HYDROMER, INC
INTERIM CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
For the period ended
September 30, 2021
Concord, NC
1
HYDROMER, INC
INTERIM CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
For the period ended September 30, 2021
(UNAUDITED)
1Q FY22 | % to Sales | 1Q FY21 | % to Sales | Change | % Change | ||||
Revenues | |||||||||
Sale of products | $ | 340,889 | 33.8% | $ | 316,069 | 33.3% | $ | 24,820 | 7.9% |
Services revenue | 379,733 | 37.7% | 356,134 | 37.5% | 23,599 | 6.6% | |||
Royalty and contracts revenue | 286,678 | 28.5% | 276,935 | 29.2% | 9,743 | 3.5% | |||
Total revenues | 1,007,300 | 100.0% | 949,138 | 100.0% | 58,162 | 6.1% | |||
Expenses | |||||||||
Cost of sales | 447,845 | 44.5% | 693,027 | 73.0% | (245,182) | -35.4% | |||
Operating expenses | 927,822 | 92.1% | 1,351,172 | 142.4% | (423,350) | -31.3% | |||
Total expenses | 1,375,667 | 136.6% | 2,044,199 | 215.4% | (668,532) | -32.7% | |||
Operating revenue/(loss) | (368,367) | -36.6% | (1,095,061) | -115.4% | 726,694 | -66.4% | |||
Other income/(expense) | - | 0.0% | (442) | 0.0% | 442 | -100.0% | |||
Total other income/(expense) | - | 0.0% | (442) | 0.0% | 442 | -100.0% | |||
Income/(loss) from operations before income taxes | (368,367) | -36.6% | (1,095,503) | -115.4% | 727,136 | -66.4% | |||
Expense/(benefit) from income taxes | (16,577) | -1.6% | (49,298) | -5.2% | 32,721 | -66.4% | |||
Net income/(loss) | $ | (351,790) | -34.9% | $ | (1,046,205) | -110.2% | $ | 694,415 | -66.4% |
Basic and diluted loss from operations | (0.07) | (0.22) | |||||||
Net income attributable to common shareholders | (0.07) | (0.22) | |||||||
Weighted average number of common shares outstanding | 4,772,318 | 4,772,318 | - | 0.0% | |||||
Retained earnings/(accumulated deficit), beg-of-period | $ | (2,881,179) | $ | (148,807) | $ | (2,732,372) | 1836.2% | ||
Net income | (351,790) | (1,046,205) | 694,415 | -66.4% | |||||
Dividends paid | - | - | - | 0.0% | |||||
Retained earnings/(accumulated deficit), end-of-period | $ | (3,232,969) | $ | (1,195,012) | $ | (2,037,957) | 170.5% |
2
*** Legally Privileged | Confidential | Exempt from Disclosure ***
HYDROMER, INC
INTERIM CONDENSED CONSOLIDATED BALANCE SHEET
As of the period ended September 30, 2021
(UNAUDITED)
ASSETS
Current assets
Cash and cash equivalents
Trade receivables, net of $32K and $32K of allowance for doubtful account as of Sep 30, 2021 and 2020, respectively.
1Q FY22 | 1Q FY21 | Change | % Change |
138,975 | 116,170 | 22,805 | 19.6% |
506,390 | 771,227 | (264,837) | -34.3% |
Inventory | 132,473 | 114,140 | 18,333 | 16.1% |
Prepaid assets | - | 165,753 | (165,753) | -100.0% |
Total current assets | 777,838 | 1,167,290 | (389,452) | -33.4% |
Property and equipment, net | 1,702,129 | 1,887,430 | (185,301) | -9.8% |
Intangible assets, net | 251,172 | 228,762 | 22,410 | 9.8% |
Accrued income tax benefit | 286,903 | - | 286,903 | 0.0% |
Other assets | 6,029 | 180,000 | (173,971) | -96.7% |
Total assets | 3,024,071 | 3,463,482 | (439,411) | -12.7% |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current liabilities | ||||
Accounts payable | 533,572 | 678,981 | (145,409) | -21.4% |
Accrued expenses | 406,110 | (842,863) | 1,248,973 | -148.2% |
Accrued income tax liability | - | 97,023 | (97,023) | -100.0% |
Current portion of deferred revenue | - | 23,400 | (23,400) | -100.0% |
Total current liabilities | 939,682 | (43,459) | 983,141 | -2262.2% |
Long term debt | 968,533 | 353,128 | 615,405 | 174.3% |
Total long term liabilities | 968,533 | 353,128 | 615,405 | 174.3% |
Total liabilities | 1,908,215 | 309,669 | 1,598,546 | 516.2% |
Stockholders' Equity
Preferred stock - "No Par-Value"
1,000,000 shares authorized | 0 shares issued | 0 shares outstanding as of Sep 2021 and 2020
Common stock - "No Par Value"
15,000,000 shares authorized | 4,783,235 shares issued |
4,772,318 shares outstanding as of Sep 2021 and 2020
Contributed capital
Retained earnings
Treasury stock - at "Cost" 10,917 common shares
Total stockholders' equity
- | - | - | 0.0% |
3,721,815 | 3,721,815 | 0 | 0.0% |
633,150 | 633,150 | (0) | 0.0% |
(3,232,969) | (1,195,012) | (2,037,957) | 170.5% |
(6,140) | (6,140) | (0) | 0.0% |
1,115,856 | 3,153,813 | (2,037,957) | -64.6% |
Total liabilities and stockholders' equity | 3,024,071 | 3,463,482 | (439,411) | -12.7% |
3
*** Legally Privileged | Confidential | Exempt from Disclosure ***
HYDROMER, INC
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
As of the period ended September 30, 2021
(UNAUDITED)
1Q FY22 | 1Q FY21 | Change | % Change | |
Cash flows from operating activities | ||||
Net income | (351,790) | (1,046,205) | 694,415 | -66.4% |
Adjustments for non-cash transactions | ||||
Depreciation and amortization | 142,168 | 456,772 | (314,604) | -68.9% |
Allowance for doubtful accounts | (9,334) | (36,099) | 26,765 | -74.1% |
Changes operational working capital, excluding cash and debt | ||||
Trade receivables | (78,942) | 96,200 | (175,142) | -182.1% |
Inventory | (132,472) | 40,001 | (172,473) | -431.2% |
Prepaid liabilities | - | (25,706) | 25,706 | -100.0% |
Accounts payable and accrued liabilities | 302,968 | (1,978,115) | 2,281,083 | -115.3% |
Deferred revenue | - | 5,400 | (5,400) | -100.0% |
Accrued income tax benefit/liability | (16,577) | 108,969 | (125,546) | -115.2% |
Net cash flow provided by/(used in) operating activities | (143,979) | (2,378,784) | 2,234,805 | -93.9% |
Cash flows from investing activities | ||||
Changes in property and equipment | - | (434,041) | 434,041 | -100.0% |
Changes in intangible assets | - | (48,156) | 48,156 | -100.0% |
Changes in non-current assets/liabilities | (6,029) | (180,000) | 173,971 | -96.7% |
Net cash provided by/(used in) investing activities | (6,029) | (662,197) | 656,168 | -99.1% |
Cash flows from financing activities | ||||
Changes in dividends | - | - | - | 0.0% |
Changes in equity | - | 2,259,906 | (2,259,906) | -100.0% |
Net cash flow provided by/(used in) financing activities | - | 2,259,906 | (2,259,906) | -100.0% |
Net increase/(decrease) in cash and cash equivalents | (150,008) | (781,074) | 631,067 | -80.8% |
Cash and cash equivalents at the beg of the fiscal year | 288,983 | 897,244 | (608,261) | -67.8% |
Cash and cash equivalents at the end of the fiscal year | 138,975 | 116,170 | 22,806 | 19.6% |
4
*** Legally Privileged | Confidential | Exempt from Disclosure ***
HYDROMER, INC.
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
As of the period ended September 30, 2021
(UNAUDITED)
1Q FY22 | 1Q FY21 | Change | % Change | |
Stockholders' equity at the beginning of the fiscal year | 3,153,813 | 1,940,111 | 1,213,702 | 62.56% |
Common stock and contributed capital: | ||||
Opening balance at the beginning of the fiscal year | 4,348,825 | 4,348,825 | - | 0.00% |
Stocks issued | - | - | - | 0.00% |
Closing balance at the end of the fiscal year | 4,348,825 | 4,348,825 | - | 0.00% |
Retained earnings: | ||||
Opening balance at the beginning of the fiscal year | (2,881,179) | (2,408,713) | (472,466) | 19.61% |
Net income | (351,790) | (1,046,205) | 694,415 | -66.37% |
Dividends declared/paid | - | - | - | 0.00% |
Stocks repurchased | - | - | - | 0.00% |
Effects of changes in accounting policies | - | - | - | 0.00% |
Effects of correction of prior period errors | - | 2,259,906 | (2,259,906) | -100.00% |
Closing balance at the end of the fiscal year | (3,232,969) | (1,195,012) | (2,037,957) | 170.54% |
Stockholders' equity at the end of the fiscal year | 1,115,856 | 3,153,813 | (2,037,957) | -64.62% |
5
*** Legally Privileged | Confidential | Exempt from Disclosure ***
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Hydromer Inc. published this content on 19 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 August 2022 19:13:11 UTC.