UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
x |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended: November 30, 2015
Or
¨ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from:
To:
Commission File Number: 000-23996
SCHMITT
INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
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Oregon |
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93-1151989 |
(State or other jurisdiction of
incorporation or organization) |
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(IRS Employer
Identification Number) |
2765 NW Nicolai Street, Portland, Oregon 97210-1818
(Address of principal executive offices) (Zip Code)
(503) 227-7908
(Registrants telephone number, including area code)
Indicate by check mark whether the registrant has (1) filed all reports required to be filed by Section 13 of 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark
whether the registrant has submitted electronically and posted on its Corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such
files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See
definition of accelerated filer, large accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. (check one):
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Large accelerated filer |
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¨ |
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Accelerated filer |
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¨ |
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Non-accelerated filer |
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¨ |
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Smaller reporting company |
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x |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes ¨ No x
The number of shares of each class of common stock outstanding as of December 31, 2015
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Common stock, no par value |
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2,995,910 |
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SCHMITT INDUSTRIES, INC.
INDEX TO FORM 10-Q
Page 2
PART I - FINANCIAL INFORMATION
Item 1. |
Financial Statements |
SCHMITT INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
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November 30, 2015 |
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May 31, 2015 |
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ASSETS |
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Current assets |
|
|
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Cash and cash equivalents |
|
$ |
1,263,567 |
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$ |
1,795,654 |
|
Accounts receivable, net |
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|
2,541,465 |
|
|
|
2,660,426 |
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Inventories |
|
|
4,640,873 |
|
|
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4,557,567 |
|
Prepaid expenses |
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|
136,112 |
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|
153,970 |
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Income taxes receivable |
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|
1,841 |
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|
|
1,029 |
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|
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8,583,858 |
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9,168,646 |
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Property and equipment, net |
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1,026,095 |
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1,110,878 |
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Other assets |
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Intangible assets, net |
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768,646 |
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824,411 |
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TOTAL ASSETS |
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$ |
10,378,599 |
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$ |
11,103,935 |
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LIABILITIES & STOCKHOLDERS EQUITY |
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Current liabilities |
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Accounts payable |
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$ |
592,441 |
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$ |
834,002 |
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Accrued commissions |
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344,324 |
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284,944 |
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Accrued payroll liabilities |
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141,128 |
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140,872 |
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Other accrued liabilities |
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382,312 |
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355,513 |
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Total current liabilities |
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1,460,205 |
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1,615,331 |
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Stockholders equity |
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Common stock, no par value, 20,000,000 shares authorized, 2,995,910 shares issued and outstanding at November 30, 2015 and
May 31, 2015 |
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10,549,277 |
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10,511,324 |
|
Accumulated other comprehensive loss |
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|
(376,259 |
) |
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|
(366,945 |
) |
Accumulated deficit |
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|
(1,254,624 |
) |
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(655,775 |
) |
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Total stockholders equity |
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8,918,394 |
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9,488,604 |
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TOTAL LIABILITIES AND STOCKHOLDERS EQUITY |
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$ |
10,378,599 |
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$ |
11,103,935 |
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The accompanying notes are an integral part of these financial statements.
Page 3
SCHMITT INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
FOR THE THREE AND SIX MONTHS ENDED NOVEMBER 30, 2015 AND 2014
(UNAUDITED)
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Three Months Ended November 30, |
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Six Months Ended November 30, |
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2015 |
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2014 |
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2015 |
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2014 |
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Net sales |
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$ |
3,073,769 |
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$ |
3,151,504 |
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$ |
6,178,153 |
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$ |
6,200,792 |
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Cost of sales |
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1,797,359 |
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1,597,326 |
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3,459,251 |
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3,183,047 |
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Gross profit |
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1,276,410 |
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1,554,178 |
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2,718,902 |
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3,017,745 |
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Operating expenses: |
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General, administration and sales |
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1,581,635 |
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1,500,328 |
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3,119,517 |
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2,838,352 |
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Research and development |
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72,500 |
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124,651 |
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159,412 |
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197,095 |
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Total operating expenses |
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1,654,135 |
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1,624,979 |
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3,278,929 |
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3,035,447 |
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Operating loss |
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(377,725 |
) |
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(70,801 |
) |
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(560,027 |
) |
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(17,702 |
) |
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Other income (loss), net |
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(19,091 |
) |
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3,336 |
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(25,011 |
) |
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4,397 |
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Loss before income taxes |
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(396,816 |
) |
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(67,465 |
) |
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(585,038 |
) |
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(13,305 |
) |
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Provision for income taxes |
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6,971 |
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2,375 |
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13,811 |
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4,752 |
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Net loss |
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$ |
(403,787 |
) |
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$ |
(69,840 |
) |
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$ |
(598,849 |
) |
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$ |
(18,057 |
) |
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Net loss per common share: |
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Basic |
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$ |
(0.13 |
) |
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$ |
(0.02 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.01 |
) |
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Weighted average number of common shares, basic |
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2,995,910 |
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2,995,910 |
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2,995,910 |
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2,995,910 |
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Diluted |
|
$ |
(0.13 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.01 |
) |
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|
|
|
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Weighted average number of common shares, diluted |
|
|
2,995,910 |
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|
|
2,995,910 |
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|
|
2,995,910 |
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|
2,995,910 |
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Comprehensive loss |
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Net loss |
|
$ |
(403,787 |
) |
|
$ |
(69,840 |
) |
|
$ |
(598,849 |
) |
|
$ |
(18,057 |
) |
Foreign currency translation adjustment |
|
|
(15,673 |
) |
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|
(50,785 |
) |
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(9,314 |
) |
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(78,909 |
) |
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Total comprehensive loss |
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$ |
(419,460 |
) |
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$ |
(120,625 |
) |
|
$ |
(608,163 |
) |
|
$ |
(96,966 |
) |
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The accompanying notes are an integral part of these financial statements.
Page 4
SCHMITT INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED NOVEMBER 31, 2015 AND 2014
(UNAUDITED)
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Six Months Ended November 30, |
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2015 |
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2014 |
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Cash flows relating to operating activities |
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|
|
|
|
Net loss |
|
$ |
(598,849 |
) |
|
$ |
(18,057 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
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Depreciation and amortization |
|
|
127,198 |
|
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|
139,950 |
|
Gain on sale of property and equipment |
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(299 |
) |
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|
0 |
|
Stock based compensation |
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|
37,953 |
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|
26,473 |
|
(Increase) decrease in: |
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Accounts receivable |
|
|
115,949 |
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(327,467 |
) |
Inventories |
|
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(90,216 |
) |
|
|
(21,292 |
) |
Prepaid expenses |
|
|
17,605 |
|
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|
40,062 |
|
Income taxes receivable |
|
|
(812 |
) |
|
|
(387 |
) |
Increase (decrease) in: |
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Accounts payable |
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|
(240,883 |
) |
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|
165,338 |
|
Accrued liabilities |
|
|
87,286 |
|
|
|
250,603 |
|
Income taxes payable |
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|
0 |
|
|
|
(210 |
) |
|
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|
|
|
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|
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|
Net cash provided by (used in) operating activities |
|
|
(545,068 |
) |
|
|
255,013 |
|
|
|
|
|
|
|
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|
|
Cash flows relating to investing activities |
|
|
|
|
|
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Proceeds from sale of property and equipment |
|
|
14,950 |
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|
0 |
|
Purchases of property and equipment |
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|
0 |
|
|
|
(13,050 |
) |
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities |
|
|
14,950 |
|
|
|
(13,050 |
) |
|
|
|
|
|
|
|
|
|
Effect of foreign exchange translation on cash |
|
|
(1,969 |
) |
|
|
(45,047 |
) |
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents |
|
|
(532,087 |
) |
|
|
196,916 |
|
|
|
|
Cash and cash equivalents, beginning of period |
|
|
1,795,654 |
|
|
|
1,510,565 |
|
|
|
|
|
|
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|
Cash and cash equivalents, end of period |
|
$ |
1,263,567 |
|
|
$ |
1,707,481 |
|
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|
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|
|
|
|
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|
Supplemental disclosure of cash flow information |
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|
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Cash paid during the period for income taxes |
|
$ |
14,623 |
|
|
$ |
5,353 |
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|
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|
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|
Cash paid during the period for interest |
|
$ |
1,384 |
|
|
$ |
1,933 |
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|
|
|
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|
The accompanying notes are an integral part of these financial statements.
Page 5
SCHMITT INDUSTRIES, INC.
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY
FOR THE SIX MONTHS ENDED NOVEMBER 30, 2015
(UNAUDITED)
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Shares |
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Amount |
|
|
Accumulated other comprehensive loss |
|
|
Accumulated deficit |
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|
Total |
|
Balance, May 31, 2015 |
|
|
2,995,910 |
|
|
$ |
10,511,324 |
|
|
$ |
(366,945 |
) |
|
$ |
(655,775 |
) |
|
$ |
9,488,604 |
|
Stock-based compensation |
|
|
0 |
|
|
|
37,953 |
|
|
|
0 |
|
|
|
0 |
|
|
|
37,953 |
|
Net loss |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
(598,849 |
) |
|
|
(598,849 |
) |
Other comprehensive loss |
|
|
0 |
|
|
|
0 |
|
|
|
(9,314 |
) |
|
|
0 |
|
|
|
(9,314 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, November 30, 2015 |
|
|
2,995,910 |
|
|
$ |
10,549,277 |
|
|
$ |
(376,259 |
) |
|
$ |
(1,254,624 |
) |
|
$ |
8,918,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
The accompanying notes are an integral part of these financial statements.
Page 6
SCHMITT INDUSTRIES, INC.
NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Note 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The consolidated financial
information included herein has been prepared by Schmitt Industries, Inc. (the Company or Schmitt) and its wholly owned subsidiaries. In the opinion of management, the accompanying unaudited Consolidated Financial Statements have been prepared
pursuant to the rules and regulations of the Securities and Exchange Commission and contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly its financial position as of November 30, 2015 and its
results of operations and its cash flows for the periods presented. The consolidated balance sheet at May 31, 2015 has been derived from the Annual Report on Form 10-K for the fiscal year ended May 31, 2015. The accompanying unaudited
financial statements and related notes should be read in conjunction with the audited financial statements included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2015. Operating results for the interim periods presented
are not necessarily indicative of the results that may be experienced for the fiscal year ending May 31, 2016.
Revenue Recognition
The Company recognizes revenue for sales and billing for freight charges upon delivery of the product to the customer at a fixed and determinable price with a
reasonable assurance of collection, passage of title to the customer as indicated by shipping terms and fulfilment of all significant obligations, pursuant to the guidance provided by Accounting Standards Codification (ASC) Topic 605.
For sales to all customers, including manufacturer representatives, distributors or their third-party customers, these criteria are met at the time product is shipped. When other significant obligations remain after products are delivered, revenue
is recognized only after such obligations are fulfilled. In addition, judgments are required in evaluating the credit worthiness of our customers. Credit is not extended to customers and revenue is not recognized until we have determined that
collectability is reasonably assured.
Financial Instruments
The carrying value of all other financial instruments potentially subject to valuation risk (principally consisting of cash and cash equivalents, accounts
receivable and accounts payable) also approximates fair value because of their short-term maturities.
Accounts Receivable
The Company maintains credit limits for all customers based upon several factors, including but not limited to financial condition and stability, payment
history, published credit reports and use of credit references. Management performs various analyses to evaluate accounts receivable balances to ensure recorded amounts reflect estimated net realizable value. This review includes using accounts
receivable agings, other operating trends and relevant business conditions, including general economic factors, as they relate to each of the Companys domestic and international customers. If these analyses lead management to the conclusion
that potential significant accounts are uncollectible, a reserve is provided. The allowance for doubtful accounts was $44,258 and $56,370 as of November 30, 2015 and May 31, 2015, respectively.
Inventories
Inventories are valued at the lower of cost
or market with cost determined on the average cost basis. Costs included in inventories consist of materials, labor and manufacturing overhead, which are related to the purchase or production of inventories. Write-downs, when required, are made to
reduce excess inventories to their net realizable values. Such estimates are based on assumptions regarding future demand and market conditions. If actual conditions become less favorable than the assumptions used, an additional inventory write-down
may be required. As of November 30, 2015 and May 31, 2015, inventories consisted of:
|
|
|
|
|
|
|
|
|
|
|
November 30, 2015 |
|
|
May 31, 2015 |
|
Raw materials |
|
$ |
2,044,681 |
|
|
$ |
1,845,037 |
|
Work-in-process |
|
|
975,886 |
|
|
|
836,346 |
|
Finished goods |
|
|
1,620,306 |
|
|
|
1,876,184 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,640,873 |
|
|
$ |
4,557,567 |
|
|
|
|
|
|
|
|
|
|
Page 7
Property and Equipment
Property and equipment are stated at cost. Depreciation is computed using the straight-line method over estimated useful lives of three to seven years for
furniture, fixtures and equipment; three years for vehicles; and twenty-five years for buildings and improvements. As of November 30, 2015 and May 31, 2015, property and equipment consisted of:
|
|
|
|
|
|
|
|
|
|
|
November 30, 2015 |
|
|
May 31, 2015 |
|
Land |
|
$ |
299,000 |
|
|
$ |
299,000 |
|
Buildings and improvements |
|
|
1,814,524 |
|
|
|
1,814,524 |
|
Furniture, fixtures and equipment |
|
|
1,342,745 |
|
|
|
1,381,691 |
|
Vehicles |
|
|
96,587 |
|
|
|
96,587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3,552,856 |
|
|
|
3,591,802 |
|
Less accumulated depreciation |
|
|
(2,526,761 |
) |
|
|
(2,480,924 |
) |
|
|
|
|
|
|
|
|
|
|
|
$ |
1,026,095 |
|
|
$ |
1,110,878 |
|
|
|
|
|
|
|
|
|
|
Note 2:
STOCK OPTIONS AND STOCK-BASED COMPENSATION
Stock-based compensation includes expense charges for all stock-based awards to employees and directors granted under the Companys stock option plan.
Stock-based compensation recognized during the period is based on the portion of the grant date fair value of the stock-based award that will vest during the period, adjusted for expected forfeitures. Compensation cost for all stock-based awards is
recognized using the straight-line method. The Company uses the Black-Scholes option pricing model as its method of valuation for stock-based awards. The Black-Scholes option pricing model requires the input of highly subjective assumptions, and
other reasonable assumptions could provide differing results. These variables include, but are not limited to:
|
|
|
Risk-Free Interest Rate. The Company bases the risk-free interest rate on the implied yield currently available on U.S. Treasury issues with an equivalent remaining term approximately equal to the expected life
of the award. |
|
|
|
Expected Life. The expected life of awards granted represents the period of time that they are expected to be outstanding. The Company determines the expected life based on historical experience with similar
awards, giving consideration to the contractual terms, vesting schedules and pre-vesting and post-vesting forfeitures. |
|
|
|
Expected Volatility. The Company estimates the volatility of its common stock at the date of grant based on the historical volatility of its common stock. The volatility factor the Company uses is based on its
historical stock prices over the most recent period commensurate with the estimated expected life of the award. These historical periods may exclude portions of time when unusual transactions occurred. |
|
|
|
Expected Dividend Yield. The Company does not anticipate paying any cash dividends in the foreseeable future. Consequently, the Company uses an expected dividend yield of 0. |
|
|
|
Expected Forfeitures. The Company uses relevant historical data to estimate pre-vesting option forfeitures. The Company records stock-based compensation only for those awards that are expected to vest.
|
To determine stock-based compensation expense recognized for those options granted during the six months ended November 30, 2015 and
2014, the Company has computed the value of all stock options granted using the Black-Scholes option pricing model. No options were issued during the six months ended November 30, 2015. 87,500 options were issued during the six months ended
November 30, 2014.
Page 8
At November 30, 2015, the Company had a total of 327,500 outstanding stock options (249,168 vested and
exercisable and 78,332 non-vested) with a weighted average exercise price of $3.65. The Company estimates that $46,944 will be recorded as additional stock-based compensation expense over a weighted-average period of 1.4 years for all options that
were outstanding as of November 30, 2015, but which were not yet vested.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding Options |
|
|
Exercisable Options |
|
Number of
Shares |
|
|
Weighted Average Exercise Price |
|
|
Weighted Average Remaining Contractual Life (yrs) |
|
|
Number of Shares |
|
|
Weighted Average Exercise Price |
|
|
35,000 |
|
|
$ |
2.53 |
|
|
|
7.8 |
|
|
|
23,333 |
|
|
$ |
2.53 |
|
|
112,500 |
|
|
|
2.84 |
|
|
|
8.5 |
|
|
|
45,835 |
|
|
|
2.85 |
|
|
130,000 |
|
|
|
3.65 |
|
|
|
5.5 |
|
|
|
130,000 |
|
|
|
3.65 |
|
|
50,000 |
|
|
|
6.25 |
|
|
|
2.5 |
|
|
|
50,000 |
|
|
|
6.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
327,500 |
|
|
|
3.65 |
|
|
|
6.3 |
|
|
|
249,168 |
|
|
|
3.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options granted, exercised, and forfeited or canceled under the Companys stock option plan during the three and six
months ended November 30, 2015 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, 2015 |
|
|
Six Months Ended November 30, 2015 |
|
|
|
Number of Shares |
|
|
Weighted Average Exercise Price |
|
|
Number of Shares |
|
|
Weighted Average Exercise Price |
|
Options outstanding - beginning of period |
|
|
332,500 |
|
|
$ |
3.68 |
|
|
|
332,500 |
|
|
$ |
3.68 |
|
|
|
|
|
|
Options granted |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
Options exercised |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
Options forfeited/canceled |
|
|
(5,000 |
) |
|
|
5.80 |
|
|
|
(5,000 |
) |
|
|
5.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options outstanding - end of period |
|
|
327,500 |
|
|
|
3.65 |
|
|
|
327,500 |
|
|
|
3.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 3:
EPS RECONCILIATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, |
|
|
Six Months Ended November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Weighted average shares (basic) |
|
|
2,995,910 |
|
|
|
2,995,910 |
|
|
|
2,995,910 |
|
|
|
2,995,910 |
|
Effect of dilutive stock options |
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares (diluted) |
|
|
2,995,910 |
|
|
|
2,995,910 |
|
|
|
2,995,910 |
|
|
|
2,995,910 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share is computed using the weighted average number of common shares outstanding. Diluted earnings
(loss) per share is computed using the weighted average number of common shares outstanding, adjusted for dilutive incremental shares attributed to outstanding options to purchase common stock. Common stock equivalents for stock options are computed
using the treasury stock method. In periods in which a net loss is incurred, no common stock equivalents are included since they are antidilutive and as such all stock options outstanding are excluded from the computation of diluted net loss in
those periods.
Page 9
Note 4:
INCOME TAXES
The Company accounts for
income taxes using the asset and liability method. This approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of
assets and liabilities. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized.
Each year the Company files income tax returns in the various national, state and local income taxing jurisdictions in which it operates. These tax returns
are subject to examination and possible challenge by the taxing authorities. Positions challenged by the taxing authorities may be settled or appealed by the Company. As a result, there is an uncertainty in income taxes recognized in the
Companys financial statements in accordance with ASC Topic 740. The Company applies this guidance by defining criteria that an individual income tax position must meet for any part of the benefit of that position to be recognized in an
enterprises financial statements and provides guidance on measurement, de-recognition, classification, accounting for interest and penalties, accounting in interim periods, disclosure, and transition.
Other long-term liabilities related to tax contingencies were $0 as of both November 30, 2015 and May 31, 2015. Interest and penalties associated
with uncertain tax positions are recognized as components of the Provision for income taxes. The liability for payment of interest and penalties was $0 as of November 30, 2015 and May 31, 2015.
Several tax years are subject to examination by major tax jurisdictions. In the United States, federal tax years for Fiscal 2012 and after are subject to
examination. In the United Kingdom, tax years for Fiscal 2012 and after are subject to examination. In Canada, tax years for Fiscal 2005 and after are subject to examination.
Effective Tax Rate
The effective tax rate on
consolidated net loss was 2.4% for the six months ended November 30, 2015. The effective tax rate on consolidated net loss differs from the federal statutory tax rate primarily due to the amount of income from foreign jurisdictions, changes in
the deferred tax valuation allowance and certain expenses not being deductible for income tax reporting purposes. Management believes the effective tax rate for Fiscal 2016 will be approximately 6.8% due to the items noted above.
Note 5:
SEGMENTS OF BUSINESS
The Company has
two reportable business segments: dynamic balancing and process control systems for the machine tool industry (Balancer) and laser-based test and measurement systems and ultrasonic measurement products (Measurement). The Company operates in three
principal geographic markets: North America, Europe and Asia.
Page 10
Segment Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
|
Balancer |
|
|
Measurement |
|
|
Balancer |
|
|
Measurement |
|
Gross sales |
|
$ |
2,192,878 |
|
|
$ |
1,187,847 |
|
|
$ |
2,250,911 |
|
|
$ |
1,204,966 |
|
Intercompany sales |
|
|
(312,149 |
) |
|
|
5,193 |
|
|
|
(328,062 |
) |
|
|
23,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
1,880,729 |
|
|
$ |
1,193,040 |
|
|
$ |
1,922,849 |
|
|
$ |
1,228,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(203,149 |
) |
|
$ |
(174,576 |
) |
|
$ |
(37,759 |
) |
|
$ |
(33,042 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense |
|
$ |
24,236 |
|
|
$ |
9,832 |
|
|
$ |
24,471 |
|
|
$ |
10,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization expense |
|
$ |
0 |
|
|
$ |
27,883 |
|
|
$ |
0 |
|
|
$ |
29,808 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
4,477 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
|
Balancer |
|
|
Measurement |
|
|
Balancer |
|
|
Measurement |
|
Gross sales |
|
$ |
4,419,124 |
|
|
$ |
2,373,911 |
|
|
$ |
4,267,346 |
|
|
$ |
2,409,436 |
|
Intercompany sales |
|
|
(610,900 |
) |
|
|
(3,982 |
) |
|
|
(504,327 |
) |
|
|
28,337 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
3,808,224 |
|
|
$ |
2,369,929 |
|
|
$ |
3,763,019 |
|
|
$ |
2,437,773 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
$ |
(336,643 |
) |
|
$ |
(223,384 |
) |
|
$ |
(109,583 |
) |
|
$ |
91,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense |
|
$ |
51,046 |
|
|
$ |
20,387 |
|
|
$ |
54,272 |
|
|
$ |
22,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization expense |
|
$ |
0 |
|
|
$ |
55,765 |
|
|
$ |
0 |
|
|
$ |
63,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
13,050 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geographic Information Net Sales by Geographic Area
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, |
|
|
Six Months Ended November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
North America |
|
$ |
2,082,607 |
|
|
$ |
1,800,419 |
|
|
$ |
4,167,922 |
|
|
$ |
3,819,073 |
|
Europe |
|
|
432,412 |
|
|
|
411,314 |
|
|
|
684,722 |
|
|
|
626,550 |
|
Asia |
|
|
531,287 |
|
|
|
863,045 |
|
|
|
1,220,556 |
|
|
|
1,627,482 |
|
Other markets |
|
|
27,463 |
|
|
|
76,726 |
|
|
|
104,953 |
|
|
|
127,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net sales |
|
$ |
3,073,769 |
|
|
$ |
3,151,504 |
|
|
$ |
6,178,153 |
|
|
$ |
6,200,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
|
United States |
|
|
Europe |
|
|
United States |
|
|
Europe |
|
Operating income (loss) |
|
$ |
(374,243 |
) |
|
$ |
(3,482 |
) |
|
$ |
(102,407 |
) |
|
$ |
31,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense |
|
$ |
34,068 |
|
|
$ |
0 |
|
|
$ |
35,454 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization expense |
|
$ |
27,883 |
|
|
$ |
0 |
|
|
$ |
29,808 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
4,477 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
|
United States |
|
|
Europe |
|
|
United States |
|
|
Europe |
|
Operating income (loss) |
|
$ |
(499,742 |
) |
|
$ |
(60,285 |
) |
|
$ |
(36,467 |
) |
|
$ |
18,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense |
|
$ |
71,433 |
|
|
$ |
0 |
|
|
$ |
76,483 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization expense |
|
$ |
55,765 |
|
|
$ |
0 |
|
|
$ |
63,467 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
13,050 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note Europe is defined as the European subsidiary, Schmitt Europe, Ltd.
Segment and Geographic Assets
|
|
|
|
|
|
|
|
|
|
|
November 30, 2015 |
|
|
May 31, 2015 |
|
Segment assets to total assets |
|
|
|
|
|
|
|
|
Balancer |
|
$ |
4,884,201 |
|
|
$ |
5,059,567 |
|
Measurement |
|
|
4,228,989 |
|
|
|
4,247,684 |
|
Corporate assets |
|
|
1,265,409 |
|
|
|
1,796,684 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
10,378,599 |
|
|
$ |
11,103,935 |
|
|
|
|
|
|
|
|
|
|
Geographic assets to long-lived assets |
|
|
|
|
|
|
|
|
United States |
|
$ |
1,026,095 |
|
|
$ |
1,110,878 |
|
Europe |
|
|
0 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
Total long-lived assets |
|
$ |
1,026,095 |
|
|
$ |
1,110,878 |
|
|
|
|
|
|
|
|
|
|
Geographic assets to total assets |
|
|
|
|
|
|
|
|
United States |
|
$ |
9,524,797 |
|
|
$ |
10,107,523 |
|
Europe |
|
|
853,802 |
|
|
|
996,412 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
10,378,599 |
|
|
$ |
11,103,935 |
|
|
|
|
|
|
|
|
|
|
Page 12
Item 2. |
Managements Discussion and Analysis of Financial Condition and Results of Operations |
Forward-Looking Statements
This Quarterly Report filed
with the SEC on Form 10-Q (the Report), including Managements Discussion and Analysis of Financial Condition and Results of Operations in this Item 2, contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 regarding future events and the future results of Schmitt Industries, Inc. and its consolidated subsidiaries (the Company) that are based on managements current expectations,
estimates, projections and assumptions about the Companys business. Words such as expects, anticipates, intends, plans, believes, sees, estimates and
variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict.
Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including, but not limited to, those discussed in the Risk Factors,
Managements Discussion and Analysis of Financial Condition and Results of Operations and elsewhere in this Report as well as those discussed from time to time in the Companys other Securities and Exchange Commission filings
and reports. In addition, such statements could be affected by general industry and market conditions. Such forward-looking statements speak only as of the date of this Report or, in the case of any document incorporated by reference, the date of
that document, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this Report. If we update or correct one or more forward-looking statements, investors and others
should not conclude that we will make additional updates or corrections with respect to other forward-looking statements.
RESULTS OF OPERATIONS
Overview
Schmitt Industries, Inc. designs,
manufactures and markets computer-controlled vibration detection, balancing and process control equipment (the Balancer segment) to the worldwide machine tool industry and through its wholly owned subsidiary, Schmitt Measurement Systems, Inc.,
designs, manufactures and markets precision laser-based surface measurement products, laser-based distance measurement products and ultrasonic measurement systems (the Measurement segment) for a variety of industrial applications worldwide. The
Company sells and markets its products in Europe through its wholly owned subsidiary, Schmitt Europe Ltd. (SEL), located in the United Kingdom. The Company is organized into two operating segments: the Balancer segment and the Measurement segment.
The accompanying unaudited financial information should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended May 31, 2015.
SBS, SMS, Acuity, Xact, Lasercheck and AccuProfile are registered trademarks owned by
the Company.
For the three months ended November 30, 2015, total sales decreased $77,735, or 2.5%, to $3,073,769 from $3,151,504 in the three months
ended November 30, 2014. For the six months ended November 30, 2015, total sales increased $22,639, or 0.4%, to $6,178,153 from $6,200,792 in the six months ended November 30, 2014.
Balancer segment sales focus throughout the world on end-users, rebuilders and original equipment manufacturers of grinding machines with the target
geographic markets in North America, Asia, Europe and South America. Balancer segment sales decreased $42,120, or 2.2%, to $1,880,729 for the three months ended November 30, 2015 compared to $1,922,849 for the three months ended
November 30, 2014, primarily attributed due to a significant decline in sales into China and decreased sales into Europe, offset by increased sales in North America for the quarter. Balancer segment sales increased $45,205, or 1.2%, to
$3,808,224 for the six months ended November 30, 2015 compared to $3,763,019 for the six months ended November 30, 2014. The increase in worldwide balancer sales for the six month period ended November 30, 2015 is primarily attributed
to stronger sales in North America, offset in part by a significant decline in sales into China and decreased sales into other parts of Asia and Europe for the first half of the fiscal year.
The Measurement segment product line consists of SMS® and Lasercheck® laser-based surface microroughness measurement system, Acuity® laser-based distance measurement and dimensional sizing laser sensors, and
Xact® ultrasonic-based remote tank monitoring products. Total Measurement segment sales decreased $35,615, or 2.9%, to $1,193,040 for the three months ended November 30, 2015 compared to
$1,228,655 for the three months ended November 30, 2014. The decrease is primarily due to lower SMS product line sales and the impact of the termination of a Latin American distributor for the Xact product line. Total Measurement segment sales
decreased $67,844, or 2.8%, to $2,369,929 for the six months ended November 30, 2015 compared to $2,437,773 for the six months ended November 30, 2014, due to lower SMS product line sales and the impact of the termination of a Latin
American distributor for the Xact product line.
Page 13
Operating expenses increased $29,156, or 1.8%, to $1,654,135 for the three months ended November 30, 2015
from $1,624,979 for the three months ended November 30, 2014. Operating expenses increased $243,482, or 8.0%, to $3,278,929 for the six months ended November 30, 2015 from $3,035,447 for the six months ended November 30, 2014.
General, administration and sales expenses increased $81,307, or 5.4%, to $1,581,635 for the three months ended November 30, 2015 from $1,500,328 for the same period in the prior year. General, administration and sales expenses increased
$281,165, or 9.9%, to $3,119,517 for the six months ended November 30, 2015 from $2,838,352 for the same period in the prior year.
Net loss was
$403,787, or $(0.13) per fully diluted share, for the three months ended November 30, 2015 as compared to net loss of $69,840, or $(0.02) per fully diluted share, for the three months ended November 30, 2014. Net loss was $598,849, or
$(0.20) per fully diluted share, for the six months ended November 30, 2015 as compared to net loss of $18,057, or $(0.01) per fully diluted share, for the six months ended November 30, 2014.
Critical Accounting Policies
There were no material
changes in our critical accounting policies as disclosed in our Annual Report on Form 10-K for the year ended May 31, 2015.
Page 14
Discussion of Operating Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, |
|
|
|
2015 |
|
|
2014 |
|
Balancer sales |
|
$ |
1,880,729 |
|
|
|
61.2 |
% |
|
$ |
1,922,849 |
|
|
|
61.0 |
% |
Measurement sales |
|
|
1,193,040 |
|
|
|
38.8 |
% |
|
|
1,228,655 |
|
|
|
39.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total sales |
|
|
3,073,769 |
|
|
|
100.0 |
% |
|
|
3,151,504 |
|
|
|
100.0 |
% |
Cost of sales |
|
|
1,797,359 |
|
|
|
58.5 |
% |
|
|
1,597,326 |
|
|
|
50.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
1,276,410 |
|
|
|
41.5 |
% |
|
|
1,554,178 |
|
|
|
49.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General, administration and sales |
|
|
1,581,635 |
|
|
|
51.5 |
% |
|
|
1,500,328 |
|
|
|
47.6 |
% |
Research and development |
|
|
72,500 |
|
|
|
2.4 |
% |
|
|
124,651 |
|
|
|
4.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
1,654,135 |
|
|
|
53.8 |
% |
|
|
1,624,979 |
|
|
|
51.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(377,725 |
) |
|
|
-12.3 |
% |
|
|
(70,801 |
) |
|
|
-2.2 |
% |
|
|
|
|
|
Other income (loss) |
|
|
(19,091 |
) |
|
|
-0.6 |
% |
|
|
3,336 |
|
|
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes |
|
|
(396,816 |
) |
|
|
-12.9 |
% |
|
|
(67,465 |
) |
|
|
-2.1 |
% |
|
|
|
|
|
Provision for income taxes |
|
|
6,971 |
|
|
|
0.2 |
% |
|
|
2,375 |
|
|
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(403,787 |
) |
|
|
-13.1 |
% |
|
$ |
(69,840 |
) |
|
|
-2.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended November 30, |
|
|
|
2015 |
|
|
2014 |
|
Balancer sales |
|
$ |
3,808,224 |
|
|
|
61.6 |
% |
|
$ |
3,763,019 |
|
|
|
60.7 |
% |
Measurement sales |
|
|
2,369,929 |
|
|
|
38.4 |
% |
|
|
2,437,773 |
|
|
|
39.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total sales |
|
|
6,178,153 |
|
|
|
100.0 |
% |
|
|
6,200,792 |
|
|
|
100.0 |
% |
Cost of sales |
|
|
3,459,251 |
|
|
|
56.0 |
% |
|
|
3,183,047 |
|
|
|
51.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
2,718,902 |
|
|
|
44.0 |
% |
|
|
3,017,745 |
|
|
|
48.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General, administration and sales |
|
|
3,119,517 |
|
|
|
50.5 |
% |
|
|
2,838,352 |
|
|
|
45.8 |
% |
Research and development |
|
|
159,412 |
|
|
|
2.6 |
% |
|
|
197,095 |
|
|
|
3.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
3,278,929 |
|
|
|
53.1 |
% |
|
|
3,035,447 |
|
|
|
49.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(560,027 |
) |
|
|
-9.1 |
% |
|
|
(17,702 |
) |
|
|
-0.3 |
% |
|
|
|
|
|
Other income (loss) |
|
|
(25,011 |
) |
|
|
-0.4 |
% |
|
|
4,397 |
|
|
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes |
|
|
(585,038 |
) |
|
|
-9.5 |
% |
|
|
(13,305 |
) |
|
|
-0.2 |
% |
|
|
|
|
|
Provision for income taxes |
|
|
13,811 |
|
|
|
0.2 |
% |
|
|
4,752 |
|
|
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(598,849 |
) |
|
|
-9.7 |
% |
|
$ |
(18,057 |
) |
|
|
-0.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales Sales in the Balancer segment decreased $42,120, or 2.2%, to $1,880,729 for the three months ended
November 30, 2015 compared to $1,922,849 for the three months ended November 30, 2014. The decrease is primarily attributed to a significant decline in sales into China and decreased sales into Europe, offset by increased sales in North
America for the second quarter. Sales in North America increased $209,424, or 25.1%, for the three months ended November 30, 2015 as compared to the three months ended November 30, 2014. China sales decreased $168,564, or 45.7%, for the
three months ended November 30, 2015 as compared to the three months ended November 30, 2014. Other Asia sales increased $9,107, or 3.0%, in the three months ended November 30, 2015 compared to the same period in the prior year.
European sales decreased $73,241, or 18.8%, in the second quarter of Fiscal 2016 compared to the second quarter of Fiscal 2015. Sales in other regions of the world decreased $18,846, or 76.1%, in the three months ended November 30, 2015 as
compared to the same period in the prior year.
Page 15
Sales in the Balancer segment increased $45,205, or 1.2%, to $3,808,224 for the six months ended
November 30, 2015 compared to $3,763,019 for the six months ended November 30, 2014. The increase is primarily attributed to stronger sales in North America, offset in part by a significant decline in sales into China and decreased sales
into Europe for the first half of the fiscal year. Sales in North America increased $337,343, or 19.5%, for the six months ended November 30, 2015 as compared to the six months ended November 30, 2014. China sales decreased $233,886, or
27.6%, for the six months ended November 30, 2015 as compared to the six months ended November 30, 2014. Other Asia sales increased $25,111, or 4.7%, in the six months ended November 30, 2015 compared to the same period in the prior
year. European sales decreased $57,573, or 9.8%, in the first half of Fiscal 2016 compared to the first half of Fiscal 2015. Sales in other regions of the world decreased $25,790, or 39.7%, in the six months ended November 30, 2015 as compared
to the same period in the prior year. The levels of demand for our Balancer products in any of the geographic markets cannot be forecasted with any certainty given the recent volatility in the global economy and the historical volatility experienced
in these markets.
Sales in the Measurement segment decreased $35,615, or 2.9%, to $1,193,040 in the three months ended November 30, 2015 compared to
$1,228,655 in the three months ended November 30, 2014. The decrease is primarily due to lower SMS product line sales and the impact of the termination of one of the Latin American distributors for the Xact product line, offset by increased
sales in the Acuity product line. Sales of SMS and Lasercheck light-scatter laser-based surface measurement products in the three months ended November 30, 2015 decreased $92,089, or 33.8%, as compared to the same period in the prior year. In
addition, sales of Xact remote tank monitoring products and revenues from monitoring services decreased $8,216, or 12.1%. These decreases were offset by the increase in sales of Acuity laser-based distance measurement and dimensional sizing products
in the amount of $64,690, or 4.2%, for the three months ended November 30, 2015 as compared to the same period in the prior year
Sales in the
Measurement segment decreased $67,844, or 2.8%, to $2,369,929 in the six months ended November 30, 2015 compared to $2,437,773 in the six months ended November 30, 2014. The decrease is primarily due to lower SMS product line sales and the
impact of the termination of one of the Latin American distributors for the Xact product line, offset by increased sales in the Acuity product line. Sales of SMS and Lasercheck light-scatter laser-based surface measurement products in the six months
ended November 30, 2015 decreased $400,292, or 55.2%, as compared to the same period in the prior year. These in decreases were in part offset by the increase in sales of Acuity laser-based distance measurement and dimensional sizing products
in the amount of $278,853, or 26.9%, for the six months ended November 30, 2015 as compared to the same period in the prior year. In addition, sales of Xact remote tank monitoring products and revenues from monitoring services increased
$53,595, or 8.0%. Given the recent volatility in these markets, future sales of laser-based measurement products cannot be forecasted with any certainty.
Gross margin Gross margin for the three months ended November 30, 2015 decreased to 41.5% as compared to 49.3% for the three months ended
November 30, 2014. Gross margin for the six months ended November 30, 2015 decreased to 44.0% as compared to 48.7% for the six months ended November 30, 2014. The overall decrease in gross margin in both the three and six months ended
November 30, 2015 as compared to the three and six months ended November 30, 2014 is primarily influenced by shifts in the product sales mix and the impact of the termination of a Latin American distributor for the Xact product line.
Operating expenses Operating expenses increased $29,156, or 1.8%, to $1,654,135 for the three months ended November 30, 2015 as compared to
$1,624,979 for the three months ended November 30, 2014. General, administrative and sales expenses increased $81,307, or 5.4%, for the three months ended November 30, 2015 as compared to the same period in the prior year due in part to
increases in sales commissions and personnel expense, increases in patent expenses and increases in sales-related travel and general office and utilities costs offset by a reduction in trade show expenses. Research and development expenses decreased
$52,151, or 41.8%, as compared to the same period in the prior year.
Operating expenses increased $243,482, or 8.0%, to $3,278,929 for the six months
ended November 30, 2015 as compared to $3,035,447 for the six months ended November 30, 2014. General, administrative and sales expenses increased $281,165, or 9.9%, for the six months ended November 30, 2015 as compared to the same
period in the prior year due to increases in sales commissions and personnel expense, increases in patent expenses and increases in sales-related travel and general office and utilities costs offset by a reduction in trade show expenses. Research
and development expenses decreased $37,683, or 19.1%, as compared to the same period in the prior year.
Other income Other income consists
of interest income (expense), foreign currency exchange gain (loss) and other income (expense). Interest income (expense), net was $(483) and $1,743 for the three months ended November 30, 2015 and 2014, respectively and $(1,033) and $(1,886)
for the six months ended November 30, 2015 and 2014, respectively. Foreign currency exchange gains (losses) were $(18,916) and $1,578 for the three months ended November 30, 2015 and 2014, respectively and $(24,295) and $6,255 for the six
months ended November 30, 2015 and 2014, respectively. The shifts in the foreign currency exchange are related to fluctuations of foreign currencies against the U.S. dollar during the current period.
Page 16
Income taxes The Companys effective tax rate on consolidated net loss was 2.4% for the six
months ended November 30, 2015. The effective tax rate on consolidated net loss differs from the federal statutory tax rate primarily due to the amount of income from foreign jurisdictions, changes in the deferred tax valuation allowance and
certain expenses not being deductible for income tax reporting purposes. Management believes the effective tax rate for Fiscal 2016 will be approximately 6.8% due to the items noted above.
Net loss Net loss was $403,787, or $(0.13) per diluted share, for the three months ended November 30, 2015 as compared to a net loss of
$69,840, or $(0.02) per diluted share, for the three months ended November 30, 2014. Net loss was $598,849, or $(0.20) per diluted share, for the six months ended November 30, 2015 as compared to a net loss of $18,057, or $(0.01) per
diluted share, for the same period in the prior year. Net loss for the three and six months ended November 30, 2015 decreased as compared to the same periods in the prior year primarily due to shifts in product mix with decreased sales of
higher margin products and one-time charges associated with the termination of a Latin American distributor for the Xact product line.
LIQUIDITY AND
CAPITAL RESOURCES
The Companys working capital decreased to $7,123,653 as of November 30, 2015 as compared to $7,553,315 as of May 31,
2015. Cash and cash equivalents decreased $532,087 to $1,263,567 as of November 30, 2015 from $1,795,654 as of May 31, 2015.
Cash used in
operating activities totaled $545,068 for the six months ended November 30, 2015 as compared to cash provided by operating activities of $255,013 for the six months ended November 30, 2014. The change in cash used in operating activities
was primarily impacted by the net loss of $598,849 for the six months ended November 30, 2015 as compared to net loss of $18,057 for the six months ended November 30, 2014. Changes in accounts receivable, inventories and accounts payable
and other accrued liabilities also impacted the total cash provided by/used in operating activities and the changes are the result of timing of receipts and payments.
At November 30, 2015, the Company had accounts receivable of $2,541,465 as compared to $2,660,426 at May 31, 2015. The decrease in accounts
receivable of $118,961 was due to timing of receipts. Inventories increased $83,306 to $4,640,873 as of November 30, 2015 compared to $4,557,567 at May 31, 2015, which is due primarily to the timing of purchases across our product lines.
At November 30, 2015, total current liabilities decreased $155,126 to $1,460,205 as compared to $1,615,331 at May 31, 2015. The decrease in accounts payable and other accrued expenses is primarily due to the timing of payments to our
vendors and an increase in accrued commissions.
We believe that our existing cash and cash equivalents combined with the cash we anticipate to generate
from operating activities will be sufficient to meet our cash requirements for the foreseeable future. We do not have any significant commitments nor are we aware of any significant events or conditions that are likely to have a material impact on
our liquidity or capital resources.
Risk Factors
Please refer to the risk factors disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended May 31, 2015 for a
listing of factors that could cause actual results or events to differ materially from those contained in any forward-looking statements made by or on behalf of the Company.
Page 17
Item 3. |
Quantitative and Qualitative Disclosures about Market Risk |
There have been no material changes from the
information previously reported under Item 7A of our Annual Report on Form 10-K for the fiscal year ended May 31, 2015.
Item 4. |
Controls and Procedures |
Evaluation of Disclosure Controls and Procedures
As of November 30, 2015, the Company carried out an evaluation, under the supervision and with the participation of the Companys management,
including the Companys Chief Executive Officer and the Companys Chief Financial Officer, of the effectiveness of the design and operation of the Companys disclosure controls and procedures, as such term is defined in Rule 13a-15(e)
of the Securities Exchange Act of 1934 (the Exchange Act). Based on the evaluation, the Companys Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this Report, the
Companys disclosure controls and procedures are effective to ensure that information required to be disclosed in the Companys Exchange Act reports is (1) recorded, processed, summarized and reported in a timely manner, and
(2) accumulated and communicated to the Companys management, including the Companys Chief Executive Officer and the Companys Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
There are inherent limitations to the effectiveness of any system of disclosure controls and procedures including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective
disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives, and management necessarily is required to use its judgment in evaluating the cost-benefit relationship of possible controls and
procedures.
Changes in Internal Control Over Financial Reporting
There has been no change in the Companys internal control over financial reporting that occurred during the Companys fiscal quarter ended
November 30, 2015 that has materially affected, or is reasonably likely to materially affect, such internal control over financial reporting.
Page 18
PART II - OTHER INFORMATION
|
|
|
Exhibit |
|
Description |
|
|
3.1 |
|
Second Restated Articles of Incorporation of Schmitt Industries, Inc. (the Company). Incorporated by reference to Exhibit 3(i) to the Companys Annual Report on Form 10-K for the fiscal year ended May 31,
1998. |
|
|
3.2 |
|
Second Restated Bylaws of the Company. Incorporated by reference to Exhibit 3(ii) to the Companys Annual Report on Form 10-K for the fiscal year ended May 31, 1998. |
|
|
4.1 |
|
See Exhibits 3.1 and 3.2 for provisions of the Articles of Incorporation and Bylaws defining the rights of security holders. |
|
|
31.1 |
|
Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
31.2 |
|
Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
32.1 |
|
Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|
|
101.INS |
|
XBRL Instance Document. |
|
|
101.SCH |
|
XBRL Taxonomy Extension Schema Document. |
|
|
101.CAL |
|
XBRL Taxonomy Extension Calculation Linkbase Document. |
|
|
101.LAB |
|
XBRL Taxonomy Extension Label Linkbase Document. |
|
|
101.PRE |
|
XBRL Taxonomy Extension Presentation Linkbase Document. |
|
|
101.DEF |
|
XBRL Taxonomy Extension Definition Linkbase Document. |
Page 19
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
|
|
|
|
|
|
|
|
|
|
|
|
|
SCHMITT INDUSTRIES, INC.
(Registrant) |
|
|
|
|
Date: January 14, 2016 |
|
|
|
|
|
/s/ Ann M. Ferguson |
|
|
|
|
|
|
Ann M. Ferguson, Chief Financial Officer and
Treasurer |
Page 20
EXHIBIT 31.1
CERTIFICATION PURSUANT TO
18
U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
David M. Hudson, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Schmitt Industries, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The
registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined
in Exchange Act Rules 13-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or
caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the
registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over
financial reporting; and
5. The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants
internal control over financial reporting.
|
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|
Date: January 14, 2016 |
|
|
|
|
|
/s/ David M. Hudson |
|
|
|
|
|
|
David M. Hudson Interim President and Chief
Executive Officer |
EXHIBIT 31.2
CERTIFICATION PURSUANT TO
18
U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Ann M. Ferguson, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Schmitt Industries, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The
registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined
in Exchange Act Rules 13-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or
caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the
registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over
financial reporting; and
5. The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants
internal control over financial reporting.
|
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Date: January 14, 2016 |
|
|
|
|
|
/s/ Ann M. Ferguson |
|
|
|
|
|
|
Ann M. Ferguson, Chief Financial Officer and
Treasurer |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18
U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Schmitt Industries, Inc. (the Company) on Form 10-Q for the fiscal quarter ended November 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the
Report), we, David M. Hudson and Ann M. Ferguson, Interim President and Chief Executive Officer and Chief Financial Officer and Treasurer, respectively, of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to
§ 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:
(1) The Report fully complies with the requirements of section 13(a)
or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2) The information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations of the Company.
/s/ David M. Hudson
David M. Hudson
Interim President and Chief Executive Officer
January 14, 2016
/s/ Ann M. Ferguson
Ann M. Ferguson
Chief Financial Officer and Treasurer
January 14, 2016
v3.3.1.900
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v3.3.1.900
Consolidated Balance Sheets - USD ($)
|
Nov. 30, 2015 |
May. 31, 2015 |
Current assets |
|
|
Cash and cash equivalents |
$ 1,263,567
|
$ 1,795,654
|
Accounts receivable, net |
2,541,465
|
2,660,426
|
Inventories |
4,640,873
|
4,557,567
|
Prepaid expenses |
136,112
|
153,970
|
Income taxes receivable |
1,841
|
1,029
|
Total current assets |
8,583,858
|
9,168,646
|
Property and equipment, net |
1,026,095
|
1,110,878
|
Other assets |
|
|
Intangible assets, net |
768,646
|
824,411
|
TOTAL ASSETS |
10,378,599
|
11,103,935
|
Current liabilities |
|
|
Accounts payable |
592,441
|
834,002
|
Accrued commissions |
344,324
|
284,944
|
Accrued payroll liabilities |
141,128
|
140,872
|
Other accrued liabilities |
382,312
|
355,513
|
Total current liabilities |
1,460,205
|
1,615,331
|
Stockholders' equity |
|
|
Common stock, no par value, 20,000,000 shares authorized, 2,995,910 shares issued and outstanding at November 30, 2015 and May 31, 2015 |
10,549,277
|
10,511,324
|
Accumulated other comprehensive loss |
(376,259)
|
(366,945)
|
Accumulated deficit |
(1,254,624)
|
(655,775)
|
Total stockholders' equity |
8,918,394
|
9,488,604
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ 10,378,599
|
$ 11,103,935
|
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v3.3.1.900
Consolidated Balance Sheets (Parenthetical) - $ / shares
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Nov. 30, 2015 |
May. 31, 2015 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value |
|
|
Common stock, shares authorized |
20,000,000
|
20,000,000
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2,995,910
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2,995,910
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2,995,910
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v3.3.1.900
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
|
3 Months Ended |
6 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
Income Statement [Abstract] |
|
|
|
|
Net sales |
$ 3,073,769
|
$ 3,151,504
|
$ 6,178,153
|
$ 6,200,792
|
Cost of sales |
1,797,359
|
1,597,326
|
3,459,251
|
3,183,047
|
Gross profit |
1,276,410
|
1,554,178
|
2,718,902
|
3,017,745
|
Operating expenses: |
|
|
|
|
General, administration and sales |
1,581,635
|
1,500,328
|
3,119,517
|
2,838,352
|
Research and development |
72,500
|
124,651
|
159,412
|
197,095
|
Total operating expenses |
1,654,135
|
1,624,979
|
3,278,929
|
3,035,447
|
Operating loss |
(377,725)
|
(70,801)
|
(560,027)
|
(17,702)
|
Other income (loss), net |
(19,091)
|
3,336
|
(25,011)
|
4,397
|
Loss before income taxes |
(396,816)
|
(67,465)
|
(585,038)
|
(13,305)
|
Provision for income taxes |
6,971
|
2,375
|
13,811
|
4,752
|
Net loss |
$ (403,787)
|
$ (69,840)
|
$ (598,849)
|
$ (18,057)
|
Net loss per common share: |
|
|
|
|
Basic |
$ (0.13)
|
$ (0.02)
|
$ (0.20)
|
$ (0.01)
|
Weighted average number of common shares, basic |
2,995,910
|
2,995,910
|
2,995,910
|
2,995,910
|
Diluted |
$ (0.13)
|
$ (0.02)
|
$ (0.20)
|
$ (0.01)
|
Weighted average number of common shares, diluted |
2,995,910
|
2,995,910
|
2,995,910
|
2,995,910
|
Comprehensive loss |
|
|
|
|
Net loss |
$ (403,787)
|
$ (69,840)
|
$ (598,849)
|
$ (18,057)
|
Foreign currency translation adjustment |
(15,673)
|
(50,785)
|
(9,314)
|
(78,909)
|
Total comprehensive loss |
$ (419,460)
|
$ (120,625)
|
$ (608,163)
|
$ (96,966)
|
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v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
|
6 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Cash flows relating to operating activities |
|
|
Net loss |
$ (598,849)
|
$ (18,057)
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
Depreciation and amortization |
127,198
|
139,950
|
Gain on sale of property and equipment |
(299)
|
0
|
Stock based compensation |
37,953
|
26,473
|
(Increase) decrease in: |
|
|
Accounts receivable |
115,949
|
(327,467)
|
Inventories |
(90,216)
|
(21,292)
|
Prepaid expenses |
17,605
|
40,062
|
Income taxes receivable |
(812)
|
(387)
|
Increase (decrease) in: |
|
|
Accounts payable |
(240,883)
|
165,338
|
Accrued liabilities |
87,286
|
250,603
|
Income taxes payable |
0
|
(210)
|
Net cash provided by (used in) operating activities |
(545,068)
|
255,013
|
Cash flows relating to investing activities |
|
|
Proceeds from sale of property and equipment |
14,950
|
0
|
Purchases of property and equipment |
0
|
(13,050)
|
Net cash provided by (used in) investing activities |
14,950
|
(13,050)
|
Effect of foreign exchange translation on cash |
(1,969)
|
(45,047)
|
Increase (decrease) in cash and cash equivalents |
(532,087)
|
196,916
|
Cash and cash equivalents, beginning of period |
1,795,654
|
1,510,565
|
Cash and cash equivalents, end of period |
1,263,567
|
1,707,481
|
Supplemental disclosure of cash flow information |
|
|
Cash paid during the period for income taxes |
14,623
|
5,353
|
Cash paid during the period for interest |
$ 1,384
|
$ 1,933
|
X |
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v3.3.1.900
Consolidated Statement of Changes in Stockholders Equity - 6 months ended Nov. 30, 2015 - USD ($)
|
Total |
Common stock [Member] |
Accumulated other comprehensive loss [Member] |
Accumulated deficit [Member] |
Beginning balance at May. 31, 2015 |
$ 9,488,604
|
$ 10,511,324
|
$ (366,945)
|
$ (655,775)
|
Beginning balance, shares at May. 31, 2015 |
2,995,910
|
2,995,910
|
|
|
Stock-based compensation |
$ 37,953
|
$ 37,953
|
0
|
0
|
Net income (loss) |
(598,849)
|
0
|
0
|
(598,849)
|
Other comprehensive income (loss) |
(9,314)
|
0
|
(9,314)
|
0
|
Ending balance at Nov. 30, 2015 |
$ 8,918,394
|
$ 10,549,277
|
$ (376,259)
|
$ (1,254,624)
|
Ending balance, shares at Nov. 30, 2015 |
2,995,910
|
2,995,910
|
|
|
X |
- DefinitionThis element represents the amount of recognized equity-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Alternate captions include the words "stock-based compensation".
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v3.3.1.900
Summary of Significant Accounting Policies
|
6 Months Ended |
Nov. 30, 2015 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Note 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The consolidated financial information included herein has been
prepared by Schmitt Industries, Inc. (the Company or Schmitt) and
its wholly owned subsidiaries. In the opinion of management, the
accompanying unaudited Consolidated Financial Statements have been
prepared pursuant to the rules and regulations of the Securities
and Exchange Commission and contain all adjustments, consisting
only of normal recurring adjustments, necessary to present fairly
its financial position as of November 30, 2015 and its results
of operations and its cash flows for the periods presented. The
consolidated balance sheet at May 31, 2015 has been derived
from the Annual Report on Form 10-K for the fiscal year ended
May 31, 2015. The accompanying unaudited financial statements
and related notes should be read in conjunction with the audited
financial statements included in our Annual Report on Form 10-K for
the fiscal year ended May 31, 2015. Operating results for the
interim periods presented are not necessarily indicative of the
results that may be experienced for the fiscal year ending
May 31, 2016.
Revenue Recognition
The Company recognizes revenue for sales and billing for freight
charges upon delivery of the product to the customer at a fixed and
determinable price with a reasonable assurance of collection,
passage of title to the customer as indicated by shipping terms and
fulfilment of all significant obligations, pursuant to the guidance
provided by Accounting Standards Codification (“ASC”)
Topic 605. For sales to all customers, including manufacturer
representatives, distributors or their third-party customers, these
criteria are met at the time product is shipped. When other
significant obligations remain after products are delivered,
revenue is recognized only after such obligations are fulfilled. In
addition, judgments are required in evaluating the credit
worthiness of our customers. Credit is not extended to customers
and revenue is not recognized until we have determined that
collectability is reasonably assured.
Financial Instruments
The carrying value of all other financial instruments potentially
subject to valuation risk (principally consisting of cash and cash
equivalents, accounts receivable and accounts payable) also
approximates fair value because of their short-term maturities.
Accounts Receivable
The Company maintains credit limits for all customers based upon
several factors, including but not limited to financial condition
and stability, payment history, published credit reports and use of
credit references. Management performs various analyses to evaluate
accounts receivable balances to ensure recorded amounts reflect
estimated net realizable value. This review includes using accounts
receivable agings, other operating trends and relevant business
conditions, including general economic factors, as they relate to
each of the Company’s domestic and international customers.
If these analyses lead management to the conclusion that potential
significant accounts are uncollectible, a reserve is provided. The
allowance for doubtful accounts was $44,258 and $56,370 as of
November 30, 2015 and May 31, 2015, respectively.
Inventories
Inventories are valued at the lower of cost or market with cost
determined on the average cost basis. Costs included in inventories
consist of materials, labor and manufacturing overhead, which are
related to the purchase or production of inventories. Write-downs,
when required, are made to reduce excess inventories to their net
realizable values. Such estimates are based on assumptions
regarding future demand and market conditions. If actual conditions
become less favorable than the assumptions used, an additional
inventory write-down may be required. As of November 30, 2015
and May 31, 2015, inventories consisted of:
|
|
|
|
|
|
|
|
|
|
|
November 30, 2015 |
|
|
May 31, 2015 |
|
Raw materials
|
|
$ |
2,044,681 |
|
|
$ |
1,845,037 |
|
Work-in-process
|
|
|
975,886 |
|
|
|
836,346 |
|
Finished goods
|
|
|
1,620,306 |
|
|
|
1,876,184 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,640,873 |
|
|
$ |
4,557,567 |
|
|
|
|
|
|
|
|
|
|
Property and Equipment
Property and equipment are stated at cost. Depreciation is computed
using the straight-line method over estimated useful lives of three
to seven years for furniture, fixtures and equipment; three years
for vehicles; and twenty-five years for buildings and improvements.
As of November 30, 2015 and May 31, 2015, property and
equipment consisted of:
|
|
|
|
|
|
|
|
|
|
|
November 30, 2015 |
|
|
May 31, 2015 |
|
Land
|
|
$ |
299,000 |
|
|
$ |
299,000 |
|
Buildings and improvements
|
|
|
1,814,524 |
|
|
|
1,814,524 |
|
Furniture, fixtures and equipment
|
|
|
1,342,745 |
|
|
|
1,381,691 |
|
Vehicles
|
|
|
96,587 |
|
|
|
96,587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3,552,856 |
|
|
|
3,591,802 |
|
Less accumulated depreciation
|
|
|
(2,526,761 |
) |
|
|
(2,480,924 |
) |
|
|
|
|
|
|
|
|
|
|
|
$ |
1,026,095 |
|
|
$ |
1,110,878 |
|
|
|
|
|
|
|
|
|
|
|
X |
- References
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v3.3.1.900
Stock Options and Stock-Based Compensation
|
6 Months Ended |
Nov. 30, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Stock Options and Stock-Based Compensation |
Note 2:
STOCK OPTIONS AND STOCK-BASED COMPENSATION
Stock-based compensation includes expense charges for all
stock-based awards to employees and directors granted under the
Company’s stock option plan. Stock-based compensation
recognized during the period is based on the portion of the grant
date fair value of the stock-based award that will vest during the
period, adjusted for expected forfeitures. Compensation cost for
all stock-based awards is recognized using the straight-line
method. The Company uses the Black-Scholes option pricing model as
its method of valuation for stock-based awards. The Black-Scholes
option pricing model requires the input of highly subjective
assumptions, and other reasonable assumptions could provide
differing results. These variables include, but are not limited
to:
|
• |
|
Risk-Free Interest
Rate. The
Company bases the risk-free interest rate on the implied yield
currently available on U.S. Treasury issues with an equivalent
remaining term approximately equal to the expected life of the
award. |
|
• |
|
Expected Life. The expected life of awards
granted represents the period of time that they are expected to be
outstanding. The Company determines the expected life based on
historical experience with similar awards, giving consideration to
the contractual terms, vesting schedules and pre-vesting and
post-vesting forfeitures. |
|
• |
|
Expected
Volatility. The
Company estimates the volatility of its common stock at the date of
grant based on the historical volatility of its common stock. The
volatility factor the Company uses is based on its historical stock
prices over the most recent period commensurate with the estimated
expected life of the award. These historical periods may exclude
portions of time when unusual transactions occurred. |
|
• |
|
Expected Dividend
Yield. The
Company does not anticipate paying any cash dividends in the
foreseeable future. Consequently, the Company uses an expected
dividend yield of 0. |
|
• |
|
Expected
Forfeitures. The Company uses relevant
historical data to estimate pre-vesting option forfeitures. The
Company records stock-based compensation only for those awards that
are expected to vest. |
To determine stock-based compensation expense recognized for those
options granted during the six months ended November 30, 2015
and 2014, the Company has computed the value of all stock options
granted using the Black-Scholes option pricing model. No options
were issued during the six months ended November 30, 2015.
87,500 options were issued during the six months ended
November 30, 2014.
At November 30, 2015, the Company had a total of 327,500
outstanding stock options (249,168 vested and exercisable and
78,332 non-vested) with a weighted average exercise price of $3.65.
The Company estimates that $46,944 will be recorded as additional
stock-based compensation expense over a weighted-average period of
1.4 years for all options that were outstanding as of
November 30, 2015, but which were not yet vested.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding
Options |
|
|
Exercisable Options |
|
Number of
Shares
|
|
|
Weighted
Average
Exercise Price |
|
|
Weighted
Average
Remaining
Contractual
Life (yrs) |
|
|
Number of
Shares |
|
|
Weighted
Average
Exercise Price |
|
|
35,000 |
|
|
$ |
2.53 |
|
|
|
7.8 |
|
|
|
23,333 |
|
|
$ |
2.53 |
|
|
112,500 |
|
|
|
2.84 |
|
|
|
8.5 |
|
|
|
45,835 |
|
|
|
2.85 |
|
|
130,000 |
|
|
|
3.65 |
|
|
|
5.5 |
|
|
|
130,000 |
|
|
|
3.65 |
|
|
50,000 |
|
|
|
6.25 |
|
|
|
2.5 |
|
|
|
50,000 |
|
|
|
6.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
327,500 |
|
|
|
3.65 |
|
|
|
6.3 |
|
|
|
249,168 |
|
|
|
3.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options granted, exercised, and forfeited or canceled under the
Company’s stock option plan during the three and six months
ended November 30, 2015 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
November 30, 2015 |
|
|
Six Months Ended
November 30, 2015 |
|
|
|
Number of
Shares |
|
|
Weighted
Average
Exercise Price |
|
|
Number of
Shares |
|
|
Weighted
Average
Exercise Price |
|
Options outstanding - beginning of period
|
|
|
332,500 |
|
|
$ |
3.68 |
|
|
|
332,500 |
|
|
$ |
3.68 |
|
|
|
|
|
|
Options granted
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
Options exercised
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
Options forfeited/canceled
|
|
|
(5,000 |
) |
|
|
5.80 |
|
|
|
(5,000 |
) |
|
|
5.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options outstanding - end of period
|
|
|
327,500 |
|
|
|
3.65 |
|
|
|
327,500 |
|
|
|
3.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionThe entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51659978&loc=d3e25284-112666
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901
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v3.3.1.900
EPS Reconciliation
|
6 Months Ended |
Nov. 30, 2015 |
Earnings Per Share [Abstract] |
|
EPS Reconciliation |
Note 3:
EPS RECONCILIATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
November 30, |
|
|
Six Months Ended
November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Weighted average shares (basic)
|
|
|
2,995,910 |
|
|
|
2,995,910 |
|
|
|
2,995,910 |
|
|
|
2,995,910 |
|
Effect of dilutive stock options
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares (diluted)
|
|
|
2,995,910 |
|
|
|
2,995,910 |
|
|
|
2,995,910 |
|
|
|
2,995,910 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share is computed using the weighted
average number of common shares outstanding. Diluted earnings
(loss) per share is computed using the weighted average number of
common shares outstanding, adjusted for dilutive incremental shares
attributed to outstanding options to purchase common stock. Common
stock equivalents for stock options are computed using the treasury
stock method. In periods in which a net loss is incurred, no common
stock equivalents are included since they are antidilutive and as
such all stock options outstanding are excluded from the
computation of diluted net loss in those periods.
|
X |
- References
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X |
- DefinitionThe entire disclosure for earnings per share.
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v3.3.1.900
Income Taxes
|
6 Months Ended |
Nov. 30, 2015 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Note 4:
INCOME TAXES
The Company accounts for income taxes using the asset and liability
method. This approach requires the recognition of deferred tax
assets and liabilities for the expected future tax consequences of
temporary differences between the carrying amounts and the tax
basis of assets and liabilities. Deferred tax assets are reduced by
a valuation allowance if, based on the weight of available
evidence, it is more likely than not that some portion or all of
the deferred tax assets will not be realized.
Each year the Company files income tax returns in the various
national, state and local income taxing jurisdictions in which it
operates. These tax returns are subject to examination and possible
challenge by the taxing authorities. Positions challenged by the
taxing authorities may be settled or appealed by the Company. As a
result, there is an uncertainty in income taxes recognized in the
Company’s financial statements in accordance with ASC Topic
740. The Company applies this guidance by defining criteria that an
individual income tax position must meet for any part of the
benefit of that position to be recognized in an enterprise’s
financial statements and provides guidance on measurement,
de-recognition, classification, accounting for interest and
penalties, accounting in interim periods, disclosure, and
transition.
Other long-term liabilities related to tax contingencies were $0 as
of both November 30, 2015 and May 31, 2015. Interest and
penalties associated with uncertain tax positions are recognized as
components of the “Provision for income taxes.” The
liability for payment of interest and penalties was $0 as of
November 30, 2015 and May 31, 2015.
Several tax years are subject to examination by major tax
jurisdictions. In the United States, federal tax years for Fiscal
2012 and after are subject to examination. In the United Kingdom,
tax years for Fiscal 2012 and after are subject to examination. In
Canada, tax years for Fiscal 2005 and after are subject to
examination.
Effective Tax Rate
The effective tax rate on consolidated net loss was 2.4% for the
six months ended November 30, 2015. The effective tax rate on
consolidated net loss differs from the federal statutory tax rate
primarily due to the amount of income from foreign jurisdictions,
changes in the deferred tax valuation allowance and certain
expenses not being deductible for income tax reporting purposes.
Management believes the effective tax rate for Fiscal 2016 will be
approximately 6.8% due to the items noted above.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.3.1.900
Segments of Business
|
6 Months Ended |
Nov. 30, 2015 |
Segment Reporting [Abstract] |
|
Segments of Business |
Note 5:
SEGMENTS OF BUSINESS
The Company has two reportable business segments: dynamic balancing
and process control systems for the machine tool industry
(Balancer) and laser-based test and measurement systems and
ultrasonic measurement products (Measurement). The Company operates
in three principal geographic markets: North America, Europe and
Asia.
Segment Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
|
Balancer |
|
|
Measurement |
|
|
Balancer |
|
|
Measurement |
|
Gross sales
|
|
$ |
2,192,878 |
|
|
$ |
1,187,847 |
|
|
$ |
2,250,911 |
|
|
$ |
1,204,966 |
|
Intercompany sales
|
|
|
(312,149 |
) |
|
|
5,193 |
|
|
|
(328,062 |
) |
|
|
23,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$ |
1,880,729 |
|
|
$ |
1,193,040 |
|
|
$ |
1,922,849 |
|
|
$ |
1,228,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
$ |
(203,149 |
) |
|
$ |
(174,576 |
) |
|
$ |
(37,759 |
) |
|
$ |
(33,042 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
$ |
24,236 |
|
|
$ |
9,832 |
|
|
$ |
24,471 |
|
|
$ |
10,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization expense
|
|
$ |
0 |
|
|
$ |
27,883 |
|
|
$ |
0 |
|
|
$ |
29,808 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
4,477 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
|
Balancer |
|
|
Measurement |
|
|
Balancer |
|
|
Measurement |
|
Gross sales
|
|
$ |
4,419,124 |
|
|
$ |
2,373,911 |
|
|
$ |
4,267,346 |
|
|
$ |
2,409,436 |
|
Intercompany sales
|
|
|
(610,900 |
) |
|
|
(3,982 |
) |
|
|
(504,327 |
) |
|
|
28,337 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$ |
3,808,224 |
|
|
$ |
2,369,929 |
|
|
$ |
3,763,019 |
|
|
$ |
2,437,773 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
$ |
(336,643 |
) |
|
$ |
(223,384 |
) |
|
$ |
(109,583 |
) |
|
$ |
91,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
$ |
51,046 |
|
|
$ |
20,387 |
|
|
$ |
54,272 |
|
|
$ |
22,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization expense
|
|
$ |
0 |
|
|
$ |
55,765 |
|
|
$ |
0 |
|
|
$ |
63,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
13,050 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geographic Information – Net Sales by Geographic
Area
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, |
|
|
Six Months Ended November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
North America
|
|
$ |
2,082,607 |
|
|
$ |
1,800,419 |
|
|
$ |
4,167,922 |
|
|
$ |
3,819,073 |
|
Europe
|
|
|
432,412 |
|
|
|
411,314 |
|
|
|
684,722 |
|
|
|
626,550 |
|
Asia
|
|
|
531,287 |
|
|
|
863,045 |
|
|
|
1,220,556 |
|
|
|
1,627,482 |
|
Other markets
|
|
|
27,463 |
|
|
|
76,726 |
|
|
|
104,953 |
|
|
|
127,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net sales
|
|
$ |
3,073,769 |
|
|
$ |
3,151,504 |
|
|
$ |
6,178,153 |
|
|
$ |
6,200,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
|
United States |
|
|
Europe |
|
|
United States |
|
|
Europe |
|
Operating income (loss)
|
|
$ |
(374,243 |
) |
|
$ |
(3,482 |
) |
|
$ |
(102,407 |
) |
|
$ |
31,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
$ |
34,068 |
|
|
$ |
0 |
|
|
$ |
35,454 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization expense
|
|
$ |
27,883 |
|
|
$ |
0 |
|
|
$ |
29,808 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
4,477 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
|
United States |
|
|
Europe |
|
|
United States |
|
|
Europe |
|
Operating income (loss)
|
|
$ |
(499,742 |
) |
|
$ |
(60,285 |
) |
|
$ |
(36,467 |
) |
|
$ |
18,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
$ |
71,433 |
|
|
$ |
0 |
|
|
$ |
76,483 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization expense
|
|
$ |
55,765 |
|
|
$ |
0 |
|
|
$ |
63,467 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
13,050 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note — Europe is defined as the European subsidiary, Schmitt
Europe, Ltd.
Segment and Geographic Assets
|
|
|
|
|
|
|
|
|
|
|
November 30, 2015 |
|
|
May 31, 2015 |
|
Segment assets to total assets
|
|
|
|
|
|
|
|
|
Balancer
|
|
$ |
4,884,201 |
|
|
$ |
5,059,567 |
|
Measurement
|
|
|
4,228,989 |
|
|
|
4,247,684 |
|
Corporate assets
|
|
|
1,265,409 |
|
|
|
1,796,684 |
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ |
10,378,599 |
|
|
$ |
11,103,935 |
|
|
|
|
|
|
|
|
|
|
Geographic assets to long-lived assets
|
|
|
|
|
|
|
|
|
United States
|
|
$ |
1,026,095 |
|
|
$ |
1,110,878 |
|
Europe
|
|
|
0 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
Total long-lived assets
|
|
$ |
1,026,095 |
|
|
$ |
1,110,878 |
|
|
|
|
|
|
|
|
|
|
Geographic assets to total assets
|
|
|
|
|
|
|
|
|
United States
|
|
$ |
9,524,797 |
|
|
$ |
10,107,523 |
|
Europe
|
|
|
853,802 |
|
|
|
996,412 |
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ |
10,378,599 |
|
|
$ |
11,103,935 |
|
|
|
|
|
|
|
|
|
|
|
X |
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v3.3.1.900
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Nov. 30, 2015 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of Presentation
The consolidated financial information included herein has been
prepared by Schmitt Industries, Inc. (the Company or Schmitt) and
its wholly owned subsidiaries. In the opinion of management, the
accompanying unaudited Consolidated Financial Statements have been
prepared pursuant to the rules and regulations of the Securities
and Exchange Commission and contain all adjustments, consisting
only of normal recurring adjustments, necessary to present fairly
its financial position as of November 30, 2015 and its results
of operations and its cash flows for the periods presented. The
consolidated balance sheet at May 31, 2015 has been derived
from the Annual Report on Form 10-K for the fiscal year ended
May 31, 2015. The accompanying unaudited financial statements
and related notes should be read in conjunction with the audited
financial statements included in our Annual Report on Form 10-K for
the fiscal year ended May 31, 2015. Operating results for the
interim periods presented are not necessarily indicative of the
results that may be experienced for the fiscal year ending
May 31, 2016.
|
Revenue Recognition |
Revenue Recognition
The Company recognizes revenue for sales and billing for freight
charges upon delivery of the product to the customer at a fixed and
determinable price with a reasonable assurance of collection,
passage of title to the customer as indicated by shipping terms and
fulfilment of all significant obligations, pursuant to the guidance
provided by Accounting Standards Codification (“ASC”)
Topic 605. For sales to all customers, including manufacturer
representatives, distributors or their third-party customers, these
criteria are met at the time product is shipped. When other
significant obligations remain after products are delivered,
revenue is recognized only after such obligations are fulfilled. In
addition, judgments are required in evaluating the credit
worthiness of our customers. Credit is not extended to customers
and revenue is not recognized until we have determined that
collectability is reasonably assured.
|
Financial Instruments |
Financial Instruments
The carrying value of all other financial instruments potentially
subject to valuation risk (principally consisting of cash and cash
equivalents, accounts receivable and accounts payable) also
approximates fair value because of their short-term maturities.
|
Accounts Receivable |
Accounts Receivable
The Company maintains credit limits for all customers based upon
several factors, including but not limited to financial condition
and stability, payment history, published credit reports and use of
credit references. Management performs various analyses to evaluate
accounts receivable balances to ensure recorded amounts reflect
estimated net realizable value. This review includes using accounts
receivable agings, other operating trends and relevant business
conditions, including general economic factors, as they relate to
each of the Company’s domestic and international customers.
If these analyses lead management to the conclusion that potential
significant accounts are uncollectible, a reserve is provided. The
allowance for doubtful accounts was $44,258 and $56,370 as of
November 30, 2015 and May 31, 2015, respectively.
|
Inventories |
Inventories
Inventories are valued at the lower of cost or market with cost
determined on the average cost basis. Costs included in inventories
consist of materials, labor and manufacturing overhead, which are
related to the purchase or production of inventories. Write-downs,
when required, are made to reduce excess inventories to their net
realizable values. Such estimates are based on assumptions
regarding future demand and market conditions. If actual conditions
become less favorable than the assumptions used, an additional
inventory write-down may be required. As of November 30, 2015
and May 31, 2015, inventories consisted of:
|
|
|
|
|
|
|
|
|
|
|
November 30, 2015 |
|
|
May 31, 2015 |
|
Raw materials
|
|
$ |
2,044,681 |
|
|
$ |
1,845,037 |
|
Work-in-process
|
|
|
975,886 |
|
|
|
836,346 |
|
Finished goods
|
|
|
1,620,306 |
|
|
|
1,876,184 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,640,873 |
|
|
$ |
4,557,567 |
|
|
|
|
|
|
|
|
|
|
|
Property and Equipment |
Property and Equipment
Property and equipment are stated at cost. Depreciation is computed
using the straight-line method over estimated useful lives of three
to seven years for furniture, fixtures and equipment; three years
for vehicles; and twenty-five years for buildings and improvements.
As of November 30, 2015 and May 31, 2015, property and
equipment consisted of:
|
|
|
|
|
|
|
|
|
|
|
November 30, 2015 |
|
|
May 31, 2015 |
|
Land
|
|
$ |
299,000 |
|
|
$ |
299,000 |
|
Buildings and improvements
|
|
|
1,814,524 |
|
|
|
1,814,524 |
|
Furniture, fixtures and equipment
|
|
|
1,342,745 |
|
|
|
1,381,691 |
|
Vehicles
|
|
|
96,587 |
|
|
|
96,587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3,552,856 |
|
|
|
3,591,802 |
|
Less accumulated depreciation
|
|
|
(2,526,761 |
) |
|
|
(2,480,924 |
) |
|
|
|
|
|
|
|
|
|
|
|
$ |
1,026,095 |
|
|
$ |
1,110,878 |
|
|
|
|
|
|
|
|
|
|
|
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v3.3.1.900
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Accounting Policies [Abstract] |
|
Inventories |
As of November 30, 2015 and May 31, 2015, inventories
consisted of:
|
|
|
|
|
|
|
|
|
|
|
November 30, 2015 |
|
|
May 31, 2015 |
|
Raw materials
|
|
$ |
2,044,681 |
|
|
$ |
1,845,037 |
|
Work-in-process
|
|
|
975,886 |
|
|
|
836,346 |
|
Finished goods
|
|
|
1,620,306 |
|
|
|
1,876,184 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,640,873 |
|
|
$ |
4,557,567 |
|
|
|
|
|
|
|
|
|
|
|
Summary of Property and Equipment |
As of November 30, 2015 and May 31, 2015, property and
equipment consisted of:
|
|
|
|
|
|
|
|
|
|
|
November 30, 2015 |
|
|
May 31, 2015 |
|
Land
|
|
$ |
299,000 |
|
|
$ |
299,000 |
|
Buildings and improvements
|
|
|
1,814,524 |
|
|
|
1,814,524 |
|
Furniture, fixtures and equipment
|
|
|
1,342,745 |
|
|
|
1,381,691 |
|
Vehicles
|
|
|
96,587 |
|
|
|
96,587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3,552,856 |
|
|
|
3,591,802 |
|
Less accumulated depreciation
|
|
|
(2,526,761 |
) |
|
|
(2,480,924 |
) |
|
|
|
|
|
|
|
|
|
|
|
$ |
1,026,095 |
|
|
$ |
1,110,878 |
|
|
|
|
|
|
|
|
|
|
|
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v3.3.1.900
Stock Options and Stock-Based Compensation (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Schedule of Outstanding Stock Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding
Options |
|
|
Exercisable Options |
|
Number of
Shares
|
|
|
Weighted
Average
Exercise Price |
|
|
Weighted
Average
Remaining
Contractual
Life (yrs) |
|
|
Number of
Shares |
|
|
Weighted
Average
Exercise Price |
|
|
35,000 |
|
|
$ |
2.53 |
|
|
|
7.8 |
|
|
|
23,333 |
|
|
$ |
2.53 |
|
|
112,500 |
|
|
|
2.84 |
|
|
|
8.5 |
|
|
|
45,835 |
|
|
|
2.85 |
|
|
130,000 |
|
|
|
3.65 |
|
|
|
5.5 |
|
|
|
130,000 |
|
|
|
3.65 |
|
|
50,000 |
|
|
|
6.25 |
|
|
|
2.5 |
|
|
|
50,000 |
|
|
|
6.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
327,500 |
|
|
|
3.65 |
|
|
|
6.3 |
|
|
|
249,168 |
|
|
|
3.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule of Options Granted, Exercised, and Forfeited or Canceled |
Options granted, exercised, and forfeited or canceled under the
Company’s stock option plan during the three and six months
ended November 30, 2015 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
November 30, 2015 |
|
|
Six Months Ended
November 30, 2015 |
|
|
|
Number of
Shares |
|
|
Weighted
Average
Exercise Price |
|
|
Number of
Shares |
|
|
Weighted
Average
Exercise Price |
|
Options outstanding - beginning of period
|
|
|
332,500 |
|
|
$ |
3.68 |
|
|
|
332,500 |
|
|
$ |
3.68 |
|
|
|
|
|
|
Options granted
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
Options exercised
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
Options forfeited/canceled
|
|
|
(5,000 |
) |
|
|
5.80 |
|
|
|
(5,000 |
) |
|
|
5.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options outstanding - end of period
|
|
|
327,500 |
|
|
|
3.65 |
|
|
|
327,500 |
|
|
|
3.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionTabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
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v3.3.1.900
EPS Reconciliation (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Earnings Per Share [Abstract] |
|
Schedule of Earnings Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
November 30, |
|
|
Six Months Ended
November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Weighted average shares (basic)
|
|
|
2,995,910 |
|
|
|
2,995,910 |
|
|
|
2,995,910 |
|
|
|
2,995,910 |
|
Effect of dilutive stock options
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares (diluted)
|
|
|
2,995,910 |
|
|
|
2,995,910 |
|
|
|
2,995,910 |
|
|
|
2,995,910 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- References
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- DefinitionTabular disclosure of the weighted average number of shares used in calculating basic net earnings per share (or unit) and diluted earnings per share (or unit).
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v3.3.1.900
Segments of Business (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Segment Reporting [Abstract] |
|
Segment Information |
Segment Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
|
Balancer |
|
|
Measurement |
|
|
Balancer |
|
|
Measurement |
|
Gross sales
|
|
$ |
2,192,878 |
|
|
$ |
1,187,847 |
|
|
$ |
2,250,911 |
|
|
$ |
1,204,966 |
|
Intercompany sales
|
|
|
(312,149 |
) |
|
|
5,193 |
|
|
|
(328,062 |
) |
|
|
23,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$ |
1,880,729 |
|
|
$ |
1,193,040 |
|
|
$ |
1,922,849 |
|
|
$ |
1,228,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
$ |
(203,149 |
) |
|
$ |
(174,576 |
) |
|
$ |
(37,759 |
) |
|
$ |
(33,042 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
$ |
24,236 |
|
|
$ |
9,832 |
|
|
$ |
24,471 |
|
|
$ |
10,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization expense
|
|
$ |
0 |
|
|
$ |
27,883 |
|
|
$ |
0 |
|
|
$ |
29,808 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
4,477 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
|
Balancer |
|
|
Measurement |
|
|
Balancer |
|
|
Measurement |
|
Gross sales
|
|
$ |
4,419,124 |
|
|
$ |
2,373,911 |
|
|
$ |
4,267,346 |
|
|
$ |
2,409,436 |
|
Intercompany sales
|
|
|
(610,900 |
) |
|
|
(3,982 |
) |
|
|
(504,327 |
) |
|
|
28,337 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$ |
3,808,224 |
|
|
$ |
2,369,929 |
|
|
$ |
3,763,019 |
|
|
$ |
2,437,773 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
$ |
(336,643 |
) |
|
$ |
(223,384 |
) |
|
$ |
(109,583 |
) |
|
$ |
91,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
$ |
51,046 |
|
|
$ |
20,387 |
|
|
$ |
54,272 |
|
|
$ |
22,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization expense
|
|
$ |
0 |
|
|
$ |
55,765 |
|
|
$ |
0 |
|
|
$ |
63,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
13,050 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geographic Information-Net Sales by Geographic Area |
Geographic Information – Net Sales by Geographic
Area
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, |
|
|
Six Months Ended November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
North America
|
|
$ |
2,082,607 |
|
|
$ |
1,800,419 |
|
|
$ |
4,167,922 |
|
|
$ |
3,819,073 |
|
Europe
|
|
|
432,412 |
|
|
|
411,314 |
|
|
|
684,722 |
|
|
|
626,550 |
|
Asia
|
|
|
531,287 |
|
|
|
863,045 |
|
|
|
1,220,556 |
|
|
|
1,627,482 |
|
Other markets
|
|
|
27,463 |
|
|
|
76,726 |
|
|
|
104,953 |
|
|
|
127,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net sales
|
|
$ |
3,073,769 |
|
|
$ |
3,151,504 |
|
|
$ |
6,178,153 |
|
|
$ |
6,200,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Information of Operating Income (Loss) and Expenditure by Geographic Areas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
|
United States |
|
|
Europe |
|
|
United States |
|
|
Europe |
|
Operating income (loss)
|
|
$ |
(374,243 |
) |
|
$ |
(3,482 |
) |
|
$ |
(102,407 |
) |
|
$ |
31,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
$ |
34,068 |
|
|
$ |
0 |
|
|
$ |
35,454 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization expense
|
|
$ |
27,883 |
|
|
$ |
0 |
|
|
$ |
29,808 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
4,477 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
|
United States |
|
|
Europe |
|
|
United States |
|
|
Europe |
|
Operating income (loss)
|
|
$ |
(499,742 |
) |
|
$ |
(60,285 |
) |
|
$ |
(36,467 |
) |
|
$ |
18,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
$ |
71,433 |
|
|
$ |
0 |
|
|
$ |
76,483 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization expense
|
|
$ |
55,765 |
|
|
$ |
0 |
|
|
$ |
63,467 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
13,050 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment and Geographic Assets |
Segment and Geographic Assets
|
|
|
|
|
|
|
|
|
|
|
November 30, 2015 |
|
|
May 31, 2015 |
|
Segment assets to total assets
|
|
|
|
|
|
|
|
|
Balancer
|
|
$ |
4,884,201 |
|
|
$ |
5,059,567 |
|
Measurement
|
|
|
4,228,989 |
|
|
|
4,247,684 |
|
Corporate assets
|
|
|
1,265,409 |
|
|
|
1,796,684 |
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ |
10,378,599 |
|
|
$ |
11,103,935 |
|
|
|
|
|
|
|
|
|
|
Geographic assets to long-lived assets
|
|
|
|
|
|
|
|
|
United States
|
|
$ |
1,026,095 |
|
|
$ |
1,110,878 |
|
Europe
|
|
|
0 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
Total long-lived assets
|
|
$ |
1,026,095 |
|
|
$ |
1,110,878 |
|
|
|
|
|
|
|
|
|
|
Geographic assets to total assets
|
|
|
|
|
|
|
|
|
United States
|
|
$ |
9,524,797 |
|
|
$ |
10,107,523 |
|
Europe
|
|
|
853,802 |
|
|
|
996,412 |
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ |
10,378,599 |
|
|
$ |
11,103,935 |
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionSchedule of disclosure on geographic areas operating income loss and expenditure.
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+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599
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+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599
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Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)
|
6 Months Ended |
|
Nov. 30, 2015 |
May. 31, 2015 |
Significant Accounting Policies [Line Items] |
|
|
Allowance for doubtful accounts |
$ 44,258
|
$ 56,370
|
Vehicles [Member] |
|
|
Significant Accounting Policies [Line Items] |
|
|
Property and equipment, useful life |
3 years
|
|
Building and Improvements [Member] |
|
|
Significant Accounting Policies [Line Items] |
|
|
Property and equipment, useful life |
25 years
|
|
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|
|
Significant Accounting Policies [Line Items] |
|
|
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3 years
|
|
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|
|
Significant Accounting Policies [Line Items] |
|
|
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7 years
|
|
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v3.3.1.900
Summary of Significant Accounting Policies - Schedule of Inventories (Detail) - USD ($)
|
Nov. 30, 2015 |
May. 31, 2015 |
Inventory, Net [Abstract] |
|
|
Raw materials |
$ 2,044,681
|
$ 1,845,037
|
Work-in-process |
975,886
|
836,346
|
Finished goods |
1,620,306
|
1,876,184
|
Inventories |
$ 4,640,873
|
$ 4,557,567
|
X |
- DefinitionCarrying amount, net of valuation reserves and adjustments, as of the balance sheet date of merchandise or goods held by the company that are readily available for sale.
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v3.3.1.900
Significant Accounting Policies - Summary of Property and Equipment (Detail) - USD ($)
|
Nov. 30, 2015 |
May. 31, 2015 |
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
$ 3,552,856
|
$ 3,591,802
|
Less accumulated depreciation |
(2,526,761)
|
(2,480,924)
|
Property, plant and equipment, net |
1,026,095
|
1,110,878
|
Land [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
299,000
|
299,000
|
Building and Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
1,814,524
|
1,814,524
|
Furniture, Fixtures and Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
1,342,745
|
1,381,691
|
Vehicles [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
$ 96,587
|
$ 96,587
|
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v3.3.1.900
Stock Options and Stock-Based Compensation - Additional Information (Detail) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
|
Nov. 30, 2015 |
Nov. 30, 2015 |
Nov. 30, 2014 |
Aug. 31, 2015 |
May. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
|
|
|
|
Expected dividend rate |
|
0.00%
|
|
|
|
Options Granted |
0
|
0
|
87,500
|
|
|
Outstanding stock options, total |
327,500
|
327,500
|
|
332,500
|
332,500
|
Vested and exercisable stock options |
249,168
|
249,168
|
|
|
|
Non-vested shares |
78,332
|
78,332
|
|
|
|
Weighted average exercise price |
$ 3.65
|
$ 3.65
|
|
$ 3.68
|
$ 3.68
|
Additional stock-based compensation expense |
$ 46,944
|
$ 46,944
|
|
|
|
Additional stock-based compensation expense weighted average period |
|
1 year 4 months 24 days
|
|
|
|
X |
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Stock Options and Stock-Based Compensation - Schedule of Outstanding Stock Options (Detail) - $ / shares
|
6 Months Ended |
|
|
Nov. 30, 2015 |
Aug. 31, 2015 |
May. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Number of Shares, Outstanding Options |
327,500
|
332,500
|
332,500
|
Weighted Average Exercise Price, Outstanding Options |
$ 3.65
|
$ 3.68
|
$ 3.68
|
Weighted Average Remaining Contractual Life (yrs), Outstanding Options |
6 years 3 months 18 days
|
|
|
Exercisable Options, Number of Shares |
249,168
|
|
|
Exercisable Options, Weighted Average Exercise Price |
$ 3.92
|
|
|
Options 1 [Member] |
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Number of Shares, Outstanding Options |
35,000
|
|
|
Weighted Average Exercise Price, Outstanding Options |
$ 2.53
|
|
|
Weighted Average Remaining Contractual Life (yrs), Outstanding Options |
7 years 9 months 18 days
|
|
|
Exercisable Options, Number of Shares |
23,333
|
|
|
Exercisable Options, Weighted Average Exercise Price |
$ 2.53
|
|
|
Options 2 [Member] |
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Number of Shares, Outstanding Options |
112,500
|
|
|
Weighted Average Exercise Price, Outstanding Options |
$ 2.84
|
|
|
Weighted Average Remaining Contractual Life (yrs), Outstanding Options |
8 years 6 months
|
|
|
Exercisable Options, Number of Shares |
45,835
|
|
|
Exercisable Options, Weighted Average Exercise Price |
$ 2.85
|
|
|
Options 3 [Member] |
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Number of Shares, Outstanding Options |
130,000
|
|
|
Weighted Average Exercise Price, Outstanding Options |
$ 3.65
|
|
|
Weighted Average Remaining Contractual Life (yrs), Outstanding Options |
5 years 6 months
|
|
|
Exercisable Options, Number of Shares |
130,000
|
|
|
Exercisable Options, Weighted Average Exercise Price |
$ 3.65
|
|
|
Options 4 [Member] |
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Number of Shares, Outstanding Options |
50,000
|
|
|
Weighted Average Exercise Price, Outstanding Options |
$ 6.25
|
|
|
Weighted Average Remaining Contractual Life (yrs), Outstanding Options |
2 years 6 months
|
|
|
Exercisable Options, Number of Shares |
50,000
|
|
|
Exercisable Options, Weighted Average Exercise Price |
$ 6.25
|
|
|
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Stock Options and Stock-Based Compensation - Schedule of Options Granted, Exercised, and Forfeited or Canceled (Detail) - $ / shares
|
3 Months Ended |
6 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2015 |
Nov. 30, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
|
|
Number of Shares, Options outstanding - beginning of period |
332,500
|
332,500
|
|
Number of Shares, Options granted |
0
|
0
|
87,500
|
Number of Shares, Options exercised |
0
|
0
|
|
Number of Shares, Options forfeited/canceled |
(5,000)
|
(5,000)
|
|
Number of Shares, Options outstanding - end of period |
327,500
|
327,500
|
|
Weighted Average Exercise Price, Options outstanding - beginning of period |
$ 3.68
|
$ 3.68
|
|
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0
|
0
|
|
Weighted Average Exercise Price, Options exercised |
0
|
0
|
|
Weighted Average Exercise Price, Options forfeited/canceled |
5.80
|
5.80
|
|
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$ 3.65
|
$ 3.65
|
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EPS Reconciliation - Schedule of Earnings Per Share (Detail) - shares
|
3 Months Ended |
6 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
Earnings Per Share [Abstract] |
|
|
|
|
Weighted average shares (basic) |
2,995,910
|
2,995,910
|
2,995,910
|
2,995,910
|
Effect of dilutive stock options |
0
|
0
|
0
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0
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Segments of Business - Segment Information (Detail) - USD ($)
|
3 Months Ended |
6 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
Segment Reporting Information [Line Items] |
|
|
|
|
Net sales |
$ 3,073,769
|
$ 3,151,504
|
$ 6,178,153
|
$ 6,200,792
|
Operating income (loss) |
(377,725)
|
(70,801)
|
(560,027)
|
(17,702)
|
Capital expenditures |
|
|
0
|
13,050
|
Measurement [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Net sales |
1,193,040
|
1,228,655
|
2,369,929
|
2,437,773
|
Operating income (loss) |
(174,576)
|
(33,042)
|
(223,384)
|
91,881
|
Depreciation expense |
9,832
|
10,983
|
20,387
|
22,211
|
Amortization expense |
27,883
|
29,808
|
55,765
|
63,467
|
Capital expenditures |
0
|
0
|
0
|
0
|
Balancer [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Net sales |
1,880,729
|
1,922,849
|
3,808,224
|
3,763,019
|
Operating income (loss) |
(203,149)
|
(37,759)
|
(336,643)
|
(109,583)
|
Depreciation expense |
24,236
|
24,471
|
51,046
|
54,272
|
Amortization expense |
0
|
0
|
0
|
0
|
Capital expenditures |
0
|
4,477
|
0
|
13,050
|
Operating Segments [Member] | Measurement [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Net sales |
1,187,847
|
1,204,966
|
2,373,911
|
2,409,436
|
Operating Segments [Member] | Balancer [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Net sales |
2,192,878
|
2,250,911
|
4,419,124
|
4,267,346
|
Intersegment Eliminations [Member] | Measurement [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Net sales |
5,193
|
23,689
|
(3,982)
|
28,337
|
Intersegment Eliminations [Member] | Balancer [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Net sales |
$ (312,149)
|
$ (328,062)
|
$ (610,900)
|
$ (504,327)
|
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Segments of Business - Geographic Information-Net Sales by Geographic Area (Detail) - USD ($)
|
3 Months Ended |
6 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Total net sales |
$ 3,073,769
|
$ 3,151,504
|
$ 6,178,153
|
$ 6,200,792
|
North America [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Total net sales |
2,082,607
|
1,800,419
|
4,167,922
|
3,819,073
|
Europe [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Total net sales |
432,412
|
411,314
|
684,722
|
626,550
|
Asia [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Total net sales |
531,287
|
863,045
|
1,220,556
|
1,627,482
|
Other markets [Member] |
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
Total net sales |
$ 27,463
|
$ 76,726
|
$ 104,953
|
$ 127,687
|
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Segments of Business - Segment Information of Operating Income (Loss) and Expenditure by Geographic Areas (Detail) - USD ($)
|
3 Months Ended |
6 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
|
Operating income (loss) |
|
$ (377,725)
|
$ (70,801)
|
$ (560,027)
|
$ (17,702)
|
Capital expenditures |
|
|
|
0
|
13,050
|
United States [Member] |
|
|
|
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
|
|
|
Operating income (loss) |
|
(374,243)
|
(102,407)
|
(499,742)
|
(36,467)
|
Depreciation expense |
|
34,068
|
35,454
|
71,433
|
76,483
|
Amortization expense |
|
27,883
|
29,808
|
55,765
|
63,467
|
Capital expenditures |
|
0
|
4,477
|
0
|
13,050
|
Europe [Member] |
|
|
|
|
|
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|
|
|
|
|
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[1] |
(3,482)
|
31,606
|
(60,285)
|
18,765
|
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[1] |
0
|
0
|
0
|
0
|
Amortization expense |
[1] |
0
|
0
|
0
|
0
|
Capital expenditures |
[1] |
$ 0
|
$ 0
|
$ 0
|
$ 0
|
|
|
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|
Nov. 30, 2015 |
May. 31, 2015 |
Segment Reporting Information [Line Items] |
|
|
Segment and geographic assets to total assets |
$ 10,378,599
|
$ 11,103,935
|
Geographic assets to long-lived assets |
1,026,095
|
1,110,878
|
Segment and geographic assets to total assets |
10,378,599
|
11,103,935
|
United States [Member] |
|
|
Segment Reporting Information [Line Items] |
|
|
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9,524,797
|
10,107,523
|
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1,026,095
|
1,110,878
|
Segment and geographic assets to total assets |
9,524,797
|
10,107,523
|
Europe [Member] |
|
|
Segment Reporting Information [Line Items] |
|
|
Segment and geographic assets to total assets |
853,802
|
996,412
|
Geographic assets to long-lived assets |
0
|
0
|
Segment and geographic assets to total assets |
853,802
|
996,412
|
Operating Segments [Member] | Balancer [Member] |
|
|
Segment Reporting Information [Line Items] |
|
|
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4,884,201
|
5,059,567
|
Segment and geographic assets to total assets |
4,884,201
|
5,059,567
|
Operating Segments [Member] | Measurement [Member] |
|
|
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|
|
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4,228,989
|
4,247,684
|
Segment and geographic assets to total assets |
4,228,989
|
4,247,684
|
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|
|
Segment Reporting Information [Line Items] |
|
|
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1,265,409
|
1,796,684
|
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$ 1,265,409
|
$ 1,796,684
|
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