Escalon Medical Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Escalon Medical Corp. reported $7.4 million in revenue for the first nine months of fiscal year 2024, with total assets of $35 million and $2 million in secured debt as of March 31, 2024.</b>

AI Summary

ESCALON MEDICAL CORP (ESMC) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Revenue for the nine months ended March 31, 2024, was $7,415,329. Total assets as of March 31, 2024, were $35,000,000. Secured debt was reported as $2,000,000 as of March 31, 2024. The company's fiscal year ends on June 30. Escalon Medical Corp. was formerly known as Intelligent Surgical Lasers Inc.

Why It Matters

For investors and stakeholders tracking ESCALON MEDICAL CORP, this filing contains several important signals. The filing provides a snapshot of Escalon Medical Corp.'s financial health and operational status as of Q1 2024, including revenue, assets, and debt levels. Understanding these figures is crucial for investors and stakeholders to assess the company's performance and financial stability.

Risk Assessment

Risk Level: — ESCALON MEDICAL CORP shows moderate risk based on this filing. The filing contains standard financial reporting information with no immediate red flags, indicating a low level of immediate risk based on this document alone.

Analyst Insight

Monitor future filings for revenue growth trends and changes in debt levels to assess the company's financial trajectory.

Financial Highlights

revenue

7,415,329

total Assets

35,000,000

total Debt

2,000,000

Revenue Breakdown

Key Numbers

• 7,415,329 — Revenue (Nine months ended March 31, 2024)
• 35,000,000 — Total Assets (As of March 31, 2024)
• 2,000,000 — Secured Debt (As of March 31, 2024)
• 0630 — Fiscal Year End (Annual)

Key Players & Entities

• ESCALON MEDICAL CORP (company) — FILER
• INTELLIGENT SURGICAL LASERS INC (company) — FORMER COMPANY
• PA (location) — STATE OF INCORPORATION
• PA (location) — STATE
• 330272839 (organization_id) — IRS NUMBER
• 000-20127 (filing_id) — SEC FILE NUMBER

FAQ

Industry Context

Escalon Medical Corp. operates in the electromedical and electrotherapeutic apparatus industry.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies.

What Investors Should Do

1. Review detailed financial statements for net income and cash flow.
2. Analyze year-over-year revenue and debt changes in subsequent filings.
3. Investigate the nature of the secured debt and its terms.

Key Dates

• 2024-03-31: Fiscal Period End — Reporting period for the 10-Q filing
• 2024-05-14: Filing Date — Date the 10-Q was filed with the SEC

Year-Over-Year Comparison

This 10-Q filing provides financial data for the nine months ending March 31, 2024, and comparative data from previous periods is not explicitly detailed within this extract.

Key Financial Figures

• $0.001 — ate: 7,415,329 shares of common stock, $0.001 par value , outstanding as of May 13, 2
• $961,173 — d and outstanding (liquidation value of $961,173 and $922,331) 645,000 645,000 Common s
• $922,331 — ding (liquidation value of $961,173 and $922,331) 645,000 645,000 Common stock, $0.001
• $112,389 — , the related party interest accrual of $112,389 related to the debt prior to the exchan

Filing Documents

• esmc-20240331.htm (10-Q) — 758KB
• esmc_2024331-10qex311.htm (EX-31.1) — 9KB
• esmc_2024331-10qex312.htm (EX-31.2) — 9KB
• esmc_2024331-10qex321.htm (EX-32.1) — 4KB
• esmc_2024331-10qex322.htm (EX-32.2) — 4KB
• 0000862668-24-000017.txt (&nbsp;) — 3985KB
• esmc-20240331.xsd (EX-101.SCH) — 24KB
• esmc-20240331_cal.xml (EX-101.CAL) — 50KB
• esmc-20240331_def.xml (EX-101.DEF) — 127KB
• esmc-20240331_lab.xml (EX-101.LAB) — 300KB
• esmc-20240331_pre.xml (EX-101.PRE) — 227KB
• esmc-20240331_htm.xml (XML) — 533KB

Financial Information

PART I Financial Information Item I. Unaudited Condensed Consolidated Financial Statements 2 Condensed Consolidated Balance Sheets as of March 31, 202 4 (unaudited) and June 30, 2023 3 Condensed Consolidated Statements of Operations for the three-month and nine -month periods ended March 31, 202 4 , and 202 3 (unaudited) 4 Condensed Consolidated Statements of Shareholders' Equity for the three-month and Nine -month periods ended March 31, 202 4 , and 202 3 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the nine -month periods ended M arch 31 , 202 4 , and 202 3 (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 March 31, 2024 June 30, 2023 (Unaudited) ASSETS Current assets: Cash $ 564,707 $ 889,674 Restricted cash 256,390 256,293 Accounts receivable 1,491,827 1,807,599 Less: allowance for credit losses ( 132,624 ) ( 153,878 ) Accounts receivable, net 1,359,203 1,653,721 Inventories, net 1,804,929 1,587,989 Other current assets 166,600 249,790 Total current assets 4,151,829 4,637,467 Property and equipment, net 53,971 34,064 Right-of-use assets 276,089 503,647 License and patent, net 54,355 69,986 Other long term assets 62,787 62,787 Total assets $ 4,599,031 $ 5,307,951 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of note payable $ 33,262 $ 37,087 Current portion of EIDL loan 3,172 3,105 Accounts payable 1,118,057 1,205,510 Accrued expenses 589,877 651,978 Related party accrued interest 112,389 112,389 Current portion of operating lease liabilities 282,950 329,638 Deferred revenue 403,069 426,227 Other short-term liabilities 86,333 87,125 Total current liabilities 2,629,109 2,853,059 Note payable, net of current portion 135,483 159,511 EIDL loan, net of current portion 143,289 146,435 Operating lease liabilities, net of current portion 15,974 214,103 Total long-term liabilities 294,746 520,049 Total liabilities 2,923,855 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 $961,173 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 ( 68,679,282 ) ( 68,419,615 ) Total shareholders' equity 1,675,176 1,934,843 Total liabil

View Full Filing

View this 10-Q filing on SEC EDGAR