Unaudited Financial Statements and Management's Discussion & Analysis

For the quarterly period ended February 28, 2022

BIOQUAL, INC.

Prepared by:

David Newcomer Chief Financial OfficerBIOQUAL, INC.

INDEX

Financial Information

PageFinancial Statements.

Unaudited Balance Sheets, February 28, 2022 and May 31, 2021 ................................. 2

Unaudited Statements of Operations for the Three Months

Ended February 28, 2022 and February 28, 2021 .......................................................... 3

Unaudited Statements of Operations for the Nine Months

Ended February 28, 2022 and February 28, 2021 .......................................................... 4

Unaudited Statements of Stockholders' Equity for the Nine Months

Ended February 28, 2022 and February 28, 2021 .......................................................... 5

Unaudited Statements of Cash Flows for the Nine Months

Ended February 28, 2022 and February 28, 2021 .......................................................... 6

Management's Discussion and Analysis .......................................................................... 7

1

BIOQUAL, INC. UNAUDITEDBALANCESHEETS,FEBRUARY28,2022ANDMAY31,2021 AS S ETS

CURRENT ASSETS: Cash and cash equivalents Accounts receivable:

Trade

Unbilled - current

Prepaid expenses Total current assets

PROPERTY AND EQUIPMENT: Leasehold improvements Furniture, fixtures and equipment Total

Less accumulated depreciation and amortization Property and equipment, net

OTHER ASSETS:

Security Deposits Goodwill

Operating lease right-of-use assets

Cash value of officers' life insurance policies Total other assets

February 28, 2022

May 31, 2021

$

2,388,995

18,477,505 14,564,386

6,352,755 5,544,089

2,446,550 1,493,503

29,665,806

$ 7,719,702

29,321,680

10,466,078 7,611,183

17,220,901 15,894,816

27,686,978 (15,070,488)

12,616,490

23,505,999 (13,810,121)

9,695,878

18,551

-

1,028,408 1,028,408

18,554,670 13,262,424

111,750 19,713,379

TOTAL

111,750 14,402,582

$

61,995,675

$

53,420,140

LIABILITIES CURRENT LIABILITIES: Accounts payable

Accrued compensation and related liabilities Accrued income taxes

Operating lease liabilities, current Deferred revenue

Total current liabilities Deferred income taxes

Operating lease liabilities, non-current Total liabilities

STOCKHOLDERS' EQUITY

Preferred stock - par value of $1.00 per share; 500,000 shares authorized; no shares issued and outstanding

Common stock - par value of $.01 per share; 5,000,000 shares authorized; 1,599,408 shares issued; 894,416 shares outstanding

Additional paid-in capital Retained earnings Treasury stock, at cost Total stockholders' equity TOTAL

See Management's Discussion and Analysis.

$

2,922,854

1,749,067 2,148,788

-

3,170,043

1,912,448

9,754,412

57,700

16,398,610

26,210,722

$ 2,107,723

81,900

3,303,062

875,721

8,517,194

57,700

11,315,309

19,890,203

15,994

15,994

7,364,934 7,364,934

29,445,265 27,190,249

(1,041,240) 35,784,953

$

61,995,675

(1,041,240) 33,529,937

$

53,420,140

BIOQUAL, INC.

UNAUDITED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED FEBRUARY 28,

REVENUES: Contract revenues

$

2022 17,132,276

2021

$ 12,584,303

Total Revenues

17,132,276 12,584,303

OPERATING EXPENSES: Contract

General and administrative

13,893,134 9,724,978

2,028,853 1,480,163

Total Operating Expenses

15,921,988 11,205,141

OPERATING INCOME

1,210,288 1,379,162

INTEREST INCOME

INCOME BEFORE INCOME TAXES

- 1,210,288

298 1,379,460

PROVISION FOR INCOME TAXES

(353,700)

(403,500)

NET INCOME

BASIC EARNINGS PER SHARE DILUTED EARNINGS PER SHARE WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING FOR BASIC EARNINGS PER SHARE

$ $ $

856,588

$ 975,960

0.96 $ 1.09

0.96 $ 1.09

894,416

894,416

EFFECT OF DILUTIVE SECURITIES - OPTIONS WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING FOR DILUTED EARNINGS PER SHARE

See Management's Discussion and Analysis.

15

894,431

-

894,416

BIOQUAL, INC.

UNAUDITED STATEMENTS OF OPERATIONS FOR THE NINE MONTHS ENDED FEBRUARY 28,

REVENUES: Contract revenues

$

2022 47,806,600

2021

$ 41,070,486

Total Revenues

47,806,600 41,070,486

OPERATING EXPENSES: Contract

General and administrative

37,170,731 30,771,124

5,868,889 4,358,950

Total Operating Expenses

43,039,621 35,130,074

OPERATING INCOME

4,766,979 5,940,412

INTEREST INCOME

INCOME BEFORE INCOME TAXES

657 4,767,636

1,650 5,942,062

PROVISION FOR INCOME TAXES

(1,394,600)

(1,738,100)

NET INCOME

  • $ 3,373,036

$

4,203,962

BASIC EARNINGS PER SHARE DILUTED EARNINGS PER SHARE WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING FOR BASIC EARNINGS PER SHARE

$ $

3.77 $ 4.70

3.77 $ 4.70

894,416

893,932

EFFECT OF DILUTIVE SECURITIES - OPTIONS

10

-WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING FOR DILUTED EARNINGS PER SHARE

See Management's Discussion and Analysis.

894,426

893,932

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Bioqual Inc. published this content on 21 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 April 2022 15:54:10 UTC.