☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
GEORGIA | 58-1217564 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock, no par value | VIDE | OTCMKTS |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ | Smaller reporting company | ☒ | |||
Emerging growth company | ☐ |
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Item 3. | 21 | |||||||||||
Item 4. | 21 | |||||||||||
Item 1. | 23 | |||||||||||
Item 1A. | 23 | |||||||||||
Item 2. | 23 | |||||||||||
Item 3. | 23 | |||||||||||
Item 4. | 23 | |||||||||||
Item 5. | 23 | |||||||||||
Item 6. | 23 | |||||||||||
24 | ||||||||||||
31.1 | ||||||||||||
31.2 | ||||||||||||
32 |
August 31, 2021 | February 28, 2021 | |||||||
(unaudited) | ||||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 245 | $ | 293 | ||||
Accounts receivable, less allowance for doubtful accounts of $14 and $12 | 1,168 | 1,314 | ||||||
Inventories, net | 3,640 | 4,027 | ||||||
Contract assets | 996 | 1,534 | ||||||
Prepaid expenses and other current assets | 246 | 279 | ||||||
Total current assets | 6,295 | 7,447 | ||||||
Property, plant, and equipment | ||||||||
Buildings | 778 | 766 | ||||||
Construction in progress | 12 | 130 | ||||||
Machinery and equipment | 5,315 | 5,162 | ||||||
6,105 | 6,058 | |||||||
Accumulated depreciation | (5,110 | ) | (4,979 | ) | ||||
Net property, plant, and equipment | 995 | 1,079 | ||||||
Right of use assets under operating leases | 864 | 1,127 | ||||||
Intangible assets, net | 182 | 247 | ||||||
Other noncurrent assets | 2 | 2 | ||||||
Total assets | $ | 8,338 | $ | 9,902 | ||||
November 30, | February 28, | |||||||
2021 | 2021 | |||||||
(unaudited) | ||||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 215 | $ | 293 | ||||
Accounts receivable, less allowance for doubtful accounts of $14 and $12 | 703 | 1,314 | ||||||
Inventories | 3,088 | 4,027 | ||||||
Contract assets | 792 | 1,534 | ||||||
Employee retention credit refund receivable | 796 | 0 | ||||||
Prepaid expenses and other current assets | 305 | 279 | ||||||
Total current assets | 5,899 | 7,447 | ||||||
Property, plant, and equipment | ||||||||
Buildings | 778 | 766 | ||||||
Construction in progress | 20 | 130 | ||||||
Machinery and equipment | 5,316 | 5,162 | ||||||
6,114 | 6,058 | |||||||
Accumulated depreciation | (5,179 | ) | (4,979 | ) | ||||
Net property, plant, and equipment | 935 | 1,079 | ||||||
Right of use assets under operating leases | 729 | 1,127 | ||||||
Intangible assets, net | 151 | 247 | ||||||
Other noncurrent assets | 2 | 2 | ||||||
Total assets | $ | 7,716 | $ | 9,902 | ||||
August 31, 2021 | February 28, 2021 | |||||||
(unaudited) | ||||||||
Liabilities and Shareholders’ Equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 934 | $ | 602 | ||||
Accrued liabilities | 574 | 728 | ||||||
Customer deposits | 1,713 | 1,717 | ||||||
Note payable | 71 | 100 | ||||||
Note payable to officer and director | 250 | — | ||||||
Current maturities of financing lease obligations | 98 | 98 | ||||||
Current operating lease liabilities | 489 | 601 | ||||||
Total current liabilities | 4,129 | 3,846 | ||||||
PPP related loans, noncurrent | 0 | 1,084 | ||||||
Finance lease obligations less current maturities | 104 | 142 | ||||||
Long-term operating lease liabilities | 412 | 556 | ||||||
Total liabilities | 4,645 | 5,628 | ||||||
Shareholders’ Equity | ||||||||
Preferred stock, 0 par value – 10,000 shares authorized; NaN issued and outstanding | 0— | 0— | ||||||
Common stock, 0 par value – 50,000 shares authorized; 9,732 issued and 5,878 outstanding at August 31, 2021 and February 28, 2021 | 7,293 | 7,293 | ||||||
Additional paid-in capital | 281 | 281 | ||||||
Retained earnings | 12,401 | 12,982 | ||||||
Treasury stock, shares at cost; 3,854 at August 31, 2021 and February 28, 2021 | (16,282 | ) | (16,282 | ) | ||||
Total shareholders’ equity | 3,693 | 4,274 | ||||||
Total liabilities and shareholders’ equity | $ | 8,338 | $ | 9,902 | ||||
November 30, | February 28, | |||||||
2021 | 2021 | |||||||
(unaudited) | ||||||||
Liabilities and Shareholders’ Equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 962 | $ | 602 | ||||
Accrued liabilities | 809 | 728 | ||||||
Customer deposits | 1,668 | 1,717 | ||||||
Note payable | 26 | 100 | ||||||
Note payable to officer and director | 458 | — | ||||||
Current maturities of financing lease obligations | 98 | 98 | ||||||
Current operating lease liabilities | 351 | 601 | ||||||
Total current liabilities | 4,372 | 3,846 | ||||||
PPP related loans, noncurrent | 0 | 1,084 | ||||||
Finance lease obligations less current maturities | 85 | 142 | ||||||
Long-term operating lease liabilities | 372 | 556 | ||||||
Total liabilities | 4,829 | 5,628 | ||||||
Shareholders’ Equity | ||||||||
Preferred stock, 0 par value – 10,000 shares authorized; NaN issued and outstanding | 0— | 0— | ||||||
Common stock, 0 par value – 50,000 shares authorized; 9,732 issued and 5,878 outstanding at November 30, 2021 and February | 7,293 | 7,293 | ||||||
Additional paid-in capital | 281 | 281 | ||||||
Retained earnings | 11,595 | 12,982 | ||||||
Treasury stock, shares at cost; 3,854 at November 30, 2021 and February 28, 2021 | (16,282 | ) | (16,282 | ) | ||||
Total shareholders’ equity | 2,887 | 4,274 | ||||||
Total liabilities and shareholders’ equity | $ | 7,716 | $ | 9,902 | ||||
Three Months Ended August 31, | Six Months Ended August 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net sales | $ | 1,904 | $ | 2,292 | $ | 3,761 | $ | 5,997 | ||||||||
Cost of goods sold | 1,853 | 2,107 | 3,343 | 4,834 | ||||||||||||
Gross profit | 51 | 185 | 418 | 1,163 | ||||||||||||
Operating expenses | ||||||||||||||||
Selling and delivery | 123 | 290 | 282 | 496 | ||||||||||||
General and administrative | 903 | 976 | 1,895 | 1,973 | ||||||||||||
1,026 | 1,266 | 2,177 | 2,469 | |||||||||||||
Operating loss | (975 | ) | (1,081 | ) | (1,759 | ) | (1,306 | ) | ||||||||
Other income (expense) | ||||||||||||||||
Interest income (expense), net | (4 | ) | (16 | ) | (14 | ) | (31 | ) | ||||||||
Investment gains (losses), net | — | 4 | — | (6 | ) | |||||||||||
Gain on extinguishment of PPP loans | 1,084 | 0 | 1,084 | 0 | ||||||||||||
Other, net | 59 | 92 | 108 | 335 | ||||||||||||
1,139 | 80 | 1,178 | 298 | |||||||||||||
Income (loss) before income taxes | 164 | (1,001 | ) | (581 | ) | (1,008 | ) | |||||||||
Income tax expense | 0— | 0— | 0— | 0— | ||||||||||||
Net income (loss) | $ | 164 | $ | (1,001 | ) | $ | (581 | ) | $ | (1,008 | ) | |||||
Net income (loss) per share - basic | $ | 0.03 | $ | (0.17 | ) | $ | (0.10 | ) | $ | (0.17 | ) | |||||
Net income (loss) per share - diluted | $ | 0.03 | $ | (0.17 | ) | $ | (0.10 | ) | $ | (0.17 | ) | |||||
Basic weighted average shares outstanding | 5,878 | 5,878 | 5,878 | 5,878 | ||||||||||||
Diluted weighted average shares outstanding | 6,078 | 5,878 | 5,878 | 5,878 | ||||||||||||
Three Months Ended November 30, | Nine Months Ended November 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net sales | $ | 1,616 | $ | 2,861 | $5,377 | $8,858 | ||||||||||
Cost of goods sold | 2,171 | 1,913 | 5,514 | 6,747 | ||||||||||||
Gross (loss) profit | (555 | ) | 948 | (137 | ) | 2,111 | ||||||||||
Operating expenses | ||||||||||||||||
Selling and delivery | 126 | 126 | 408 | 622 | ||||||||||||
General and administrative | 978 | 947 | 2,873 | 2,920 | ||||||||||||
1,104 | 1,073 | 3,281 | 3,542 | |||||||||||||
Operating loss | (1,659 | ) | (125 | ) | (3,418 | ) | (1,431 | ) | ||||||||
Other income (expense) | ||||||||||||||||
Interest expense, net | (6 | ) | (4 | ) | (20 | ) | (35 | ) | ||||||||
Investment gains, net | — | 11 | — | 5 | ||||||||||||
Gain on extinguishment of PPP loans | — | 216 | 1,084 | 216 | ||||||||||||
Gain on sale of assets | — | 1,724 | — | 1,724 | ||||||||||||
Employee retention credit income | 796 | — | 796 | — | ||||||||||||
Other, net | 63 | 58 | 171 | 393 | ||||||||||||
853 | 2,005 | 2,031 | 2,303 | |||||||||||||
(Loss) income before income taxes | (806 | ) | 1,880 | (1,387 | ) | 872 | ||||||||||
Income tax expense | 0— | 0— | 0— | 0— | ||||||||||||
Net (loss) income | $ | (806 | ) | $ | 1,880 | $ | (1,387 | ) | $ | 872 | ||||||
Net (loss) income per share - basic | $ | (0.14 | ) | $ | 0.32 | $ | (0.24 | ) | $ | 0.15 | ||||||
Net (loss) income per share - diluted | $ | (0.14 | ) | $ | 0.31 | $ | (0.24 | ) | $ | 0.14 | ||||||
Basic weighted average shares outstanding | 5,878 | 5,878 | 5,878 | 5,878 | ||||||||||||
Diluted weighted average shares outstanding | 5,878 | 6,078 | 5,878 | 6,078 | ||||||||||||
Common Shares* | Share Amount | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Total Shareholders’ Equity | |||||||||||||||||||
For the Three Months Ended August 31, 2021 | ||||||||||||||||||||||||
Balance, May 31, 2021 (unaudited) | 5,878 | $ | 7,293 | $ | 281 | $ | 12,237 | $ | (16,282 | ) | $ | 3,529 | ||||||||||||
Net income | — | — | — | 164 | — | 164 | ||||||||||||||||||
Balance, August 31, 2021 (unaudited) | 5,878 | $ | 7,293 | $ | 281 | $ | 12,401 | $ | (16,282 | ) | $ | 3,693 | ||||||||||||
For the Six Months Ended August 31, 2021 | ||||||||||||||||||||||||
Balance, February 28, 2021 (audited) | 5,878 | $ | 7,293 | $ | 281 | $ | 12,982 | $ | (16,282 | ) | $ | 4,274 | ||||||||||||
Net loss | — | — | — | (581 | ) | — | (581 | ) | ||||||||||||||||
Balance, August 31, 2021 (unaudited) | 5,878 | $ | 7,293 | $ | 281 | $ | 12,401 | $ | (16,282 | ) | $ | 3,693 | ||||||||||||
For the Three Months Ended August 31, 2020 | ||||||||||||||||||||||||
Balance, May 31, 2020 (unaudited) | 5,878 | $ | 7,293 | $ | 281 | $ | 12,163 | $ | (16,282 | ) | $ | 3,455 | ||||||||||||
Net loss | — | — | — | (1,001 | ) | — | (1,001 | ) | ||||||||||||||||
Balance, August 31, 2020 (unaudited) | 5,878 | $ | 7,293 | $ | 281 | $ | 11,162 | $ | (16,282 | ) | $ | 2,454 | ||||||||||||
For the Six Months Ended August 31, 2020 | ||||||||||||||||||||||||
Balance, February 29, 2020 (audited) | 5,878 | $ | 7,293 | $ | 281 | $ | 12,170 | $ | (16,282 | ) | $ | 3,462 | ||||||||||||
Net loss | — | — | — | (1,008 | ) | — | (1,008 | ) | ||||||||||||||||
Balance, August 31, 2020 (unaudited) | 5,878 | $ | 7,293 | $ | 281 | $ | 11,162 | $ | (16,282 | ) | $ | 2,454 | ||||||||||||
Common Shares* | Share Amount | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Total Shareholders’ Equity | |||||||||||||||||||
For the Three Months Ended November 30, 2021 | ||||||||||||||||||||||||
Balance, August 31, 2021 (unaudited) | 5,878 | $ | 7,293 | $ | 281 | $ | 12,401 | $ | (16,282 | ) | $ | 3,693 | ||||||||||||
Net loss | — | — | — | (806 | ) | — | (806 | ) | ||||||||||||||||
Balance, November 30, 2021 (unaudited) | 5,878 | $ | 7,293 | $ | 281 | $ | 11,595 | $ | (16,282 | ) | $ | 2,887 | ||||||||||||
For the Nine Months Ended November 30, 2021 | ||||||||||||||||||||||||
Balance, February 28, 2021 (audited) | 5,878 | $ | 7,293 | $ | 281 | $ | 12,982 | $ | (16,282 | ) | $ | 4,274 | ||||||||||||
Net loss | — | — | — | (1,387 | ) | — | (1,387 | ) | ||||||||||||||||
Balance, November 30, 2021 (unaudited) | 5,878 | $ | 7,293 | $ | 281 | $ | 11,595 | $ | (16,282 | ) | $ | 2,887 | ||||||||||||
For the Three Months Ended November 30, 2020 | ||||||||||||||||||||||||
Balance, August 31, 2020 (unaudited) | 5,878 | $ | 7,293 | $ | 281 | $ | 11,162 | $ | (16,282 | ) | $ | 2,454 | ||||||||||||
Net income | — | — | — | 1,880 | — | 1,880 | ||||||||||||||||||
Balance, November 30, 2020 (unaudited) | 5,878 | $ | 7,293 | $ | 281 | $ | 13,042 | $ | (16,282 | ) | $ | 4,334 | ||||||||||||
For the Nine Months Ended November 30, 2020 | ||||||||||||||||||||||||
Balance, February 29, 2020 (audited) | 5,878 | $ | 7,293 | $ | 281 | $ | 12,170 | $ | (16,282 | ) | $ | 3,462 | ||||||||||||
Net income | — | — | — | 872 | — | 872 | ||||||||||||||||||
Balance, November 30, 2020 (unaudited) | 5,878 | $ | 7,293 | $ | 281 | $ | 13,042 | $ | (16,282 | ) | $ | 4,334 | ||||||||||||
* | Common shares are shown net of Treasury Shares |
Six Months Ended August 31, | Nine Months Ended November 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Operating Activities | ||||||||||||||||
Net loss | $ | (581 | ) | $ | (1,008 | ) | ||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||
Net (loss) income | $ | (1,387 | ) | $ | 872 | |||||||||||
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||||||||||||||||
Depreciation expense | 131 | 117 | 200 | 163 | ||||||||||||
Amortization of intangible assets | 65 | 75 | 96 | 107 | ||||||||||||
Provision for doubtful accounts | 2 | (3 | ) | 2 | 6 | |||||||||||
Provision for inventory reserve | (96 | ) | 30 | |||||||||||||
Realized/unrealized loss on investments | — | 6 | ||||||||||||||
Inventory related charges | 827 | 45 | ||||||||||||||
Realized/unrealized gain on investments | — | (5 | ) | |||||||||||||
Gain on sale of assets | — | (1,724 | ) | |||||||||||||
Gain on extinguishment of PPP loans | (1,084 | ) | — | (1,084 | ) | (216 | ) | |||||||||
Other | 7 | 11 | ||||||||||||||
Other, net | (36 | ) | 4 | |||||||||||||
Changes in working capital items: | ||||||||||||||||
Accounts receivable | 144 | (141 | ) | 609 | 65 | |||||||||||
Inventories | 483 | 77 | 112 | (813 | ) | |||||||||||
Prepaid expenses and other assets | 33 | 222 | (26 | ) | 193 | |||||||||||
Contract assets | 538 | (206 | ) | 742 | (904 | ) | ||||||||||
Employee retention credit refund receivabl e | (796 | ) | 0 | |||||||||||||
Customer deposits | (4 | ) | (1,013 | ) | (49 | ) | (596 | ) | ||||||||
Accounts payable and accrued liabilities | 178 | 307 | 441 | 105 | ||||||||||||
Net cash used in operating activities | (184 | ) | (1,526 | ) | (349 | ) | (2,698 | ) | ||||||||
Investing Activities | ||||||||||||||||
Capital expenditures | (47 | ) | (31 | ) | (56 | ) | — | |||||||||
Proceeds from sale of assets | — | 2,028 | ||||||||||||||
Purchases of investments | — | (47 | ) | — | (47 | ) | ||||||||||
Proceeds from sale of investments | — | 24 | — | 50 | ||||||||||||
Net cash used in investing activities | (47 | ) | (54 | ) | ||||||||||||
Net cash (used in) provided by investing activities | (56 | ) | 2,031 | |||||||||||||
Financing Activities | ||||||||||||||||
Repayments of notes payable to officers and directors | — | (35 | ) | — | (1,227 | ) | ||||||||||
Repayments of note payable | (29 | ) | — | (74 | ) | — | ||||||||||
Repayments on lease financing | (38 | ) | — | (57 | ) | — | ||||||||||
Proceeds from loans with officers and directors | 250 | 200 | 458 | 400 | ||||||||||||
Proceeds from PPP related loans | — | 988 | — | 988 | ||||||||||||
Marginal float borrowings | — | (3 | ) | |||||||||||||
Change in marginal float | — | 4 | ||||||||||||||
Net cash provided by financing activities | 183 | 1,150 | 327 | 165 | ||||||||||||
Net change in cash and cash equivalents | (48 | ) | (430 | ) | (78 | ) | (502 | ) | ||||||||
Cash and cash equivalents, beginning of year | 293 | 844 | 293 | 844 | ||||||||||||
Cash and cash equivalents, end of period | $ | 245 | $ | 414 | $ | 215 | $ | 342 | ||||||||
August 31, 2021 | February 28, 2021 | November 30, 2021 | February 28, 2021 | |||||||||||||
Working capital | $ | 2,166 | $ | 3,601 | $ | 1,527 | $ | 3,601 | ||||||||
Liquid assets | $ | 245 | $ | 293 | $ | 215 | $ | 293 |
August 31, 2021 | February 28, 2021 | |||||||
Raw materials | $ | 2,979 | $ | 2,888 | ||||
Work-in-process | 882 | 1,166 | ||||||
Finished goods | 481 | 771 | ||||||
4,342 | 4,825 | |||||||
Reserves for obsolescence | (702 | ) | (798 | ) | ||||
$ | 3,640 | $ | 4,027 | |||||
November 30, | February 28, | |||||||
2021 | 2021 | |||||||
Raw materials | $ | 1,719 | $ | 2,888 | ||||
Work-in-process | 969 | 1,166 | ||||||
Finished goods | 400 | 771 | ||||||
3,088 | 4,825 | |||||||
Reserves for obsolescence | 0 | (798 | ) | |||||
$ | 3,088 | $ | 4,027 | |||||
August 31, 2021 | November 30, 2021 | |||||||
Assets | ||||||||
Operating lease right-of-use | $ | 864 | $ | 729 | ||||
Liabilities | ||||||||
Current portion of operating lease liabilities | $ | 489 | $ | 351 | ||||
Noncurrent portion of operating lease liabilities | 412 | 372 | ||||||
Total operating lease liabilities | $ | 901 | $ | 723 | ||||
2021 | ||||
Weighted average remaining lease term | ||||
Weighted average discount rate | 6 | % |
FY2022 | $ | 332 | $ | 143 | ||||
FY2023 | 263 | 262 | ||||||
FY2024 | 190 | 190 | ||||||
FY2025 | 185 | 185 | ||||||
Total operating lease payments | 970 | 780 | ||||||
Less imputed interest | (69 | ) | (57 | ) | ||||
Total operating lease liabilities | $ | 901 | $ | 723 | ||||
FY2022 | $ | 87 | $ | 46 | ||||
FY2023 | 12 | 12 | ||||||
Total | $ | 99 | $ | 58 | ||||
August 31, 2021 | ||||
Financing lease right-of-use | $ | 217 | ||
Current portion of financing lease liabilities | $ | 98 | ||
Noncurrent portion of financing lease liabilities | 104 | |||
Total financing lease liabilities | $ | 202 | ||
November 30, | ||||
Financing lease right-of-use | $ | 195 | ||
Current portion of financing lease liabilities | $ | 98 | ||
Noncurrent portion of financing lease liabilities | 85 | |||
Total financing lease liabilities | $ | 183 | ||
Fiscal Year | Amount | Amount | ||||||
2022 | $ | 52 | $ | 26 | ||||
2023 | 104 | 104 | ||||||
2024 | 78 | 78 | ||||||
Total finance lease payments | $ | 234 | $ | 208 | ||||
Less imputed interest | (32 | ) | (25 | ) | ||||
Total finance lease liabilities | $ | 202 | $ | 183 | ||||
Six Months Ended August 31, | ||||||||
2021 | 2020 | |||||||
Cash paid for: | ||||||||
Interest | $ | 14 | $ | 1 | ||||
Non-cash activity: | ||||||||
Note receivable paid directly to officer | $ | — | $ | 112 | ||||
Note payable to officer | $ | — | $ | 112 | ||||
Imputed interest expense | $ | — | $ | 6 | ||||
Imputed interest income | $ | — | $ | 6 | ||||
Nine Months | ||||||||
Ended November 30, | ||||||||
2021 | 2020 | |||||||
Cash paid for: | ||||||||
Interest | $ | 21 | $ | 1 | ||||
Non-cash activity: | ||||||||
Note receivable paid directly to officer | $ | — | $ | 170 | ||||
Note payable to officer | $ | — | $ | 170 | ||||
Forgiveness of PPP loans (Note 5 ) | $ | 1,084 | $ | 216 | ||||
Equipment finance lease (Note 6 ) | $ | — | $ | 277 | ||||
Imputed interest expense | $ | — | $ | 8 | ||||
Imputed interest income | $ | — | $ | 8 | ||||
Net Income (Loss) | Weighted Average Common Shares Outstanding | Earnings (Loss) Per Share | ||||||||||
Three months ended August 31, 2021 | ||||||||||||
Basic | $ | 164 | 5,878 | $ | 0.03 | |||||||
Effect of dilution: | ||||||||||||
Options | 0— | 200 | 0— | |||||||||
Diluted | $ | 164 | 6,078 | $ | 0.03 | |||||||
Three months ended August 31, 2020 | ||||||||||||
Basic | $ | (1,001 | ) | 5,878 | $ | (0.17 | ) | |||||
Effect of dilution: | ||||||||||||
Options | 0— | 0— | 0— | |||||||||
Diluted | $ | (1,001 | ) | 5,878 | $ | (0.17 | ) | |||||
Net (Loss) Income | Weighted Average Common Shares Outstanding | (Loss) Earnings Per Share | ||||||||||
Three months ended November 30, 2021 | ||||||||||||
Basic | $ | (806 | ) | 5,878 | $ | (0.14 | ) | |||||
Effect of dilution: | ||||||||||||
Options | 0— | 0— | 0— | |||||||||
Diluted | $ | (806 | ) | 5,878 | $ | (0.14 | ) | |||||
Three months ended November 30, 2020 | ||||||||||||
Basic | $ | 1,880 | 5,878 | $ | 0.32 | |||||||
Effect of dilution: | ||||||||||||
Options | 0— | 200 | 0— | |||||||||
Diluted | $ | 1,880 | 6,078 | $ | 0.31 | |||||||
Net Income (Loss) | Weighted Average Common Shares Outstanding | Earnings (Loss) Per Share | ||||||||||
Six months ended August 31, 2021 | ||||||||||||
Basic | $ | (581 | ) | 5,878 | $ | (0.10 | ) | |||||
Effect of dilution: | ||||||||||||
Options | 0— | 0— | 0— | |||||||||
Diluted | $ | (581 | ) | 5,878 | $ | (0.10 | ) | |||||
Six months ended August 31, 2020 | ||||||||||||
Basic | $ | (1,008 | ) | 5,878 | $ | (0.17 | ) | |||||
Effect of dilution: | ||||||||||||
Options | 0— | 0— | 0— | |||||||||
Diluted | $ | (1,008 | ) | 5,878 | $ | (0.17 | ) | |||||
Net (Loss) Income | Weighted Average Common Shares Outstanding | (Loss) Earnings Per Share | ||||||||||
Nine months ended November 30, 2021 | ||||||||||||
Basic | $ | (1,387 | ) | 5,878 | $ | (0.24 | ) | |||||
Effect of dilution: | ||||||||||||
Options | 0— | 0— | 0— | |||||||||
Diluted | $ | (1,387 | ) | 5,878 | $ | (0.24 | ) | |||||
Nine months ended November 30, 2020 | ||||||||||||
Basic | $ | 872 | 5,878 | $ | 0.15 | |||||||
Effect of dilution: | ||||||||||||
Options | 0— | 200 | 0— | |||||||||
Diluted | $ | 872 | 6,078 | $ | 0.14 | |||||||
November 30, 2021 | February 28, 2021 | |||||||||||||||
August 31, 2021 | February 28, 2021 | |||||||||||||||
Working capital | $ | 2,166 | $ | 3,601 | $ | 1,527 | $ | 3,601 | ||||||||
Liquid assets | $ | 245 | $ | 293 | $ | 215 | $ | 293 |
Three Months Ended August 31, | Six Months Ended August 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net Sales | ||||||||||||||||
Simulation and Training (VDC Display Systems) | 56.4 | % | 49.8 | % | 55.4 | % | 49.1 | |||||||||
Data Display CRT (Lexel and Data Display) | 11.4 | 14.8 | 12.0 | 18.4 | ||||||||||||
Broadcast and Control Centers (AYON Visual) | — | — | — | — | ||||||||||||
Cyber Secure Products (AYON Cyber Security) | 16.9 | 22.0 | 13.9 | 22.8 | ||||||||||||
Other Computer Products (Unicomp) | 15.3 | 13.4 | 18.7 | 9.7 | ||||||||||||
Total net sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | |||||||||
Costs and expenses | ||||||||||||||||
Cost of goods sold | 97.3 | % | 91.9 | % | 88.9 | % | 80.6 | |||||||||
Selling and delivery | 6.5 | 12.7 | 7.5 | 8.3 | ||||||||||||
General and administrative | 47.4 | 42.6 | 50.4 | 32.9 | ||||||||||||
151.2 | % | 147.2 | % | 146.8 | % | 121.8 | ||||||||||
Operating loss | (51.2 | )% | (47.2 | )% | (46.8 | )% | (21.8 | ) | ||||||||
Interest income (expense), net | (0.2 | )% | (0.7 | )% | (0.4 | )% | (0.5 | ) | ||||||||
Other income (expense), net | 60.0 | 4.2 | 31.7 | 5.5 | ||||||||||||
Income (loss) before income taxes | 8.6 | % | (43.7 | )% | (15.5 | )% | (16.8 | ) | ||||||||
Income tax expense | — | — | — | — | ||||||||||||
Net income (loss) | 8.6 | % | (43.7 | )% | (15.5 | )% | (16.8 | ) | ||||||||
Three Months | Nine Months | |||||||||||||||
Ended November 30, | Ended November 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net Sales | ||||||||||||||||
Simulation and Training (VDC Display Systems) | 63.8 | % | 77.9 | % | 57.9 | % | 58.4 | |||||||||
Data Display CRT (Lexel and Data Display) | 15.9 | 7.1 | 13.2 | 14.7 | ||||||||||||
Broadcast and Control Centers (AYON Visual) | — | — | — | — | ||||||||||||
Cyber Secure Products (AYON Cyber Security) | 1.7 | 2.6 | 10.3 | 16.3 | ||||||||||||
Other Computer Products (Unicomp) | 18.6 | 12.4 | 18.6 | 10.6 | ||||||||||||
Total net sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 |
Costs and expenses | ||||||||||||||||
Cost of goods sold | 134.3 | % | 66.9 | % | 102.6 | % | 76.2 | |||||||||
Selling and delivery | 7.8 | 4.4 | 7.6 | 7.0 | ||||||||||||
General and administrative | 60.5 | 33.1 | 53.4 | 33.0 | ||||||||||||
202.6 | % | 104.4 | % | 163.6 | % | 116.2 | ||||||||||
Operating loss | (102.6 | )% | (4.4 | )% | (63.6 | )% | (16.2 | ) | ||||||||
Interest expense, net | (0.4 | )% | (0.1 | )% | (0.3 | )% | (0.4 | ) | ||||||||
Other income (expense), net | 53.2 | 70.2 | 38.2 | 26.4 | ||||||||||||
Income (loss) before income taxes | (49.9 | )% | 65.7 | % | (25.8 | )% | 9.8 | |||||||||
Income tax expense | — | — | — | — | ||||||||||||
Net income (loss) | (49.9 | )% | 65.7 | % | (25.8 | )% | 9.8 | |||||||||
November 30, 2021 | February 28, 2021 | |||||||||||||||
August 31, 2021 | February 28, 2021 | |||||||||||||||
Working capital | $ | 2,166 | $ | 3,601 | $ | 1,527 | $ | 3,601 | ||||||||
Liquid assets | $ | 245 | $ | 293 | $ | 215 | $ | 293 |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. | Defaults upon Senior Securities |
Item 4. | Submission of Matters to a Vote of Security Holders |
Item 5. | Other information |
Item 6. | Exhibits |
VIDEO DISPLAY CORPORATION | ||||||
By: | /s/ Ronald D. Ordway | |||||
Ronald D. Ordway | ||||||
Chief Executive Officer |
By: | /s/ Gregory L. Osborn | |||||
Gregory L. Osborn | ||||||
Chief Financial Officer |