| May'19 | May'18 | May'17 | May'16 | May'15 | May'14 | May'13 | May'12 | May'11 |
|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||
Net loss | ||||||||
-2,393,060 | -1,465,828 | -908,561 | -1,499,787 | -331,410 | -215,660 | 536,957 | 548,435 | 157,447 |
Adjustments to reconcile net loss to net cash used in operating activities | ||||||||
Depreciation and amortization | ||||||||
162,905 | 186,601 | 219,219 | 232,422 | 253,275 | 207,033 | 216,708 | 180,124 | 147,810 |
Change in provision for allowance on accounts receivable | ||||||||
15,415 | 7,566 | 41,724 | -9,063 | -12,532 | -85,730 | 2,539 | 80,987 | 8,998 |
Inventory reserve | ||||||||
6,300 | 7,613 | -16,505 | 27,150 | -18,222 | -35,591 | 3,891 | -7,841 | 1,227 |
Gain on disposal of property and equipment | ||||||||
- | - | - | - | -665 | 1,200 | 0 | 101,628 | - |
(Gain) loss on disposal of property and equipment | ||||||||
- | - | - | - | - | - | - | - | 5,942 |
Stock option expense | ||||||||
151,224 | 18,473 | 21,727 | 15,153 | 10,016 | 11,003 | 20,865 | 53,616 | 27,967 |
Reduction (increase)_ in deferred rent liability | ||||||||
6,615 | 15,787 | 8,070 | -28,073 | -20,406 | -13,799 | - | - | - |
Write off of license-related intangible asset | ||||||||
- | - | - | - | - | - | - | - | 13,982 |
Decrease in deferred rent liability | ||||||||
- | - | - | - | - | - | -5,076 | 1,338 | 8,238 |
Decrease in deferred tax asset | ||||||||
-10,000 | -31,000 | 0 | -703,000 | 298,000 | 217,000 | -9,000 | 0 | - |
Changes in assets and liabilities: | ||||||||
Increase (decrease) in deferred rent liability | ||||||||
6,615 | 15,787 | 8,070 | -28,073 | - | - | - | - | - |
Gain on settlement of vacation accrual | ||||||||
- | - | - | - | - | - | - | - | -80,605 |
Accounts receivable | ||||||||
670,126 | -252,505 | 132,261 | -151,159 | -348,667 | 490,316 | -326,317 | 534,428 | 261,769 |
Inventories | ||||||||
-21,387 | 457,269 | -150,475 | -137,131 | 243,378 | 158,960 | -245,960 | 27,706 | 3,815 |
Prepaid expenses and other | ||||||||
-98,007 | 104,652 | 82,179 | -50,774 | 60,780 | -93,106 | -14,022 | -26,863 | -49,860 |
Other assets | ||||||||
13,677 | 18,168 | 39,336 | -1,185 | 20,541 | -35,091 | -7,173 | 30,673 | - |
Accounts payable and accrued expenses | ||||||||
343,994 | 319,169 | 10,445 | -30,581 | -29,136 | 103,563 | -5,454 | -90,460 | -121,757 |
Other assets | ||||||||
- | - | - | - | - | - | - | - | 31,886 |
Accrued compensation | ||||||||
16,977 | 32,986 | 4,324 | 40,748 | 17,631 | -93,813 | 21,135 | 48,785 | -88,056 |
Net cash used in operating activities | ||||||||
-2,244,039 | -1,174,217 | -722,858 | -208,782 | -405,481 | -862,273 | 1,394,037 | 147,412 | 328,803 |
Cash flows from investing activities: | ||||||||
Increase in intangibles | ||||||||
69,974 | - | - | 3,636 | 14,179 | 146,496 | 0 | 50,000 | 125,275 |
Investment in distributor | ||||||||
- | - | - | - | - | - | - | - | 165,324 |
Purchases of property and equipment | ||||||||
101,137 | 130,347 | 96,085 | 91,556 | 10,503 | 137,234 | 257,121 | 164,798 | 141,084 |
Purchases of property and equipment | ||||||||
- | - | - | - | - | - | 43,000 | -43,000 | - |
Proceeds from sales of property and equipment | ||||||||
- | - | - | - | 1,900 | 1,200 | 0 | - | - |
Proceeds from insurance claim | ||||||||
- | - | - | - | - | - | - | 101,628 | - |
Net cash used in investing activities | ||||||||
-171,111 | -130,347 | -96,085 | -95,192 | -22,782 | -282,530 | -257,121 | -113,170 | -431,683 |
Net cash flows from financing activities: | ||||||||
Proceeds from sales of common stock, net | ||||||||
1,776,575 | 1,266,871 | 0 | 995,978 | - | 150,000 | 250,000 | 0 | - |
Proceeds from exercise of stock options | ||||||||
121,790 | 27,436 | 157,728 | 109,936 | 9,560 | 35,275 | 51,514 | 47,790 | - |
Common stock subscribed | ||||||||
9,062 | - | - | - | - | - | - | - | - |
Proceeds from exercise of stock options and warrants | ||||||||
- | - | - | - | - | - | - | - | 83,000 |
Payments on line of credit or equipment loan | ||||||||
- | - | - | - | - | - | - | 35,390 | 45,109 |
Net cash provided by financing activities | ||||||||
1,907,427 | 1,294,307 | 157,728 | 1,105,914 | 9,560 | 185,275 | 258,514 | 55,400 | 37,891 |
Effect of exchange rate changes in cash | ||||||||
-10,395 | -10,302 | -2,248 | -1,322 | -2,115 | -1,143 | -2,976 | -1,570 | -947 |
Net increase (decrease) in cash and cash equivalents | ||||||||
-518,118 | -20,559 | - | - | - | - | - | - | - |
Net decrease in cash and cash equivalents | ||||||||
- | - | -663,463 | 800,618 | -420,818 | -960,671 | 1,392,454 | 88,072 | -65,936 |
Subscriptions receivable | ||||||||
- | 9,062 | 0 | - | - | - | - | - | - |
Cash paid during the period for: | ||||||||
Interest | ||||||||
47 | 37 | - | - | - | - | - | - | - |
Payment of international regulatory approval fees in Exchange for $100,000 due on agreement to purchase Biomerica restricted stock | ||||||||
- | - | - | - | - | 100,000 | 0 | - | - |
Interest | ||||||||
- | - | 282 | 167 | 138 | 142 | 302 | 1,585 | 5,641 |
Income taxes | ||||||||
14,237 | 800 | 800 | 800 | 800 | 0 | - | - | - |
Non-cash Investing and Financing Activities: | ||||||||