Pharma-Bio Serv, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Pharma-Bio Serv, Inc. has filed its annual 10-K report for the fiscal year ending October 31, 2023.</b>

AI Summary

Pharma-Bio Serv, Inc. (PBSV) filed a Annual Report (10-K) with the SEC on January 29, 2024. Pharma-Bio Serv, Inc. filed its 10-K for the fiscal year ending October 31, 2023. The company's principal business address is in Dorado, Puerto Rico. The filing covers the fiscal year from November 1, 2022, to October 31, 2023. A subsequent event occurred between December 1, 2023, and December 15, 2023. The company was formerly known as Lawrence Consulting Group Inc. until September 23, 2004.

Why It Matters

For investors and stakeholders tracking Pharma-Bio Serv, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Pharma-Bio Serv, Inc.'s financial performance, business operations, and risk factors for the fiscal year 2023. Understanding the details within this report is crucial for investors and stakeholders to assess the company's current financial health and future prospects.

Risk Assessment

Risk Level: low — Pharma-Bio Serv, Inc. shows low risk based on this filing. The filing is a standard 10-K annual report, which typically contains routine financial and business information without immediate red flags.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Pharma-Bio Serv, Inc.'s performance and potential challenges.

Key Numbers

• 2023-10-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-01-29 — Filing Date (FILED AS OF DATE)
• 2022-11-01 — Fiscal Year Start (Fiscal Year Start Date)
• 2023-12-01 — Subsequent Event Start (Subsequent Event Period)
• 2023-12-15 — Subsequent Event End (Subsequent Event Period)

Key Players & Entities

• Pharma-Bio Serv, Inc. (company) — COMPANY CONFORMED NAME
• Lawrence Consulting Group Inc. (company) — FORMER COMPANY
• DORADO (location) — CITY
• PR (location) — STATE
• 787-278-2709 (phone) — BUSINESS PHONE
• 20040923 (date) — DATE OF NAME CHANGE

FAQ

Industry Context

Pharma-Bio Serv, Inc. operates within the management consulting services sector, as indicated by its SIC code 8742.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the full 10-K document for detailed financial statements and management discussion.
2. Investigate the nature of the 'subsequent event' occurring between December 1-15, 2023.
3. Research the company's historical performance and market position within the management consulting industry.

Key Dates

• 2023-10-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-01-29: Filing Date — Date the 10-K was officially filed with the SEC.
• 2004-09-23: Company Name Change — Date Pharma-Bio Serv, Inc. was formerly known as Lawrence Consulting Group Inc.

Year-Over-Year Comparison

This is the initial 10-K filing for Pharma-Bio Serv, Inc. under its current name and structure, with historical context provided regarding its former name.

Key Financial Figures

• $0.0001 — (g) of the Act: Common Stock, par value $0.0001 per share Indicate by check mark if th

Filing Documents

• pbsv_10k.htm (10-K) — 870KB
• pbsv_ex211.htm (EX-21.1) — 3KB
• pbsv_ex231.htm (EX-23.1) — 2KB
• pbsv_ex311.htm (EX-31.1) — 10KB
• pbsv_ex312.htm (EX-31.2) — 9KB
• pbsv_ex321.htm (EX-32.1) — 6KB
• 0001654954-24-000996.txt (&nbsp;) — 3694KB
• pbsv-20231031.xsd (EX-101.SCH) — 33KB
• pbsv-20231031_lab.xml (EX-101.LAB) — 226KB
• pbsv-20231031_cal.xml (EX-101.CAL) — 40KB
• pbsv-20231031_pre.xml (EX-101.PRE) — 187KB
• pbsv-20231031_def.xml (EX-101.DEF) — 91KB
• pbsv_10k_htm.xml (XML) — 447KB

BUSINESS

BUSINESS 3 ITEM 1A

RISK FACTORS

RISK FACTORS 6 ITEM 1B UNRESOLVED STAFF COMMENTS 12 ITEM 1C CYBERSECURITY 12 ITEM 2

PROPERTIES

PROPERTIES 12 ITEM 3

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 13 ITEM 4 MINE SAFETY DISCLOSURES 13 PART II ITEM 5 MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 14 ITEM 6 [RESERVED] 14 ITEM 7

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 15 ITEM 7A

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 19 ITEM 8

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (See page F-1)

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (See page F-1) 19 ITEM 9 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 20 ITEM 9A

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 20 ITEM 9B OTHER INFORMATION 20 ITEM 9C DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 20 PART III ITEM 10 DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 21 ITEM 11

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 21 ITEM 12

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 21 ITEM 13 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 21 ITEM 14 PRINCIPAL ACCOUNTING FEES AND SERVICES 21 PART IV ITEM 15 EXHIBITS, FINANCIAL STATEMENT SCHEDULES 22 ITEM 16 FORM 10-K SUMMARY 23

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA F-1 2 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS. GENERAL Pharma-Bio Serv, Inc. ("Pharma-Bio" or the "Company") is a Delaware corporation organized on January 14, 2004. The Company operates in Puerto Rico, the United States, Europe and Brazil under the name of Pharma-Bio Serv, and is engaged in providing technical compliance consulting services to the pharmaceutical, chemical, biotechnology, medical devices, cosmetic and food industries, and allied products companies. Our executive offices are located at Pharma-Bio Serv Building, #6 Road 696, Dorado, Puerto Rico 00646. Our telephone number is (787) 278-2709. The financial information about our reporting segments appear in Note J to our Consolidated Financial Statements included in this Annual Report on Form 10-K. Our website is www.pharmabioserv.com. Information on our website or any other website is not part of this Annual Report on Form 10-K. References to "we," "us," "our" and similar words in this Annual Report on Form 10-K refer to Pharma-Bio Serv, Inc. and its subsidiaries. OVERVIEW We are a regulatory affairs, quality, compliance and technology transfer services consulting firm with headquarters in Puerto Rico, servicing the Puerto Rico, United States, and European markets, and to a lesser extent the Brazilian market which is under development. The compliance consulting service sector in those markets consists of local compliance and validation consulting firms, United States dedicated validation and compliance consulting firms, and large publicly traded and private domestic and foreign engineering and consulting firms. We provide a broad range of compliance-related consulting services. We market our services to pharmaceutical, chemical, biotechnology, medical devices, cosmetic and food industries, and allied products companies principally in Puerto Rico, the United States, Europe and Brazil. Our consulting team includes experienced engineering and life science professionals, former quality assurance managers and directors, former

RISK FACTORS

ITEM 1A. RISK FACTORS. This Annual Report on Form 10-K includes "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including certain statements about our plans, strategies and prospects. Although we believe that our plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, we cannot assure you that such plans, intentions or expectations will be achieved. Important factors that could cause our actual results to differ materially from our forward-looking statements include those set forth in this Risk Factors section. If any of the following risks, or other risks not presently known to us or that we currently believe to not be significant, develop into actual events, then our business, financial condition, results of operations, cash flows or prospects could be materially adversely affected. Operational Risks Because our business is concentrated in the life science and medical devices industries in Puerto Rico, the United States and Europe, any changes in those industries or in those markets could impair our ability to generate revenue and realize a profit. Since most of our business is performed in Puerto Rico, the United States and Europe, for pharmaceutical, biotechnology, medical device and chemical manufacturing companies, our ability to generate revenue and realize a profit could be impaired by factors impacting those markets. For example, changes in tax laws or regulatory, political or economic conditions, exposure to foreign exchange variations, high inflation levels or interest rates, which discourage businesses from operating in the markets we serve, which affect the need for services such as those provided by us, could impair our ability to generate revenue and realize a profit. 6 Table of Contents Companies in the pharmaceutical and related industries for which we perform services are subject to economic pressures, which affect

View Full Filing

View this 10-K filing on SEC EDGAR