SEC Info - Biosynergy Inc - ‘10-Q’ for 1/31/20

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Biosynergy Inc – ‘10-Q’ for 1/31/20 – ‘EX-101.INS’

On: Thursday, 3/12/20, at 3:06pm ET · For: 1/31/20 · Accession #: 715812-20-2 · File #: 0-12459

  As Of               Filer                 Filing    For·On·As Docs:Size

 3/12/20  Biosynergy Inc                    10-Q        1/31/20   41:1.1M

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    124K 
 2: EX-31.1     Certification of Chief Executive Officer            HTML     18K 
 3: EX-31.2     Certification of Chief Accounting Officer           HTML     18K 
 5: EX-32       Certification -- §906 - SOA'02                      HTML     13K 
 4: EX-32.1     Certification Pursuant to 18 U.S.C. Section 1350    HTML     13K 
                as Adopted                                                       
27: R1          Document and Entity Information                     HTML     45K 
38: R2          Balance Sheets (Unaudited)                          HTML    101K 
34: R3          Balance Sheets (Parenthetical)                      HTML     21K 
16: R4          Statements of Operations (Unaudited)                HTML     57K 
26: R5          Statements of Cash Flows (Unaudited)                HTML     66K 
37: R6          Shareholders Equity (Unaudited)                     HTML     24K 
33: R7          Company Organization and Description                HTML     19K 
15: R8          Summary of Significant Accounting Policies          HTML     40K 
28: R9          Inventories                                         HTML     19K 
14: R10         Common Stock                                        HTML     16K 
24: R11         Related Party Transactions                          HTML     24K 
36: R12         Lease Commitments                                   HTML     18K 
32: R13         Customer Concentration                              HTML     19K 
13: R14         Depreciation                                        HTML     16K 
23: R15         Research and Development and Patents                HTML     17K 
35: R16         Summary of Significant Accounting Policies          HTML     88K 
                (Policies)                                                       
31: R17         Summary of Significant Accounting Policies          HTML     23K 
                (Tables)                                                         
12: R18         Inventories (Tables)                                HTML     20K 
25: R19         Related Party Transactions (Tables)                 HTML     22K 
40: R20         Summary of Significant Accounting Policies -        HTML     27K 
                Income Tax Rate (Details)                                        
30: R21         Summary of Significant Accounting Policies -        HTML     23K 
                Provision for Income Taxes (Details)                             
18: R22         Depreciation (Details Narrative)                    HTML     16K 
22: R23         Research and Development and Patents (Details       HTML     17K 
                Narrative)                                                       
39: R24         Inventories - Inventories (Details)                 HTML     22K 
29: R25         Related Party Transactions (Details Narrative)      HTML     22K 
17: R26         Lease Commitments - Future Minimum Lease Expense    HTML     20K 
                (Details)                                                        
21: R27         Customer Concentrations (Details)                   HTML     21K 
41: XML         IDEA XML File -- Filing Summary                      XML     64K 
20: EXCEL       IDEA Workbook of Financial Reports                  XLSX     31K 
11: EX-101.INS  XBRL Instance -- bsyn-20200131                       XML    236K 
 7: EX-101.CAL  XBRL Calculations -- bsyn-20200131_cal               XML     98K 
 8: EX-101.DEF  XBRL Definitions -- bsyn-20200131_def                XML     56K 
 9: EX-101.LAB  XBRL Labels -- bsyn-20200131_lab                     XML    304K 
10: EX-101.PRE  XBRL Presentations -- bsyn-20200131_pre              XML    223K 
 6: EX-101.SCH  XBRL Schema -- bsyn-20200131                         XSD     55K 
19: ZIP         XBRL Zipped Folder -- 0000715812-20-000002-xbrl      Zip     41K

‘EX-101.INS’ — XBRL Instance — bsyn-20200131

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<us-gaap:IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet contextRef="From2018-05-01to2019-01-31" unitRef="USD" decimals="0"> 125529 </us-gaap:IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet>

<us-gaap:OtherIncome contextRef="From2019-05-01to2020-01-31" unitRef="USD" decimals="0"> 1889 </us-gaap:OtherIncome>

<us-gaap:OtherIncome contextRef="From2018-11-01to2019-01-31" unitRef="USD" decimals="0"> 630 </us-gaap:OtherIncome>

<us-gaap:OtherIncome contextRef="From2019-11-01to2020-01-31" unitRef="USD" decimals="0"> 629 </us-gaap:OtherIncome>

<us-gaap:OtherIncome contextRef="From2018-05-01to2019-01-31" unitRef="USD" decimals="0"> 1815 </us-gaap:OtherIncome>

<bsyn:OtherRevenue contextRef="From2019-05-01to2020-01-31" unitRef="USD" decimals="0"> 1440 </bsyn:OtherRevenue>

<bsyn:OtherRevenue contextRef="From2018-11-01to2019-01-31" unitRef="USD" decimals="0"> 480 </bsyn:OtherRevenue>

<bsyn:OtherRevenue contextRef="From2019-11-01to2020-01-31" unitRef="USD" decimals="0"> 480 </bsyn:OtherRevenue>

<bsyn:OtherRevenue contextRef="From2018-05-01to2019-01-31" unitRef="USD" decimals="0"> 1440 </bsyn:OtherRevenue>

<us-gaap:OperatingExpenses contextRef="From2019-05-01to2020-01-31" unitRef="USD" decimals="0"> 561599 </us-gaap:OperatingExpenses>

<us-gaap:OperatingExpenses contextRef="From2018-11-01to2019-01-31" unitRef="USD" decimals="0"> 188002 </us-gaap:OperatingExpenses>

<us-gaap:OperatingExpenses contextRef="From2019-11-01to2020-01-31" unitRef="USD" decimals="0"> 182741 </us-gaap:OperatingExpenses>

<us-gaap:OperatingExpenses contextRef="From2018-05-01to2019-01-31" unitRef="USD" decimals="0"> 572762 </us-gaap:OperatingExpenses>

<us-gaap:ResearchAndDevelopmentExpense contextRef="From2019-05-01to2020-01-31" unitRef="USD" decimals="0"> 125032 </us-gaap:ResearchAndDevelopmentExpense>

<us-gaap:ResearchAndDevelopmentExpense contextRef="From2018-11-01to2019-01-31" unitRef="USD" decimals="0"> 43168 </us-gaap:ResearchAndDevelopmentExpense>

<us-gaap:ResearchAndDevelopmentExpense contextRef="From2019-11-01to2020-01-31" unitRef="USD" decimals="0"> 45935 </us-gaap:ResearchAndDevelopmentExpense>

<us-gaap:ResearchAndDevelopmentExpense contextRef="From2018-05-01to2019-01-31" unitRef="USD" decimals="0"> 119000 </us-gaap:ResearchAndDevelopmentExpense>

<us-gaap:GeneralAndAdministrativeExpense contextRef="From2019-05-01to2020-01-31" unitRef="USD" decimals="0"> 299249 </us-gaap:GeneralAndAdministrativeExpense>

<us-gaap:GeneralAndAdministrativeExpense contextRef="From2018-11-01to2019-01-31" unitRef="USD" decimals="0"> 98883 </us-gaap:GeneralAndAdministrativeExpense>

<us-gaap:GeneralAndAdministrativeExpense contextRef="From2019-11-01to2020-01-31" unitRef="USD" decimals="0"> 91055 </us-gaap:GeneralAndAdministrativeExpense>

<us-gaap:GeneralAndAdministrativeExpense contextRef="From2018-05-01to2019-01-31" unitRef="USD" decimals="0"> 313838 </us-gaap:GeneralAndAdministrativeExpense>

<us-gaap:MarketingExpense contextRef="From2019-05-01to2020-01-31" unitRef="USD" decimals="0"> 137318 </us-gaap:MarketingExpense>

<us-gaap:MarketingExpense contextRef="From2018-11-01to2019-01-31" unitRef="USD" decimals="0"> 45951 </us-gaap:MarketingExpense>

<us-gaap:MarketingExpense contextRef="From2019-11-01to2020-01-31" unitRef="USD" decimals="0"> 45751 </us-gaap:MarketingExpense>

<us-gaap:MarketingExpense contextRef="From2018-05-01to2019-01-31" unitRef="USD" decimals="0"> 139924 </us-gaap:MarketingExpense>

<us-gaap:GrossProfit contextRef="From2019-05-01to2020-01-31" unitRef="USD" decimals="0"> 593449 </us-gaap:GrossProfit>

<us-gaap:GrossProfit contextRef="From2018-11-01to2019-01-31" unitRef="USD" decimals="0"> 262017 </us-gaap:GrossProfit>

<us-gaap:GrossProfit contextRef="From2019-11-01to2020-01-31" unitRef="USD" decimals="0"> 180092 </us-gaap:GrossProfit>

<us-gaap:GrossProfit contextRef="From2018-05-01to2019-01-31" unitRef="USD" decimals="0"> 696476 </us-gaap:GrossProfit>

<us-gaap:ManufacturingCosts contextRef="From2019-05-01to2020-01-31" unitRef="USD" decimals="0"> 327090 </us-gaap:ManufacturingCosts>

<us-gaap:ManufacturingCosts contextRef="From2018-11-01to2019-01-31" unitRef="USD" decimals="0"> 110513 </us-gaap:ManufacturingCosts>

<us-gaap:ManufacturingCosts contextRef="From2019-11-01to2020-01-31" unitRef="USD" decimals="0"> 111362 </us-gaap:ManufacturingCosts>

<us-gaap:ManufacturingCosts contextRef="From2018-05-01to2019-01-31" unitRef="USD" decimals="0"> 322312 </us-gaap:ManufacturingCosts>

<us-gaap:SalesRevenueNet contextRef="From2019-05-01to2020-01-31" unitRef="USD" decimals="0"> 920539 </us-gaap:SalesRevenueNet>

<us-gaap:SalesRevenueNet contextRef="From2018-11-01to2019-01-31" unitRef="USD" decimals="0"> 372500 </us-gaap:SalesRevenueNet>

<us-gaap:SalesRevenueNet contextRef="From2019-11-01to2020-01-31" unitRef="USD" decimals="0"> 291454 </us-gaap:SalesRevenueNet>

<us-gaap:SalesRevenueNet contextRef="From2018-05-01to2019-01-31" unitRef="USD" decimals="0"> 1018788 </us-gaap:SalesRevenueNet>

<us-gaap:InterestAndOtherIncome contextRef="From2019-05-01to2020-01-31" unitRef="USD" decimals="0"> 449 </us-gaap:InterestAndOtherIncome>

<us-gaap:InterestAndOtherIncome contextRef="From2018-11-01to2019-01-31" unitRef="USD" decimals="0"> 150 </us-gaap:InterestAndOtherIncome>

<us-gaap:InterestAndOtherIncome contextRef="From2019-11-01to2020-01-31" unitRef="USD" decimals="0"> 149 </us-gaap:InterestAndOtherIncome>

<us-gaap:InterestAndOtherIncome contextRef="From2018-05-01to2019-01-31" unitRef="USD" decimals="0"> 375 </us-gaap:InterestAndOtherIncome>

<us-gaap:ProFormaWeightedAverageSharesOutstandingDiluted contextRef="From2019-05-01to2020-01-31" unitRef="Shares" decimals="INF"> 14935511 </us-gaap:ProFormaWeightedAverageSharesOutstandingDiluted>

<us-gaap:ProFormaWeightedAverageSharesOutstandingDiluted contextRef="From2018-11-01to2019-01-31" unitRef="Shares" decimals="INF"> 14935511 </us-gaap:ProFormaWeightedAverageSharesOutstandingDiluted>

<us-gaap:ProFormaWeightedAverageSharesOutstandingDiluted contextRef="From2019-11-01to2020-01-31" unitRef="Shares" decimals="INF"> 14935511 </us-gaap:ProFormaWeightedAverageSharesOutstandingDiluted>

<us-gaap:ProFormaWeightedAverageSharesOutstandingDiluted contextRef="From2018-05-01to2019-01-31" unitRef="Shares" decimals="INF"> 14935511 </us-gaap:ProFormaWeightedAverageSharesOutstandingDiluted>

<us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="From2019-05-01to2020-01-31" unitRef="USD" decimals="0"> 66391 </us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>

<us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="From2018-05-01to2019-01-31" unitRef="USD" decimals="0"> 34222 </us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>

<us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="AsOf2020-01-31" unitRef="USD" decimals="0"> 1246516 </us-gaap:CashAndCashEquivalentsAtCarryingValue>

<us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="AsOf2019-04-30" unitRef="USD" decimals="0"> 1180125 </us-gaap:CashAndCashEquivalentsAtCarryingValue>

<us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="AsOf2019-01-31" unitRef="USD" decimals="0"> 1164650 </us-gaap:CashAndCashEquivalentsAtCarryingValue>

<us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="AsOf2018-04-30" unitRef="USD" decimals="0"> 1140428 </us-gaap:CashAndCashEquivalentsAtCarryingValue>

<us-gaap:DepreciationAndAmortization contextRef="From2019-05-01to2020-01-31" unitRef="USD" decimals="0"> 14530 </us-gaap:DepreciationAndAmortization>

<us-gaap:DepreciationAndAmortization contextRef="From2018-05-01to2019-01-31" unitRef="USD" decimals="0"> 15846 </us-gaap:DepreciationAndAmortization>

<us-gaap:IncreaseDecreaseInReceivables contextRef="From2019-05-01to2020-01-31" unitRef="USD" decimals="0"> -27924 </us-gaap:IncreaseDecreaseInReceivables>

<us-gaap:IncreaseDecreaseInReceivables contextRef="From2018-05-01to2019-01-31" unitRef="USD" decimals="0"> 73607 </us-gaap:IncreaseDecreaseInReceivables>

<us-gaap:IncreaseDecreaseInInventories contextRef="From2019-05-01to2020-01-31" unitRef="USD" decimals="0"> -16566 </us-gaap:IncreaseDecreaseInInventories>

<us-gaap:IncreaseDecreaseInInventories contextRef="From2018-05-01to2019-01-31" unitRef="USD" decimals="0"> 7003 </us-gaap:IncreaseDecreaseInInventories>

<us-gaap:IncreaseDecreaseInPrepaidExpense contextRef="From2019-05-01to2020-01-31" unitRef="USD" decimals="0"> -387 </us-gaap:IncreaseDecreaseInPrepaidExpense>

<us-gaap:IncreaseDecreaseInPrepaidExpense contextRef="From2018-05-01to2019-01-31" unitRef="USD" decimals="0"> -24777 </us-gaap:IncreaseDecreaseInPrepaidExpense>

<us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities contextRef="From2019-05-01to2020-01-31" unitRef="USD" decimals="0"> -14777 </us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities>

<us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities contextRef="From2018-05-01to2019-01-31" unitRef="USD" decimals="0"> -5335 </us-gaap:IncreaseDecreaseInAccountsPayableAndAccruedLiabilities>

<us-gaap:AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities contextRef="From2019-05-01to2020-01-31" unitRef="USD" decimals="0"> 43805 </us-gaap:AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities>

<us-gaap:AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities contextRef="From2018-05-01to2019-01-31" unitRef="USD" decimals="0"> -44497 </us-gaap:AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities>

<us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="From2019-05-01to2020-01-31" unitRef="USD" decimals="0"> 67353 </us-gaap:NetCashProvidedByUsedInOperatingActivities>

<us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="From2018-05-01to2019-01-31" unitRef="USD" decimals="0"> 45244 </us-gaap:NetCashProvidedByUsedInOperatingActivities>

<us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock contextRef="From2019-05-01to2020-01-31">

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, 2019 Annual Report on Form 10-K/A. The results of operations for the nine months ended January 31, 2020 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® II Blood Monitoring Device, accounted for approximately 92.49% of the sales during the nine months ending January 31, 2020 and 92.14% during the nine months ending January 31, 2019. The products are sold to hospitals, clinical end-users, laboratories and product dealers located throughout the United States.

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<us-gaap:SignificantAccountingPoliciesTextBlock contextRef="From2019-05-01to2020-01-31">

<table cellpadding="0" cellspacing="0" style="font: 11pt/105% Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0.15pt"><tr style="vertical-align: top"> <td style="width: 0pt"></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt/104% Times New Roman, Times, Serif; width: 100%; color: #252525; margin-top: 0; margin-bottom: 2.65pt"><tr style="vertical-align: top"> <td style="width: 0.05pt"></td></tr></table> Cash The Company maintains all of its cash in various 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 beyond the stipulated due date. 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 $4,298 and $6,852 for the nine month periods ending January 31, 2020 and 2019, respectively. Prepaid Expenses Certain expenses, primarily insurance and income taxes, have been prepaid and will be used within one year. Revenue Recognition In May 2014, the FASB issued an Accounting Standards Update (ASU) 2014-09, "Revenue from Contracts with Customers (Topic 606)", which supersedes the revenue recognition requirements in Accounting Standards Codification (ASC) 605, Revenue Recognition. Several additional ASUs have subsequently been issued amending and clarifying the standard. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a five-step process to achieve that core principle and to determine when and how revenue is recognized. The updates may be applied retrospectively for each period presented or as a cumulative-effect adjustment at the date of adoption. The Company adopted this standard on May 1, 2018, using the modified retrospective approach. The impact of the adoption of ASU 2014-09 on the Company’s condensed consolidated financial statements is as follows: <table cellpadding="0" cellspacing="0" style="font: 12pt/105% Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 9.9pt; color: #252525"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 35.95pt">•</td><td style="text-align: justify; padding-right: 1.9pt">The Company’s revenue is primarily generated from the sales of products directly to customers or through distribution channels, based on purchase orders and not supply contracts providing for additional goods or services once the products are transferred to the customer. The Company’s performance obligations underlying such sales, and the timing of revenue recognition related thereto, remain substantially unchanged following the adoption of this ASU. </td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 12pt/105% Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 2.45pt; color: #252525"><tr style="vertical-align: top"> <td style="width: 0.6pt"></td><td style="width: 35.95pt">•</td><td style="text-align: justify; padding-right: 1.9pt">The adoption of ASU No. 2014-09 requires that the Company recognize its sales return allowance on a gross basis rather than as a net liability. As such, the Company now recognizes a return asset for the right to recover the goods returned by the customer, measured at the former carrying amount of the products, less any expected recovery costs (recorded as an increase to prepaid expenses and other current assets), and a return liability for the amount of expected returns (recorded as an increase to other current liabilities). The Company’s analysis of sales returns over the past several years noted that sales returns are nominal and therefore no sales return allowance is deemed necessary.</td></tr></table> There was no adjustment necessary for fiscal year ending April 30, 2019 or prior in relation to the change in the revenue recognition policy and no significant effects on the nine month period ending January 31, 2020. Shipping and Handling Shipping and handling fees billed to customer, if any, are netted against the related costs which are included in cost of sales. The net cost is not material. 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 filing, 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 month periods ended January 31: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%"><tr style="vertical-align: bottom"><td style="font-size: 12pt"></td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2020</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2010</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Current</td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 56%; padding-left: 5.4pt"> Federal</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">6,986</td><td style="width: 1%; text-align: left"></td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">23,863</td><td style="width: 1%; text-align: left"></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 5.4pt"> State</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,205</td><td style="padding-bottom: 1pt; text-align: left"></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11,925</td><td style="padding-bottom: 1pt; text-align: left"></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Provision (Benefit) for Income Taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,191</td><td style="padding-bottom: 2.5pt; text-align: left"></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">35,788</td><td style="padding-bottom: 2.5pt; text-align: left"></td></tr> </table> The differences between the U.S. federal statutory tax rate and the Company’s effective tax rate are as follows: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; text-align: center; vertical-align: middle">Period ended January 31,</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: left">2020</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2019</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left; text-indent: 0in">U.S. federal statutory tax rate</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0in">State income tax expense, net of Federal tax benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.2</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.51</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 0in">Effective Tax Rate</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">30.2</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">28.51</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> 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, are amortized over the life of the respective patent on the straight-line method. Patent amortization expense for the nine months ended January 31, 2020 and 2019 were $10,232 and $8,994 respectively. Patents relate to products that have been developed and are being marketed 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. Basic and diluted net income per common share is the same for the nine months ended January 31, 2020 and 2019 as there are no common stock equivalents. Comprehensive Income Components of comprehensive income include amounts that are included in the comprehensive income but are excluded from net income. During the nine month periods ending January 31, 2020 and 2019, there were no differences between the Company’s net income and comprehensive income. Fair Value of Financial Instruments The Company evaluates its financial instruments based on current market interest rates relative to stated interest rates, length to maturity and the existence of readily determinable market prices. Based on the Company’s analysis, the fair value of financial instruments recorded on the balances sheets as of January 31, 2020 and April 30, 2019, approximates their carrying value. Segments Accounting standards have established annual reporting standards for an enterprise’s operating segments and related disclosures about its products, services, geographic areas and major customers. The Company’s operations were a single reportable segment and an international segment. The international segment operations are immaterial. See Note 7. Recent Accounting Pronouncements The FASB issues ASUs to amend the authoritative literature in ASC. There have been a number of ASUs to date that amend the original text of ASCs. Those 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,

</us-gaap:SignificantAccountingPoliciesTextBlock>

<us-gaap:InventoryDisclosureTextBlock contextRef="From2019-05-01to2020-01-31">

Components of inventories are as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="font-size: 12pt; padding-bottom: 2.5pt"> </td> <td colspan="3" style="border-bottom: Black 2.5pt double; font-size: 12pt; text-align: center">January 31, 2020 </td><td style="font-size: 12pt; padding-bottom: 2.5pt"> </td> <td colspan="3" style="border-bottom: Black 2.5pt double; font-size: 12pt; text-align: center">April 30, 2019 </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left; padding-left: 5.4pt">Raw materials</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">105,926</td><td style="width: 4%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">112,499</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt">Work-in-process</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,952</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,882</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Finished goods</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">16,234</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,297</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 12pt; padding-bottom: 2.5pt; padding-left: 5.4pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">146,112</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">162,678</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

</us-gaap:InventoryDisclosureTextBlock>

<us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="From2019-05-01to2020-01-31">

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.

</us-gaap:StockholdersEquityNoteDisclosureTextBlock>

<us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="From2019-05-01to2020-01-31">

The Company and its affiliates are related through common stock ownership as follows as of January 31, 2020: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="3" style="text-align: left"> </td><td> </td> <td colspan="3" style="text-align: center; vertical-align: middle">Stock of Affiliates</td><td> </td> <td colspan="3" style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td> </td> <td colspan="3" style="text-align: left"> </td><td> </td> <td colspan="3" style="text-align: left"> </td><td> </td> <td colspan="3" style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> Biosynergy, Inc. </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> F.K. Suzuki International, Inc. </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> Medlab, Inc. </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 46%; text-align: left; text-indent: 0in">F.K. Suzuki International, Inc</td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">30.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">— </td><td style="width: 1%; text-align: left">%</td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">100.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0in">Fred K. Suzuki, Officer</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">— </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0in">Jeanne S. Addis, Trustee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">— </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28.1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">— </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0in">Mary K. Friske, Officer</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">.3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">.7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">— </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0in">Laurence C. Mead, Officer</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">.4</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">— </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0in">Beverly K. Suzuki</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">— </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">— </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0in">Lauane C. Addis, Officer</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">— </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">— </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">— </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0in">Malcolm MacCoun, Director</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">— </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">— </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">— </td><td style="text-align: left"> </td></tr> </table> As of January 31, 2020, $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 $9,216 and $18,341 for the nine months ended January 31, 2020 and 2019, respectively.

</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>

<us-gaap:LeasesOfLesseeDisclosureTextBlock contextRef="From2019-05-01to2020-01-31">

On February 25, 2016, the FASB issued Topic 842, Leases. 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. At inception, a lessee must classify all leases as either finance or operating. In February 2018, the Company entered into a two-year lease agreement for its current facilities, which started May 1, 2018 and expires on April 30, 2020. Under the new lease standard, which was early-adopted by the Company as of May 1, 2018, the Company’s lease was accounted for as an operating lease. As a result, the Company measured the lease liability using the two year term and rates per the lease agreement and recognized a lease liability, with a corresponding right-of-use asset. A discount was not calculated due to the lease agreement only having a two year term. The operating lease expense for the nine months ending January 31, 2020 is $66,825. The corresponding expense, recorded as rent expense, for the nine months ending January 31, 2020 is $67,650. Retrospective application of the new standard did not render any adjustments since all of the Company’s operating leases were less than one year. Lease liability as of January 31, 2020 is $22,550 through April 30, 2020. Management is in the process of negotiating a new lease agreement.

</us-gaap:LeasesOfLesseeDisclosureTextBlock>

<us-gaap:MajorCustomersPolicyPolicyTextBlock contextRef="From2019-05-01to2020-01-31">

Shipments to one customer amounted to 28.43% of sales during the first nine months of Fiscal 2020 compared to 28.15% during the comparative Fiscal 2019 period. As of January 31, 2020, there were outstanding accounts receivable from this customer of $64,554 compared to $65,955 at January 31, 2019. Shipments to another customer amounted to 37.70% of sales during the first nine months of Fiscal 2020 and 40.51% of sales during the first nine months of Fiscal 2019. As of January 31, 2020, there were outstanding accounts receivable from this customer of $120,626 compared to $199,484 at January 31, 2019. The Company had export sales of $4,750 during the 3rd Quarter of Fiscal 2020, and export sales of $25,005 during the 3rd Quarter of Fiscal 2019. For the nine months ending January 31, 2020 export sales were $27,355 and $68,660 for the same period ending January 31, 2019. 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.

</us-gaap:MajorCustomersPolicyPolicyTextBlock>

<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="From2019-05-01to2020-01-31">

The Company maintains all of its cash in various bank deposit accounts, which at times may exceed federally insured limits. No losses have been experienced on such accounts.

</us-gaap:CashAndCashEquivalentsPolicyTextBlock>

<us-gaap:ReceivablesPolicyTextBlock contextRef="From2019-05-01to2020-01-31">

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 beyond the stipulated due date. Receivables are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded when received.

</us-gaap:ReceivablesPolicyTextBlock>

<us-gaap:InventoryPolicyTextBlock contextRef="From2019-05-01to2020-01-31">

Inventories are valued at the lower of cost or market using the FIFO (first-in, first-out) method.

</us-gaap:InventoryPolicyTextBlock>

<us-gaap:PropertyPlantAndEquipmentPolicyTextBlock contextRef="From2019-05-01to2020-01-31">

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 $4,298 and $6,852 for the nine month periods ending January 31, 2020 and 2019, respectively.

</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>

<us-gaap:InsuranceDisclosureTextBlock contextRef="From2019-05-01to2020-01-31">

Certain expenses, primarily insurance and income taxes, have been prepaid and will be used within one year.

</us-gaap:InsuranceDisclosureTextBlock>

<us-gaap:RevenueRecognitionPolicyTextBlock contextRef="From2019-05-01to2020-01-31">

In May 2014, the FASB issued an Accounting Standards Update (ASU) 2014-09, "Revenue from Contracts with Customers (Topic 606)", which supersedes the revenue recognition requirements in Accounting Standards Codification (ASC) 605, Revenue Recognition. Several additional ASUs have subsequently been issued amending and clarifying the standard. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a five-step process to achieve that core principle and to determine when and how revenue is recognized. The updates may be applied retrospectively for each period presented or as a cumulative-effect adjustment at the date of adoption. The Company adopted this standard on May 1, 2018, using the modified retrospective approach. The impact of the adoption of ASU 2014-09 on the Company’s condensed consolidated financial statements is as follows: <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/105% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9.9pt; color: #252525"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 35.95pt">•</td><td style="text-align: justify; padding-right: 1.9pt">The Company’s revenue is primarily generated from the sales of products directly to customers or through distribution channels, based on purchase orders and not supply contracts providing for additional goods or services once the products are transferred to the customer. The Company’s performance obligations underlying such sales, and the timing of revenue recognition related thereto, remain substantially unchanged following the adoption of this ASU. </td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt/105% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2.45pt; color: #252525"><tr style="vertical-align: top"> <td style="width: 0.6pt"></td><td style="width: 35.95pt">•</td><td style="text-align: justify; padding-right: 1.9pt">The adoption of ASU No. 2014-09 requires that the Company recognize its sales return allowance on a gross basis rather than as a net liability. As such, the Company now recognizes a return asset for the right to recover the goods returned by the customer, measured at the former carrying amount of the products, less any expected recovery costs (recorded as an increase to prepaid expenses and other current assets), and a return liability for the amount of expected returns (recorded as an increase to other current liabilities). The Company’s analysis of sales returns over the past several years noted that sales returns are nominal and therefore no sales return allowance is deemed necessary.</td></tr></table> There was no adjustment necessary for fiscal year ending April 30, 2019 or prior in relation to the change in the revenue recognition policy and no significant effects on the nine month period ending January 31, 2020.

</us-gaap:RevenueRecognitionPolicyTextBlock>

<us-gaap:ResearchAndDevelopmentExpensePolicy contextRef="From2019-05-01to2020-01-31">

Research and development expenditures are charged to operations as incurred. The costs of obtaining patents, primarily legal fees, are capitalized and, once obtained, are amortized over the life of the respective patent on the straight-line method. Patent amortization expense for the nine months ended January 31, 2020 and 2019 were $10,232 and $8,994 respectively. Patents relate to products that have been developed and are being marketed by the Company. Patents pending relate to products under development.

</us-gaap:ResearchAndDevelopmentExpensePolicy>

<us-gaap:UseOfEstimates contextRef="From2019-05-01to2020-01-31">

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.

</us-gaap:UseOfEstimates>

<us-gaap:EarningsPerSharePolicyTextBlock contextRef="From2019-05-01to2020-01-31">

Income per common share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Basic and diluted net income per common share is the same for the nine months ended January 31, 2020 and 2019 as there are no common stock equivalents.

</us-gaap:EarningsPerSharePolicyTextBlock>

<us-gaap:ComprehensiveIncomeNoteTextBlock contextRef="From2019-05-01to2020-01-31">

Components of comprehensive income include amounts that are included in the comprehensive income but are excluded from net income. During the nine month periods ending January 31, 2020 and 2019, there were no differences between the Company’s net income and comprehensive income.

</us-gaap:ComprehensiveIncomeNoteTextBlock>

<us-gaap:IncomeTaxPolicyTextBlock contextRef="From2019-05-01to2020-01-31">

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 filing, 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 six month periods ended January 31: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2020</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2019</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Current</td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt"> </td> <td style="font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; text-align: right"> </td><td style="font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 56%; padding-left: 5.4pt"> Federal</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">6,986</td><td style="width: 1%; text-align: left"></td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">23,863</td><td style="width: 1%; text-align: left"></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 5.4pt"> State</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,205</td><td style="padding-bottom: 1pt; text-align: left"></td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11,925</td><td style="padding-bottom: 1pt; text-align: left"></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Provision (Benefit) for Income Taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,191</td><td style="padding-bottom: 2.5pt; text-align: left"></td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">35,788</td><td style="padding-bottom: 2.5pt; text-align: left"></td></tr> </table> The differences between the U.S. federal statutory tax rate and the Company’s effective tax rate are as follows: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; text-align: center">Period ended January 31,</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2020</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2019</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left; padding-left: 5.4pt">U.S. federal statutory tax rate</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">State income tax expense, net of Federal tax benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.2</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.51</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Effective Tax Rate</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">30.2</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">28.51</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table>

</us-gaap:IncomeTaxPolicyTextBlock>

<us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="From2019-05-01to2020-01-31">

The FASB issues ASUs to amend the authoritative literature in ASC. There have been a number of ASUs to date that amend the original text of ASCs. Those 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.

</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>

<us-gaap:IncomeTaxDisclosureTextBlock contextRef="From2019-05-01to2020-01-31">

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%"><tr style="vertical-align: bottom"><td style="font-size: 12pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2020</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2019</td></tr> <tr style="vertical-align: bottom"> <td>Current</td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; padding-left: 5.4pt"> Federal</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">6,986</td><td style="width: 1%; text-align: left"></td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">23,863</td><td style="width: 1%; text-align: left"></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 5.4pt"> State</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,205</td><td style="padding-bottom: 1pt; text-align: left"></td><td style="padding-bottom: 1pt"></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11,925</td><td style="padding-bottom: 1pt; text-align: left"></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Provision for Income Taxes</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,191</td><td style="padding-bottom: 2.5pt; text-align: left"></td><td style="padding-bottom: 2.5pt"></td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">35,788</td><td style="padding-bottom: 2.5pt; text-align: left"></td></tr></table>

</us-gaap:IncomeTaxDisclosureTextBlock>

<us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock contextRef="From2019-05-01to2020-01-31">

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: Black 1pt solid; text-align: center">Period ended January 31,</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2020</td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center">2019</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left; padding-left: 5.4pt">U.S. federal statutory tax rate</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">State income tax expense, net of Federal tax benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9.2</td><td style="text-align: left">% </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.51</td><td style="text-align: left"> %</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Effective Tax Rate</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">30.2</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">28.51</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table>

</us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock>

<us-gaap:ScheduleOfInventoryCurrentTableTextBlock contextRef="From2019-05-01to2020-01-31">

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="font-size: 12pt; padding-bottom: 2.5pt"> </td> <td colspan="3" style="border-bottom: Black 2.5pt double; font-size: 12pt; text-align: center">January 31, 2020 </td><td style="font-size: 12pt; padding-bottom: 2.5pt"> </td> <td colspan="3" style="border-bottom: Black 2.5pt double; font-size: 12pt; text-align: center">April 30, 2019 </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt"> </td><td style="font-size: 12pt"> </td> <td colspan="3" style="font-size: 12pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left; padding-left: 5.4pt">Raw materials</td><td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">105,926</td><td style="width: 5%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">112,499</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt">Work-in-process</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23,952</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,882</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Finished goods</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">16,234</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,297</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 12pt; padding-bottom: 2.5pt; padding-left: 5.4pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">146,112</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">162,678</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

</us-gaap:ScheduleOfInventoryCurrentTableTextBlock>

<us-gaap:ScheduleOfOtherOwnershipInterestsTextBlock contextRef="From2019-05-01to2020-01-31">

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="font: 12pt Courier New, Courier, Monospace; border-bottom: Black 2.5pt double">Stock of Affiliates </td><td style="padding-bottom: 2.5pt"> </td> <td colspan="3"> </td><td style="padding-bottom: 2.5pt"> </td> <td colspan="3"> </td><td style="padding-bottom: 2.5pt"> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 12pt; padding-left: 5.4pt"> </td><td style="font: 12pt Courier New, Courier, Monospace"> </td> <td style="font: 12pt Courier New, Courier, Monospace; text-align: left"> </td><td style="font: 12pt Courier New, Courier, Monospace; text-align: right">Biosynergy, Inc. </td><td style="font: 12pt Courier New, Courier, Monospace; text-align: left"> </td><td style="font: 12pt Courier New, Courier, Monospace"> </td> <td style="font: 12pt Courier New, Courier, Monospace; text-align: left"> </td><td style="font: 12pt Courier New, Courier, Monospace; text-align: right">F.K. Suzuki International, Inc. </td><td style="font: 12pt Courier New, Courier, Monospace; text-align: left"> </td><td style="font: 12pt Courier New, Courier, Monospace"> </td> <td style="font: 12pt Courier New, Courier, Monospace; text-align: left"> </td><td style="font: 12pt Courier New, Courier, Monospace; text-align: right"> Medlab, Inc. </td><td style="font: 12pt Courier New, Courier, Monospace; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 46%; text-align: left; padding-left: 5.4pt">F.K. Suzuki International, Inc</td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">30.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">— </td><td style="width: 1%; text-align: left">%</td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right">100.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Fred K. Suzuki, Officer</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">30.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">— </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">Lauane C. Addis, Officer</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">— </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">— </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">— </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Jeanne S. Addis, Trustee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">— </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28.1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">— </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">Mary K. Friske, Officer</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">.3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">.7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">— </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Laurence C. Mead, Officer</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">.4</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">— </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">Beverly R. Suzuki</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">— </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 5.4pt">Malcolm MacCoun, Director</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> </table>

</us-gaap:ScheduleOfOtherOwnershipInterestsTextBlock>

<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="From2019-05-01to2020-01-31" unitRef="Percent" decimals="INF"> 0.210 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>

<us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate contextRef="From2018-05-01to2019-01-31" unitRef="Percent" decimals="INF"> 0.210 </us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate>

<us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes contextRef="From2019-05-01to2020-01-31" unitRef="Percent" decimals="INF"> 0.092 </us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes>

<us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes contextRef="From2018-05-01to2019-01-31" unitRef="Percent" decimals="INF"> 0.0751 </us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes>

<us-gaap:EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes contextRef="From2019-05-01to2020-01-31" unitRef="Percent" decimals="INF"> 0 </us-gaap:EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes>

<us-gaap:EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes contextRef="From2018-05-01to2019-01-31" unitRef="Percent" decimals="INF"> 0 </us-gaap:EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes>

<us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="From2019-05-01to2020-01-31" unitRef="Percent" decimals="INF"> 0.302 </us-gaap:EffectiveIncomeTaxRateContinuingOperations>

<us-gaap:EffectiveIncomeTaxRateContinuingOperations contextRef="From2018-05-01to2019-01-31" unitRef="Percent" decimals="INF"> 0.2851 </us-gaap:EffectiveIncomeTaxRateContinuingOperations>

<us-gaap:CurrentFederalTaxExpenseBenefit contextRef="From2019-05-01to2020-01-31" unitRef="USD" decimals="0"> 6986 </us-gaap:CurrentFederalTaxExpenseBenefit>

<us-gaap:CurrentFederalTaxExpenseBenefit contextRef="From2018-05-01to2019-01-31" unitRef="USD" decimals="0"> 23863 </us-gaap:CurrentFederalTaxExpenseBenefit>

<us-gaap:CurrentStateAndLocalTaxExpenseBenefit contextRef="From2019-05-01to2020-01-31" unitRef="USD" decimals="0"> 3205 </us-gaap:CurrentStateAndLocalTaxExpenseBenefit>

<us-gaap:CurrentStateAndLocalTaxExpenseBenefit contextRef="From2018-05-01to2019-01-31" unitRef="USD" decimals="0"> 11925 </us-gaap:CurrentStateAndLocalTaxExpenseBenefit>

<us-gaap:InventoryWorkInProcess contextRef="AsOf2020-01-31" unitRef="USD" decimals="0"> 23952 </us-gaap:InventoryWorkInProcess>

<us-gaap:InventoryWorkInProcess contextRef="AsOf2019-04-30" unitRef="USD" decimals="0"> 32882 </us-gaap:InventoryWorkInProcess>

<us-gaap:InventoryFinishedGoods contextRef="AsOf2020-01-31" unitRef="USD" decimals="0"> 16234 </us-gaap:InventoryFinishedGoods>

<us-gaap:InventoryFinishedGoods contextRef="AsOf2019-04-30" unitRef="USD" decimals="0"> 17297 </us-gaap:InventoryFinishedGoods>

<us-gaap:EarningsPerShareBasicAndDiluted contextRef="From2019-05-01to2020-01-31" unitRef="USDPShare" decimals="INF"> 0.002 </us-gaap:EarningsPerShareBasicAndDiluted>

<us-gaap:EarningsPerShareBasicAndDiluted contextRef="From2018-11-01to2019-01-31" unitRef="USDPShare" decimals="INF"> 0.004 </us-gaap:EarningsPerShareBasicAndDiluted>

<us-gaap:EarningsPerShareBasicAndDiluted contextRef="From2019-11-01to2020-01-31" unitRef="USDPShare" decimals="INF"> 0.000 </us-gaap:EarningsPerShareBasicAndDiluted>

<us-gaap:EarningsPerShareBasicAndDiluted contextRef="From2018-05-01to2019-01-31" unitRef="USDPShare" decimals="INF"> 0.006 </us-gaap:EarningsPerShareBasicAndDiluted>

<us-gaap:IncomeTaxExpenseBenefit contextRef="From2019-05-01to2020-01-31" unitRef="USD" decimals="0"> 10191 </us-gaap:IncomeTaxExpenseBenefit>

<us-gaap:IncomeTaxExpenseBenefit contextRef="From2018-11-01to2019-01-31" unitRef="USD" decimals="0"> 21281 </us-gaap:IncomeTaxExpenseBenefit>

<us-gaap:IncomeTaxExpenseBenefit contextRef="From2019-11-01to2020-01-31" unitRef="USD" xsi:nil="true"/>

<us-gaap:IncomeTaxExpenseBenefit contextRef="From2018-05-01to2019-01-31" unitRef="USD" decimals="0"> 35788 </us-gaap:IncomeTaxExpenseBenefit>

<us-gaap:DeferredIncomeTaxLiabilitiesNet contextRef="AsOf2020-01-31" unitRef="USD" decimals="0"> 24272 </us-gaap:DeferredIncomeTaxLiabilitiesNet>

<us-gaap:DeferredIncomeTaxLiabilitiesNet contextRef="AsOf2019-04-30" unitRef="USD" decimals="0"> 24272 </us-gaap:DeferredIncomeTaxLiabilitiesNet>

<us-gaap:DepreciationDepletionAndAmortizationPolicyTextBlock contextRef="From2019-05-01to2020-01-31">

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 $4,298 and $6,852 for the nine month periods ending January 31, 2020 and 2019, respectively.

</us-gaap:DepreciationDepletionAndAmortizationPolicyTextBlock>

<us-gaap:Depreciation contextRef="From2019-05-01to2020-01-31" unitRef="USD" decimals="0"> 4298 </us-gaap:Depreciation>

<us-gaap:Depreciation contextRef="From2018-05-01to2019-01-31" unitRef="USD" decimals="0"> 6852 </us-gaap:Depreciation>

<us-gaap:IntangibleAssetsDisclosureTextBlock contextRef="From2019-05-01to2020-01-31">

Research and development expenditures are charged to operations as incurred. The costs of obtaining patents, primarily legal fees, are capitalized and, once obtained, are amortized over the life of the respective patent on the straight-line method. Patent amortization expense for the nine months ended January 31, 2020 and 2019 were $10,232 and $8,994 respectively. Patents relate to products that have been developed and are being marketed by the Company. Patents pending relate to products under development.

</us-gaap:IntangibleAssetsDisclosureTextBlock>

<us-gaap:AmortizationOfIntangibleAssets contextRef="From2019-05-01to2020-01-31" unitRef="USD" decimals="0"> 10232 </us-gaap:AmortizationOfIntangibleAssets>

<us-gaap:AmortizationOfIntangibleAssets contextRef="From2018-05-01to2019-01-31" unitRef="USD" decimals="0"> 8994 </us-gaap:AmortizationOfIntangibleAssets>

<us-gaap:OperatingIncomeLoss contextRef="From2019-05-01to2020-01-31" unitRef="USD" decimals="0"> 31850 </us-gaap:OperatingIncomeLoss>

<us-gaap:OperatingIncomeLoss contextRef="From2018-11-01to2019-01-31" unitRef="USD" decimals="0"> 74015 </us-gaap:OperatingIncomeLoss>

<us-gaap:OperatingIncomeLoss contextRef="From2019-11-01to2020-01-31" unitRef="USD" decimals="0"> -2649 </us-gaap:OperatingIncomeLoss>

<us-gaap:OperatingIncomeLoss contextRef="From2018-05-01to2019-01-31" unitRef="USD" decimals="0"> 123714 </us-gaap:OperatingIncomeLoss>

<dei:EntityCommonStockSharesOutstanding contextRef="AsOf2020-01-31" unitRef="Shares" decimals="INF"> 14935511 </dei:EntityCommonStockSharesOutstanding>

<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths contextRef="AsOf2020-01-31" unitRef="USD" decimals="0"> 22550 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths>

<us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths contextRef="AsOf2019-04-30" unitRef="USD" decimals="0"> 90200 </us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths>

<us-gaap:IncreaseDecreaseInOtherOperatingLiabilities contextRef="From2019-05-01to2020-01-31" unitRef="USD" decimals="0"> -67650 </us-gaap:IncreaseDecreaseInOtherOperatingLiabilities>

<us-gaap:IncreaseDecreaseInOtherOperatingLiabilities contextRef="From2018-05-01to2019-01-31" unitRef="USD" decimals="0"> -66000 </us-gaap:IncreaseDecreaseInOtherOperatingLiabilities>

<us-gaap:ShippingAndHandlingCostPolicyTextBlock contextRef="From2019-05-01to2020-01-31">

Shipping and handling fees billed to customer, if any, are netted against the related costs which are included in cost of sales. The net cost is not material.

</us-gaap:ShippingAndHandlingCostPolicyTextBlock>

<us-gaap:FairValueDisclosuresTextBlock contextRef="From2019-05-01to2020-01-31">

The Company evaluates its financial instruments based on current market interest rates relative to stated interest rates, length to maturity and the existence of readily determinable market prices. Based on the Company’s analysis, the fair value of financial instruments recorded on the balances sheets as of January 31, 2020 and April 30, 2019, approximates their carrying value.

</us-gaap:FairValueDisclosuresTextBlock>

<us-gaap:SegmentReportingDisclosureTextBlock contextRef="From2019-05-01to2020-01-31">

Accounting standards have established annual reporting standards for an enterprise’s operating segments and related disclosures about its products, services, geographic areas and major customers. The Company’s operations were a single reportable segment and an international segment. The international segment operations are immaterial. See Note 7.

</us-gaap:SegmentReportingDisclosureTextBlock>

<us-gaap:OperatingLeaseRightOfUseAsset contextRef="AsOf2020-01-31" unitRef="USD" decimals="0"> 22275 </us-gaap:OperatingLeaseRightOfUseAsset>

<us-gaap:OperatingLeaseRightOfUseAsset contextRef="AsOf2019-04-30" unitRef="USD" decimals="0"> 89100 </us-gaap:OperatingLeaseRightOfUseAsset>

<bsyn:OperatingLeaseRightofUseAssetTotal contextRef="AsOf2020-01-31" unitRef="USD" decimals="0"> 22275 </bsyn:OperatingLeaseRightofUseAssetTotal>

<bsyn:OperatingLeaseRightofUseAssetTotal contextRef="AsOf2019-04-30" unitRef="USD" decimals="0"> 89100 </bsyn:OperatingLeaseRightofUseAssetTotal>

<us-gaap:OperatingLeaseImpairmentLoss contextRef="From2019-05-01to2020-01-31" unitRef="USD" decimals="0"> 66825 </us-gaap:OperatingLeaseImpairmentLoss>

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</xbrli:xbrl>

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Filing Submission 0000715812-20-000002 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Biosynergy Inc – ‘10-Q’ for 1/31/20 – ‘EX-101.INS’

On: Thursday, 3/12/20, at 3:06pm ET · For: 1/31/20 · Accession #: 715812-20-2 · File #: 0-12459

Previous ‘10-Q’: ‘10-Q’ on 12/16/19 for 10/31/19 · Next: ‘10-Q’ on 9/10/20 for 7/31/20 · Latest: ‘10-Q/A’ on 3/28/22 for 1/31/22

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34Filing Table of Contents

‘EX-101.INS’ — XBRL Instance — bsyn-20200131

This Exhibit is an XBRL XML File.

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents