Biomerica(US:BMRA)2025-01-14 22:06Financial Performance - For the three months ended November 30, 2024, consolidated net sales were approximately $1,636,000, representing an increase from $1,567,000 for the same period in 2023[49]. - For the three months ended November 30, 2024, total revenue was approximately $1,636,000, a 4.4% increase compared to $1,567,000 for the same period in 2023[76]. - Clinical lab product sales for the six months ended November 30, 2024, were approximately $2,057,000, down 9.9% from $2,283,000 in 2023[76]. - Over-the-counter product sales increased by 34.5% to $596,000 for the three months ended November 30, 2024, compared to $443,000 in 2023[76]. Cash and Assets - As of November 30, 2024, the company reported an accumulated deficit of approximately $50.5 million and cash and cash equivalents of approximately $2,372,000[34]. - Total gross inventory as of November 30, 2024, was approximately $2,258,000, with net inventory of $1,789,000 after accounting for reserves[60]. - The Company had approximately $85,000 in advances from domestic customers as of November 30, 2024, representing prepayments for future shipments[75]. Share Issuance and Proceeds - The company sold 1,515,348 shares of common stock during the six months ended November 30, 2024, resulting in net proceeds of approximately $567,000 from the May 2024 ATM offering[41]. - The Company sold 1,515,348 shares of common stock during the six months ended November 30, 2024, generating gross proceeds of approximately $603,000[92]. - The company filed a new "shelf" registration statement on Form S-3 with the SEC on September 28, 2023, allowing the issuance of up to $20,000,000 in common shares[39]. Expenses and Cost Management - Research and development expenses for the three months ended November 30, 2024, were approximately $257,000, a decrease of 37.6% from $412,000 in 2023[79]. - Share-based compensation expenses for the six months ended November 30, 2024, were approximately $232,000, down 20.5% from $292,000 in 2023[71]. - The company executed a workforce reduction of nearly 15% in July 2024 as part of its cost-cutting measures[45]. Lease Obligations - The Company has a total operating lease cost of $93,000 for the three months ended November 30, 2024, compared to $91,000 for the same period in 2023, reflecting a 2.2% increase[98]. - For the six months ended November 30, 2024, the total lease cost is $185,000, slightly up from $183,000 in 2023, indicating a 1.1% increase[98]. - The Company’s cash paid for operating lease liabilities for the six months ended November 30, 2024, was $182,000, compared to $177,000 in 2023, representing a 2.8% increase[99]. - The weighted-average remaining lease term is 1.07 years as of November 30, 2024, down from 2.77 years in 2023[99]. - The total minimum future lease payments amount to $661,000, with $371,000 due in 2025[99]. - The Company has a weighted-average discount rate of 6.50% for its lease liabilities, unchanged from the previous year[99]. Legal Proceedings - There are no material legal proceedings pending as of November 30, 2024, indicating a stable legal environment for the Company[101]. - The Company is involved in legal proceedings that could potentially affect future operating results, but management believes these will not have a material adverse effect on its financial position[100]. Customer Concentration - The company had four key customers in the Middle East, Asia, and Europe that accounted for 58% of net consolidated sales for the three months ended November 30, 2024[50].