CORGENIX MEDICAL CORP/CO

CIK:0001063665|SEC Filings

EARNINGS (LOSS) PER SHARE

6 Months Ended

Dec. 31, 2014

4.EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding increased for potentially dilutive common shares outstanding during the period. The dilutive effect of stock options and their equivalents is calculated using the treasury stock method. Options and warrants to purchase common stock, totaling 290,000 and 11,270,000 shares, were not included in the calculation of weighted average diluted common shares below, for the quarters ended December 31, 2014 and December 30, 2013, respectively, as their effect would be anti-dilutive. For the same reasons, options and warrants to purchase common stock, totaling 15,834,394 and 11,270,000 were not considered in the calculation of weighted average diluted common shares for the six month periods ended December 31, 2014 and December 31, 2013.

	3 Months ended December 31, 2014		3 Months ended December 31, 2013			6 Months ended December 31, 2014			6 Months ended December 31, 2013
Net earnings (loss)	$	433,533	$	178,497		$	(340,325	)	$	262,544
Common and common equivalent shares outstanding:
Historical common shares outstanding at beginning of period	54,228,834		50,651,413			52,961,021			50,233,992
Weighted average common equivalent shares issued during the period	618,335		378,648			1,341,758			791,718
Weighted average common shares — basic	54,847,169		51,030,061			54,302,779			51,025,710
Dilutive potential common shares:
Stock options, warrants and shares of convertible preferred shares	5,525,214		3,113,226			—			3,008,522
Weighted average common shares and dilutive potential common shares	60,372,383		54,143,287			54,302,779			54,034,232
Net income (loss) per share — basic	$	0.01	$	0.00	*	$	(0.01	)	$	0.01
Net income (loss) per share — diluted	$	0.01	$	0.00	*	$	(0.01	)	$	0.01

*Less than $0.005per share

Condensed Statements of Cash Flows (USD $)	6 Months Ended
Condensed Statements of Cash Flows (USD $)	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income (loss)	$ (340,325)us-gaap_NetIncomeLoss	$ 262,544us-gaap_NetIncomeLoss
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	146,600	129,336
Common stock issued for services	678us-gaap_ShareBasedCompensation	4,995us-gaap_ShareBasedCompensation
Compensation expense recorded for stock options issued	55,708us-gaap_StockOptionPlanExpense	55,422us-gaap_StockOptionPlanExpense
Changes in operating assets and liabilities:
Accounts receivable	(249,480)	(674,879)
Inventories	(192,532)us-gaap_IncreaseDecreaseInInventories	422,461us-gaap_IncreaseDecreaseInInventories
Prepaid expenses and other assets	93,306	(106,078)
Accounts payable	408,140	(206,312)
Accrued payroll and related liabilities	(37,467)	3,908
Accrued interest and other liabilities	204,720	(14,392)
Net cash provided by (used in) operating activities	89,398	(122,995)
Cash flows used in investing activities:
Additions to equipment	(121,736)	(162,305)
Net cash used in investing activities	(121,736)	(162,305)
Cash flows provided by (used in) financing activities:
Payment for redemption of convertible preferred stock		(9,170)
Proceeds from issuance of common stock	17,024	134,683
Proceeds received from revolving line of credit		3,043,708us-gaap_ProceedsFromLinesOfCredit
Payments on revolving line of credit		(2,817,072)us-gaap_RepaymentsOfLinesOfCredit
Payments on notes payable		(16,560)us-gaap_RepaymentsOfLongTermDebt
Payments on capital lease obligations	(46,425)	(52,008)
Net cash provided by (used in) financing activities	(29,401)	283,581
Net (decrease) in cash and cash equivalents	(61,739)	(1,719)
Cash and cash equivalents at beginning of period	2,440,516	1,956,624
Cash and cash equivalents at end of period	2,378,777
Supplemental cash flow disclosures:
Cash paid for interest	5,217us-gaap_InterestPaidNet	6,160us-gaap_InterestPaidNet
Noncash investing and financing activities
Redemption of convertible preferred stock		2,568
Equipment acquired under capital leases		$ 262,110us-gaap_FairValueOfAssetsAcquired

Condensed Balance Sheets (USD $)	Dec. 31, 2014	Jun. 30, 2014
Current assets:
Cash and cash equivalents	$ 2,378,777	$ 2,440,516
Accounts receivable, less allowance for doubtful accounts of $30,000	2,022,373us-gaap_AccountsReceivableNetCurrent	1,727,379us-gaap_AccountsReceivableNetCurrent
Accounts receivable due from affiliates (note 8)	196,945	246,587
Other receivables	12,362us-gaap_OtherReceivables	8,234us-gaap_OtherReceivables
Inventories	1,974,767us-gaap_InventoryNet	1,782,235us-gaap_InventoryNet
Prepaid expenses	48,833us-gaap_PrepaidExpenseCurrent	87,472us-gaap_PrepaidExpenseCurrent
Total current assets	6,634,057us-gaap_AssetsCurrent	6,292,423us-gaap_AssetsCurrent
Property and Equipment:
Capitalized software costs	373,132	373,132
Machinery and laboratory equipment	2,130,239us-gaap_MachineryAndEquipmentGross	2,093,854us-gaap_MachineryAndEquipmentGross
Furniture, fixtures and office equipment	1,861,904	1,776,553
Gross equipment	4,365,275us-gaap_PropertyPlantAndEquipmentGross	4,243,539us-gaap_PropertyPlantAndEquipmentGross
Accumulated depreciation and amortization	(3,249,195)	(3,116,790)
Net Property and equipment	1,116,080us-gaap_PropertyPlantAndEquipmentNet	1,126,749us-gaap_PropertyPlantAndEquipmentNet
Intangible assets:
License, net of amortization of $206,503 and $192,308	212,926us-gaap_FiniteLivedIntangibleAssetsNet	227,121us-gaap_FiniteLivedIntangibleAssetsNet
Other assets:
Due from officer		12,000us-gaap_DueFromRelatedPartiesNoncurrent
Other	88,486us-gaap_OtherAssetsNoncurrent	131,153us-gaap_OtherAssetsNoncurrent
Total assets	8,051,549us-gaap_Assets	7,789,446us-gaap_Assets
Current liabilities:
Current portion of capital lease obligations	70,389us-gaap_CapitalLeaseObligationsCurrent	84,439us-gaap_CapitalLeaseObligationsCurrent
Accounts payable	963,893us-gaap_AccountsPayableCurrent	555,703us-gaap_AccountsPayableCurrent
Accrued payroll and related liabilities	280,519	317,986
Accrued expenses	396,568us-gaap_AccruedLiabilitiesCurrent	164,080us-gaap_AccruedLiabilitiesCurrent
Total current liabilities	1,711,369us-gaap_LiabilitiesCurrent	1,122,208us-gaap_LiabilitiesCurrent
Capital lease obligations, less current portion	136,664	169,039
Deferred facility lease payable, less current portion	255,182	282,950
Total liabilities	2,103,215us-gaap_Liabilities	1,574,197us-gaap_Liabilities
Commitments and contingencies (note 10)
Stockholders' equity
Common stock, $0.001 par value. Authorized 200,000,000 shares; Issued and outstanding 54,965,493 and 52,961,021 shares at December 31, 2014 and June 30, 2014, respectively	54,965us-gaap_CommonStockValueOutstanding	52,961us-gaap_CommonStockValueOutstanding
Additional paid-in capital	22,191,336	22,119,930
Accumulated deficit	(16,297,967)	(15,957,642)
Total stockholders' equity	5,948,334us-gaap_StockholdersEquity	6,215,249us-gaap_StockholdersEquity
Total liabilities and stockholders' equity	$ 8,051,549	$ 7,789,446