SONO TEK CORP
For the period ended Nov 30, 2024. Filed Jan 13, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Nov 30, 2024 · Filed Jan 13, 2025
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
| ☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the quarterly period ended:November 30, 2024
OR
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
Commission File No.:000-16035
(Exact name of registrant as specified in its charter)
| New York | 14-1568099 |
|---|---|
| (State or other jurisdiction of | (IRS Employer |
| incorporation or organization) | Identification No.) |
2012 Rt. 9W, Milton, NY 12547
(Address of Principal Executive Offices) (Zip Code)
Issuer's telephone no., including area code:(845)795-2020
Securities Registered Pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $0.01 par value per share | SOTK | NASDAQ |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 ☐ No
Indicate by checkmark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (section 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).☑ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large Accelerated Filer ☐ | Accelerated Filer ☐ |
|---|---|
| Non-Accelerated Filer ☑ | Smaller reporting company ☑ |
| Emerging Growth company ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).☐ Yes☑ No
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:
| Outstanding as of January 10, 2025 | |
|---|---|
| Class | |
| Common Stock, par value $.01 per share | 15,751,153 |
INDEX
| Page | |
|---|---|
| Part I - Financial Information | |
| Item 1 – Condensed Consolidated Financial Statements: | 1 - 4 |
| Condensed Consolidated Balance Sheets – November 30, 2024 (Unaudited) and February 29, 2024 | 1 |
| Condensed Consolidated Statements of Income – Nine and Three Months Ended November 30, 2024 and 2023 (Unaudited) | 2 |
| Condensed Consolidated Statements of Stockholders’ Equity – Nine and Three Months Ended November 30, 2024 and 2023 (Unaudited) | 3 |
| Condensed Consolidated Statements of Cash Flows – Nine Months Ended November 30, 2024 and 2023 (Unaudited) | 4 |
| Notes to Unaudited Condensed Consolidated Financial Statements | 5 - 10 |
| Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations | 11 –18 |
| Item 3 – Quantitative and Qualitative Disclosures about Market Risk | 19 |
| Item 4 – Controls and Procedures | 19 |
| Part II – Other Information | |
| Item 1 – Legal Proceedings | 20 |
| Item 1A – Risk Factors | 20 |
| Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds | 20 |
| Item 3 – Defaults Upon Senior Securities | 20 |
| Item 4 – Mine Safety Disclosures | 20 |
| Item 5 – Other Information | 20 |
| Item 6 – Exhibits and Reports | 20 |
| Signatures and Certifications | 21 |
CONDENSED CONSOLIDATED BALANCE SHEETS
| November 30, 2024 (Unaudited) | February 29, 2024 | |
|---|---|---|
| ASSETS | ||
| Current Assets: | ||
| Cash and cash equivalents | $8,098,750 | $2,134,786 |
| Marketable securities | 4,582,428 | 9,711,351 |
| Accounts receivable (less allowance of $12,225) | 2,279,304 | 1,470,711 |
| Inventories | 4,737,510 | 5,221,980 |
| Prepaid expenses and other current assets | 123,298 | 207,738 |
| Total current assets | 19,821,290 | 18,746,566 |
| Land | 250,000 | 250,000 |
| Buildings, equipment, furnishings and leasehold improvements, net | 2,713,682 | 2,832,156 |
| Intangible assets, net | 39,931 | 47,566 |
| Deferred tax asset | 1,511,459 | 1,255,977 |
| TOTAL ASSETS | $24,336,362 | $23,132,265 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current Liabilities: | ||
| Accounts payable | $1,116,831 | $1,049,742 |
| Accrued expenses | 1,925,036 | 1,739,478 |
| Customer deposits | 3,363,301 | 3,419,706 |
| Income taxes payable | 213,350 | 414,807 |
| Total current liabilities | 6,618,518 | 6,623,733 |
| Deferred tax liability | 317,070 | 229,534 |
| Total liabilities | 6,935,588 | 6,853,267 |
| Commitments and Contingencies (Note 9) | ||
| Stockholders’ Equity | ||
| Common stock, $.01 par value; 25,000,000 shares authorized, 15,751,153 and 15,750,880 shares issued and outstanding as of November 30, 2024 and February 29, 2024, respectively | 157,512 | 157,509 |
| Additional paid-in capital | 9,946,460 | 9,770,387 |
| Accumulated earnings | 7,296,802 | 6,351,102 |
| Total stockholders’ equity | 17,400,774 | 16,278,998 |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $24,336,362 | $23,132,265 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.