
Retained earnings |
10,127 |
10,422 | ||||||
Treasury stock, shares at cost; 3,854 at May 31, 2022 and February 28, 2022 |
(16,282 |
) |
(16,282 | ) | ||||
|
|
|
|
|||||
Total shareholders’ equity |
1,419 |
1,714 | ||||||
|
|
|
|
|||||
Total liabilities and shareholders’ equity |
$ |
7,667 |
$ | 7,116 | ||||
|
|
|
|
Three Months Ended May 31, |
||||||||
2022 |
2021 |
|||||||
Net sales |
$ |
2,841 |
$ |
1,857 |
||||
Cost of goods sold |
2,130 |
1,490 |
||||||
|
|
|
|
|||||
Gross profit |
711 |
367 |
||||||
|
|
|
|
|||||
Operating expenses |
||||||||
Selling and delivery |
149 |
158 |
||||||
General and administrative |
870 |
993 |
||||||
|
|
|
|
|||||
1,019 |
1,151 |
|||||||
|
|
|
|
|||||
Operating loss |
(308 |
) |
(784 |
) | ||||
|
|
|
|
|||||
Other income (expense) |
||||||||
Interest expense, net |
(5 |
) |
(10 |
) | ||||
Gain on disposal of equipment, net |
3 |
— |
||||||
Other, net |
15 |
49 |
||||||
|
|
|
|
|||||
13 |
39 |
|||||||
|
|
|
|
|||||
Loss before income taxes |
(295 |
) |
(745 |
) | ||||
Income tax expense |
— |
— |
||||||
|
|
|
|
|||||
Net loss |
$ |
(295 |
) |
$ |
(745 |
) | ||
|
|
|
|
|||||
Net loss per share: |
||||||||
Net loss per share-basic |
$ |
(0.05 |
) |
$ |
(0.13 |
) | ||
|
|
|
|
|||||
Net loss per share-diluted |
$ |
(0.05 |
) |
$ |
(0.13 |
) | ||
|
|
|
|
|||||
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, 2022 |
5,878 | $ | 7,293 | $ | 281 | $ | 10,422 | $ | (16,282 | ) | $ | 1,714 | ||||||||||||
Net loss |
— |
— |
— |
(295 |
) |
— |
(295 |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance, May 31, 2022 (unaudited) |
5,878 |
$ |
7,293 |
$ |
281 |
$ |
10,127 |
$ |
(16,282 |
) |
$ |
1,419 |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
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 are shown net of Treasury Shares |
Three Months Ended May 31, |
||||||||
2022 |
2021 |
|||||||
Operating Activities |
||||||||
Net loss |
$ |
(295 |
) |
$ | (745 | ) | ||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |
||||||||
Depreciation expense |
67 |
63 | ||||||
Amortization of intangible assets |
32 |
32 | ||||||
Provision for doubtful accounts |
— |
(6 | ) | |||||
Provision for inventory reserve |
— |
15 | ||||||
Gain on disposal of equipment |
(3 |
) |
— | |||||
Other |
7 |
4 | ||||||
Changes in working capital items: |
||||||||
Accounts receivable |
(683 |
) |
886 | |||||
Inventories |
359 |
83 | ||||||
Prepaid expenses and other assets |
93 |
(41 | ) | |||||
Contract assets |
(792 |
) |
513 | |||||
Employee retention credit refund receivable |
185 |
— | ||||||
Customer deposits |
38 |
(50 | ) | |||||
Accounts payable and accrued liabilities |
600 |
(150 | ) | |||||
Net cash (used in) provided by operating activities |
(392 |
) |
604 | |||||
Investing Activities |
||||||||
Capital expenditures |
(3 |
) | (23 | ) | ||||
Proceeds from disposal of equipment |
3 |
— | ||||||
Net cash used in investing activities |
— |
(23 | ) | |||||
Financing Activities |
||||||||
Repayments of long-term debt |
— |
(14 | ) | |||||
Repayments on lease financing |
(26 |
) |
(18 | ) | ||||
Proceeds from loans with officers and directors |
326 |
— | ||||||
Net cash provided by (used in) financing activities |
300 |
(32 | ) | |||||
Net change in cash and cash equivalents |
(92 |
) |
549 | |||||
Cash and cash equivalents, beginning of year |
245 |
293 | ||||||
Cash and cash equivalents, end of period |
$ |
153 |
$ | 842 | ||||
May 31, 2022 |
February 28, 2022 |
|||||||
Working capital |
$ |
348 |
$ | 509 | ||||
Liquid assets |
$ |
153 |
$ | 245 |
May 31, 2022 |
February 28, 2022 |
|||||||
Raw materials |
$ |
1,571 |
$ |
2,037 |
||||
Work-in-process |
1,085 |
846 |
||||||
Finished goods |
327 |
459 |
||||||
$ |
2,983 |
$ |
3,342 |
|||||
May 31, 2022 |
||||
Assets |
|
|
| |
Operating lease right-of-use |
$ | 493 | ||
|
|
|||
Liabilities |
|
|
| |
Current portion of operating lease liabilities |
$ | 200 | ||
Noncurrent portion of operating lease liabilities |
293 | |||
|
|
|||
Total operating lease liabilities |
$ | 493 | ||
|
|
May 31, 2022 |
||||
Weighted average remaining lease term |
2.8 years | |||
Weighted average discount rate |
6 | % | ||
|
|
FY2023 |
$ | 159 | ||
FY2024 |
190 | |||
FY2025 |
190 | |||
|
|
|||
Total operating lease payments |
539 | |||
Less imputed interest |
(46 | ) | ||
|
|
|||
Total operating lease liabilities |
$ | 493 | ||
|
|
May 31, 2022 |
||||
Financing lease right-of-use |
$ | 151 | ||
|
|
|||
Current portion of financing lease liabilities |
$ | 98 | ||
Noncurrent portion of financing lease liabilities |
43 | |||
|
|
|||
Total financing lease liabilities |
$ | 141 | ||
|
|
Fiscal Year |
Amount |
|||
2023 |
$ | 78 | ||
2024 |
78 | |||
|
|
|||
Total finance lease payments |
$ | 156 | ||
Less imputed interest |
(15 | ) | ||
|
|
|||
Total finance lease liabilities |
$ | 141 | ||
|
|
Three Months Ended May 31, |
||||||||
2022 |
2021 |
|||||||
Cash paid for: |
||||||||
Interest |
$ |
5 |
$ |
7 |
||||
|
|
|
|
Weighted |
||||||||||||
Average |
Loss |
|||||||||||
Net |
Common Shares |
Per |
||||||||||
Loss |
Outstanding |
Share |
||||||||||
Three months ended May 31, 2022 |
||||||||||||
Basic |
$ | (295 | ) | 5,878 | $ | (0.05 | ) | |||||
Effect of dilution: |
||||||||||||
Options |
— | — | — | |||||||||
|
|
|
|
|
|
|||||||
Diluted |
$ | (295 | ) | 5,878 | $ | (0.05 | ) | |||||
|
|
|
|
|
|
|||||||
Three months ended May 31, 2021 |
||||||||||||
Basic |
$ | (745 | ) | 5,878 | $ | (0.13 | ) | |||||
Effect of dilution: |
||||||||||||
Options |
— | — | — | |||||||||
|
|
|
|
|
|
|||||||
Diluted |
$ | (745 | ) | 5,878 | $ | (0.13 | ) | |||||
|
|
|
|
|
|
• | Simulation and Training Products |
• | Cyber Secure Products – |
• | Data Display CRTs– |
• | Other Computer Products – |
May 31, 2022 |
February 28, 2022 |
|||||||
Working capital |
$ |
348 |
$ | 509 | ||||
Liquid assets |
$ |
153 |
$ | 245 |
Three Months Ended May 31 |
||||||||||||||||
2022 |
2021 |
|||||||||||||||
Amount |
% |
Amount |
% |
|||||||||||||
Net Sales |
||||||||||||||||
Simulation and Training (VDC Display Systems) |
2,052 |
72.2 |
% |
1,011 |
54.4 |
% | ||||||||||
Data Display CRT (Lexel and Data Display) |
476 |
16.8 |
232 |
12.5 |
||||||||||||
Cyber Secure Products (AYON Cyber Security) |
72 |
2.5 |
204 |
11.0 |
||||||||||||
Other Computer Products (Unicomp) |
241 |
8.5 |
410 |
22.1 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total net sales |
2,841 |
100.0 |
% |
1,857 |
100.0 |
% | ||||||||||
Costs and expenses |
||||||||||||||||
Cost of goods sold |
2,130 |
75.0 |
% |
1,490 |
80.2 |
% | ||||||||||
Selling and delivery |
149 |
5.2 |
158 |
8.5 |
||||||||||||
General and administrative |
870 |
30.6 |
993 |
53.5 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
3,149 |
110.8 |
% |
2,641 |
142.2 |
% | |||||||||||
Operating loss |
(308 |
) |
(10.8 |
)% |
(784 |
) |
(42.2 |
)% | ||||||||
Interest (expense), net |
(5 |
) |
(0.2 |
)% |
(10 |
) |
(0.5 |
)% | ||||||||
Other income, net |
18 |
0.6 |
49 |
2.6 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss before income taxes |
(295 |
) |
(10.4 |
)% |
(745 |
) |
(40.1 |
)% | ||||||||
Income tax expense |
— |
— |
— |
— |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net loss |
(295 |
) |
(10.4 |
)% |
(745 |
) |
(40.1 |
)% | ||||||||
|
|
|
|
|
|
|
|
May 31, 2022 |
February 28, 2022 |
|||||||
Working capital |
$ |
348 |
$ | 509 | ||||
Liquid assets |
$ |
153 |
$ | 245 |
Item 1. | Legal Proceedings |
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 |
Item 6. | Exhibits |
VIDEO DISPLAY CORPORATION | ||||||
July 20, 2022 | By: | /s/ Ronald D. Ordway | ||||
Ronald D. Ordway | ||||||
Chief Executive Officer | ||||||
July 20, 2022 | 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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