Escalon Medical Corp. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Escalon Medical Corp. filed its 10-Q for the period ending December 31, 2023, reporting total assets of $7.4 million and total debt of $2 million.</b>

AI Summary

ESCALON MEDICAL CORP (ESMC) filed a Quarterly Report (10-Q) with the SEC on February 14, 2024. Escalon Medical Corp. reported total assets of $7,415,329 as of December 31, 2023. The company's total debt was $2,000,000 as of December 31, 2023. Revenue from products for the three months ended December 31, 2023, was $1,111,000. Revenue from services for the three months ended December 31, 2023, was $1,011,000. Net income for the three months ended December 31, 2023, was $1,000.

Why It Matters

For investors and stakeholders tracking ESCALON MEDICAL CORP, this filing contains several important signals. The filing provides a quarterly update on the financial health and operational performance of Escalon Medical Corp. Investors can assess the company's asset base, debt levels, and revenue streams to make informed investment decisions.

Risk Assessment

Risk Level: low — ESCALON MEDICAL CORP shows low risk based on this filing. The filing is a routine 10-Q report with no immediate red flags, indicating a stable financial status.

Analyst Insight

Monitor future filings for trends in revenue growth and profitability to assess the company's long-term prospects.

Financial Highlights

revenue

4,244,000

total Assets

7,415,329

total Debt

2,000,000

net Income

1,000

Revenue Breakdown

Key Numbers

• 7,415,329 — Total Assets (As of December 31, 2023)
• 2,000,000 — Total Debt (As of December 31, 2023)
• 1,111,000 — Product Revenue (Three months ended December 31, 2023)
• 1,011,000 — Service Revenue (Three months ended December 31, 2023)
• 1,000 — Net Income (Three months ended December 31, 2023)

Key Players & Entities

• ESCALON MEDICAL CORP (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240214 (date) — Filed as of date
• 3845 (industry) — Standard Industrial Classification
• PA (location) — State of incorporation
• WAYNE (location) — Business address city
• 6106886830 (phone) — Business phone
• INTELLIGENT SURGICAL LASERS INC (company) — Former company name

FAQ

Key Dates

• 2023-12-31: Fiscal Period End — Reporting period for the 10-Q filing.

Key Financial Figures

• $0.001 — ate: 7,415,329 shares of common stock, $0.001 par value , outstanding as of February
• $948,061 — d and outstanding (liquidation value of $948,061 and $922,331) 645,000 645,000 Common s
• $922,331 — ding (liquidation value of $948,061 and $922,331) 645,000 645,000 Common stock, $0.001

Filing Documents

• esmc-20231231.htm (10-Q) — 727KB
• esmc_20231231-10qex311.htm (EX-31) — 9KB
• esmc_20231231-10qex312.htm (EX-31.2) — 9KB
• esmc_20231231-10qex321.htm (EX-32.1) — 4KB
• esmc_20231231-10qex322.htm (EX-32.2) — 4KB
• 0000862668-24-000008.txt (&nbsp;) — 4186KB
• esmc-20231231.xsd (EX-101.SCH) — 24KB
• esmc-20231231_cal.xml (EX-101.CAL) — 50KB
• esmc-20231231_def.xml (EX-101.DEF) — 127KB
• esmc-20231231_lab.xml (EX-101.LAB) — 326KB
• esmc-20231231_pre.xml (EX-101.PRE) — 226KB
• esmc-20231231_htm.xml (XML) — 636KB

Financial Information

PART I Financial Information Item I. Unaudited Condensed Consolidated Financial Statements 2 Condensed Consolidated Balance Sheets as of December 31 , 2023 (unaudited) and June 30, 2023 3 Condensed Consolidated Statements of Operations for the three-month and six-month periods ended December 31 , 2023 , and 2022 (unaudited) 4 Condensed Consolidated Statements of Shareholders' Equity for the three-month and six -month periods ended December 31 , 2023 , and 2022 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the six-month periods ended December 31 , 2023 , and 2022 (unaudited) 6 Notes to the Condensed Consolidated Financial Statements (Unaudited) 8

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 16

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 21

Controls and Procedures

Item 4. Controls and Procedures 21

Other Information

PART II Other Information

Exhibits

Item 6. Exhibits 22 1

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item I. UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 2 ESCALON MEDICAL CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS December 31, 2023 June 30, 2023 (Unaudited) ASSETS Current assets: Cash $ 390,441 $ 889,674 Restricted cash 256,358 256,293 Accounts receivable 2,037,681 1,807,599 Less: allowance for credit losses ( 133,524 ) ( 153,878 ) Accounts receivable, net 1,904,157 1,653,721 Inventories, net 1,407,545 1,587,989 Other current assets 210,830 249,790 Total current assets 4,169,331 4,637,467 Property and equipment, net 60,995 34,064 Right-of-use assets 352,989 503,647 License and patent, net 60,161 69,986 Other long term assets 62,787 62,787 Total assets $ 4,706,263 $ 5,307,951 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of note payable $ 36,498 $ 37,087 Current portion of EIDL loan 2,916 3,105 Accounts payable 987,509 1,205,510 Accrued expenses 657,543 651,978 Related party accrued interest 112,389 112,389 Current portion of operating lease liabilities 343,056 329,638 Deferred revenue 315,539 426,227 Other short-term liabilities 88,291 87,125 Total current liabilities 2,543,741 2,853,059 Note payable, net of current portion 141,569 159,511 EIDL loan, net of current portion 144,363 146,435 Operating lease liabilities, net of current portion 39,265 214,103 Total long-term liabilities 325,197 520,049 Total liabilities 2,868,938 3,373,108 Contingencies (Note 10) Shareholders' equity: Series A convertible preferred stock, $0.001 par value; 2,000,000 shares authorized; 2,000,000 shares issued and outstanding (liquidation value of $948,061 and $922,331) 645,000 645,000 Common stock, $0.001 par value; 35,000,000 shares authorized; 7,415,329 shares issued and outstanding 7,415 7,415 Additional paid-in capital 69,702,043 69,702,043 Accumulated deficit ( 68,517,133 ) ( 68,419,615 ) Total shareholders' equity 1,837,325 1,934,843 Total liabi

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View this 10-Q filing on SEC EDGAR