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.