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Biomerica Inc – ‘10KSB40’ for 5/31/00

On: Wednesday, 9/13/00, at 5:29pm ET · For: 5/31/00 · Accession #: 1021408-0-2832 · File #: 0-08765

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

 9/13/00  Biomerica Inc                     10KSB40     5/31/00    4:166K                                   Donnelley R… Fin’l/NY/FA

Annual Report — Small Business — [x] Reg. S-B Item 405 — Form 10-KSB
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10KSB40     Biomerica Common Stock                                23    126K 
 2: EX-3.8      First Amended Restated Certificate                     3     13K 
 3: EX-27     ƒ Financial Data Schedule                                2      6K 
 4: EX-99.1     Biomerica Financial Statements                        43    177K

10KSB40 — Biomerica Common Stock
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Certain Relationships and Related Transactions Changes in and Disagreements With Accountants on Accounting and Financial Disclosure Description of Business Description of Property DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS OF THE REGISTRANT; COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE Executive Compensation Exhibits List and Reports on Form 8-K Financial Statements and Supplementary Data Legal Proceedings Management's Discussion and Analysis Market for Common Equity and Related Stockholder Matters Security Ownership of Certain Beneficial Owners and Management Submission of Matters to Vote of Security Holders
1	1st Page - Filing Submission
2	Item 1. Description of Business
13	Item 2. Description of Property
14	Item 3. Legal Proceedings
"	Item 4. Submission of Matters to Vote of Security Holders
"	Item 5. Market for Common Equity and Related Stockholder Matters
"	Item 6. Management's Discussion and Analysis
16	Item 7. Financial Statements and Supplementary Data
"	Item 8. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
17	Item 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS OF THE REGISTRANT; COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE
"	Item 10. Executive Compensation
"	Item 11. Security Ownership of Certain Beneficial Owners and Management
"	Item 12. Certain Relationships and Related Transactions
18	Item 13. Exhibits List and Reports on Form 8-K

10KSB40 1st Page of 23 TOC ↑Top Previous Next ↓Bottom Just 1st
 
UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION  
WASHINGTON, D.C. 20549  

--------------- 

FORM 10-KSB 

[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT  
OF 1934                                                                 

FOR THE FISCAL YEAR ENDED MAY 31, 2000            COMMISSION FILE NUMBER: 0-8765
--------------------------------------            ------------------------------

BIOMERICA, INC. 
------------------------------------    
(Small Business Issuer in its Charter)  

      DELAWARE                                                95-2645573
-------------------------------                              -------------------
(State or other jurisdiction of                               (I.R.S. Employer  
incorporation or organization)                               Identification No.)

1533 MONROVIA AVENUE, NEWPORT BEACH, CA                             92663       
---------------------------------------                            --------     
(Address of principal executive offices)                          (Zip Code)    

      Issuer's Telephone Number:                            (949) 645-2111
      --------------------------                             -------------

Securities registered under Section 12(b) of the Exchange Act:
(Title of each class)              (Name of each exchange on which registered)  
-------------------                -----------------------------------------  
NONE                                          NASDAQ            

Securities registered under Section 12(g) of the Exchange Act:
(Title of each class) 
----------------------------- 
COMMON STOCK, PAR VALUE $0.08 

Check whether the issuer (1) filed all reports required to be filed by Section  
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter  
period that the registrant was required to file such reports), and (2) has been 
subject to such filing requirements for the past 90 days. YES[x] NO[_]          
                                                ------------

Check if disclosure of delinquent filers in response to Item 405 of Regulation  
S-B is not contained herein, and will not be contained, to the best of issuer's 
knowledge, in definitive proxy or information statements incorporated by        
reference in Part III of this Form 10-KSB or any amendment to this Form 10-KSB. 
[X]                                                                             
---                                                                             

State issuer's revenues for its most recent fiscal year:  $8,033,708.           

State the aggregate market value of the voting and non-voting stock held by non-
affiliates of the issuer (based upon 3,896,865 shares held by non-affiliates and
the closing price of $1.3125 per share for Common Stock in the over-the-counter 
market as of August 21, 2000): $5,114,635.                                      

Number of shares of the issuer's common stock, par value $0.08, outstanding as  
of August 21, 2000: 4,578,623 shares.                                           

DOCUMENTS INCORPORATED BY REFERENCE: The issuer's proxy statement for its 2000  
Annual Meeting of Stockholders is incorporated into Part III hereof. Also       
incorporated by reference are the Annual Reports on Form 10-KSB for the fiscal  
year ended May 31, 2000, for Lancer Orthodontics, Inc.                          

Transitional Small Business Disclosure Format                 YES [_]   NO [X]  
------------------------------------------------------------------------------  

10KSB40 2nd Page of 23 TOC 1st Previous Next ↓Bottom Just 2nd
PART I* 

ITEM 1.   DESCRIPTION OF BUSINESS                                           
-----------------------                                 

 THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 PROVIDES A "SAFE HARBOR"
 FOR FORWARD-LOOKING STATEMENTS. CERTAIN INFORMATION CONTAINED HEREIN (AS WELL
  AS INFORMATION INCLUDED IN ORAL STATEMENTS OR OTHER WRITTEN STATEMENTS MADE OR
  TO BE MADE BY BIOMERICA) CONTAINS STATEMENTS THAT ARE FORWARD-LOOKING, SUCH AS
STATEMENTS RELATING TO ANTICIPATED FUTURE REVENUES OF THE COMPANY AND       
SUCCESS OF CURRENT PRODUCT OFFERINGS. SUCH FORWARD-LOOKING INFORMATION      
INVOLVES IMPORTANT RISKS AND UNCERTAINTIES THAT COULD SIGNIFICANTLY AFFECT  
ANTICIPATED RESULTS IN THE FUTURE, AND ACCORDINGLY, SUCH RESULTS MAY DIFFER 
MATERIALLY FROM THOSE EXPRESSED IN ANY FORWARD-LOOKING STATEMENTS MADE BY OR
ON BEHALF OF BIOMERICA. THE POTENTIAL RISKS AND UNCERTAINTIES INCLUDE, AMONG
OTHERS, FLUCTUATIONS IN THE COMPANY'S OPERATING RESULTS DUE TO ITS NEW      
BUSINESS MODEL AND EXPANSION PLANS AND THE COMPETITIVE ENVIRONMENT IN WHICH 
 THE COMPANY WILL BE COMPETING. THESE RISKS AND UNCERTAINTIES ALSO INCLUDE THE
  SUCCESS OF THE COMPANY IN RAISING NEEDED CAPITAL, THE CONTINUAL DEMAND FOR THE
COMPANY'S PRODUCTS, COMPETITIVE AND ECONOMIC FACTORS OF THE MARKETPLACE,    
AVAILABILITY OF RAW MATERIALS, YEAR 2000 ISSUES, HEALTH CARE REGULATIONS AND
  THE STATE OF THE ECONOMY. READERS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON
 THESE FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THE DATE HEREOF, AND
THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE THESE FORWARD-LOOKING        
STATEMENTS.                                                                 

BUSINESS  

OVERVIEW  

THE COMPANY                                                                     

Biomerica, Inc. ("Biomerica", the "Company", "we" or "our") was       
incorporated in Delaware in September 1971 as Nuclear Medical Systems, Inc. We  
changed our corporate name in February 1983 to NMS Pharmaceuticals, Inc., and in
November 1987 to Biomerica, Inc. We have three subsidiaries, Lancer             
Orthodontics, Inc. ("Lancer"), an international manufacturer of orthodontics    
products, Allergy Immuno Technologies, Inc.("AIT"), which is engaged in         
providing specialized laboratory testing services and ReadyScript, Inc.         
("ReadyScript"), which is a development stage company which that was created to 
provide wireless handheld point of care systems to physicians. Both Lancer and  
AIT are majority-controlled subsidiaries, while ReadyScript is a wholly owned   
subsidiary of Biomerica. Our business is focused in two separate areas, our     
diagnostic business and our proposed point-of-care wireless handheld technology 
solutions. We also continue to develop products for the diagnostics business.   

   We conduct our medical device business through Biomerica, Lancer and AIT.
We operate as a global medical technology company primarily engaged in          
developing, manufacturing and distributing medical diagnostic products for early
detection and monitoring of chronic diseases to facilitate prevention and cure. 
We use our expertise to manufacture products in the areas of diabetes, allergy, 
cancer, gastroenterology, cardiology and endocrinology. Our customers include   
medical schools and universities, pharmaceutical companies, health maintenance  
organizations, hospitals, clinics, commercial laboratories, physician's offices,
drugstores and individual customers.                                            

   We intend to conduct our proposed wireless point-of-care business through
ReadyScript. In June 1999, we raised $2 million in equity to develop the        
infrastructure of our e-health business, now incorporated as ReadyScript, Inc.  
Since that time we have used proceeds for developing an on-line drugstore and   
ReadyScript's infrastructure (a wireless medication management system that      
enable physicians to wirelessly transmit legible, pre-qualified formulary-      
compliant prescription orders directly to the patient's choice of pharmacy).    

In order to focus our efforts on the point of care portion of our e-health      
business, we have closed our former online drugstore, the bigrx.com             

-1- 

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OUR MEDICAL DEVICE BUSINESS 

    Our existing medical device business is conducted through three companies:
(1) Biomerica, Inc., engaged in the diagnostic products field; (2) Lancer       
Orthodontics, Inc., engaged in orthodontic products; and (3) Allergy Immuno     
Technologies, Inc., engaged in allergy-related testing services.                

BIOMERICA - DIAGNOSTIC PRODUCTS                                                 

   Biomerica develops, manufactures, and markets medical diagnostic products
designed to detect certain medical conditions and diseases, such as, certain    
cancers, heart attack, fertility, gastritis and ulcers, diabetes and candida.   

Since 1971, our immunoassay diagnostic test kits have been used by    
hospitals, clinical laboratories and medical researchers to analyze blood or    
urine from patients in the diagnosis of various diseases and other medical      
complications, or to measure the level of specific hormones, antibodies,        
antigens or other substances which may exist in the human body in extremely     
small concentrations. Our over-the-counter products such as EZDetect and Fortel 
are rapid diagnostic test products that are used in the physician's office and  
by the patient at home.                                                         

Our clinical laboratory diagnostic products include tests for thyroid 
conditions, yeast infections, H. pylori, and others. These diagnostic test kits 
utilize enzyme immunoassay or radioimmunoassay technology. Some of these        
products have not yet been submitted for clearance by the FDA for diagnostic    
use, but can be sold in various foreign countries.                              

 Our over-the-counter and professional rapid diagnostic products help to
manage existing medical conditions and may save lives through prompt diagnosis  
and early detection. Technological advances in medical diagnostics have made it 
possible to perform diagnostic tests within the home and the physician's office,
rather than in the clinical laboratory. Our objective has been to develop rapid 
diagnostic tests that are accurate, employ easily obtained specimens, and are   
simple to perform without instrumentation.                                      

Until recently, tests of this kind required the services of medical   
technologists and sophisticated instrumentation. Frequently, results were not   
available until at least the following day. The majority of our over-the-counter
tests are FDA cleared. We believe that such tests are as accurate as laboratory 
tests when used properly, require no instrumentation, give reliable results in  
minutes and can be performed with confidence in the home or the physician's     
office.                                                                         

LANCER ORTHODONTICS, INC. -- ORTHODONTIC PRODUCTS                               

 Lancer is engaged in developing, manufacturing, and selling orthodontic
products including, among others, ceramic brackets and wires. Lancer is         
established in the field of orthodontics and its products are sold worldwide    
through a direct sales force and distributors.                                  

Lancer's product line includes preformed bands, direct bonding pads,  
various brackets, buccal tubes, arch wires, lingual attachments and related     
accessories. The foregoing are assembled to the orthodontists' prescriptions or 
the specifications of private label customers. Lancer also markets products     
which are purchased and resold to orthodontists, including sealants, adhesives, 
elastomerics, headgear cases, retainer cases, orthodontic wire, and preformed   
arches.                                                                         

Most of Lancer's manufacturing and shipping operations are located in 
Mexicali, Mexico, in order to reduce the cost of manufacturing and compete more 
effectively worldwide. Lancer maintains its headquarters in San Marcos,         
California where it houses administration, engineering, sales and marketing, and
customer services.                                                              

-2- 

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ALLERGY IMMUNO TECHNOLOGIES, INC. -- ALLERGY SERVICES                           

  AIT has been providing clinical testing services to doctors, clinics and
drug firms in specialized areas of allergy and immunology determinations. AIT   
also owns four patents covering several inventions relating to the therapeutic  
treatment of allergy.                                                           

AIT employs one medical technologist and one technician, and receives           
substantial assistance from Biomerica whose laboratory is contiguous to that of 
AIT.                                                                            

PRODUCTION                                                                      

All of our diagnostic test kits are processed and assembled at our    
facilities in Newport Beach, California. Production of diagnostic tests involve 
formulating component antibodies and antigens in specified concentrations,      
attaching a tracer to the antigen, filling components into vials, packaging and 
labeling. We continually engage in quality control procedures to assure the     
consistency and quality of our products and to comply with applicable FDA       
regulations.                                                                    

 All manufacturing production is regulated by the FDA Good Manufacturing
Practices for medical devices. We have an internal quality control unit that    
monitors and evaluates product quality and output. In addition, we employ a     
qualified external quality assurance consultant who monitors procedures and     
provides guidance in conforming with the Good Manufacturing Practices           
regulations. We either produce our own antibodies and antigens or purchase these
materials from qualified vendors. We have alternate, approved sources for raw   
materials procurement and we believe that material availability in the          
foreseeable future does not pose a primary constraint for us in our relevant    
ranges of production.                                                           

Lancer currently utilizes a manufacturing subcontractor to provide    
manufacturing services to Lancer through its affiliated entities located in     
Mexicali, B.C., Mexico. The current agreement allows for the pass through of    
actual costs plus a weekly administrative fee. This gives Lancer greater control
over all costs associated with the manufacturing operation. During 1999, Lancer 
extended the Manufacturing Agreement through December, 2003. Lancer has retained
an option to convert the manufacturing operation to a wholly owned subsidiary at
any time without penalty. Should Lancer discontinue operations in Mexico, it is 
responsible for accumulated employee seniority obligations as prescribed by     
Mexican law. At May 31, 2000, this obligation was approximately $256,000. Such  
obligation is contingent in nature and accordingly has not been accrued in the  
financial statements.                                                           

RESEARCH AND DEVELOPMENT                                                        

    Biomerica is engaged in research and development to broaden its diagnostic
product line in specific areas. Research and development expenses include the   
costs of materials, supplies, personnel, facilities and equipment. Lancer is    
engaged in development programs to improve and expand its orthodontic products  
and production techniques. Lancer consults frequently with practicing           
orthodontists.                                                                  

     Research and development expenses incurred by Biomerica for the years ended
May 31, 2000 and 1999 aggregated $898,000 and $459,000, respectively. These     
expenses included approximately $184,000 and $165,000 for fiscal 2000 and 1999, 
respectively, for Lancer's product development.                                 

  In fiscal 1999, development costs of $47,000 and equipment and leasehold
costs of $32,000 were incurred by Lancer in the development of PARAGON(TM), a   
dental amalgam.                                                                 

-3- 

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MARKETS AND METHODS OF DISTRIBUTION                                             

Biomerica has approximately 320 current customers for its diagnostic  
business, of which approximately 60 are distributors and the balance are        
hospital and clinical laboratories, medical research institutions, medical      
schools, pharmaceutical companies, chain drugstores, wholesalers and physicians'
offices.                                                                        

We rely on unaffiliated distributors, advertising in medical and trade
journals, exhibitions at trade conventions, direct mailings and an internal     
sales staff to market our diagnostic products. We target three main markets: (a)
clinical laboratories, (b) physicians' offices, and (c) over-the-counter drug   
stores. Separate marketing plans are utilized in targeting each of the three    
markets.                                                                        

  Lancer sells its products directly to orthodontists through company-paid
sales representatives in the United States. At the end of its fiscal year,      
Lancer had five sales representatives, all in the United States, all of whom are
employees of Lancer.                                                            

In selected foreign countries, Lancer sells its products directly to  
orthodontists through its international marketing division. Lancer also sells   
its products through distributors in certain foreign countries and to other     
companies on a private label basis. Lancer has entered into a number of         
distributor agreements whereby it granted the marketing rights to its products  
in certain sales territories in Mexico, Central America, South America, Europe, 
Canada, Australia, and Japan. The distributors complement the international     
marketing department which was established in 1982 and currently employs three  
people.                                                                         

  The loss of any one or a few customers would not have a material adverse
effect upon our revenues.                                                       

BACKLOG                                                                         

  At May 31, 2000 and 1999 Biomerica and Allergy Immuno Technologies, Inc.
had no backlog of product orders. As of May 31, 2000 and 1999, Lancer had a     
backlog of $146,000 and $213,000, respectively.                                 

RAW MATERIALS                                                                   

  The principal raw materials utilized by us consist of various chemicals,
serums, reagents, radioactive isotopes and packaging supplies. Almost all of our
raw materials are available from several sources, and we are not dependent upon 
any single source of supply or a few suppliers. Many antibodies used in our     
immunoassay products are produced by us by injecting antigens into animals which
are maintained by us.                                                           

  We maintain inventories of antibodies and antigens as components for our
diagnostic test kits. Due to a limited shelf life on some products such as the  
RIA kits, which averages 60 days, finished kits are prepared as required for    
immediate delivery of pending and anticipated orders. Sales orders are normally 
processed on the day of receipt.                                                

The principal raw materials used by Lancer in the manufacture of its  
products include: stainless steel, which is available from several commercial   
sources; nickel titanium, which is available from three sources; and lucolux    
translucent ceramic, which is currently only available from one source, General 
Electric, and is purchased on open account. Ceramic material similar to General 
Electric's lucolux translucent ceramic is available from other sources. Lancer  
had no difficulty in obtaining an adequate supply of raw materials during its   
1999 fiscal year, and does not anticipate that there will be any interruption or
cessation of supply in the future.                                              

COMPETITION                                                                     

Immunodiagnostic products are currently produced by more than 100     
companies, a majority of which are located within the United States. Biomerica  
and its subsidiaries are not a significant factor in the market. Allergy        
diagnostic products are currently produced by over ten competitors, and there   
are                                                                             

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approximately the same number producing allergy therapeutics.                   

     Our competitors vary greatly in size. Many are divisions or subsidiaries of
well-established medical and pharmaceutical concerns which are much larger than 
Biomerica and expend substantially greater amounts than we do for research and  
development, manufacturing, advertising and marketing.                          

   The primary competitive factors affecting the sale of diagnostic products
are uniqueness, quality of product performance, price, service and marketing.   
The prices for our products compare favorably with those charged by most of our 
competitors.                                                                    

We believe we compete primarily on the basis of our reputation for the
quality of our products, the speed of our test results, the unique niches we    
fill in the market, our patent position, and our prompt shipment of orders. We  
offer a broader range of products than many competitors of comparable size, but 
to date have had limited marketing capability. We are working on expanding this 
capability through strategic cooperations with larger companies and             
distributors.                                                                   

    Lancer encounters intense competition in the sale of orthodontic products.
Lancer's management believes that Lancer's seven major competitors are: Unitek, 
a subsidiary or division of 3M; "A" Company, a private company; Ormco, a        
subsidiary or division of Sybron; RMO Inc., a private company; American         
Orthodontics, a private company; GAC, a foreign company; and Dentaurum, a       
foreign company. Lancer estimates that these seven competitors account for      
approximately 80% of the orthodontic products manufactured and sold in the      
United States. Lancer's management also believes that each of these seven       
competitors is larger than Lancer, have more diversified product lines and have 
financial resources exceeding those of Lancer. While there is no assurance that 
Lancer will be successful in meeting the competition of these seven major       
competitors or other competitors, Lancer has, in the past, successfully competed
in the orthodontic market and has achieved recognition of both its name and its 
products.                                                                       

  With respect to AIT, the independent clinical laboratory industry in the
U.S. and in California is highly competitive and fragmented. According to one   
industry source, there are approximately 4,500 independent clinical laboratories
in the U.S. These independent clinical laboratories fall into two separate      
categories: (1) smaller, local laboratories that generally offer fewer tests and
services and (2) larger laboratories. The Company is a small laboratory.        

GOVERNMENT REGULATION OF OUR DIAGNOSTIC BUSINESS                                

As part of our diagnostic business, we sell products that are legally 
defined to be medical devices. As a result, we are considered to be a medical   
device manufacturer, and as such are subject to the regulations of numerous     
governmental entities. These agencies include the Food and Drug Administration  
(the "FDA"), the United States Drug Enforcement Agency (the "DEA"),             
Environmental Protection Agency, Federal Trade Commission, Occupational Safety  
and Health Administration, U.S. Department of Agriculture ("USDA"), and Consumer
Product Safety Commission. These activities are also regulated by various       
agencies of the states and localities in which our products are sold. These     
regulations govern the introduction of new medical devices, the observance of   
certain standards with respect to the manufacture and labeling of medical       
devices, the maintenance of certain records and the reporting of potential      
product problems and other matters.                                             

The Food, Drug & Cosmetic Act of 1938 (the "FDCA") regulates medical  
devices in the United States by classifying them into one of three classes based
on the extent of regulation believed necessary to ensure safety and             
effectiveness. Class I devices are those devices for which safety and           
effectiveness can reasonably be ensured through general controls, such as device
listing, adequate labeling, pre-market notification and adherence to the Quality
System Regulation ("QSR") as well as Medical Device Reporting (MDR), labeling   
and other regulatory requirements. Some Class I medical devices are exempt from 
the requirement of Pre-Market Approval ("PMA") or clearance. Class II devices   
are those devices for which safety and effectiveness can reasonably be ensured  
through the use of                                                              

10KSB40 7th Page of 23 TOC 1st Previous Next ↓Bottom Just 7th
special controls, such as performance standards, post-market surveillance and   
patient registries, as well as adherence to the general controls provisions     
applicable to Class I devices. Class III devices are devices that generally must
receive pre-market approval by the FDA pursuant to a pre-market approval        
application to ensure their safety and effectiveness. Generally, Class III      
devices are limited to life-sustaining, life-supporting or implantable devices. 
However, this classification can also apply to novel technology or new intended 
uses or applications for existing devices.                                      

If the FDA finds that the device is not substantially equivalent to a 
predicate device, the device is deemed a Class III device, and a manufacturer or
seller is required to file a PMA application. Approval of a PMA application for 
a new medical device usually requires, among other things, extensive clinical   
data on the safety and effectiveness of the device. PMA applications may take   
years to be approved after they are filed. In addition to requiring clearance or
approval for new medical devices, FDA rules also require a new 510(k) filing and
review period, prior to marketing a changed or modified version of an existing  
legally marketed device, if such changes or modifications could significantly   
affect the safety or effectiveness of that device. The FDA prohibits the        
advertisement or promotion or any approved or cleared device for uses other than
those that are stated in the device's approved or cleared application.          

     Pursuant to FDCA requirement, we have registered our manufacturing facility
with the FDA as a medical device manufacturer, and listed the medical devices we
manufacture. We are also subject to inspection on a routine basis for compliance
with FDA regulations. This includes the QSR, which, unless the device is a Class
I exempt device, requires that we manufacture our products and maintain our     
documents in a prescribed manner with respect to issues such as design controls,
manufacturing, testing and validation activities. Further, we are required to   
comply with other FDA requirements with respect to labeling, and the MDR        
regulation which requires that we provide information to the FDA on deaths or   
serious injuries alleged to have been associated with the use of our products,  
as well as product malfunctions that are likely to cause or contribute to death 
or serious injury if the malfunction were to recur. We believe that we are      
currently in material compliance with all relevant QSR and MDR requirements.    

   In addition, our facility is required to have a California Medical Device
Manufacturing License. The license is not transferable and must be renewed      
annually. Approval of the license requires that we be in compliance with QSR,   
labeling and MDR regulations. Our license expires on March 16, 2001. We are also
registered with the Department of Health and Human Services, Public Health      
Service of the FDA as a Device establishment. This registration expires on      
February 28, 2001. We also hold two radioactive materials licenses from the     
State of California (both expiring on June 20, 2001), and two permits from the  
USDA, one expiring on January 28, 2001 and the other expiring on June 30, 2001. 
These licenses are renewed periodically, and to date we have never failed to    
obtain a renewal.                                                               

   Through compliance with FDA and California regulations, we can market our
medical devices throughout the United States. International sales of medical    
devices are also subject to the regulatory requirements of each country. In     
Europe, the regulations of the European Union require that a device have a "CE  
Mark" in order to be sold in EU countries. The directive goes into effect       
beginning March 2003. The Company has already started the application process   
and believes it will be compliant by the time the "CE Mark" directive becomes   
effective. At present the regulatory international review process varies from   
country to country. We, in general, rely upon our distributors and sales        
representatives in the foreign countries in which we market our products to     
ensure that we comply with the regulatory laws of such countries. We believe    
that our international sales to date have been in compliance with the laws of   
the foreign countries in which we have made sales. Exports of most medical      
devices are also subject to certain FDA regulatory controls.                    

    Lancer is licensed to design, manufacture, and sell orthodontic appliances
and is subject to the Code of Federal Regulations, Section 21, parts 800-1299.  
The FDA is the governing body that assesses and issues Lancer's license to      
assure that it complies with these regulations. Lancer is currently licensed,   
and its last assessment was in November 1997. Also, Lancer is registered and    
licensed with the state of California's Department of Health Services.          

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   Effective June 18, 1998, fifteen major European countries are requiring a
CE (European Community) certification to sell products within their countries.  
In order to obtain this CE certification Lancer retained British Standards      
Institution (BSI) to evaluate Lancer's quality system. Lancer's quality system  
is imaged under International Standards Organization (ISO) 9002. ISO 9002 is an 
internationally recognized standard in which companies establish their methods  
of operation and commitment to quality. There are 20 clauses for which Lancer   
has developed standard operating procedures in accordance with these ISO 9002   
requirements.                                                                   

    EN 46002 is the medical device directive (MDD) for the European Community.
Strict standards and clauses within the MDD are required to be implemented to   
sell within the European Community. In order for Lancer's medical devices to be 
sold within the European Community with the CE Mark, Lancer must fully comply   
with the EN 46002 requirements. Lancer has also constructed a technical file    
that gives all certifications and risk assessments for Lancer's products as a   
medical device (the "Product Technical Files").                                 

  With ISO 9002, EN 46002, and the Product Technical Files, Lancer applied
for and was granted certification under ISO 9002, EN 46002, and CE. With the CE 
certification, Lancer is now permitted to sell its products within the European 
Community.                                                                      

  AIT currently holds an annually renewed clinical laboratory license with
the Department of Health Services, State of California. The current license     
expires December 31, 2000. The Company also holds a clinical laboratory license 
from the state of Florida. This current license expires November 11, 2000 and is
renewed every two years. The Company holds a CLIA Certificate of Compliance,    
which is a requirement of the Federal government for clinical laboratories. This
certificate expires in February 2001 and is renewed every two years. Although   
the Company has never failed to obtain renewals, its business operations would  
be materially and adversely affected if it were unable to do so.                

OUR E-HEALTH BUSINESS 

Our e-health business is conducted through ReadyScript.                   

READYSCRIPT - E-HEALTH TECHNOLOGY                                               

     Our e-health division was established in November 1998 to capitalize on the
emerging market for healthcare technology. We have fortified the ReadyScript    
management with a team of executives possessing extensive healthcare industry   
and technology-based experience.                                                

ReadyScript is engaged in developing point-of-care, wireless handheld 
technology solutions for the healthcare industry. The Company's first product   
offering is invested to be ReadyScript-Rx, a wireless medication management     
system that has been designed to enable physicians to provide legible, pre-     
qualified, formulary-compliant prescription orders directly to the patient's    
choice of pharmacy. The ReadyScript point-of-care technology system is being    
designed to automate today's inefficient and manual processes, substantially    
reduce healthcare and administrative costs, increase efficiency and enhance     
patient satisfaction. The Company plans to complement ReadyScript-Rx with other 
point-of-care applications such as ReadyScript-lab, ReadyScript-Imaging,        
ReadyScript-Encounter/Billing, ReadyScript-Vitals and ReadyScript-referral      
currently under development.                                                    

     The Company's proprietary solution utilizes an embedded relational database
installed directly on a wireless handheld computer that is small enough to fit  
into the pocket of a physician's lab coat. The system will be supported by a    
wireless local area network (LAN) in the physician's office that is controlled  
and maintained by ReadyScript. The Company believes that wireless LANs offer (i)
stronger in-building coverage and thus enhanced reliability and performance;    
(ii) greater bandwidth to support additional point-of-care applications; (iii)  
greater speed and (iv) higher security.                                         

   ReadyScript's strategy is to forge strategic relationships with large and
mid-size physician groups to rapidly achieve high physician adoption of the     
ReadyScript-Rx system in strategic markets throughout the nation. To date, the  
Company has signed agreements with four highly respected and leading medical    
groups: Facey Medical Group, HealthCare Partners Medical Group, Talbert Medical 
group and another major medical group on the West Coast. These groups represent 
more than 4,000 physicians and provide care to over 600,000 managed care lives. 
Three of these groups have signed exclusive 5-year agreements.                  

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  The First ReadyScript-Rx application is currently being tested in two of
the four medical groups. The Company plans to beta test six (6) new software    
applications outlined above with the Company's leading physician group partner  
beginning in September/October 2000.                                            

    The First ReadyScript-Rx system, with future applications being developed,
is offered to medical group practices at a nominal monthly subscription fee per 
physician. However, the Company plans to derive the majority of its revenue from
transaction fees and data management fees collected from health plans, pharmacy 
benefit managers (PBMs), mail order pharmacies and retail pharmacy chains.      

In order to focus our efforts we have closed operations of our former 
online drugstore, the BigRx.com. The operations were shut down in August 2000   
due to insignificant revenue and non-performance by the other party of a third  
party backend processing agreement.                                             

HEALTHCARE INFORMATION TECHNOLOGY                                               

Though traditional desktop and laptop computers can bring enhanced    
efficiencies to physician offices, the Company believes that handheld computers 
are much better for use at the point-of-care, since they are lightweight, fit   
easily into a lab coat, turn on instantly, and have long battery lives. Early   
corporate users of handheld computers integrated into network environments, such
as FedEx and UPS, have seen tremendous benefits from this form of computing.    
Only recently has handheld technology become advanced enough to support the     
complex information needs of physician practices, and begun to experience wider 
physician acceptance. Harvard Medical School, for example, began acclimating    
physicians to handheld technology in 1995 by requiring its students to have a   
handheld computer. With technology becoming more powerful and more affordable,  
we believe physicians will increasingly use these tools in their practices.     

MEETING THE NEEDS OF THREE KEY AUDIENCES                                        

THE PHYSICIAN                                                                   

    We are developing our ReadyScript technology to streamline the prescribing
of pharmaceuticals through automation and provide physicians immediate access to
critical information. We believe ReadyScript's benefits to physicians include:  

     . PROMOTING RATIONAL, COST-EFFECTIVE AND OPTIMAL DRUG THERAPIES. We can
 provide physicians immediate access to up-to-date best practice
     guidelines for medications and formulary preferred drug information
    when making their prescribing decisions. We believe this will save
     physicians and insurers money on overall healthcare costs, and save
patients money spent out-of-pocket for non-preferred drugs.   

. STREAMLINING THE PRESCRIBING PROCESS. Electronically transmitted
       prescriptions do not need to be handwritten, phoned or faxed into the
        pharmacy. Likewise, pharmacists do not need to phone physician offices
      to verify prescriptions. We believe this will save time and increase
productivity for physicians and pharmacies alike.             

. EMPOWERS PHYSICIANS. We believe our ReadyScript technology will 
   provide physicians greater confidence in their patient management
    decisions, as they will have immediate access to pertinent patient
       information and current best practice standards. We believe they will
 also be able to reference up-to-date chronic disease management
     information amassed from various health information sources to help
educate their patients and increase patient compliance.       

   . INCREASING PATIENT SATISFACTION. Physicians should be able to build
      patient satisfaction by providing patients the convenience of having
prescriptions ready for pick up or mailed directly to them.   

    Facing increasing economic pressures, physicians are seeking tools to help
them save time, increase productivity, lower the cost of service delivery,      
manage pharmacy risk, and improve their practice of medicine. We believe our    

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technology solutions will help physicians achieve these benefits and maximize   
their practice revenues.                                                        

THE INSURER                                                                     

     The benefits of our ReadyScript technology to the insurer overlap with many
of the same benefits for physicians. We believe additional benefits to insurers 
include:                                                                        

.  IMPROVED FORMULARY COMPLIANCE. We believe physicians can make more 
    compliant prescribing decisions with the benefit of immediate online
access to the insurer's formulary preferences.                  

 .  REDUCED ADMINISTRATIVE BURDEN AND IMPROVED CUSTOMER SATISFACTION. We
expect insurers will realize a reduction in phone calls to their
customer service departments regarding formulary guidelines and 
  prescription approvals. We believe this should result in increased
       physician and patient satisfaction, which can help reduce the number of
patients who may consider changing insurance plans.             

.  INCREASED MAIL-ORDER PHARMACEUTICAL FULFILLMENT. Electronic        
    prescriptions routed directly to the insurer's designated mail-order
pharmacy should contribute to lower overall pharmacy costs.     

   .  IMPROVED CLINICAL OUTCOMES. We expect insurers will benefit from lower
overall healthcare costs associated with following best practice
      guidelines for medication, improving clinical outcomes, and minimizing
adverse drug reactions.                                         

We anticipate insurers will support our technology to address their   
escalating healthcare and pharmacy costs, improve their medical-loss ratios, and
improve their financial viability.                                              

THE PATIENT                                                                     

For patients, ReadyScript provides many value-added services and benefits,    
including:                                                                      

 .  IMPROVED CLINICAL OUTCOMES. We expect patients will benefit from the
  improved health and reduced adverse reactions resulting from their
physicians' appropriate and optimal drug prescribing practices. 

.  Convenience                                                        

.  Possible reduction of medication errors as a result of 1) poor     
      handwriting and transcription errors and 2) adverse drug interactions.
    We also expect that ReadyScript will help reduce these errors at the
point of care.                                                  

     We anticipate that patients will be empowered to be more active in managing
their health, and be more secure in the care they are receiving.                

OPERATIONS AND TECHNOLOGY                                                       

  We believe our ReadyScript product is easy to use. It is was designed to
operate on the various Microsoft platforms including desktop and handheld       
operating system environments. Built-in state-of-the-art security features are  
planned to prevent unauthorized access to the ReadyScript system.               

COMPETITION                                                                     

   There are many competitors for the ReadyScript system, however we believe
there are only two other competitors that use a wireless LAN. We believe that   
the unique features of ReadyScript offer substantial benefits to users. However,
our competitors vary greatly in size. Some are divisions of larger, well        
established medical companies which are much larger than Biomerica and can      
expend substantially greater resources then ReadyScript.                        

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GOVERNMENT REGULATION OF OUR READYSCRIPT BUSINESS                               

Automated prescribing and the electronic routing of prescriptions to  
pharmacies are governed by state and federal law. States have varying           
prescription format requirements, which will be incorporated into ReadyScript.  
Many states permit electronic, and/or faxed prescriptions. Many existing laws   
and regulations when enacted, did not contemplate the methods of e-commerce now 
being developed. The laws of several states and the DEA, which governs          
controlled substances, neither specifically permit nor specifically prohibit    
electronic transmission of prescription orders. Given the rapid growth of the   
Internet, it is anticipated that many states, as well as the DEA, will directly 
address these areas with regulation in the near future.                         

    Until recently, Health Care Financing Administration guidelines prohibited
transmission of Medicare eligibility information over the Internet. We are also 
subject to extensive regulation relating to the confidentiality and release of  
patient records. Additional legislation governing the distribution of medical   
records exists or has been proposed at both the state and federal level.        

SEASONALITY OF BUSINESS                                                         

  The business of the Company and its subsidiaries has not been subject to
significant seasonal fluctuations.                                              

FOREIGN BUSINESS                                                                

All of our fixed assets, excluding some of Lancer, are located within 
southern California. The following table sets forth the dollar volume of revenue
attributable to sales to domestic customers and foreign customers during the    
last two fiscal years for the Biomerica and its consolidated subsidiaries:      

                                                        [Enlarge/Download Table]

                                                                            YEAR ENDED MAY 31,               
                                                         ----------------------------------------------------
                                                               2000                                   1999   
                                                         ------------------------         -------------------
                                                                                                             
Revenues from sales to:                                                                                      
 United States customers................................      $   4,451,000/55.4%         $  4,638,000/53.4% 
 Asia...................................................            349,000/ 4.3%              426,000/ 4.9% 
 Europe.................................................          1,683,000/21.0%            1,710,000/19.7% 
 South America..........................................            543,000/ 6.8%              749,000/ 8.6% 
 Other foreign..........................................          1,008,000/12.6%            1,165,000/13.4% 
                                                              -------------------        ------------------- 
  Total revenues........................................      $   8,034,000/ 100%        $   8,688,000/ 100% 
                                                              ===================        =================== 

 We recognize that our foreign sales could be subject to some special or
unusual risks which are not present in the ordinary course of business in the   
United States. Changes in economic factors, government regulations and import   
restrictions all could impact sales within certain foreign countries. Foreign   
countries have licensing requirements applicable to the sale of diagnostic      
products which vary substantially from domestic requirements; depending upon the
product and the foreign country, these may be more or less restrictive than     
requirements within the United States. We cannot predict the impact that        
conversion to the Euro in the European countries may have on Biomerica, if any. 

   Foreign sales are made primarily through a network of over 60 independent
distributors in approximately 40 countries.                                     

INTELLECTUAL PROPERTY                                                           

   We regard the protection of our copyrights, service marks, trademarks and
trade secrets as critical to our future success. We rely on a combination of    

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copyright, trademark, service mark and trade secret laws and contractual        
restrictions to establish and protect our proprietary rights in products and    
services. We have entered into confidentiality and invention assignment         
agreements with our employees and contractors, and nondisclosure agreements with
our vendors, fulfillment partners and strategic partners to limit access to and 
disclosure of proprietary information. We cannot be certain that these          
contractual arrangements or the other steps taken by us to protect our          
intellectual property will prevent misappropriation of our technology. We have  
licensed in the past, and expect that we may license in the future, certain of  
our proprietary rights, such as trademarks or copyrighted material, to third    
parties. While we attempt to ensure that the quality of our products brand is   
maintained by such licensees, we cannot be certain that such licensees will not 
take actions that might hurt the value of our proprietary rights or reputation. 
We also rely on technologies that we license from third-parties, such as Sybase 
and Microsoft, the suppliers of key database technology, the operating system   
and specific hardware components for our service. We cannot be certain that     
these third-party technology licenses will continue to be available to us on    
commercially reasonable terms. The loss of such technology could require us to  
obtain substitute technology of lower quality or performance standards or at    
greater cost.                                                                   

BRANDS, TRADEMARKS, PATENTS                                                     

We use the trademark "ReadyScript" as identification of our automated 
medication management prescribing system and have received approval from the    
United States Department of Commerce, Patent and Trademark Office to use that   
trademark.                                                                      

    We registered the tradenames "Fortel," "Isletest," "Nimbus" and "GAP" with
the Office of Patents and Trademarks on December 31, 1985. Our unregistered     
tradenames are "EZDetect," "CAST," "COT," "EquistiK," "FelistiK," "Tri-Level    
Controls," "Tru-Level Controls," "T-Marker Controls," "AllerHalt," "Candiquant,"
"Candigen," "EZ-H.P." and "EZ-PSA."                                             

Allergy Immuno Technologies, Inc. has four patents pertaining to its  
discoveries for allergy treatment. These are:                                   

1.  Immunotherapy agents for treatment of IgE mediated allergies; U.S.
Patent #5,116,612, issued May 6, 1992.                        

     2.  Liposome containing immunotherapy agents for treatment of IgE medicated
allergies, U.S. Patent #5,049,390, issued September 17, 1991. 

3.  Immunotherapy agents for treatment of IgE mediated allergies, U.S.
Patent #4,946,945, issued August 7, 1990.                     

4.  Allergen-thymic hormone conjugates for treatment of IgE mediated  
allergies, U.S. Patent #5,275,814, issued January 4, 1994.    

     On April 4, 1989, Lancer was granted a patent on its CounterForce design of
a nickel titanium orthodontic archwire. On August 1, 1989, Lancer was granted a 
patent on its bracket design used in the manufacturing of Sinterline and        
Intrigue orthodontic brackets. On September 17, 1996, Lancer was granted a      
patent on its method of laser annealing marking of orthodontic appliances. On   
March 4, 1997, Lancer was granted a patent on an orthodontic bracket and method 
of mounting. All of the patents are for a duration of 17 years. Lancer has      
entered into license agreements expiring in 2006 whereby, for cash              
consideration, the counter party has obtained the rights to manufacture and     
market certain products patented by Lancer. Lancer has also entered into a      
number of license and/or royalty agreements pursuant to which it has obtained   
rights to certain of the products which it manufactures and/or markets. The     
patents and agreements have had a favorable effect on Lancer's image in the     
orthodontic marketplace and Lancer's sales.                                     

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The laws of some foreign countries do not protect our proprietary rights to the 
same extent as do the laws of the U.S. Effective copyright, trademark and trade 
secret protection may not be available in such jurisdictions. Our efforts to    
protect our intellectual property rights may not prevent misappropriation of our
content.                                                                        

RECENT DEVELOPMENTS 

Our e-health division was incorporated in California in May 2000, as  
ReadyScript, Inc. In connection with the organization of ReadyScript as our     
wholly owned subsidiary, we have transferred employees and property (both       
physical and intellectual) to ReadyScript. As of August 2000, ReadyScript has   
raised $715,000 through issuance of convertible notes at an interest rate of 8%.
The notes can be converted into ReadyScript common stock based on a pre-        
determined valuation. Further, upon a qualified financing or corporate          
transaction defined within the note, the principal amount of the notes will     
automatically convert to ReadyScript common stock in an amount that is equal to 
the principal amount of the note divided by 60% of the per share purchase price 
of the conversion stock in the financing or corporate transaction, as defined.  
If no financing occurs prior to July 31, 2001, the principal amount of the      
notes, plus accrued interest will become due and payable.                       

EMPLOYEES 

   As of August 31, 2000, the Company and its subsidiaries employed 89 full-
time employees. Lancer, through its Mexican subcontractor, utilizes the services
of approximately 100 people in Mexico. We also engage the services of various   
outside Ph.D. and M.D. consultants as well as medical institutions for technical
support on a regular basis. We are not a party to any collective bargaining     
agreement and have never experienced a work stoppage. We consider our employee  
relations to be good.                                                           

ITEM 2.  DESCRIPTION OF PROPERTY                                                
-----------------------                                       

   During fiscal 1998 we leased approximately 21,000 square feet of space in
Newport Beach, California for a term which expired May 31, 1998 (and which was  
renewed until May 31, 1999) and is currently being renegotiated. Pursuant to the
lease and the current month-to-month tenancy, we pay an annual base rent, set   
initially at $143,880 and adjusted annually to reflect cost of living increases,
plus all real estate taxes and insurance costs. In fiscal 1999 a portion of the 
rent was paid through the issuance of shares of our restricted common stock to  
JSJ Management and another individual. During fiscal 1999, an aggregate of      
31,793 shares of our restricted common stock were issued at quoted market prices
in satisfaction of accrued rent totaling $38,000. During fiscal 2000 the Company
paid a total of $172,640 in rent for approximately 24,500 square feet of space. 
These facilities are used for diagnostic test kit research and development,     
manufacturing, marketing, administration, and our ReadyScript operations.       

    The facilities are leased from Mrs. Ilse Sultanian and JSJ Management. Ms.
Janet Moore, an officer, director and shareholder of our Company, is a partner  
in JSJ Management.                                                              

    AIT currently leases approximately 1,600 square feet at the above facility
for $1,400 per month. These properties are leased by AIT on a month-to-month    
basis from Mrs. Sultanian and JSJ Management.                                   

 Lancer leases a 9,240-square-foot manufacturing building in San Marcos,
California. The term of the initial lease was for five years commencing January 
1, 1994. In 1998, Lancer renegotiated the lease and extended the terms to       
December 31, 2003. The Mexicali facility consists of a 16,000-square-foot       
manufacturing and office building. The lease expires in October 2003 and        
requires monthly rentals of approximately $5,200. Our management believes that  
the properties are currently suitable and adequate for Lancer's operations.     

We maintain animals at a ranch in Vista, California, which are treated
biologically to produce antibodies used in certain of our immunodiagnostic      
products. These facilities are utilized on a month-to-month basis at a charge   
based on the number of animals maintained at the facility.                      

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    We believe that our facilities and equipment are in suitable condition and
are adequate to satisfy the current requirements of our Company and our         
subsidiaries.                                                                   

ITEM 3.  LEGAL PROCEEDINGS                                                      
-----------------                                             

Inapplicable.                                                               

ITEM 4.  SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS                      
-------------------------------------------------             

Inapplicable.                                                               

PART II 

ITEM 5.  MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS               
--------------------------------------------------------      

Biomerica's common stock is traded on the NASDAQ SmallCap Stock Market
under the symbol "BMRA".                                                        

The following table shows the high and low bid prices for Biomerica's 
common stock over the last two years based upon data reported by NASDAQ. Prices 
shown represent quotations by dealers, and do not reflect markups, markdowns or 
commissions.                                                                    
                                            Bid Prices
                                             -----------------------------------
                                        High             Low
                                             --------------  -------------------
Quarter ended:                                                                  

May 31, 2000 . . . . . . . ..............         $4.375           $1.438     
February 29, 2000........................         $4.563           $2.031     
November 30, 1999........................         $4.25            $2.00      
August 31, 1999..........................         $3.75            $1.875     
May 31, 1999.............................         $5.00            $0.969     
February 28, 1999........................         $1.75            $0.9375    
November 30, 1998........................         $2.25            $0.875     
August 31, 1998..........................         $2.125           $1.125     

As of August 21, 2000, the number of holders of record of Biomerica's 
common stock was approximately 1,641, excluding stock held in street name.      

   No dividends have been declared or paid by Biomerica. We intend to employ
all available funds for development of our business and, accordingly, do not    
intend to pay cash dividends in the foreseeable future.                         

ITEM 6.  MANAGEMENT'S DISCUSSION AND ANALYSIS                                   
------------------------------------                          

The following discussion of our financial condition and results of    
operations should be read in conjunction with our Consolidated Financial        
Statements and related notes contained elsewhere in this report. This report    
contains forward-looking statements that involve risks and uncertainties. Our   
actual results may differ significantly from the results discussed in the       
forward-looking statements.                                                     

   Operations for fiscal 1999 relate to our historic diagnostic, orthodontic
and allergy product businesses. Operations for the ReadyScript division began   
after we raised $1,965,557 in equity in June 1999.                              

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RESULTS OF OPERATIONS                                                           

     We currently have three subsidiaries, Lancer Orthodontics, Inc. ("Lancer"),
which is engaged in manufacturing, sales and development of orthodontic         
products, Allergy Immuno Technologies, Inc. ("AIT"), which is engaged in        
providing specialized testing services to pharmaceutical companies and          
physicians and has obtained four patents related to allergy treatment therapies,
and ReadyScript, which is engaged in developing innovative point-of-care,       
wireless handheld technology solutions for the healthcare industry. We own      
approximately 30.78% of the outstanding stock of Lancer and 74.6% of the        
outstanding stock of AIT. We exercise effective control of 53.23% over Lancer   
via voting agreements with certain shareholders. ReadyScript is a wholly owned  
subsidiary of Biomerica. As a result of our control and ownership, our financial
statements are consolidated with those of Lancer and AIT. Both Lancer and AIT   
are public companies. The common stock of Lancer is traded on the Nasdaq        
SmallCap market under the symbol "LANZ," and the common stock of AIT is traded  
in the pink sheets under the symbol "ALIM."                                     

Fiscal 2000 Compared to Fiscal 1999                                             

Our consolidated net sales were $8,033,708 for fiscal 2000 compared to
$8,688,106 for fiscal 1999. This represents a decrease of $654,398, or 7.5% for 
fiscal 2000. Of the total consolidated net sales for fiscal 2000, $5,650,512 is 
attributable to Lancer, $79,976 to AIT, $2,283,433 to Biomerica and $19,787 to  
ReadyScript. Lancer's sales decreased by $508,984, Biomerica showed a sales     
decrease of $174,004, AIT had an increase of $9,625 and ReadyScript had an      
increase of $18,965. The decrease at Lancer was attributable to increased       
discounting due to competitive pressures and lower foreign sales as a result of 
economic conditions in Europe and South America. While the trend in increased   
discounting at Lancer continues, it has slowed, partially the result of         
orthodontic industry consolidation. Lancer continues to search for new sales    
representatives, distributors, private label customers, products, and product   
ideas, any of which, if successful, could result in increased sales. The        
decrease in sales at Biomerica was in large part due to a decrease of sales to  
foreign distributors as well as in domestic sales at, in particular to a        
domestic distributor which sells the products internationally. ReadyScript had  
some sales from the on-line pharmacy this fiscal year which increased sales over
the prior fiscal year.                                                          

Cost of sales in fiscal 2000 as compared to fiscal 1999 increased by  
$207,910 or (3.7%). Lancer's cost of sales as a percentage of sales increased   
from 61.4% to 68.4% in fiscal 2000 as compared to fiscal 1999. The increase was 
primarily attributable to fixed costs of the Mexicali location not producing at 
full capacity. Biomerica had an decrease in cost of goods as a percentage of    
sales from 63.1% to 72.1% in fiscal 2000 as compared to fiscal 1999 due to      
higher labor and other costs as well as a write-down for obsolete inventory of  
approximately $80,000. AIT had a decrease in cost of goods as a percentage of   
sales of 127% to 115% primarily due to lower material costs.                    

Selling, general and administrative costs increased in fiscal 2000 as 
compared to fiscal 1999 by $2,577,223 (82.5%). Lancer had a decrease of $85,222 
in these costs due to decreases in commissions and bad debt expense, partially  
offset by increases in show expenses and other expenses. Biomerica and          
ReadyScript had an increase in fiscal 2000 as compared to fiscal 1999 of        
$2,445,580. This increase was a result of the ReadyScript operation, which has  
had minor revenues to date, but high start-up costs. AIT had increased costs of 
$46,421 due to higher legal and accounting costs related to new SEC filing      
requirements.                                                                   

  Research and development expense increased in fiscal 2000 as compared to
fiscal 1999 by $439,512 (95.8%). Of this, Lancer had an increase of $19,211, as 
a result of increased payroll and development costs of new products. Biomerica  
and ReadyScript had an increase in research and development expenses of         
$367,701, primarily due to the expenses related to the development of           
ReadyScript. AIT had an increase of $52,300 as a result of research on a new    
project.                                                                        

     Interest expense, which was incurred by Lancer, increased in fiscal 2000 as
compared to fiscal 1999 by $3,955 (25.3%) due to borrowings against the line of 
credit to finance development costs and an increase in the interest rate.       

    Other income net, decreased by $174,269 (59.6%) in fiscal 2000 as compared
to fiscal 1999. An increase of $220,000 is attributable to Lancer due to payment

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from an insurance claim for inventory theft and the reversal of an accrual for  
taxes assessed by a subcontractor in the prior year which was determined by     
legal counsel in fiscal 2000 not to be owed, a decrease of $125,126 was         
attributable to Biomerica due to a decrease in the sale of available-for-sale   
securities, a decrease of $100,000 was attributable to AIT due to a non-        
recurring consulting fee paid to AIT in fiscal 1999 and a decrease of 251,574   
due to the write-off of offering expenses.                                      

   As of May 31, 2000, Biomerica had net tax operating loss carryforwards of
approximately $6,648,158 and investment tax and research and development credits
of approximately $23,000, which are available to offset future federal tax      
liabilities. As of May 31, 2000, Lancer had net operating loss carryforwards of 
approximately $2,101,000 and business tax credits of approximately $115,000     
available to offset future Federal tax liabilities. As of May 31, 2000, AIT had 
net tax operating loss carryforwards of $1,866,000 and business tax credits of  
approximately $29,000 to offset future Federal tax liabilities. The             
carryforwards expire at varying dates from 2000 to 2012. The Company's effective
tax rates for fiscal 2000 and fiscal 1999 were 0% and 8%, respectively. These   
differ from the statutory tax rates primarily as a result of changes in the     
Company's valuation allowance.                                                  

Liquidity and Capital Resources                                                 

As of May 31, 2000, we had cash and available for sale securities of  
$732,984 (see Note 1 of Notes to Consolidated Financial Statements) and current 
working capital of $3,981,161. The Company's fiscal 2000 losses were            
substantially the result of its investment in ReadyScript. ReadyScript          
subsidiary is a development-stage enterprise and will require the of a          
significant amount of capital to fund its short-term and longer-term working    
capital needs until it can support itself through its planned operations. The   
Board of Directors of the Company have decided that the ReadyScript subsidiary  
will no longer be funded in any way by Biomerica, Inc. or its other             
subsidiaries. ReadyScript currently is trying to raise additional capital       
through a private placement memorandum and through the issuance of convertible  
debt. ReadyScript has raised $715,000 in convertible debt since May 31, 2000    
(See Note 11). Management of the Company expects these funds to sustain         
ReadyScript through October 31, 2000. There can be no assurances that           
ReadyScript will be successful in its plans to raise additional capital to meet 
its short-term and/or future working capital needs. Biomerica, Inc. and its     
subsidiaries, with the exception of ReadyScript, are expected to fund their     
operations for at least the next twelve months through their existing available 
financing, working capital, and its shareholder line of credit (See Note 11).   

   During 2000, the Company used cash in operations of $2,563,803, primarily
as a result of increased losses at the ReadyScript subsidiary. During 1999, the 
Company used cash flows from operations of $358,366, primarily due to increased 
in inventories. Cash used in investing activities increased during fiscal 2000  
as a result of increased Investments in capital equipment and other assets.     
During 1999, the Company invested in capital equipment but this was offset by   
cash obtained by the sale of available-for-sale securities. The Company         
generated cash flow from financing activities of $1,889,295 during fiscal 2000, 
primarily due to the sale of common stock (net of offering costs) of $1,965,557.
This compares to cash provided by financing activities of $230,282 in 1999, as a
result of exercise of stock options, repayment of shareholder loan and an       
increase in the credit line at Lancer.                                          

  During fiscal 2000, Lancer's management negotiated a renewal of Lancer's
line of credit through November 3, 2000. The line of credit allows for borrowing
up to $500,000 and is limited to specified percentages of eligible accounts     
receivable. The unused portion available under the line of credit at May 31,    
2000, was approximately $173,000. Borrowings bear interest at prime plus 1.25%  
per annum (10.75% at May 31, 2000).                                             

   On June 11, 1999, we sold 400,000 shares of our common stock in a private
placement for $5 per share to management and an outside investor. This increased
our cash position by $1,965,557 (net of offering costs) which was primarily used
for launching of the on line drugstore, theBigRx and development of ReadyScript.

Biomerica, Inc. entered into an agreement, in substance, for a line of
credit on September 12, 2000 with a shareholder whereby the shareholder will    
loan to the Company, as needed, up to $500,000 for working capital needs. The   
line of credit bears interest at 8%, is secured by Biomerica accounts receivable
and inventory and expires September 12, 2001. Biomerica and the shareholder are 
in the process of formalizing this line of credit.                              

ITEM 7.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA                            
-------------------------------------------                   

Exhibit 99.1, "Biomerica, Inc. and Subsidiaries Consolidated Financial
Statements" is incorporated herein by this reference.                           

ITEM 8.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND        
FINANCIAL DISCLOSURE.                                         
 ---------------------------------------------------------------

Inapplicable.                                                                 

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PART III  

ITEM 9.   DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS OF THE   
REGISTRANT; COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE   
       -------------------------------------------------------------------

This information is incorporated by reference to the Company's proxy  
statement for its 2000 Annual Meeting of Stockholders which will be filed not   
later than 120 days after the end of the Company's fiscal year ended May 31,    
2000.                                                                           

ITEM 10.  EXECUTIVE COMPENSATION                                                
----------------------                                      

This information is incorporated by reference to the Company's proxy
statement for its 2000 Annual Meeting of Stockholders which will be filed not   
later than 120 days after the end of the Company's fiscal year ended May 31,    
2000.                                                                           

ITEM 11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT        
  --------------------------------------------------------------

This information is incorporated by reference to the Company's proxy  
statement for its 2000 Annual Meeting of Stockholders which will be filed not   
later than 120 days after the end of the Company's fiscal year ended May 31,    
2000.                                                                           

ITEM 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS                        
----------------------------------------------              

This information is incorporated by reference to the Company's proxy  
statement for its 2000 Annual Meeting of Stockholders which will be filed not   
later than 120 days after the end of the Company's fiscal year ended May 31,    
2000.                                                                           

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ITEM 13.  EXHIBITS LIST AND REPORTS ON FORM 8-K                                 
-------------------------------------                       

(a)  EXHIBITS                                                                   
--------                                                              

EXHIBIT NO.    DESCRIPTION                                                  

3.1           Certificate of Incorporation of Registrant filed with the   
          Secretary of the State of Delaware on September 22, 1971
                (incorporated by reference to Exhibit 3.1 filed with Amendment
              No. 1 to Registration Statement on Form S-1, Commission File
No. 2-83308).                                 

3.2           Certificate of Amendment to Certificate of Incorporation of 
                 Registrant filed with the Secretary of the State of Delaware on
            February 6, 1978 (incorporated by reference to Exhibit 3.1
                 filed with Amendment No. 1 to Registration Statement on Form S-
1, Commission File No. 2-83308).              

3.3           Certificate of Amendment to Certificate of Incorporation of 
                 Registrant filed with the Secretary of the State of Delaware on
            February 4, 1983 (incorporated by reference to Exhibit 3.1
                 filed with Amendment No. 1 to Registration Statement on Form S-
1, Commission File No. 2-83308).              

3.4           Certificate of Amendment to Certificate of Incorporation of 
                 Registrant filed with the Secretary of the State of Delaware on
            January 19, 1987 (incorporated by reference to Exhibit 3.4
              filed with Form 8 Amendment No. 1 to the Registrant's Annual
              Report on Form 10-K for the fiscal year ended May 31, 1987).

3.5           Certificate of Amendment of Certificate of Incorporation of 
                 Registrant filed with the Secretary of the State of Delaware on
            November 4, 1987 (incorporated by reference to Exhibit 3.1
                 filed with Amendment No. 1 to Registration Statement on Form S-
1, Commission File No. 2-83308).              

  3.6           Bylaws of the Registrant (incorporated by reference to Exhibit
             3.2 filed with Amendment No. 1 to Registration Statement on
Form S-1, Commission File No. 2-83308).       

3.7           Certificate of Amendment of Certificate of Incorporation of 
                 Registrant filed with the Secretary of the State of Delaware on
             December 20, 1994 (incorporated by reference to Exhibit 3.7
              filed with Registrant's Annual Report or Form 10-KSB for the
fiscal year ended May 31, 1995).              

3.8           First Amended and Restated Certificate of Incorporation Of  
               Biomerica, Inc. filed with the Secretary of State of Delaware
on August 1, 2000.                            

4.1           Specimen Stock Certificate of Common Stock of Registrant    
      (incorporated by reference to Exhibit 4.1 filed with
              Registrant's Registration Statement on Form SB-2, Commission
No. 333-87231 filed on September 16, 1999).   

10.1           Office lease dated June 1, 1988 between Registrant and       
              Redington Company covering Registrant's lease of premises at
      1531/1533 Monrovia Avenue, Newport Beach, California
       (incorporated by reference to Exhibit 10.1 filed with
             Registrant's Annual Report on Form 10-K for the fiscal year
ended May 31, 1989).                          

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10.2           Lancer purchase agreement and warrants (incorporated by      
           reference to Exhibit 10.10 filed with Registrant's Annual
              Report on Form 10-K for the fiscal year ended May 31, 1989).

10.3           1999 Stock Incentive Plan of Registrant (incorporated by     
                 reference to Exhibit 10.1 to Registration Statement on Form S-8
                filed with the Securities and Exchange Commission on March 29,
2000).                                        

10.4           1995 Stock Option and Common Stock Plan of Registrant        
           (incorporated by reference to Exhibit 4.3 to Registration
              Statement on Form S-8 filed with the Securities and Exchange
Commission on January 20, 1996).              

10.5           1991 Stock Option and Restricted Stock Plan of Registrant    
           (incorporated by reference to Exhibit 4.1 to Registration
              Statement on Form S-8 filed with the Securities and Exchange
Commission on April 6, 1992).                 

10.6           Stock Purchase Agreement by and between Biomerica, Inc.,     
             RidgeRose Capital Partners, LLC and Zackary Irani and Janet
                 Moore dated June 11, 1999 (incorporated by reference to Exhibit
10.10 filed with Form 8-K on July 7, 1999).   

10.7           Stock Purchase Agreement by and between Biomerica, Inc. and  
                 Zackary Irani and Janet Moore dated June 11, 1999 (incorporated
              by reference to Exhibit 10.11 filed with Form 8-K on July 7,
1999).                                        

10.8           Back-end Processing Agreement by and between TheBigStore.com,
                Inc. and Biomerica, Inc. and dated June 11, 1999 (incorporated
              by reference to Exhibit 10.12 filed with Form 8-K on July 7,
1999).                                        

 10.9           Common Stock Purchase Warrant granted to TheBigStore.com, Inc.
                 dated June 11, 1999 (incorporated by reference to Exhibit 10.13
filed with Form 8-K on July 7, 1999).         

10.10          Common Stock Purchase Warrant granted to RJM Consulting, LLC 
                 dated June 11, 1999 (incorporated by reference to Exhibit 10.14
filed with Form 8-K on July 7, 1999).         

  10.11          Non-Qualified Option Agreement by and between Zackary Irani and
               the Company dated June 10, 1999 (incorporated by reference to
     Exhibit 10.15 filed with Form 8-K on July 7, 1999).

10.12          Non-Qualified Option Agreement by and between Janet Moore and
               the Company dated June 10, 1999 (incorporated by reference to
     Exhibit 10.16 filed with Form 8-K on July 7, 1999).

10.13          Non-Qualified Option Agreement by and between Philip Kaplan, 
           M.D. and the Company dated June 10, 1999 (incorporated by
           reference to Exhibit 10.17 filed with Form 8-K on July 7,
1999).                                        

10.14          Non-Qualified Option Agreement by and between Robert A.      
          Orlando, M.D., Ph.D. and the Company dated June 10, 1999
               (incorporated by reference to Exhibit 10.18 filed Form 8-K on
July 7, 1999).                                

  10.15          Strategic Marketing Agreement entered into as of the 2nd day of
               September, 1999 by and between TheBigHub.com, Inc., a Florida
               corporation and Biomerica, Inc. (incorporated by reference to
                 Exhibit 10.16 filed with Registrant's Registration Statement on
            Form SB-2, Commission No. 333-87231 filed on September 16,
1999).                                        

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10.16          First Amendment to Back-End Processing Agreement entered into
          as of September 2, 1999 whereby TheBigStore.com, Inc., a
                 Delaware corporation and Biomerica amend the Back-End Agreement
                 dated June 11, 1999 (incorporated by reference to Exhibit 10.17
              filed with Registrant's Registration Statement on Form SB-2,
        Commission No. 333-87231 filed on September 16, 1999).

10.17          Private Placement Memorandum of Biomerica, Inc. dated June 9,
               1999 offering 400,000 shares of its Common Stock at $5.00 per
              share (incorporated by reference to Exhibit 10.18 filed with
              Registrant's Registration Statement on Form SB-2, Commission
No. 333-87231 filed on September 16, 1999).   

 10.18          Employment Agreement entered into as of August 30, 1999 by and
                between the Internet division of Biomerica, Inc. and Steven J.
             Goto (incorporated by reference to Exhibit 10.19 filed with
              Registrant's Registration Statement on Form SB-2, Commission
No. 333-87231 filed on September 16, 1999).   

10.19          Employment Offer Letter dated August 12, 1999 from Biomerica,
        Inc. to Pete McKinley to join the Internet division of
             Biomerica, Inc. (incorporated by reference to Exhibit 10.20
              filed with Registrant's Registration Statement on Form SB-2,
        Commission No. 333-87231 filed on September 16, 1999).

10.20          Employment Offer Letter dated August 12, 1999 from Biomerica,
                Inc. to Richard Jay, Pharm.D. to join the Internet division of
             Biomerica, Inc. (incorporated by reference to Exhibit 10.21
              filed with Registrant's Registration Statement on Form SB-2,
        Commission No. 333-87231 filed on September 16, 1999).

10.21          Amendment to Lease Extension/Lease Term effective January 1, 
                1999, whereby Lancer Orthodontics, Inc. and L&T Corporation, a
                California corporation entered into an amendment and extension
                to the terms of that certain lease agreement dated November 4,
              1993 for the premises located at 253 Pawnee Street, Suite A,
            San Marcos, California 92069 (incorporated by reference to
                 Exhibit 10.22 filed with Registrant's Registration Statement on
            Form SB-2, Commission No. 333-87231 filed on September 16,
1999).                                        

10.22          Sublease Agreement entered into by and between Eagleson de   
       California S.A. de C.V. and Lancer Orthodontics, Inc.
              commencing on November 1, 1998 covering approximately 16,000
                square feet located in the Industrial Park at Ave. Saturno No.
           20 and of certain improvements constructed on the land as
             detailed in that certain sublease between the parties dated
                 April 1, 1996 (incorporated by reference to Exhibit 10.23 filed
        with Registrant's Registration Statement on Form SB-2,
        Commission No. 333-87231 filed on September 16, 1999).

10.23          Fifth Revision to Manufacturing Shelter Agreement effective  
         November 1, 1998, whereby Lancer Orthodontics, Inc. and
            Eagleson Industries, Inc. revised and amended that certain
               Manufacturing Shelter Agreement entered into on May 11, 1990,
              revised on June 20, 1991, December 2, 1992, July 1, 1994 and
                 April 1, 1996 (incorporated by reference to Exhibit 10.24 filed
        with Registrant's Registration Statement on Form SB-2,
Commission No.                                

10KSB40 21st Page of 23 TOC 1st Previous Next ↓Bottom Just 21st
333-87231 filed on September 16, 1999).       

10.24          Technical Skills Consulting Agreement entered into on January
                1, 1999 by and between Lancer Orthodontics, Inc. and Alejandro
           Carnero, a non-resident alien, independent contractor and
                 citizen of the Republic of Mexico (incorporated by reference to
                 Exhibit 10.25 filed with Registrant's Registration Statement on
            Form SB-2, Commission No. 333-87231 filed on September 16,
1999).                                        

 10.25          Product Development and Marketing Agreement entered into as of
                August 3, 1998 by and between Lancer Orthodontics, Inc. and AG
               Metals, Inc., a Nevada corporation (incorporated by reference
                 to Exhibit 10.26 filed with Registrant's Registration Statement
               on Form SB-2, Commission No. 333-87231 filed on September 16,
1999).                                        

  10.26          Agreement between Lancer Orthodontics, Inc. and Gary Weikel, an
             individual, incorporating by reference that certain Product
                 Development and Marketing Agreement of even date between Lancer
         Orthodontics, Inc. and AG Metals, Inc. (incorporated by
                 reference to Exhibit 10.27 filed with Registrant's Registration
           Statement on Form SB-2, Commission No. 333-87231 filed on
September 16, 1999).                          

16.1           Letter on Change of Certifying Accountant (incorporated by   
              reference to Exhibit A to Form 8-K filed with the Securities
and Exchange Commission on May 24, 1993).     

16.2           Letter on change of certifying accountant (incorporated by   
        reference to Exhibit A to Form 10-QSB/A filed with the
        Securities and Exchange Commission on April 14, 1999).

21.1           Subsidiaries of Registrant (incorporated by reference to     
           Exhibit 21.1 to Form 10-KSB filed with the Securities and
Exchange Commission on September 14, 1999).   

27.1           Financial Data Schedule.                                     

99.1           Biomerica, Inc. and Subsidiaries Consolidated Financial      
          Statements For The Years Ended May 31, 2000 and 1999 and
Independent Auditors' Report.                 

(b)  Reports on Form 8-K                                                        
-------------------                                                   

Biomerica filed a report on Form 8-K with the Securities and Exchange 
Commission on July 7, 1999.                                                     

10KSB40 22nd Page of 23 TOC 1st Previous Next ↓Bottom Just 22nd
SIGNATURES  

  In accordance with Section 13 or 15(d) of the Securities Exchange Act of
1934, the Registrant caused this report to be signed on its behalf by the       
undersigned, thereunto duly authorized.                                         

             BIOMERICA, INC.
        Registrant

                       By   /s/ Zackary S. Irani
                                     -----------------------------
                                         Zackary S. Irani, Chief Executive
               Officer

             Dated:  9/12/00
                     -------

   In accordance with the Exchange Act, this report has been signed below by
the following persons on behalf of the registrant and in the capacities and on  
the dates indicated:                                                            

Signature and Capacity                                                

/s/ Zackary S. Irani                                            Date: 9/12/00   
------------------------------------                                            
Zackary S. Irani                                                                
President, Director, Chief Executive                                            
Officer                                                                         

/s/ Janet Moore                                                 Date: 9/12/00   
------------------------------------                                            
Janet Moore, Secretary                                                          
Director, Chief Financial Officer                                               

                                                             Date: 9/12/00

/s/ Robert Orlando                                              Date: 9/12/00   
------------------------------------                                            
Robert Orlando, M.D., Ph.D.                                                     
Director                                                                        

/s/ Carlos St. Aubyn Beharie                                    Date: 9/12/00   
------------------------------------                                            
Carlos St. Aubyn Beharie                                                        
Director                                                                        

/s/ David Burrows                                               Date: 9/12/00   
------------------------------------                                            
David Burrows                                                                   
Director                                                                        

10KSB40 Last Page of 23 TOC 1st Previous Next ↓Bottom Just 23rd
/s/ Francis R. Cano                                                             
------------------------------------            Date: 9/12/00                   
Francis R. Cano                                                                 
Director                                                                        

/s/ Allen Barbieri                              Date: 9/12/00                   
------------------------------------                                            
Allen Barbieri                                                                  
Director

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘10KSB40’ Filing	Date	First	Last	Other Filings

	12/31/03	13
	9/12/01	16
	7/31/01	13
	6/30/01	7
	6/20/01	7
	3/16/01	7
	2/28/01	7		10QSB, NT 10-Q
	1/28/01	7
	12/31/00	8
	11/11/00	8
	11/3/00	16
	10/31/00	16
Filed on:	9/13/00
	9/12/00	16
	8/31/00	13		10QSB
	8/21/00	1	14
	8/1/00	18
For Period End:	5/31/00	1	21	NT 10-K
	3/29/00	19		S-8
	2/29/00	14		10QSB
	11/30/99	14		10QSB
	9/16/99	18	21	SB-2
	9/14/99	21		10KSB, PRE 14A
	9/2/99	20
	8/31/99	14		10QSB
	8/30/99	20		NT 10-K
	8/12/99	20
	7/7/99	19	21	8-K
	6/11/99	16	20
	6/10/99	19
	6/9/99	20
	5/31/99	4	21	10KSB, 10KSB/A, NT 10-K
	4/14/99	21		10QSB
	2/28/99	14		10QSB, 10QSB/A
	1/1/99	20	21
	11/30/98	14		10QSB
	11/1/98	20
	8/31/98	14		10QSB
	8/3/98	21
	6/18/98	8
	5/31/98	13		10KSB, 10KSB/A, NT 10-K
	3/4/97	12
	9/17/96	12
	4/1/96	20
	1/20/96	19
	5/31/95	18
	12/20/94	18
	7/1/94	20
	1/4/94	12
	1/1/94	13
	11/4/93	20
	5/24/93	21
	12/2/92	20
	5/6/92	12
	4/6/92	19
				List all Filings

1 Subsequent Filing that References this Filing

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

 8/31/20  Biomerica Inc.                    10-K        5/31/20   61:5.6M                                   Zacks Inv Resear… Inc/FA

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Filing Submission 0001021408-00-002832 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Biomerica Inc – ‘10KSB40’ for 5/31/00

On: Wednesday, 9/13/00, at 5:29pm ET · For: 5/31/00 · Accession #: 1021408-0-2832 · File #: 0-08765

1 Reference: By: Biomerica Inc. – ‘10-K’ on 8/31/20 for 5/31/20

Annual Report — Small Business — [x] Reg. S-B Item 405 — Form 10-KSBFiling Table of Contents

10KSB40 — Biomerica Common StockDocument Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

1 Subsequent Filing that References this Filing

Annual Report — Small Business — [x] Reg. S-B Item 405 — Form 10-KSB
Filing Table of Contents

10KSB40 — Biomerica Common Stock
Document Table of Contents