Biomerica Inc. Files Q1 2025 10-Q
Ticker: BMRA · Form: 10-Q · Filed: Oct 15, 2024 · CIK: 73290
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
BIOMERICA Q1 2025 10-Q FILED. FINANCIALS OUT.
AI Summary
Biomerica Inc. filed a 10-Q for the period ending August 31, 2024. The company, previously known as NMS Pharmaceuticals Inc., is involved in diagnostic substances. The filing covers the first quarter of fiscal year 2025 and includes financial data from the previous fiscal year.
Why It Matters
This filing provides investors with an update on Biomerica's financial performance and position for the first quarter of fiscal year 2025, crucial for understanding the company's ongoing operations and future prospects.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing financial updates, not indicating immediate significant risks.
Key Numbers
- Q1 2025 — Fiscal Quarter (Reporting period for the 10-Q)
- 2024-08-31 — Period End Date (The end date of the financial reporting period)
- 2024-10-15 — Filing Date (The date the 10-Q was officially submitted to the SEC)
Key Players & Entities
- BIOMERICA INC (company) — Filer of the 10-Q
- NMS PHARMACEUTICALS INC (company) — Former name of BIOMERICA INC
- 20240831 (date) — End of reporting period
- 20241015 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The 10-Q filing is for the period ending August 31, 2024, covering the first quarter of fiscal year 2025.
What was Biomerica Inc. previously known as?
Biomerica Inc. was formerly known as NMS Pharmaceuticals Inc.
When was this 10-Q filed with the SEC?
This 10-Q was filed on October 15, 2024.
What is Biomerica Inc.'s Standard Industrial Classification code?
Biomerica Inc.'s SIC code is 2835, for In Vitro & In Vivo Diagnostic Substances.
What is the company's fiscal year end?
Biomerica Inc.'s fiscal year ends on May 31.
Filing Stats: 4,461 words · 18 min read · ~15 pages · Grade level 15.9 · Accepted 2024-10-15 17:00:36
Key Financial Figures
- $0.08 B — ch registered Common Stock, par value $0.08 BMRA Nasdaq Capital Market Indicate
Filing Documents
- form10-q.htm (10-Q) — 718KB
- ex31-1.htm (EX-31.1) — 8KB
- ex31-2.htm (EX-31.2) — 8KB
- ex32-1.htm (EX-32.1) — 4KB
- ex32-2.htm (EX-32.2) — 4KB
- 0001493152-24-041156.txt ( ) — 3676KB
- bmra-20240831.xsd (EX-101.SCH) — 22KB
- bmra-20240831_cal.xml (EX-101.CAL) — 42KB
- bmra-20240831_def.xml (EX-101.DEF) — 89KB
- bmra-20240831_lab.xml (EX-101.LAB) — 221KB
- bmra-20240831_pre.xml (EX-101.PRE) — 165KB
- form10-q_htm.xml (XML) — 522KB
Financial Statements
Financial Statements: Condensed Consolidated Balance Sheets (unaudited) – August 31, 2024 and May 31, 2024 1 Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) – Three Months Ended August 31, 2024 and 2023 2 Condensed Consolidated Statements of Shareholders' Equity (unaudited) – Three Months Ended August 31, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows (unaudited) – Three Months Ended August 31, 2024 and 2023 4 Notes to Condensed Consolidated Financial Statements (unaudited) 5-12 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 13-16 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 16 Item 4.
Controls and Procedures
Controls and Procedures 16 PART II Other Information Item 1.
Legal Proceedings
Legal Proceedings 17 Item 1A. Risks Factors 17 Item 5. Other Information 17 Item 6. Exhibits 17
Signatures
Signatures 18 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS BIOMERICA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) August 31, 2024 May 31, 2024 Assets Current Assets: Cash and cash equivalents $ 2,820,000 $ 4,170,000 Accounts receivable, net 1,551,000 947,000 Inventories, net 1,942,000 2,376,000 Prepaid expenses and other 132,000 238,000 Total current assets 6,445,000 7,731,000 Property and equipment, net of accumulated depreciation and amortization 184,000 201,000 Right-of-use assets, net of accumulated amortization of $ 986,000 and $ 910,000 as of August 31, 2024 and May 31, 2024, respectively 666,000 742,000 Investments 165,000 165,000 Intangible assets, net of accumulated amortization of $ 53,000 and $ 48,000 as of August 31, 2024 and May 31, 2024, respectively 207,000 212,000 Other assets 203,000 203,000 Total Assets $ 7,870,000 $ 9,254,000 Liabilities and Shareholders' Equity Current Liabilities: Accounts payable and accrued expenses $ 1,089,000 $ 1,138,000 Accrued compensation 643,000 655,000 Advances from customers 85,000 85,000 Lease liabilities, current portion 334,000 326,000 Total current liabilities 2,151,000 2,204,000 Lease liabilities, net of current portion 373,000 459,000 Total Liabilities 2,524,000 2,663,000 Commitments and contingencies (Note 6) - - Shareholders' Equity: Preferred stock, Series A 5% convertible, $ 0.08 par value, 571,429 shares authorized, none issued and outstanding as of August 31, 2024 and May 31, 2024 - - Preferred stock, undesignated, no par value, 4,428,571 shares authorized, none issued and outstanding as of August 31, 2024 and May 31, 2024 - - Preferred stock, value - - Common stock, $ 0.08 par value, 25,000,000 shares authorized, 16,821,646 issued and outstanding at August 31, 2024 and May 31, 2024, respectively 1,346,000 1,346,000 Additional paid-in capital 53,619,