Document and Entity Information
Document and Entity Information | 9 Months Ended |
Jan. 31, 2017shares | |
Document And Entity Information | |
Entity Registrant Name | BIOSYNERGY INC |
Entity Central Index Key | 715,812 |
Document Type | 10-Q |
Document Period End Date | Jan. 31, 2017 |
Amendment Flag | false |
Current Fiscal Year End Date | --04-30 |
Is Entity a Well-known Seasoned Issuer? | No |
Is Entity a Voluntary Filer? | No |
Is Entity's Reporting Status Current? | No |
Entity Filer Category | Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 14,935,511 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2,017 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Jan. 31, 2017 | Apr. 30, 2016 |
Current assets | ||
Cash | $ 1,021,508 | $ 1,091,649 |
Accounts receivable, trade (net of allowance for doubtful accounts of $500 at January 31, 2017 and April 30, 2016) | 272,099 | 192,051 |
Inventories | 185,153 | 108,960 |
Prepaid expenses | 32,691 | 25,958 |
Total current assets | 1,511,451 | 1,418,618 |
Equipment and leasehold improvements | ||
Equipment | 201,952 | 198,640 |
Leasehold improvements | 23,447 | 20,022 |
[PropertyPlantAndEquipmentGross] | 225,399 | 218,662 |
Less accumulated depreciation and amortization | (209,656) | (203,276) |
Total equipment and leasehold improvements, net | 15,743 | 15,386 |
Other assets | ||
Patents less accumulated amortization | 72,543 | 79,057 |
Pending patents | 69,420 | 60,788 |
Deposits | 5,937 | 5,937 |
Total other assets | 147,900 | 145,782 |
[Assets] | 1,675,094 | 1,579,786 |
Current liabilities | ||
Accounts payable | 19,037 | 4,595 |
Accrued compensation and payroll taxes | 15,393 | 39,206 |
Other accrued liabilities | 3,279 | 3,545 |
State/Federal income taxes payable | 10,776 | |
Accrued vacation | 19,940 | 21,835 |
Total current liabilities | 68,425 | 69,181 |
Deferred income taxes | 32,110 | 32,110 |
Shareholders equity | ||
Common stock, no par value: 20,000,000 authorized shares issued: 14,935,511 shares outstanding at January 31, 2017 and April 30, 2016 | 660,988 | 660,988 |
Receivable from affiliate | (19,699) | (19,699) |
Retained earnings | 933,270 | 837,206 |
Total shareholders equity | 1,574,559 | 1,478,495 |
[LiabilitiesAndStockholdersEquity] | $ 1,675,094 | $ 1,579,786 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Jan. 31, 2017 | Apr. 30, 2016 |
Balance Sheets | ||
Net of allowance for doubtful accounts | $ 500 | $ 500 |
Common stock, no par value | 20,000,000 | 20,000,000 |
Authorized shares issued and outstanding | 14,935,511 | 14,935,511 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
Income Statement [Abstract] | ||||
Net sales | $ 342,320 | $ 342,750 | $ 982,713 | $ 988,593 |
Cost of sales | 89,898 | 107,884 | 277,075 | 316,665 |
Gross profit | 252,422 | 234,866 | 705,638 | 671,928 |
Operating Expenses | ||||
Marketing | 45,821 | 54,721 | 139,400 | 148,861 |
General and administrative | 92,325 | 96,200 | 305,799 | 311,499 |
Research and development | 41,856 | 42,679 | 121,747 | 116,108 |
Total Operating Expenses | 180,002 | 193,600 | 566,946 | 576,468 |
Income from operations | 72,420 | 41,266 | 138,692 | 95,460 |
Other Income | ||||
Interest income | 98 | 98 | 313 | 307 |
Other income | 480 | 480 | 1,440 | 1,440 |
Total other income | 578 | 578 | 1,753 | 1,747 |
Net income before income taxes | 72,998 | 41,844 | 140,445 | 97,207 |
Provision for income taxes | 23,392 | 11,387 | 44,381 | 29,026 |
Net income | $ 49,606 | $ 30,457 | $ 96,064 | $ 68,181 |
Net income per common share - basic and diluted | $ 0.003 | $ 0.002 | $ 0.006 | $ 0.005 |
Weighted-average shares of common stock outstanding-basic and diluted | 14,935,511 | 14,935,511 | 14,935,511 | 14,935,511 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Cash flows from operating activities | ||
Net income | $ 96,064 | $ 68,181 |
Adjustments to reconcile net income to cash (used in) provided by operating activities | ||
Depreciation and amortization | 12,894 | 12,687 |
Abandonment of patent | ||
Changes in assets and liabilities | ||
Accounts receivable | (80,048) | (31,794) |
Inventories | (76,193) | 38,585 |
Prepaid expenses and other | (6,733) | (2,756) |
Accounts payable and accrued expenses | (756) | (31,354) |
Total Adjustments | (150,836) | (14,632) |
Net cash (used in) provided by operating activities | (54,772) | 53,549 |
Cash flow from investing activities | ||
Purchase of equipment | (6,737) | (1,123) |
Patents and patents pending | (8,632) | (14,969) |
Net cash used in investing activities | (15,369) | (16,092) |
Increase (decrease) in cash and cash equivalents | (70,141) | 37,457 |
Cash beginning period | 1,091,649 | 975,777 |
Cash ending period | 1,021,508 | 1,013,234 |
Supplemental Cash Flow Information | ||
Income taxes paid | 29,400 | 20,800 |
Interest paid |
Shareholders Equity (Unaudited)
Shareholders Equity (Unaudited) - 9 months ended Jan. 31, 2017 - USD ($) | Common Stock | Other and Related REceivable | Retained Earnings | Total |
Beginning Balance at Apr. 30, 2016 | $ (19,699) | $ 837,206 | $ 1,478,495 | |
Common Stock Shares Outstanting at Apr. 30, 2016 | 14,935,511 | 14,935,511 | ||
Common Stock Value at Jan. 31, 2017 | $ 660,988 | |||
Net Income | 96,064 | $ 96,064 | ||
Ending Balance at Jan. 31, 2017 | $ 933,270 | $ 1,574,559 |
Company Organization and Descri
Company Organization and Description | 9 Months Ended |
Jan. 31, 2017 | |
Notes to Financial Statements | |
Company Organization and Description | In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments, consisting of normal recurring adjustments which are necessary for a fair presentation of the financial position and results of operations for the periods presented. The unaudited condensed financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all the information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America. These condensed financial statements should be read in conjunction with the audited financial statements and notes included in the Company’s April 30, 2016 Annual Report on Form 10-K. The results of operations for the nine months ended January 31, 2017 are not necessarily indicative of the operating results for the full year. Biosynergy, Inc. (the Company) was incorporated under the laws of the State of Illinois on February 9, 1976. It is primarily engaged in the development and marketing of medical, consumer and industrial thermometric and thermographic products that utilize cholesteric liquid crystals. The Company’s primary product, the HemoTemp R |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Jan. 31, 2017 | |
Notes to Financial Statements | |
Summary of Significant Accounting Policies | Cash The Company maintains all of its cash in bank deposit accounts, which at times may exceed federally insured limits. No losses have been experienced on such accounts. Receivables Receivables are carried at original invoice less estimates made for doubtful receivables. Management determines the allowances for doubtful accounts by reviewing and identifying troubled accounts on a periodic basis and by using historical experience applied to an aging of accounts. A receivable is considered to be past due if any portion of the receivable balance is outstanding for more than 30 days or 90 days for a dealer. Receivables are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded when received. Inventories Inventories are valued at the lower of cost or market using the FIFO (first-in, first-out) method. Depreciation Equipment and leasehold improvements are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. Repairs and maintenance are charged to expense as incurred; renewals and betterments which significantly extend the useful lives of existing equipment are capitalized. Significant leasehold improvements are capitalized and amortized over the term of the lease; equipment is depreciated over three to ten years. Depreciation expense was $6,380 and $6,173 for the nine month periods ending January 31, 2017 and 2016, respectively. Prepaid Expenses Certain expenses, primarily insurance and income taxes, have been prepaid and will be used within one year. Revenue Recognition The Company recognizes net sales revenue upon the shipment of product to customers. Research and Development and Patents Research and development expenditures are charged to operations as incurred. The costs of obtaining patents, primarily legal fees, are capitalized and once obtained, amortized over the life of the respective patent on the straight-line method. Patent amortization expense for both the nine months ended January 31, 2017 and 2016 was $6,514. Patents related to products that have been developed by the Company. Patents pending relate to products under development. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Income Per Common Share Income per common share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. When dilutive, stock options are included as share equivalents using the treasury stock method in the calculation of diluted earnings per share. The Company has no outstanding options or other rights to acquire its unissued common shares. Comprehensive Income Components of comprehensive income include amounts that are included in the comprehensive income but are excluded from net income. During the three and nine month periods ending January 31, 2017 and 2016, there were no differences between the Company’s net income and comprehensive income. Income Taxes Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due and deferred taxes related primarily to differences in the methods of accounting for patents, inventories, certain accrued expenses and bad debt expenses for financial and income tax reporting purposes. The deferred income taxes represent the future tax consequences of those differences, which will be taxable in the future. The Company files tax returns in the U.S. federal jurisdiction and with the state of Illinois. Various tax years remain open to examinations, generally for three years after filed, although there are currently no ongoing tax examinations. Management’s policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. The provision for income taxes consists of the following components for the nine months ended January 31: 2017 2016 Current Federal $ 33,496 $ 21,492 State 10,885 7,534 Provision for Income Taxes $ 44,381 $ 29,026 The differences between the U.S. federal statutory tax rate and the Company’s effective tax rate are as follows: Nine Months ended January 31, 2017 2016 U.S. federal statutory tax rate 34.0 % 34.0 % State income tax expense, net of 5.0 5.0 Effect of graduated federal tax rates (7.4 ) (9.1 ) Effective Tax Rate 31.6 % 29.9 % Recent Accounting Pronouncements The FASB issues ASUs to amend the authoritative literature in Accounting Standards Certification (ASC). There have been a number of ASUs to date that amend the original text of ASCs. Those ASUs issued to date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to the Company or (iv) are not expected to have a significant impact on the Company. On February 25, 2016, the FASB issued Topic 842, its highly-anticipated leasing standard for both lessees and lessors. Under its core principle, a lessee will recognize lease assets and liabilities on the balance sheet for all arrangements with terms longer than 12 months. Lessor accounting remains largely consistent with existing U.S. GAAP. The amendments are effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. At inception, a lessee must classify all leases as either finance or operating. The Company intends to adopt Topic 842 upon extension of the current lease for its facilities in Elk Grove Village or upon entering into a new lease agreement for alternative facilities on or about May 1, 2018. The Company is investigating the effect of adoption of Topic 842 on its results of operations and financial condition. However, it is not anticipated that adoption of Topic 842 will have a material impact on the results of operations or financial condition of the Company. In May 2015, the FASB issued Accounting Standards Update No. 2015-09, Revenue from Contracts with Customers (ASU 2015-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2015-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2015-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2015-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2015-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard as of May 1, 2018. |
Inventories
Inventories | 9 Months Ended |
Jan. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Components of inventories are as follows: January 31, April 30, Raw materials $ 143,423 $ 83,231 Work-in-process 16,473 16,303 Finished goods 25,257 9,426 $ 185,153 $ 108,960 |
Common Stock
Common Stock | 9 Months Ended |
Jan. 31, 2017 | |
Notes to Financial Statements | |
Common Stock | The Company’s common stock is traded in the over-the-counter market. However, there is no established public trading market due to limited and sporadic trades. The Company’s common stock is not listed on a recognized market or stock exchange. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Jan. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | The Company and its affiliates are related through common stock ownership as follows as of January 31, 2017: Stock of Affiliates Biosynergy, Inc. F.K. Suzuki International, Inc. Medlab, Inc. F.K. Suzuki International, Inc 30.0% - % 100.0% Fred K. Suzuki, Officer 4.1 30.0 - Lauane C. Addis, Officer - - - Jeanne S. Addis, Trustee - 28.1 - James F. Schembri, Director 8.6 - - Mary K. Friske, Officer .3 .7 - Laurence C. Mead, Officer .4 10.0 - Beverly K. Suzuki, Officer 2.7 - - As of January 31, 2017, $19,699 was due from F. K. Suzuki International, Inc. These balances result from an allocation of common expenses charged to FKSI prior to April 30, 2006 offset by advances received from time to time. No interest income is received or accrued by the Company. The financial condition of FKSI is such that it will unlikely be able to repay the Company during the next year without liquidating a portion of its assets, including a portion of its ownership in the Company. As a result, the receivable balance has been reclassified as a contra equity account since April 30, 2006. A board member provided a variety of legal services to the Company in his capacity as a partner in a law firm. Fees for such legal services were approximately $15,848 and $15,115 for the nine months ended January 31, 2017 and 2016, respectively. |
Lease Commitments
Lease Commitments | 9 Months Ended |
Jan. 31, 2017 | |
Leases [Abstract] | |
Lease Commitments | In January 2015, the Company entered into a three-year lease agreement for its current facilities, which expires on April 30, 2018. The base rent under the lease escalates over the life of the lease. However, rent expense is recorded on a straight-line basis as required by accounting principles generally accepted in the United States of America. As of January 31, 2017, the Company’s approximate total future minimum lease payments are as follows: Year Ending April 30: 2017 $ 21,669 2018 89,275 Also included in the lease agreement are escalation clauses for the lessor’s increases in property taxes and other operating expenses. |
Customer Concentrations
Customer Concentrations | 9 Months Ended |
Jan. 31, 2017 | |
Accounting Policies [Abstract] | |
Major Customers | Shipments to one customer amounted to 27.1% of sales during the first nine months of Fiscal 2017 compared to 28.9% during the comparative Fiscal 2016 period. As of January 31, 2017, there were outstanding accounts receivable from this customer of $67,535 compared to $78,200 at January 31, 2016. Shipments to another customer amounted to 36.7% of sales during the first nine months of Fiscal 2017 and 36.61% of sales during the first nine months of Fiscal 2016. As of January 31, 2017, there were outstanding accounts receivable from this customer of $152,440 compared to $62,350 at January 31, 2016. The Company had export sales of $46,595 during the first nine months of Fiscal 2017, and export sales of $16,505 during the Quarter ending January 31, 2017. The Company also believes that some of its medical devices were sold to distributors within the United States who resold the devices in foreign markets. However, the Company does not have any information regarding such sales and such sales are not considered to be material. |
Summary of Significant Accoun14
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Jan. 31, 2017 | |
Notes to Financial Statements | |
Cash | The Company maintains all of its cash in bank deposit accounts, which at times may exceed federally insured limits. No losses have been experienced on such accounts. |
Receivables | Receivables are carried at original invoice less estimates made for doubtful receivables. Management determines the allowances for doubtful accounts by reviewing and identifying troubled accounts on a periodic basis and by using historical experience applied to an aging of accounts. A receivable is considered to be past due if any portion of the receivable balance is outstanding for more than 30 days or 90 days for a dealer. Receivables are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded when received. |
Inventories | Inventories are valued at the lower of cost or market using the FIFO (first-in, first-out) method. |
Depreciation and Amortization | Equipment and leasehold improvements are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. Repairs and maintenance are charged to expense as incurred; renewals and betterments which significantly extend the useful lives of existing equipment are capitalized. Significant leasehold improvements are capitalized and amortized over the term of the lease; equipment is depreciated over three to ten years. Depreciation expense was $6,380 and $6,173 for the nine month periods ending January 31, 2017 and 2016, respectively. |
Prepaid Expenses | Certain expenses, primarily insurance and income taxes, have been prepaid and will be used within one year. |
Revenue Recognition | The Company recognizes net sales revenue upon the shipment of product to customers. |
Research and Development and Patents | Research and development expenditures are charged to operations as incurred. The costs of obtaining patents, primarily legal fees, are capitalized and once obtained, amortized over the life of the respective patent on the straight-line method. Patent amortization expense for both the nine months ended January 31, 2017 and 2016 was $6,514. Patents related to products that have been developed by the Company. Patents pending relate to products under development. |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Income Per Comon Share | Income per common share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. When dilutive, stock options are included as share equivalents using the treasury stock method in the calculation of diluted earnings per share. The Company has no outstanding options or other rights to acquire its unissued common shares. |
Comprehensive Income | Components of comprehensive income include amounts that are included in the comprehensive income but are excluded from net income. During the three and nine month periods ending January 31, 2017 and 2016, there were no differences between the Company’s net income and comprehensive income. |
Income Taxes | Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due and deferred taxes related primarily to differences in the methods of accounting for patents, inventories, certain accrued expenses and bad debt expenses for financial and income tax reporting purposes. The deferred income taxes represent the future tax consequences of those differences, which will be taxable in the future. The Company files tax returns in the U.S. federal jurisdiction and with the state of Illinois. Various tax years remain open to examinations, generally for three years after filed, although there are currently no ongoing tax examinations. Management’s policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. The provision for income taxes consists of the following components for the nine months ended January 31: 2017 2016 Current Federal $ 33,496 $ 21,492 State 10,885 7,534 Provision for Income Taxes $ 44,381 $ 29,026 The differences between the U.S. federal statutory tax rate and the Company’s effective tax rate are as follows: Nine Months ended January 31, 2017 2016 U.S. federal statutory tax rate 34.0 % 34.0 % State income tax expense, net of 5.0 5.0 Effect of graduated federal tax rates (7.4 ) (9.1 ) Effective Tax Rate 31.6 % 29.9 % |
Recent Accounting Pronouncements | The FASB issues ASUs to amend the authoritative literature in Accounting Standards Certification (ASC). There have been a number of ASUs to date that amend the original text of ASCs. Those ASUs issued to date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to the Company or (iv) are not expected to have a significant impact on the Company. On February 25, 2016, the FASB issued Topic 842, its highly-anticipated leasing standard for both lessees and lessors. Under its core principle, a lessee will recognize lease assets and liabilities on the balance sheet for all arrangements with terms longer than 12 months. Lessor accounting remains largely consistent with existing U.S. GAAP. The amendments are effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. At inception, a lessee must classify all leases as either finance or operating. The Company intends to adopt Topic 842 upon extension of the current lease for its facilities in Elk Grove Village or upon entering into a new lease agreement for alternative facilities on or about May 1, 2018. The Company is investigating the effect of adoption of Topic 842 on its results of operations and financial condition. However, it is not anticipated that adoption of Topic 842 will have a material impact on the results of operations or financial condition of the Company. In May 2015, the FASB issued Accounting Standards Update No. 2015-09, Revenue from Contracts with Customers (ASU 2015-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2015-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2015-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2015-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2015-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard as of May 1, 2018. |
Summary of Significant Accoun15
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Jan. 31, 2017 | |
Notes to Financial Statements | |
Provision for Income Taxes | The provision for income taxes consists of the following components for the nine months ended January 31: 2017 2016 Current Federal $ 33,496 $ 21,492 State 10,885 7,534 Provision for Income Taxes $ 44,381 $ 29,026 |
Income Tax Rate | The differences between the U.S. federal statutory tax rate and the Company’s effective tax rate are as follows: Nine Months ended January 31, 2017 2016 U.S. federal statutory tax rate 34.0 % 34.0 % State income tax expense, net of 5.0 5.0 Effect of graduated federal tax rates (7.4 ) (9.1 ) Effective Tax Rate 31.6 % 29.9 % |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Tables) - Income Tax Rate (Details) | 9 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Notes to Financial Statements | ||
U.S. federal statutory tax rate | 34.00% | 34.00% |
State income tax expense, net of Federal tax benefit | 5.00% | 5.00% |
Effect of graduated federal tax rates | (7.40%) | (9.10%) |
Effective Tax Rate | 31.60% | 29.90% |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Tables) - Provision for Income Taxes (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
Current | ||||
Federal | $ 33,496 | $ 21,492 | ||
State | 10,885 | 7,534 | ||
Provision (benefit) for Income Taxes | $ 23,392 | $ 11,387 | $ 44,381 | $ 29,026 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Jan. 31, 2017 | |
Related Party Transactions [Abstract] | |
Stock of Affiliates | The Company and its affiliates are related through common stock ownership as follows as of January 31, 2017: Stock of Affiliates Biosynergy, Inc. F.K. Suzuki International, Inc. Medlab, Inc. F.K. Suzuki International, Inc 30.0 % — % 100.0 % Fred K. Suzuki, Officer 4.1 30.0 — Lauane C. Addis, Officer — — — Jeanne S. Addis, Trustee — 28.1 — James F. Schembri, Director 8.6 — — Mary K. Friske, Officer .3 .7 — Laurence C. Mead, Officer .4 10.0 — Beverly K. Suzuki, Officer 2.7 — — |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Jan. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Components of inventories are as follows: January 31, April 30, Raw materials $ 143,423 $ 83,231 Work-in-process 16,473 16,303 Finished goods 25,257 9,426 $ 185,153 $ 108,960 |
Lease Commitments (Tables)
Lease Commitments (Tables) | 9 Months Ended |
Jan. 31, 2017 | |
Leases [Abstract] | |
Lease Commitments | Year Ending April 30: 2017 $ 21,669 2018 89,275 |
Inventories - Inventories (Deta
Inventories - Inventories (Details) - USD ($) | Jan. 31, 2017 | Apr. 30, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 143,423 | $ 83,231 |
Work-in-process | 16,473 | 16,303 |
Finished goods | 25,257 | 9,426 |
[us-gaap:InventoryGross] | $ 185,153 | $ 108,960 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 9 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Apr. 30, 2016 | |
Related Party Transactions [Abstract] | |||
Due from affiliate | $ 19,699 | $ 19,699 | |
Related Party Legal Expenses | $ 15,848 | $ 15,115 |
Customer Concentrations (Detail
Customer Concentrations (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2017 | Jan. 31, 2016 | |
Exports | $ 16,505 | $ 46,595 | |
Customer One | |||
Sales | 27.10% | 28.90% | |
Accounts Receivable | 67,535 | $ 67,535 | $ 78,200 |
Customer Two | |||
Sales | 36.70% | 36.61% | |
Accounts Receivable | $ 152,440 | $ 152,440 | $ 62,350 |
Lease Commitments (Details Narr
Lease Commitments (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended |
Apr. 30, 2017 | Apr. 30, 2018 | |
Leases [Abstract] | ||
Lease Commitments | $ 21,669 | $ 89,275 |
Summary of Significant Accoun25
Summary of Significant Accounting Policies - Depreciation and Amortization (Details Narrative) - USD ($) | 9 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Accounting Policies [Abstract] | ||
Depreciation | $ 6,380 | $ 6,173 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies - Research and Development and Patents (Details Narrative) - USD ($) | 9 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Accounting Policies [Abstract] | ||
Patent amortization expense | $ 6,514 | $ 6,514 |