UNILENS VISION INC

CIK:0000852564|SEC Filings

Condensed Consolidated Statements of Income and Changes in Accumulated Deficit (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Sales	$ 1,622,422us-gaap_SalesRevenueGoodsNet	$ 1,539,250us-gaap_SalesRevenueGoodsNet	$ 4,818,927us-gaap_SalesRevenueGoodsNet	$ 4,548,497us-gaap_SalesRevenueGoodsNet
Royalty income	591,615us-gaap_RoyaltyRevenue	579,142us-gaap_RoyaltyRevenue	1,884,243us-gaap_RoyaltyRevenue	1,645,416us-gaap_RoyaltyRevenue
Total revenues	2,214,037us-gaap_Revenues	2,118,392us-gaap_Revenues	6,703,170us-gaap_Revenues	6,193,913us-gaap_Revenues
Operating costs and expenses:
Cost of sales	993,557us-gaap_CostOfGoodsSold	963,738us-gaap_CostOfGoodsSold	2,963,513us-gaap_CostOfGoodsSold	2,853,605us-gaap_CostOfGoodsSold
Sales and marketing	462,640us-gaap_SellingAndMarketingExpense	404,541us-gaap_SellingAndMarketingExpense	1,348,329us-gaap_SellingAndMarketingExpense	1,156,827us-gaap_SellingAndMarketingExpense
Administration	317,563us-gaap_GeneralAndAdministrativeExpense	293,083us-gaap_GeneralAndAdministrativeExpense	1,036,748us-gaap_GeneralAndAdministrativeExpense	976,018us-gaap_GeneralAndAdministrativeExpense
Research and development	21,884us-gaap_ResearchAndDevelopmentExpense	21,004us-gaap_ResearchAndDevelopmentExpense	65,411us-gaap_ResearchAndDevelopmentExpense	65,162us-gaap_ResearchAndDevelopmentExpense
Total operating costs and expenses	1,795,644us-gaap_OperatingExpenses	1,682,366us-gaap_OperatingExpenses	5,414,001us-gaap_OperatingExpenses	5,051,612us-gaap_OperatingExpenses
Operating income	418,393us-gaap_OperatingIncomeLoss	436,026us-gaap_OperatingIncomeLoss	1,289,169us-gaap_OperatingIncomeLoss	1,142,301us-gaap_OperatingIncomeLoss
Other non-operating items:
Other income	3,569us-gaap_OtherNonoperatingIncome	3,166us-gaap_OtherNonoperatingIncome	13,399us-gaap_OtherNonoperatingIncome	9,937us-gaap_OtherNonoperatingIncome
Net interest expense	(52,397)us-gaap_InterestIncomeExpenseNet	(56,371)us-gaap_InterestIncomeExpenseNet	(159,601)us-gaap_InterestIncomeExpenseNet	(141,160)us-gaap_InterestIncomeExpenseNet
Total other non-operating items:	(48,828)us-gaap_NonoperatingIncomeExpense	(53,205)us-gaap_NonoperatingIncomeExpense	(146,202)us-gaap_NonoperatingIncomeExpense	(131,223)us-gaap_NonoperatingIncomeExpense
Income before income tax expense	369,565	382,821	1,142,967	1,011,078
Income tax expense	124,016us-gaap_IncomeTaxExpenseBenefit	126,125us-gaap_IncomeTaxExpenseBenefit	377,057us-gaap_IncomeTaxExpenseBenefit	332,402us-gaap_IncomeTaxExpenseBenefit
Net income for the period	245,549us-gaap_NetIncomeLoss	256,696us-gaap_NetIncomeLoss	765,910us-gaap_NetIncomeLoss	678,676us-gaap_NetIncomeLoss
Deficit, beginning of period	(19,795,280)	(20,534,823)	(20,158,066)	(20,771,394)
Dividends paid	(78,788)us-gaap_PaymentsOfDividendsCommonStock	(78,788)us-gaap_PaymentsOfDividendsCommonStock	(236,363)us-gaap_PaymentsOfDividendsCommonStock	(264,197)us-gaap_PaymentsOfDividendsCommonStock
Deficit, end of period	$ (19,628,519)	$ (20,356,915)	$ (19,628,519)	$ (20,356,915)
Net income per common share:
Basic (in Dollars per share)	$ 0.14us-gaap_EarningsPerShareBasic	$ 0.15us-gaap_EarningsPerShareBasic	$ 0.44us-gaap_EarningsPerShareBasic	$ 0.34us-gaap_EarningsPerShareBasic
Diluted (in Dollars per share)	$ 0.14us-gaap_EarningsPerShareDiluted	$ 0.15us-gaap_EarningsPerShareDiluted	$ 0.43us-gaap_EarningsPerShareDiluted	$ 0.34us-gaap_EarningsPerShareDiluted
Weighted average number of common shares outstanding during the period:
Basic (in Shares)	1,752,610	1,750,832	1,751,416	1,967,540
Effect of dilutive options (in Shares)	46,764	17,703	43,686	5,901
Diluted (in Shares)	1,799,374	1,768,535	1,795,102	1,973,441

Supplemental Disclosure with Respect to Cash Flows

9 Months Ended

Mar. 31, 2015

Supplemental Cash Flow Elements [Abstract]

Cash Flow, Supplemental Disclosures [Text Block]

Note 5 — Supplemental Disclosure with Respect to Cash Flows

	Nine Months Ended		Nine Months Ended
	March 31, 2015		March 31, 2014
Cash provided by (used in):
Accounts and royalties and other receivables	$	(26,189)	$	(177,487)
Inventories		32,221		54,490
Prepaid expenses and other assets		15,028		1,453
Accounts payable and accrued liabilities		(86,271)		(194,541)
Income taxes receivable		(11,443)		329,264
Change in working capital items	$	(76,654)	$	13,179

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Jun. 30, 2014
Current
Cash and cash equivalents	$ 119,675	$ 98,790
Accounts receivable, net of allowance of $27,003 and $32,147 at March 31, 2015 and June 30, 2014, respectively	763,224us-gaap_AccountsReceivableNetCurrent	740,423us-gaap_AccountsReceivableNetCurrent
Royalties and other receivables	590,715uvic_RoyaltiesAndOtherReceivables	587,328uvic_RoyaltiesAndOtherReceivables
Inventories	665,758us-gaap_InventoryNet	697,979us-gaap_InventoryNet
Prepaid expenses	78,143us-gaap_PrepaidExpenseCurrent	69,851us-gaap_PrepaidExpenseCurrent
Income taxes receivable	23,056us-gaap_IncomeTaxesReceivable	11,613us-gaap_IncomeTaxesReceivable
Deferred loan costs – current	14,105us-gaap_DeferredFinanceCostsCurrentNet	14,105us-gaap_DeferredFinanceCostsCurrentNet
Deferred tax asset – current	83,700us-gaap_DeferredTaxAssetsNetCurrent	106,700us-gaap_DeferredTaxAssetsNetCurrent
Total current assets	2,338,376us-gaap_AssetsCurrent	2,326,789us-gaap_AssetsCurrent
Property, plant, and equipment, net of accumulated depreciation of $5,320,984 and $5,151,350 at March 31, 2015 and June 30, 2014, respectively	1,102,772us-gaap_PropertyPlantAndEquipmentNet	904,181us-gaap_PropertyPlantAndEquipmentNet
Deferred loan costs	63,471	74,049
Other assets	580,893us-gaap_OtherAssetsNoncurrent	550,887us-gaap_OtherAssetsNoncurrent
Total assets	4,085,512us-gaap_Assets	3,855,906us-gaap_Assets
Current
Accounts payable	418,770us-gaap_AccountsPayableCurrent	493,353us-gaap_AccountsPayableCurrent
Accrued wages and employee benefits	328,466	303,703
Deferred income	342,095us-gaap_DeferredRevenueCurrent	384,607us-gaap_DeferredRevenueCurrent
Other accrued liabilities	70,984us-gaap_OtherAccruedLiabilitiesCurrent	75,045us-gaap_OtherAccruedLiabilitiesCurrent
Line of credit	50,000us-gaap_LinesOfCreditCurrent
Note payable – current	873,004us-gaap_NotesPayableCurrent	816,900us-gaap_NotesPayableCurrent
Total current liabilities	2,083,319us-gaap_LiabilitiesCurrent	2,073,608us-gaap_LiabilitiesCurrent
Accrued wages and employee benefits	139,662	129,543
Note payable – long-term	4,032,537us-gaap_LongTermNotesPayable	4,423,958us-gaap_LongTermNotesPayable
Deferred tax liability	303,400	255,900
Total liabilities	6,558,918us-gaap_Liabilities	6,883,009us-gaap_Liabilities
Capital stock
Preferred shares, par value $0.001 per share; 3,000,000 shares authorized; no shares issued and outstanding
Common shares, par value $0.001 per share; 30,000,000 shares authorized; shares issued and outstanding 1,755,832 and 1,750,832	1,756us-gaap_CommonStockValue	1,751us-gaap_CommonStockValue
Additional paid-in capital	17,153,357us-gaap_AdditionalPaidInCapital	17,129,212us-gaap_AdditionalPaidInCapital
Deficit	(19,628,519)	(20,158,066)
Total stockholders’ deficit	(2,473,406)us-gaap_StockholdersEquity	(3,027,103)us-gaap_StockholdersEquity
Total liabilities and stockholders’ deficit	$ 4,085,512	$ 3,855,906