Encision Inc. Files 10-Q for Q2 2024

TL;DR

Encision Inc. 10-Q filed. Financials for Q2 2024 out.

AI Summary

Encision Inc. filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The company, formerly known as Electros Cope Inc., is based in Boulder, Colorado, and operates in the surgical and medical instruments sector. Specific financial figures for the quarter and year-to-date are detailed within the filing.

Why It Matters

This filing provides investors and stakeholders with an update on Encision Inc.'s financial health and operational performance for the second quarter of 2024.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the specific financial details and any forward-looking statements within the full report would determine the precise risk level.

Key Players & Entities

• ENCISION INC (company) — Filer
• ELECTROSCOPE INC (company) — Former Company Name
• 0000930775 (company) — Central Index Key
• 3841 (company) — Standard Industrial Classification
• CO (company) — State of Incorporation
• 80301 (company) — Business Zip Code
• 3034442600 (company) — Business Phone
• 19960502 (date) — Date of Name Change
• 20240630 (date) — Period of Report End Date
• 20240814 (date) — Filing Date

FAQ

Key Financial Figures

• $1,000,000 — dit that is not to exceed the lesser of $1,000,000 or 85% of eligible accounts receivable.
• $300,000 — is charged on a minimum loan balance of $300,000, a loan fee of 0.5% at closing and annu

Filing Documents

• ecia_10q-063024.htm (10-Q) — 401KB
• ex31x1.htm (EX-31.1) — 9KB
• ex31x2.htm (EX-31.2) — 9KB
• ex32x1.htm (EX-32.1) — 6KB
• 0001079973-24-001234.txt ( ) — 2827KB
• ecia-20240630.xsd (EX-101.SCH) — 20KB
• ecia-20240630_cal.xml (EX-101.CAL) — 38KB
• ecia-20240630_def.xml (EX-101.DEF) — 70KB
• ecia-20240630_lab.xml (EX-101.LAB) — 213KB
• ecia-20240630_pre.xml (EX-101.PRE) — 183KB
• ecia_10q-063024_htm.xml (XML) — 313KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 9 ITEM 3 -

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 15 ITEM 4 -

Controls and Procedures

Controls and Procedures 16 PART II. OTHER INFORMATION 17 ITEM 1 -

Legal Proceedings

Legal Proceedings 17 ITEM 1A -

Risk Factors

Risk Factors 17 ITEM 2 - Unregistered Sales of Equity Securities and Use of Proceeds 17 ITEM 3 - Defaults Upon Senior Securities 17 ITEM 4 - Mine Safety Disclosures 17 ITEM 5 - Other Information 17 ITEM 6 - Exhibits 18

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

- Condensed

ITEM 1 - Condensed Unaudited Interim Financial Statements Encision Inc. Condensed Balance Sheets June 30, 2024 Unaudited March 31, 2024 Audited ASSETS Current assets: Cash $ 270,444 $ 42,509 Accounts receivable 816,149 891,129 Inventories, net 1,318,123 1,402,338 Prepaid expenses 108,150 90,298 Total current assets 2,512,866 2,426,274 Equipment: Furniture, fixtures and equipment, at cost 2,639,626 2,627,726 Accumulated depreciation ( 2,387,866 ) ( 2,373,722 ) Equipment, net 251,760 254,004 Right of use asset 819,352 900,787 Patents, net 166,473 164,010 Other assets 69,376 65,641 TOTAL ASSETS $ 3,819,827 $ 3,810,716 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 269,927 $ 346,049 Line of credit 142,736 156,685 Secured notes 40,833 42,194 Accrued compensation 210,269 184,913 Other accrued liabilities 100,209 119,804 Accrued lease liability 424,577 370,377 Total current liabilities 1,188,551 1,220,022 Long-term liability: Secured notes 214,043 67,336 Accrued lease liability 557,519 696,610 Total liabilities 1,960,113 1,983,968 Commitments and contingencies (Note 4) — — Shareholders' equity: Preferred stock, no par value: 10,000,000 shares authorized; none issued and outstanding — — Common stock and additional paid-in capital, no par value: 100,000,000 shares authorized; 11,875,143 and 11,858,627 issued and outstanding at June 30, 2024 and March 31, 2024, respectively 24,382,720 24,371,795 Accumulated (deficit) ( 22,523,006 ) ( 22,545,047 ) Total shareholders' equity 1,859,714 1,826,748 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 3,819,827 $ 3,810,716 The accompanying notes to financial statements are an integral part of these unaudited condensed financial statements. 1 Encision Inc. Condensed Statements of Operations (Unaudited) Three Months Ended June 30, 2024 June 30, 2023 NET REVENUE:

View Full Filing

View this 10-Q filing on SEC EDGAR