MICROWAVE FILTER CO INC /NY/

CIK:0000716688|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Net sales	$ 841,310	$ 802,140	$ 2,746,029	$ 2,323,571
Cost of goods sold	509,436	475,250	1,619,110	1,446,505
Gross profit	331,874	326,890	1,126,919	877,066
Selling, general and administrative expenses	344,736	345,188	1,113,767	1,005,301
Income (loss) from operations	(12,862)	(18,298)	13,152	(128,235)
Other income (expense), net	389	(2,665)	(569)	(6,461)
Income (loss) before income taxes	(12,473)	(20,963)	12,583	(134,696)
Provision for income taxes			50	50
Net income (loss) income	$ (12,473)	$ (20,963)	$ 12,533	$ (134,746)
Per share data: Basic and diluted earnings (loss) per common share	$ 0.00	$ (0.01)	$ 0.00	$ (0.05)
Shares used in computing net income (loss) per common share: Basic and diluted	2,579,238	2,579,680	2,579,451	2,579,682

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income (loss)	$ 12,533	$ (134,746)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	39,233	54,375
Change in operating assets and liabilities:
Accounts receivable-trade	11,574	40,826
Inventories	(118,424)	35,134
Prepaid expenses and other assets	20,540	(4,918)
Accounts payable and customer deposits	7,605	(59,037)
Accrued payroll and related expenses and compensated absences	1,875	(2,843)
Other current liabilities	(11,340)	(2,890)
Net cash used in operating activities	(36,404)	(74,099)
Cash flows from investing activities:
Property, plant and equipment purchased	(61,320)	(7,348)
Net cash used in investing activities	(61,320)	(7,348)
Cash flows from financing activities:
Repayment of note payable	(38,128)	(36,436)
Purchase of treasury stock	(226)	(3)
Net cash used in financing activities	(38,354)	(36,439)
Decrease in cash and cash equivalents	(136,078)	(117,886)
Cash and cash equivalents at beginning of period	674,045	667,940
Cash and cash equivalents at end of period	537,967	550,054
Supplemental Schedule of Cash Flow Information:
Interest paid	8,645	10,337
Income taxes paid	$ 50	$ 50

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2019	Sep. 30, 2018
Current Assets:
Cash and cash equivalents	$ 537,967	$ 674,045
Accounts receivable-trade, net of allowance for doubtful accounts of $4,000 and $4,000	391,186	402,760
Inventories, net	496,027	377,603
Prepaid expenses and other current assets	33,876	54,416
Total current assets	1,459,056	1,508,824
Property, plant and equipment, net	283,561	261,474
Total assets	1,742,617	1,770,298
Current liabilities:
Accounts payable	107,448	116,938
Customer deposits	52,373	35,278
Accrued payroll and related expenses	43,960	38,711
Accrued compensated absences	87,075	90,449
Notes payable - short term	52,846	51,101
Other current liabilities	17,498	28,838
Total current liabilities	361,200	361,315
Notes payable - long term	179,198	219,071
Total other liabilities	179,198	219,071
Total liabilities	540,398	580,386
Stockholders' Equity:
Common stock, $.10 par value Authorized 5,000,000 shares, Issued 4,324,140 shares in 2019 and 2018, Outstanding 2,579,238 shares in 2019 and 2,579,680 in 2018	432,414	432,414
Additional paid-in capital	3,248,706	3,248,706
Accumulated deficit	(783,911)	(796,444)
Common stock in treasury, at cost 1,744,902 shares in 2019 and 1,744,460 shares in 2018	(1,694,990)	(1,694,764)
Total stockholders' equity	1,202,219	1,189,912
Total liabilities and stockholders' equity	$ 1,742,617	$ 1,770,298