SIERRA MONITOR CORP /CA/

CIK:0000100625|SEC Filings

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Net sales	$ 5,523,218	$ 5,151,016
Cost of goods sold	2,273,258	1,984,562
Gross profit	3,249,960	3,166,454
Operating expenses
Research and development	738,720	774,428
Selling and marketing	1,398,009	1,386,364
General and administrative	1,027,880	914,712
Total operating expenses	3,164,609	3,075,504
Income from operations	85,351	90,950
Interest income	31	308
Income before income taxes	85,382	91,258
Income tax provision	43,710	39,997
Net income	$ 41,672	$ 51,261
Net income available to common shareholders per common share:
Basic	$ 0.00	$ 0.01
Diluted	$ 0.00	$ 0.00
Weighted average number of common shares used in per share computations:
Basic	10,242,418	10,203,995
Diluted	11,356,805	10,328,108

Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income	$ 41,672	$ 51,261
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	73,276	58,538
Provision for bad debt expense	(515)	(7,805)
Provision for inventory losses	15,000	30,000
Noncash lease expense	16,689
Stock-based compensation expense	59,272	46,660
Change in operating assets and liabilities:
Trade receivables	(384,354)	400,235
Inventories	92,850	(414,460)
Prepaid expenses	(29,849)	6,731
Income tax deposit	1,982	38,625
Lease right- of- use	74,464
Accounts payable	(343,951)	114,485
Accrued compensation expenses	(140,888)	108,788
Lease liability	(85,083)
Other current liabilities	(8,973)	(54,911)
Net cash (used in) provided by operating activities	(574,698)	378,147
Cash flows from investing activities:
Purchases of property and equipment	(30,402)	(68,467)
Net cash used in investing activities	(30,402)	(68,467)
Cash flows from financing activities:
Dividend payout	(102,424)	(102,040)
Net cash used in financing activities	(102,424)	(102,040)
Net (decrease) increase in cash and cash equivalents:	(707,524)	207,640
Cash at beginning of period:	2,963,569	3,191,722
Cash at end of period:	2,256,045	3,399,362
Non-cash financing and investing activities:
Obtaining a right of use asset in exchange for lease liability	1,335,148
Lease liability established through right of use asset	$ 1,335,148

Condensed Balance Sheets - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash	$ 2,256,045	$ 2,963,569
Trade receivables, less allowance for doubtful accounts of approximately $67,000 and $68,100 at March 31, 2019 and December 31, 2018, respectively.	2,727,211	2,342,342
Inventories, net	4,125,937	4,233,787
Prepaid expenses and other current assets	937,911	610,208
Income tax deposit	151,680	153,662
Total current assets	10,198,784	10,303,568
Property and equipment, net	336,586	366,370
Deferred income taxes	81,000	81,000
Lease right-of-use, net	962,830
Other assets	198,903	211,993
Total assets	11,778,103	10,962,931
Current liabilities:
Accounts payable	765,912	1,109,863
Accrued compensation expenses	681,469	822,357
Lease right-of-use liability	340,332
Other current liabilities	98,840	64,103
Total current liabilities	1,886,553	1,996,323
Long-term liabilities
Lease right-of-use liability	926,422
Total liabilities	2,812,975	1,996,323
Commitments and contingencies
Shareholders' equity:
Common stock, $0.001 par value; 20,000,000 shares authorized; 10,242,418 shares issued and outstanding, respectively	10,242	10,242
Additional paid-in capital	4,827,671	4,768,399
Retained earnings	4,127,215	4,187,967
Total shareholders' equity	8,965,128	8,966,608
Total liabilities and shareholders' equity	$ 11,778,103	$ 10,962,931