OPTICAL CABLE CORP

For the period ended Oct 31, 2024. Filed Dec 23, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Dec 23, 2024

OCC$10.77+1.6%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

EX-13.1 · Item 8. Consolidated Financial Statements

Consolidated Balance Sheets

October 31, 2024 and 2023

	October 31,
	2024	Restated 2023
Assets
Current assets:
Cash	$244,247	$1,468,709
Trade accounts receivable, net of allowance for credit losses of $92,125 in 2024 and $71,189 in 2023	10,946,215	8,727,810
Income taxes refundable - current	5,000	81,844
Other receivables	60,521	397,758
Inventories	18,725,317	23,766,326
Prepaid expenses and other assets	618,940	595,469
Total current assets	30,600,240	35,037,916
Property and equipment, net	6,881,357	7,139,616
Intangible assets, net	513,956	566,197
Other assets, net	2,362,458	1,135,172
Total assets	$40,358,011	$43,878,901
Liabilities and Shareholders’ Equity
Current liabilities:
Current installments of long-term debt	$57,184	$52,624
Note payable, revolver - current	8,321,782	8,324,397
Accounts payable and accrued expenses	5,178,792	5,843,044
Accrued compensation and payroll taxes	1,567,232	1,849,780
Income taxes payable	18,522	22,754
Total current liabilities	15,143,512	16,092,599
Long-term debt, excluding current installments	2,570,791	2,622,620
Other noncurrent liabilities	1,801,792	441,838
Total liabilities	19,516,095	19,157,057
Shareholders’ equity:
Preferred stock, no par value, authorized 1,000,000 shares; none issued and outstanding	—	—
Common stock, no par value, authorized 50,000,000 shares; issued and outstanding 8,220,344 shares in 2024 and 7,893,681 shares in 2023	15,464,416	15,134,133
Retained earnings	5,377,500	9,587,711
Total shareholders’ equity	20,841,916	24,721,844
Commitments and contingencies
Total liabilities and shareholders’ equity	$40,358,011	$43,878,901

Consolidated Statements of Operations

	Years Ended October 31,
	2024	2023
Net sales	$66,674,099	$72,173,752
Cost of goods sold	48,469,327	49,879,676
Gross profit	18,204,772	22,294,076
Selling, general and administrative expenses	21,500,547	21,220,741
Royalty expense, net	26,450	26,315
Amortization of intangible assets	54,062	53,941
Income (loss) from operations	(3,376,287)	993,079
Other income (expense), net:
Interest expense	(1,166,630)	(1,152,554)
Gain on insurance proceeds, net	304,307	2,199,463
Other, net	49,101	172,234
Other income (expense), net	(813,222)	1,219,143
Income (loss) before income taxes	(4,189,509)	2,212,222
Income tax expense	20,702	145,724
Net income (loss)	$(4,210,211)	$2,066,498
Net income (loss) per share - basic and diluted	$(0.54)	$0.26

Consolidated Statements of Shareholders’ Equity

Total
Common Stock · Retained · Shareholders’
	Shares	Amount	Earnings	Equity
Balances at October 31, 2022	7,893,194	$14,638,505	$7,521,213	$22,159,718
Share-based compensation, net	487	495,628	—	495,628
Net income	—	—	2,066,498	2,066,498
Balances at October 31, 2023	7,893,681	$15,134,133	$9,587,711	$24,721,844
Share-based compensation, net	326,663	330,283	—	330,283
Net loss	—	—	(4,210,211)	(4,210,211)
Balances at October 31, 2024	8,220,344	$15,464,416	$5,377,500	$20,841,916

Consolidated Statements of Cash Flows

Years Ended October 31, 2024 and 2023

	Years ended October 31,
	2024	2023
Cash flows from operating activities:
Net income (loss)	$(4,210,211)	$2,066,498
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	865,851	946,457
Bad debt expense	20,936	1,546
Share-based compensation expense	443,234	611,480
Gain on insurance proceeds, net	(304,307)	(2,199,463)
Loss on disposal of property and equipment	3,444	8,335
(Increase) decrease in:
Trade accounts receivable	(2,239,341)	2,234,397
Other receivables	337,237	(107,845)
Income taxes refundable	76,844	(81,844)
Inventories	5,041,009	(4,327,560)
Prepaid expenses and other assets	(23,471)	(55,244)
Other assets	411,807	92,036
Increase (decrease) in:
Accounts payable and accrued expenses	(829,091)	479,372
Accrued compensation and payroll taxes	(282,548)	77,229
Income taxes payable	(4,232)	4,656
Other noncurrent liabilities	(164,185)	(145,726)
Net cash used in operating activities	(857,024)	(395,676)
Cash flows from investing activities:
Purchase of and deposits for the purchase of property and equipment	(369,630)	(520,847)
Insurance proceeds received	304,307	1,946,992
Investment in intangible assets	(1,821)	(1,996)
Proceeds from sale of property and equipment	—	4,500
Net cash provided by (used in) investing activities	(67,144)	1,428,649
Cash flows from financing activities:
Payroll taxes withheld and remitted on share-based payments	(112,951)	(115,852)
Proceeds from note payable, revolver	65,369,765	79,258,692
Payments on note payable, revolver	(65,372,379)	(76,933,958)
Principal payments on long-term debt	(47,270)	(1,853,358)
Payments for financing costs	(100,000)	(100,000)
Principal payments on financing lease	(37,459)	(35,724)
Net cash provided by (used in) financing activities	(300,294)	219,800
Net increase (decrease) in cash	(1,224,462)	1,252,773
Cash at beginning of year	1,468,709	215,936
Cash at end of year	$244,247	$1,468,709
Supplemental disclosure of cash flow information:
Cash payments for interest	$1,069,019	$1,028,762
Income taxes paid, net of refunds	$(53,426)	$221,993
Noncash investing and financing activities:
Capital expenditures accrued in accounts payable at year end	$14,982	$22,081

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.