Utah | 87-0398434 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading symbol | Name of each exchange on which registered |
Common Stock, no par value per share | DYNT | Nasdaq Capital Market |
Large accelerated filer ☐ | Accelerated filer ☐ |
Non-accelerated filer ☐ | Smaller reporting company ☑ |
Emerging growth company ☐ |
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DYNATRONICS CORPORATION | ||
Condensed Consolidated Balance Sheets | ||
(Unaudited) | ||
Assets | March 31, 2019 | June 30, 2018 |
Current assets: | ||
Cash and cash equivalents | $414,255 | $1,696,116 |
Trade accounts receivable, less allowance for doubtful accounts of $89,500 as of March 31, 2019 and $370,300 as of June 30, 2018 | 6,853,624 | 7,810,846 |
Other receivables | 5,659 | 52,819 |
Inventories, net | 11,218,935 | 10,987,855 |
Prepaid expenses | 706,584 | 778,654 |
Income tax receivable | 59,983 | 95,501 |
Total current assets | 19,259,040 | 21,421,791 |
Property and equipment, net | 5,814,836 | 5,850,899 |
Intangible assets, net | 6,588,466 | 7,131,758 |
Goodwill | 7,116,614 | 7,116,614 |
Other assets | 516,345 | 532,872 |
Total assets | $39,295,301 | $42,053,934 |
Liabilities and Stockholders' Equity | ||
Current liabilities: | ||
Accounts payable | $4,248,740 | $3,412,960 |
Accrued payroll and benefits expense | 1,468,821 | 1,929,465 |
Accrued expenses | 1,147,296 | 830,243 |
Warranty reserve | 205,850 | 205,850 |
Line of credit | 4,793,505 | 6,286,037 |
Current portion of long-term debt | 171,715 | 164,003 |
Current portion of capital lease obligations | 282,415 | 226,727 |
Current portion of deferred gain | 150,448 | 150,448 |
Current portion of acquisition holdback and earn-out liability | 966,667 | 1,379,512 |
Total current liabilities | 13,435,457 | 14,585,245 |
Long-term debt, net of current portion | 173,601 | 303,348 |
Capital lease obligations, net of current portion | 2,987,736 | 2,972,540 |
Deferred gain, net of current portion | 1,416,717 | 1,529,553 |
Acquisition holdback and earn-out liability, net of current portion | - | 875,000 |
Deferred tax liabilities, net | 236,829 | - |
Other liabilities | 171,489 | 411,466 |
Total liabilities | 18,421,829 | 20,677,152 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, no par value: Authorized 50,000,000 shares; 4,899,000 shares and 4,899,000 shares issued and outstanding as of March 31, 2019 and June 30, 2018, respectively | 11,641,816 | 11,641,816 |
Common stock, no par value: Authorized 100,000,000 shares; 8,322,544 shares and 8,089,398 shares issued and outstanding as of March 31, 2019 and June 30, 2018, respectively | 20,996,558 | 20,225,107 |
Accumulated deficit | (11,764,902) | (10,490,141) |
Total stockholders' equity | 20,873,472 | 21,376,782 |
Total liabilities and stockholders' equity | $39,295,301 | $42,053,934 |
See accompanying notes to condensed consolidated financial statements. |
DYNATRONICS CORPORATION | ||
Condensed Consolidated Balance Sheets | ||
(Unaudited) | ||
Assets | December 31, 2019 | June 30, 2019 |
Current assets: | ||
Cash and cash equivalents | $431,485 | $155,520 |
Restricted cash | 100,510 | 100,510 |
Trade accounts receivable, less allowance for doubtful accounts of $89,500 as of December 31, 2019 and June 30, 2019 | 6,940,398 | 7,495,309 |
Other receivables | 50,928 | 2,776 |
Inventories, net | 11,383,968 | 11,527,521 |
Prepaid expenses | 741,705 | 632,061 |
Total current assets | 19,648,994 | 19,913,697 |
Property and equipment, net | 5,369,236 | 5,677,419 |
Operating lease assets | 3,311,497 | - |
Intangible assets, net | 6,045,183 | 6,407,374 |
Goodwill | 7,116,614 | 7,116,614 |
Other assets | 505,502 | 516,841 |
Total assets | $41,997,026 | $39,631,945 |
Liabilities and Stockholders' Equity | ||
Current liabilities: | ||
Accounts payable | $5,970,178 | $3,989,546 |
Accrued payroll and benefits expense | 1,111,523 | 1,373,481 |
Accrued expenses | 758,422 | 1,038,726 |
Warranty reserve | 207,988 | 207,988 |
Line of credit | 4,819,106 | 6,540,639 |
Current portion of long-term debt | 175,615 | 173,921 |
Current portion of finance lease liability | 303,849 | 283,781 |
Current portion of deferred gain | 150,448 | 150,448 |
Current portion of operating lease liability | 898,849 | - |
Acquisition earn-out liability | - | 500,000 |
Income tax payable | 2,401 | 16,751 |
Total current liabilities | 14,398,379 | 14,275,281 |
Long-term debt, net of current portion | 38,503 | 129,428 |
Finance lease liability, net of current portion | 2,752,480 | 2,915,241 |
Deferred gain, net of current portion | 1,303,882 | 1,379,105 |
Operating lease liability, net of current portion | 2,412,649 | - |
Other liabilities | 186,218 | 177,181 |
Total liabilities | 21,092,111 | 18,876,236 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, no par value: Authorized 50,000,000 shares; 4,139,000 shares and 4,899,000 shares issued and outstanding as of December 31, 2019 and June 30, 2019, respectively | 9,850,496 | 11,641,816 |
Common stock, no par value: Authorized 100,000,000 shares; 9,609,928 shares and 8,417,793 shares issued and outstanding as of December 31, 2019 and June 30, 2019, respectively | 23,668,610 | 21,320,106 |
Accumulated deficit | (12,614,191) | (12,206,213) |
Total stockholders' equity | 20,904,915 | 20,755,709 |
Total liabilities and stockholders' equity | $41,997,026 | $39,631,945 |
See accompanying notes to condensed consolidated financial statements. |
DYNATRONICS CORPORATION | ||||
Condensed Consolidated Statements of Operations | ||||
(Unaudited) | ||||
Three Months Ended | Nine Months Ended | |||
March 31, | March 31, | |||
2019 | 2018 | 2019 | 2018 | |
Net sales | $14,551,519 | $16,634,067 | $47,057,320 | $47,513,371 |
Cost of sales | 10,146,361 | 11,342,518 | 32,425,066 | 32,112,451 |
Gross profit | 4,405,158 | 5,291,549 | 14,632,254 | 15,400,920 |
Selling, general, and administrative expenses | 4,818,093 | 6,455,796 | 15,087,393 | 16,193,643 |
Operating loss | (412,935) | (1,164,247) | (455,139) | (792,723) |
Other income (expense): | ||||
Interest expense, net | (124,477) | (118,045) | (387,107) | (298,559) |
Other income, net | 6,905 | 4,859 | 390,459 | 26,845 |
Net other (expense) income | (117,572) | (113,186) | 3,352 | (271,714) |
Loss before income taxes | (530,507) | (1,277,433) | (451,787) | (1,064,437) |
Income tax provision | (32,880) | - | (236,829) | - |
Net loss | (563,387) | (1,277,433) | (688,616) | (1,064,437) |
Deemed dividend on convertible preferred stock and accretion of discount | - | - | - | (1,023,786) |
Preferred stock dividend, cash | - | - | - | (104,884) |
Convertible preferred stock dividend, in common stock | (196,240) | (190,523) | (586,145) | (578,178) |
Net loss attributable to common stockholders | $(759,627) | $(1,467,956) | $(1,274,761) | $(2,771,285) |
Basic and diluted net loss per common share | $(0.09) | $(0.18) | $(0.16) | $(0.45) |
Weighted-average common shares outstanding: | ||||
Basic and diluted | 8,307,117 | 7,962,179 | 8,189,890 | 6,135,224 |
See accompanying notes to condensed consolidated financial statements. |
DYNATRONICS CORPORATION | ||||
Condensed Consolidated Statements of Operations | ||||
(Unaudited) | ||||
Three Months Ended | Six Months Ended | |||
December 31, | December 31, | |||
2019 | 2018 | 2019 | 2018 | |
Net sales | $15,196,991 | $15,439,966 | $31,586,540 | $32,505,801 |
Cost of sales | 10,611,135 | 10,760,093 | 21,846,677 | 22,278,704 |
Gross profit | 4,585,856 | 4,679,873 | 9,739,863 | 10,227,097 |
Selling, general, and administrative expenses | 4,618,100 | 4,772,678 | 9,542,792 | 10,269,300 |
Operating (loss) income | (32,244) | (92,805) | 197,071 | (42,203) |
Other income (expense): | ||||
Interest expense, net | (110,289) | (141,788) | (241,281) | (262,630) |
Other income, net | 4,870 | (2,288) | 5,385 | 383,553 |
Net other (expense) income | (105,419) | (144,076) | (235,896) | 120,923 |
(Loss) income before income taxes | (137,663) | (236,881) | (38,825) | 78,720 |
Income tax (provision) benefit | - | (203,949) | - | (203,949) |
Net loss | (137,663) | (440,830) | (38,825) | (125,229) |
Deemed dividend on convertible preferred stock and accretion of discount | (108,539) | - | (108,539) | - |
Preferred stock dividend, in common stock, issued or to be issued | (202,249) | (203,268) | (369,153) | (389,905) |
Net loss attributable to common stockholders | $(448,451) | $(644,098) | $(516,517) | $(515,134) |
Net loss per common share | ||||
Basic and diluted | $(0.05) | $(0.08) | $(0.06) | $(0.06) |
Weighted-average common shares outstanding: | ||||
Basic and diluted | 9,023,406 | 8,193,324 | 8,800,184 | 8,176,877 |
See accompanying notes to condensed consolidated financial statements. |
DYNATRONICS CORPORATION | ||||||
Condensed Consolidated Statements of Stockholders' Equity | ||||||
(Unaudited) | ||||||
Total | ||||||
Common stock | Preferred stock | Accumulated | stockholders' | |||
Shares | Amount | Shares | Amount | deficit | equity | |
Balance at June 30, 2017 | 4,653,165 | $11,838,022 | 3,559,000 | $8,501,295 | $(8,014,927) | $12,324,390 |
Stock-based compensation | 12,382 | 71,786 | - | - | - | 71,786 |
Preferred stock dividend, in common stock, issued or to be issued | 72,042 | 187,061 | - | - | (187,061) | - |
Preferred stock converted to common stock | 75,000 | 187,500 | (75,000) | (187,500) | - | - |
Net income | - | - | - | - | 198,647 | 198,647 |
Balance at September 30, 2017 | 4,812,589 | 12,284,369 | 3,484,000 | 8,313,795 | (8,003,341) | 12,594,823 |
Stock-based compensation | 2,044 | 45,287 | - | - | - | 45,287 |
Issuance of preferred stock and warrants, net of issuance costs of $399,879 | - | - | 4,381,935 | 10,600,121 | - | 10,600,121 |
Preferred stock dividend, in cash | - | - | - | - | (104,884) | (104,884) |
Preferred stock dividend, in common stock, issued or to be issued | 83,147 | 200,595 | - | - | (200,595) | - |
Preferred stock converted to common stock | 2,966,935 | 7,272,100 | (2,966,935) | (7,272,100) | - | - |
Preferred stock beneficial conversion and accretion of discount | - | - | - | 1,023,786 | - | 1,023,786 |
Dividend of beneficial conversion and accretion of discount | - | - | - | (1,023,786) | - | (1,023,786) |
Net income | - | - | - | - | 14,348 | 14,348 |
Balance at December 31, 2017 | 7,864,715 | 19,802,351 | 4,899,000 | 11,641,816 | (8,294,472) | 23,149,695 |
Stock-based compensation | 88,974 | 94,676 | - | - | - | 94,676 |
Preferred stock dividend, in common stock, issued or to be issued | 69,547 | 190,522 | - | - | (190,522) | - |
Net loss | - | - | - | - | (1,277,433) | (1,277,433) |
Balance at March 31, 2018 | 8,023,236 | $20,087,549 | 4,899,000 | $11,641,816 | $(9,762,427) | $21,966,938 |
Total | ||||||
Common stock | Preferred stock | Accumulated | stockholders' | |||
Shares | Amount | Shares | Amount | deficit | equity | |
Balance at June 30, 2018 | 8,089,398 | $20,225,107 | 4,899,000 | $11,641,816 | $(10,490,141) | $21,376,782 |
Stock-based compensation | 5,000 | 43,658 | - | - | - | 43,658 |
Preferred stock dividend, in common stock, issued or to be issued | 66,631 | 186,637 | - | - | (186,637) | - |
Net income | - | - | - | - | 315,601 | 315,601 |
Balance at September 30, 2018 | 8,161,029 | 20,455,402 | 4,899,000 | 11,641,816 | (10,361,177) | 21,736,041 |
Stock-based compensation | - | 56,082 | - | - | - | 56,082 |
Preferred stock dividend, in common stock, issued or to be issued | 65,494 | 203,268 | - | - | (203,268) | - |
Reduction in equity retained for acquisition holdback | (37,708) | - | - | - | - | - |
Net loss | - | - | - | - | (440,830) | (440,830) |
Balance at December 31, 2018 | 8,188,815 | 20,714,752 | 4,899,000 | 11,641,816 | (11,005,275) | 21,351,293 |
Stock-based compensation | 58,998 | 85,566 | - | - | - | 85,566 |
Preferred stock dividend, in common stock, issued or to be issued | 74,731 | 196,240 | - | - | (196,240) | - |
Net loss | - | - | - | - | (563,387) | (563,387) |
Balance at March 31, 2019 | 8,322,544 | $20,996,558 | 4,899,000 | $11,641,816 | $(11,764,902) | $20,873,472 |
See accompanying notes to condensed consolidated financial statements. |
DYNATRONICS CORPORATION | ||
Condensed Consolidated Statements of Cash Flows | ||
(Unaudited) | ||
Nine Months Ended | ||
March 31, | ||
2019 | 2018 | |
Cash flows from operating activities: | ||
Net loss | $(688,616) | $(1,064,437) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization of property and equipment | 397,095 | 298,973 |
Amortization of intangible assets | 543,292 | 457,265 |
Amortization of other assets | 32,219 | 56,433 |
Amortization of capital lease assets | 253,194 | 188,950 |
Loss (gain) on sale of property and equipment | 2,177 | (7,002) |
Stock-based compensation expense | 185,306 | 211,747 |
Change in allowance for doubtful accounts receivable | (280,800) | (1,561) |
Change in allowance for inventory obsolescence | (58,268) | 162,528 |
Amortization deferred gain on sale/leaseback | (112,836) | (112,836) |
Deferred income taxes | 236,829 | - |
Change in fair value of earn-out liability | (375,000) | - |
Change in operating assets and liabilities: | ||
Trade accounts receivable | 1,285,182 | 324,838 |
Inventories | (411,918) | (1,017,052) |
Prepaid expenses | 72,070 | (124,079) |
Other assets | (15,692) | (16,181) |
Income tax receivable | 35,518 | (3,896) |
Accounts payable and accrued expenses | 452,212 | 750,894 |
Net cash provided by operating activities | 1,551,964 | 104,584 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (124,804) | (131,040) |
Net cash paid in acquisitions | - | (9,063,017) |
Proceeds from sale of property and equipment | - | 12,160 |
Net cash used in investing activities | (124,804) | (9,181,897) |
Cash flows from financing activities: | ||
Principal payments on long-term debt | (122,035) | (106,840) |
Principal payments on long-term capital lease | (181,609) | (144,345) |
Payment of acquisition holdback | (912,845) | (294,744) |
Net change in line of credit | (1,492,532) | 4,370,755 |
Proceeds from issuance of preferred stock, net | - | 6,600,121 |
Preferred stock dividends paid in cash | - | (104,884) |
Net cash (used in) provided by financing activities | (2,709,021) | 10,320,063 |
Net change in cash and cash equivalents | (1,281,861) | 1,242,750 |
Cash and cash equivalents at beginning of the period | 1,696,116 | 254,705 |
Cash and cash equivalents at end of the period | $414,255 | $1,497,455 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | $392,039 | $284,437 |
Supplemental disclosure of non-cash investing and financing activity: | ||
Deemed dividend on convertible preferred stock and accretion of discount | - | 1,023,786 |
Preferred stock dividends paid or to be paid in common stock | 586,145 | 578,178 |
Inventory reclassified to demonstration equipment | 239,106 | - |
Preferred stock issued to acquire "Bird & Cronin" | - | 4,000,000 |
Acquisition holdback | - | 2,147,291 |
Conversion of preferred stock to common stock | - | 7,459,600 |
Capital lease obligations incurred to acquire property and equipment | 252,493 | - |
See accompanying notes to condensed consolidated financial statements. |
DYNATRONICS CORPORATION | ||||||
Condensed Consolidated Statements of Stockholders' Equity | ||||||
(Unaudited) | ||||||
Total | ||||||
Common stock | Preferred stock | Accumulated | stockholders' | |||
Shares | Amount | Shares | Amount | deficit | equity | |
Balance at June 30, 2018 | 8,089,398 | $20,225,107 | 4,899,000 | $11,641,816 | $(10,490,141) | $21,376,782 |
Stock-based compensation | 5,000 | 43,658 | - | - | - | 43,658 |
Preferred stock dividend, in common stock, issued or to be issued | 66,631 | 186,637 | - | - | (186,637) | - |
Net income | - | - | - | - | 315,601 | 315,601 |
Balance at September 30, 2018 | 8,161,029 | 20,455,402 | 4,899,000 | 11,641,816 | (10,361,177) | 21,736,041 |
Stock-based compensation | - | 56,082 | - | - | - | 56,082 |
Preferred stock dividend, in common stock, issued or to be issued | 65,494 | 203,268 | - | - | (203,268) | - |
Reduction in equity retained for acquisition holdback | (37,708) | - | - | - | - | - |
Net loss | - | - | - | - | (440,830) | (440,830) |
Balance at December 31, 2018 | 8,188,815 | 20,714,752 | 4,899,000 | 11,641,816 | (11,005,275) | 21,351,293 |
Stock-based compensation | 58,998 | 85,566 | - | - | - | 85,566 |
Preferred stock dividend, in common stock, issued or to be issued | 74,731 | 196,240 | - | - | (196,240) | - |
Net loss | - | - | - | - | (563,387) | (563,387) |
Balance at March 31, 2019 | 8,322,544 | $20,996,558 | 4,899,000 | $11,641,816 | $(11,764,902) | $20,873,472 |
Stock-based compensation | - | 115,343 | - | - | - | 115,343 |
Preferred stock dividend, in common stock, issued or to be issued | 95,249 | 208,205 | - | - | (208,205) | - |
Net loss | - | - | - | - | (233,106) | (233,106) |
Balance at June 30, 2019 | 8,417,793 | $21,320,106 | 4,899,000 | $11,641,816 | $(12,206,213) | $20,755,709 |
Stock-based compensation | 135,244 | 129,793 | - | - | - | 129,793 |
Preferred stock dividend, in common stock, issued or to be issued | 126,194 | 166,904 | - | - | (166,904) | - |
Net income | - | - | - | - | 98,838 | 98,838 |
Balance at September 30, 2019 | 8,679,231 | $21,616,803 | 4,899,000 | $11,641,816 | $(12,274,279) | $20,984,340 |
Stock-based compensation | 5,446 | 58,238 | - | - | - | 58,238 |
Preferred stock converted to common stock | 760,000 | 1,791,320 | (760,000) | (1,791,320) | - | - |
Preferred stock dividend, in common stock, issued or to be issued | 165,251 | 202,249 | - | - | (202,249) | - |
Net loss | - | - | - | - | (137,663) | (137,663) |
Balance at December 31, 2019 | 9,609,928 | $23,668,610 | 4,139,000 | $9,850,496 | $(12,614,191) | $20,904,915 |
See accompanying notes to condensed consolidated financial statements. |
DYNATRONICS CORPORATION | ||
Condensed Consolidated Statements of Cash Flows | ||
(Unaudited) | ||
Six Months Ended | ||
December 31, | ||
2019 | 2018 | |
Cash flows from operating activities: | ||
Net loss | $(38,825) | $(125,229) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization of property and equipment | 495,000 | 418,289 |
Amortization of intangible assets | 362,191 | 362,192 |
Amortization of other assets | 20,064 | 21,074 |
Loss on sale of property and equipment | - | 1,813 |
Stock-based compensation expense | 188,031 | 99,740 |
Change in allowance for doubtful accounts receivable | - | (178,800) |
Change in allowance for inventory obsolescence | (13,532) | (35,147) |
Amortization deferred gain on sale/leaseback | (75,223) | (75,224) |
Deferred income taxes | - | 203,949 |
Change in fair value of earn-out liability | - | (375,000) |
Change in operating assets and liabilities: | ||
Trade accounts receivable and other receivables | 506,759 | 1,109,182 |
Inventories | 157,085 | 348,392 |
Prepaid expenses | (109,644) | 247,630 |
Other assets | (8,725) | (12,483) |
Income tax receivable | (14,350) | (768) |
Accounts payable and accrued expenses | 1,447,408 | (881,881) |
Net cash provided by operating activities | 2,916,239 | 1,127,729 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (183,731) | (52,463) |
Net cash used in investing activities | (183,731) | (52,463) |
Cash flows from financing activities: | ||
Principal payments on long-term debt | (89,231) | (83,049) |
Principal payments on finance lease liability | (145,779) | (114,283) |
Payment of acquisition earn-out liability and holdbacks | (500,000) | (912,845) |
Net change in line of credit | (1,721,533) | (1,137,681) |
Net cash used in financing activities | (2,456,543) | (2,247,858) |
Net change in cash and cash equivalents and restricted cash | 275,965 | (1,172,592) |
Cash and cash equivalents and restricted cash at beginning of the period | 256,030 | 1,696,116 |
Cash and cash equivalents and restricted cash at end of the period | $531,995 | $523,524 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | $256,262 | $265,251 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Deemed dividend on convertible preferred stock and accretion of discount | 108,539 | - |
Preferred stock dividend, in common stock, issued or to be issued | 369,153 | 389,905 |
Inventory reclassified to demonstration equipment | - | 239,106 |
Finance lease obligations incurred to obtain ROU assets | 3,086 | - |
Operating lease obligations incurred to obtain ROU assets | 3,749,809 | - |
Conversion of preferred stock to common stock | 1,791,320 | - |
See accompanying notes to condensed consolidated financial statements. |
March 31, 2019 | June 30, 2018 | December 31, 2019 | June 30, 2019 | |
Raw materials | $5,484,244 | $6,216,150 | $5,805,374 | $5,830,140 |
Work in process | 664,516 | 625,830 | 681,322 | 706,128 |
Finished goods | 5,470,296 | 4,604,264 | 5,063,534 | 5,129,806 |
Inventory obsolescence reserve | (400,121) | (458,389) | (166,262) | (138,553) |
$11,218,935 | $10,987,855 | $11,383,968 | $11,527,521 |
Classification on the Balance Sheet | December 31, 2019 | |
Lease Assets | ||
Operating lease assets | Operating lease assets | $3,311,497 |
Finance lease assets | Property and equipment, net | $2,711,066 |
Lease Liabilities | ||
Current | ||
Operating | Current portion of operating lease liability | $898,849 |
Finance | Current portion of finance lease liability | $303,849 |
Noncurrent | ||
Operating | Operating lease liability, net of current portion | $2,412,649 |
Finance | Finance lease liability, net of current portion | $2,752,480 |
December 31, 2019 | |
Weighted Average Remaining Lease Term | |
Operating leases | 3.5 years |
Finance leases | 9.1 years |
Weighted Average Discount Rate | |
Operating leases | 4.6% |
Finance leases | 5.8% |
Classification on the Statement of Operations | Three Months Ended December 31, 2019 | Six Months Ended December 31, 2019 | |
Operating lease cost | |||
Operating lease cost | Cost of sales | $70,515 | $141,030 |
Operating lease cost | Selling, general, and administrative expenses | 188,531 | 375,932 |
Short term lease cost | Selling, general, and administrative expenses | 15,750 | 31,500 |
Finance lease cost | |||
Amortization of finance lease assets | Cost of sales | $35,670 | $71,340 |
Amortization of finance lease assets | Selling, general, and administrative expenses | 49,098 | 97,955 |
Interest on finance lease liabilities | Interest expense, net | 45,222 | 90,089 |
Total lease cost | $404,786 | $807,846 |
Three Months Ended December 31, 2019 | Six Months Ended December 31, 2019 | |
ROU assets obtained in exchange for lease liabilities: | ||
Operating leases | - | 3,749,809 |
Financing leases | - | 3,086 |
Operating Leases | Finance Leases | |
Year ending June 30, | ||
2020 (excluding the six months ended December 31, 2019) | $515,832 | $227,500 |
2021 | 959,721 | 462,286 |
2022 | 150,000 | 469,536 |
2023 | - | 443,056 |
2024 | - | 384,754 |
Thereafter | - | 2,113,348 |
Total future minimum lease payments | $1,625,553 | $4,100,480 |
Imputed interest | 857,933 | |
Deferred rent | 186,218 |
Three Months Ended March 31 | Nine Months Ended March 31 | |||
2019 | 2018 | 2019 | 2018 | |
Orthopedic Soft Bracing Products | $ 5,510,461 | $5,681,928 | $17,182,340 | $11,380,235 |
Physical Therapy and Rehabilitation Products | 8,973,207 | 10,694,000 | 29,576,820 | 35,479,422 |
Other | 67,851 | 258,139 | 298,160 | 653,714 |
$14,551,519 | $16,634,067 | $47,057,320 | $47,513,371 |
Three Months Ended December 31 | Six Months Ended December 31 | |||
2019 | 2018 | 2019 | 2018 | |
Orthopedic Soft Bracing Products | $ 5,833,972 | $5,799,711 | $12,112,998 | $11,671,879 |
Physical Therapy and Rehabilitation Products | 9,283,017 | 9,558,772 | 19,320,737 | 20,603,613 |
Other | 80,002 | 81,483 | 152,805 | 230,309 |
$15,196,991 | $15,439,966 | $31,586,540 | $32,505,801 |
10.1 | 10.1 to Current Report on Form 8-K filed January 8, 2020) |
31.1 | |
31.2 | |
32.1 | |
32.2 | |
101.INS | XBRL Instance Document |
101.CAL | XBRL Taxonomy Extension Schema Document |
101.SCH | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
DYNATRONICS CORPORATION | |||
Date: | By: | /s/ | |
President and Chief Executive Officer (Principal Executive Officer) |
Date: | By: | /s/ David A. Wirthlin | |
David A. Wirthlin | |||
Chief Financial Officer (Principal Financial and Accounting Officer) |