0001354488-14-004649.txt : 20140915 0001354488-14-004649.hdr.sgml : 20140915 20140915162241 ACCESSION NUMBER: 0001354488-14-004649 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20140731 FILED AS OF DATE: 20140915 DATE AS OF CHANGE: 20140915 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Pharma-Bio Serv, Inc. CENTRAL INDEX KEY: 0001304161 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT CONSULTING SERVICES [8742] IRS NUMBER: 200653570 FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-50956 FILM NUMBER: 141103429 BUSINESS ADDRESS: STREET 1: INDUSTRIAL ZONE STREET 1 STREET 2: LOT 14 CITY: DORADO STATE: PR ZIP: 00646 BUSINESS PHONE: 787-278-2709 MAIL ADDRESS: STREET 1: INDUSTRIAL ZONE STREET 1 STREET 2: LOT 14 CITY: DORADO STATE: PR ZIP: 00646 FORMER COMPANY: FORMER CONFORMED NAME: LAWRENCE CONSULTING GROUP INC DATE OF NAME CHANGE: 20040923 10-Q 1 pbsv_10q.htm QUARTERLY REPORT pbsv_10q.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 
FORM 10-Q

(Mark One)
þ
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934
 
For the quarterly period ended July 31, 2014
 
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from _____________ to ______________
 
Commission File No. 000-50956
 
PHARMA-BIO SERV, INC.
(Exact Name of Registrant as Specified in Its Charter)
 
 Delaware
 20-0653570
 (State or Other Jurisdiction of Incorporation or Organization)
  (IRS  Employer  Identification No.)

Pharma-Bio Serv Building,
# 6 Road 696
Dorado, Puerto Rico
00646
(Address of Principal Executive Offices)
(Zip Code)

Registrant’s Telephone Number, Including Area Code 787-278-2709

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 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 þ No o
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 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 þ No o
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
 
 
Large accelerated filer o
Accelerated filer o
 
Non-accelerated filer o
Smaller reporting companyþ
  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No þ
 
The number of shares of the registrant’s common stock outstanding as of September 11, 2014 was 23,047,462.
 
 


 
 
 
 
 
PHARMA-BIO SERV, INC.
FORM 10-Q
FOR THE QUARTER ENDED JULY 31, 2014

TABLE OF CONTENTS
 
   
Page
 
PART I FINANCIAL INFORMATION
     
       
Item 1 – Financial Statements
     
       
 
1
 
       
 
2
 
       
 
3
 
       
 
4
 
       
 
5
 
       
 
12
 
       
 
17
 
       
PART II OTHER INFORMATION
     
       
 
18
 
       
 
18
 
       
 
18
 
       
 
19
 
 
 
 

 

PART I – FINANCIAL INFORMATION
 
Item 1. 
FINANCIAL STATEMENTS
PHARMA-BIO SERV, INC.
Condensed Consolidated Balance Sheets
 
ASSETS  
July 31,
2014*
   
October 31,
2013**
 
Current assets:            
Cash and cash equivalents
  $ 13,796,618     $ 12,045,923  
Marketable securities
    66,983       71,260  
Accounts receivable
    6,386,019       7,403,987  
Other
    807,343       767,452  
Total current assets
    21,056,963       20,288,622  
                 
Property and equipment
    952,593       976,423  
Other assets
    17,349       16,891  
Total assets
  $ 22,026,905     $ 21,281,936  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY
               
Current liabilities:
               
Current portion-obligations under capital leases
  $ 38,221     $ 32,188  
Accounts payable and accrued expenses
    2,059,555       2,825,532  
Income taxes payable
    165,996       322,731  
Total current liabilities
    2,263,772       3,180,451  
                 
Obligations under capital leases
    100,674       51,724  
Total liabilities
    2,364,446       3,232,175  
                 
Stockholders' equity:
               
Preferred Stock, $0.0001 par value; authorized 10,000,000 shares;
none outstanding
    -       -  
Common Stock, $0.0001 par value; authorized 50,000,000 shares; 23,049,462 and 22,702,186 shares issued and 23,047,462 and 22,702,186 shares outstanding, at July 31, 2014 and October 31, 2013, respectively
    2,305       2,271  
Additional paid-in capital
    982,339       931,039  
Retained earnings
    18,779,940       17,193,203  
Accumulated other comprehensive loss
    (99,845 )     (76,752 )
      19,664,739       18,049,761  
Treasury stock, at cost; 2,000 common shares held at July 31, 2014
    (2,280 )     -  
Total stockholders' equity
    19,662,459       18,049,761  
Total liabilities and stockholders' equity
  $ 22,026,905     $ 21,281,936  

*
Unaudited.
**
Condensed from audited financial statements.
 
 
See notes to condensed consolidated financial statements.
 
 
1

 

PHARMA-BIO SERV, INC.
Condensed Consolidated Statements of Income
(Unaudited)
 
      Three months ended July 31,       Nine months ended July 31,  
     
2014
     
2013
     
 2014
     
2013
 
                                 
REVENUES
  $ 6,836,166     $ 8,363,709     $ 20,418,773     $ 24,273,820  
                                 
COST OF SERVICES
    4,657,930       5,383,657       13,778,422       15,605,375  
                                 
GROSS PROFIT
    2,178,236       2,980,052       6,640,351       8,668,445  
                                 
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
    1,479,976       1,446,627       4,695,208       4,097,002  
                                 
INCOME FROM OPERATIONS
    698,260       1,533,425       1,945,143       4,571,443  
                                 
OTHER (EXPENSE) INCOME, NET
    (809 )     614       (1,660 )     1,598  
                                 
INCOME BEFORE INCOME TAXES
    697,451       1,534,039       1,943,483       4,573,041  
                                 
INCOME TAX EXPENSE
    100,391       287,524       356,712       886,001  
                                 
NET INCOME
  $ 597,060     $ 1,246,515     $ 1,586,771     $ 3,687,040  
                                 
BASIC EARNINGS PER COMMON SHARE
  $ 0.026     $ 0.055     $ 0.069     $ 0.167  
                                 
DILUTED EARNINGS PER COMMON SHARE
  $ 0.025     $ 0.053     $ 0.067     $ 0.155  
                                 
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – BASIC
    23,049,212       22,668,354       22,957,160       22,032,790  
                                 
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – DILUTED
    23,609,317       23,338,649       23,715,758       23,724,872  
 
See notes to condensed consolidated financial statements.
 
 
2

 

PHARMA-BIO SERV, INC.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 
   
Three months ended July 31,
   
Nine months ended July 31,
 
   
2014
   
2013
   
2014
   
2013
 
NET INCOME
  $ 597,060     $ 1,246,515     $ 1,586,771     $ 3,687,040  
                                 
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF RECLASSIFICATION ADJUSTMENTS AND TAXES:
                               
                                 
Foreign currency translation (loss) gain
    (23,854 )     9,959       (18,816 )     6,867  
Net unrealized losses on available-for-sale securities
    (1,427 )     -       (4,277 )     -  
                                 
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME
    (25,281     9,959       (23,093 )     6,867  
                                 
COMPREHENSIVE INCOME 
  $ 571,779     $ 1,256,474     $ 1,563,678     $ 3,693,907  
 
See notes to condensed consolidated financial statements.
 
 
3

 
 
PHARMA-BIO SERV, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)


   
Three months ended July 31,
    Nine months ended July 31,  
   
2014
   
2013
   
2014
   
2013
 
CASH FLOWS FROM OPERATING ACTIVITIES
                       
Net income
  $ 597,060     $ 1,246,515     $ 1,586,771     $ 3,687,040  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
                               
Stock-based compensation
    17,100       2,166       51,300       6,498  
Depreciation and amortization
    93,882       86,028       281,387       250,131  
Decrease (increase) in accounts receivable
    631,762       (390,891 )     1,038,841       (380,652 )
(Increase) in other assets
    (95,899 )     (344,201 )     (40,553 )     (417,772 )
(Decrease) increase in liabilities
    (148,221 )     91,047       (952,632 )     (491,837 )
NET CASH PROVIDED BY OPERATING ACTIVITIES
    1,095,684       690,664       1,965,114       2,653,408  
                                 
CASH FLOWS FROM INVESTING ACTIVITIES
                               
Acquisition of property and equipment
    (106,208 )     (75,630 )     (171,820 )     (175,363 )
NET CASH USED IN INVESTING ACTIVITIES
    (106,208 )     (75,630 )     (171,820 )     (175,363 )
                                 
CASH FLOWS FROM FINANCING ACTIVITIES
                               
CASH FLOWS FROM FINANCING ACTIVITIES
                               
Proceeds from issuance of common stock
    -       -       -       109,859  
Repurchase of common stock
    (2,280 )     -       (2,280 )     -  
Payments on obligations under capital lease
    (10,359 )     (9,958 )     (31,012 )     (29,280 )
NET CASH (USED IN) PROVIDED BY  FINANCING ACTIVITIES
    (12,639 )     (9,958 )     (33,292 )     80,579  
EFFECT OF EXCHANGE RATE CHANGES ON CASH
    (8,808 )     1,457       (9,307 )     2,882  
NET INCREASE IN CASH AND CASH EQUIVALENTS
    968,029       606,533       1,750,695       2,561,506  
                                 
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD
    12,828,589       8,493,086       12,045,923       6,538,113  
                                 
CASH AND CASH EQUIVALENTS – END OF PERIOD
  $ 13,796,618     $ 9,099,619     $ 13,796,618     $ 9,099,619  
                                 
SUPPLEMENTAL DISCLOURES OF
CASH FLOWS INFORMATION
                               
Cash paid during the period for:
                               
Income taxes
  $ 37,782     $ 280,735     $ 510,267     $ 1,069,390  
Interest
  $ 1,359     $ 1,705     $ 5,362     $ 5,708  
                                 
SUPPLEMENTARY SCHEDULES OF NON-CASH
INVESTING AND FINANCING ACTIVITIES
                               
Income tax withheld by clients to be used as a credit in the Company’s income tax return
  $ 37,454     $ 35,035     $ 74,474     $ 77,491  
Capital lease obligation incurred for the acquisition of a vehicle
  $ -     $ -     $ 85,995     $ -  
Conversion of cashless exercise of warrants and options to shares of common stock
  $ -     $ -     $ 34     $ -  
Issuance of common stock pursuant to agreement with investor relations firm
  $ -     $ 30,000     $ 30,000     $ 90,000  
 
See notes to condensed consolidated financial statements.
 
 
4

 

PHARMA-BIO SERV, INC.
Notes To Condensed Consolidated Financial Statements
July 31, 2014
(Unaudited)

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION

Pharma-Bio Serv, Inc. (“Pharma-Bio”) is a Delaware corporation organized on January 14, 2004. Pharma-Bio is the parent company of Pharma-Bio Serv PR, Inc. (“Pharma-PR”), Pharma Serv, Inc. (“Pharma-Serv”), both Puerto Rico corporations, Pharma-Bio Serv US, Inc. (“Pharma-US”), a Delaware corporation, Pharma-Bio Serv Validation & Compliance Limited (“Pharma-IR”), an Irish corporation, and Pharma-Bio Serv SL (“Pharma-Spain”), a Spanish limited liability company. Pharma-Bio, Pharma-PR, Pharma Serv, Pharma-US, Pharma-IR and Pharma-Spain are collectively referred to as the “Company.” The Company operates in Puerto Rico, the United States, Ireland and Spain under the name of Pharma-Bio Serv and is engaged in providing technical compliance consulting service, and microbiological and chemical laboratory testing services primarily to the pharmaceutical, chemical, medical device and biotechnology industries.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The condensed consolidated balance sheet of the Company as of October 31, 2013 is derived from audited consolidated financial statements but does not include all disclosures required by generally accepted accounting principles. The unaudited interim condensed consolidated financial statements, include all adjustments, consisting of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations and cash flows for the interim periods. The results of operations for the nine months ended July 31, 2014 are not necessarily indicative of expected results for the full 2014 fiscal year.

The accompanying financial data as of July 31, 2014, and for the three-month and nine-month periods ended July 31, 2014 and 2013 has been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally contained in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes contained in our audited Consolidated Financial Statements and the notes thereto for the fiscal year ended October 31, 2013.

Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company and all of its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. 

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from these estimates.

Fair Value of Financial Instruments

Accounting standards have established a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting standards have established three levels of inputs that may be used to measure fair value:

Level 1:
  
Quoted prices in active markets for identical assets and liabilities.
 
Level 2:
  
Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.
 
 
 
5

 
 
Level 3:  
Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Marketable securities available-for-sale consist of U.S. Treasury securities and an obligation from the Puerto Rico Government Development Bank valued using quoted market prices in active markets. Accordingly, these securities are categorized in Level 1.

The carrying value of the Company's financial instruments (excluding marketable securities and obligations under capital leases), cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, are considered reasonable estimates of fair value due to their liquidity or short-term nature. Management believes, based on current rates, that the fair value of the Company’s obligations under capital leases approximates the carrying amount.
 
Revenue Recognition

Revenue is primarily derived from: (1) time and materials contracts (representing approximately 93% of total revenues), which is recognized by applying the proportional performance model, whereby revenue is recognized as performance occurs, (2) short-term fixed-fee contracts or "not to exceed" contracts (representing approximately 1% of total revenues), which revenue is recognized similarly, except that certain milestones also have to be reached before revenue is recognized, and (3) laboratory testing revenue (representing approximately 6% of total revenues) is mainly recognized as the testing is completed and certified (normally within days of sample receipt from the customer). If the Company determines that a contract will result in a loss, the Company recognizes the estimated loss in the period in which such determination is made.

Cash Equivalents

For purposes of the consolidated statements of cash flows, cash equivalents include investments in a money market obligations trust that is registered under the U.S. Investment Company Act of 1940, as amended, and liquid investments with original maturities of three months or less.

Marketable Securities
 
We consider our marketable security investment portfolio and marketable equity investments as available-for-sale and, accordingly, these investments are recorded at fair value with unrealized gains and losses generally recorded in other comprehensive income; whereas realized gains and losses are included in earnings and determined based on the specific identification method.

Accounts Receivable

Accounts receivable are recorded at their estimated realizable value. Accounts are deemed past due when payment has not been received within the stated time period. The Company's policy is to review individual past due amounts periodically and write off amounts for which all collection efforts are deemed to have been exhausted. Due to the nature of the Company’s customers, bad debts are mainly accounted for using the direct write-off method whereby an expense is recognized only when a specific account is determined to be uncollectible. The effect of using this method approximates that of the allowance method.

Income Taxes
 
The Company follows an asset and liability approach method of accounting for income taxes. This method measures deferred income taxes by applying enacted statutory rates in effect at the balance sheet date to the differences between the tax basis of assets and liabilities and their reported amounts on the financial statements. The resulting deferred tax assets or liabilities are adjusted to reflect changes in tax laws as they occur. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized.

The Company follows guidance from the Financial Accounting Standards Board (“FASB”) related to Accounting for Uncertainty in Income Taxes, which includes a two-step approach to recognizing, de-recognizing and measuring uncertain tax positions. As of July 31, 2014, the Company had no significant uncertain tax positions that would be reduced as a result of a lapse of the applicable statute of limitations.

Property and Equipment
 
Owned property and equipment, and leasehold improvements are stated at cost. Vehicles under capital leases are stated at the lower of fair market value or net present value of the minimum lease payments at the inception of the leases.
 
 
6

 
 
Depreciation and amortization of owned assets are provided for, when placed in service, in amounts sufficient to relate the cost of depreciable assets to operations over their estimated service lives, using straight-line basis. Assets under capital leases and leasehold improvements are amortized over the shorter of the estimated useful lives of the assets or initial lease term. Major renewals and betterments that extend the life of the assets are capitalized, while expenditures for repairs and maintenance are expensed when incurred. As of July 31, 2014 and October 31, 2013, the accumulated depreciation and amortization amounted to $2,161,733 and $1,880,346, respectively.

The Company evaluates for impairment its long-lived assets to be held and used, and long-lived assets to be disposed of, whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Based on management estimates, no impairment of the operating properties was present.

Stock-based Compensation

Stock-based compensation expense is recognized in the consolidated financial statements based on the fair value of the awards granted. Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which generally represents the vesting period, and includes an estimate of awards that will be forfeited. The Company calculates the fair value of stock options using the Black-Scholes option-pricing model at the grant date. Excess tax benefits related to stock-based compensation are reflected as cash flows from financing activities rather than cash flows from operating activities. The Company has not recognized such cash flow from financing activities since there has been no tax benefit related to the stock-based compensation.

Income Per Share of Common Stock

Basic income per share of common stock is calculated by dividing net income by the weighted average number of shares of common stock outstanding. Diluted income per share includes the dilution of common stock equivalents, which include principally shares that may be issued upon the exercise of warrants, stock option and restricted stock unit awards.

The diluted weighted average shares of common stock outstanding were calculated using the treasury stock method for the respective periods.

Foreign Operations

The functional currency of the Company’s foreign subsidiaries is its local currency. The assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars at exchange rates in effect at the balance sheet date. Income and expense items are translated at the average exchange rates prevailing during the period. The cumulative translation effect for subsidiaries using a functional currency other than the U.S. dollar is included as a cumulative translation adjustment in stockholders’ equity and as a component of comprehensive income.

The Company’s intercompany accounts are typically denominated in the functional currency of the foreign subsidiary. Gains and losses resulting from the remeasurement of intercompany receivables that the Company considers to be of a long-term investment nature are recorded as a cumulative translation adjustment in stockholders’ equity and as a component of comprehensive income, while gains and losses resulting from the remeasurement of intercompany receivables from those international subsidiaries for which the Company anticipates settlement in the foreseeable future are recorded in the consolidated statements of operations. The net gains and losses recorded in the condensed consolidated statements of income were not significant for the periods presented.

Reclassifications

Certain reclassifications have been made to the July 31, 2013 condensed consolidated financial statements to conform them to the July 31, 2014 condensed consolidated financial statements presentation. Such reclassifications do not affect net income as previously reported.

Recently Issued Accounting Standards
 
In March 2013, the FASB issued guidance on a parent’s accounting for the cumulative translation adjustment upon derecognition of a subsidiary or group of assets within a foreign entity. This new guidance requires that the parent release any related cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The new guidance will be effective for us beginning November 1, 2014. We do not anticipate material impacts on our consolidated financial statements upon adoption.

In May 2014, as part of its ongoing efforts to assist in the convergence of U.S. GAAP and International Financial Reporting Standards, the FASB issued a new standard related to revenue recognition. Under the new standard, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard will be effective for us beginning November 1, 2017 and early adoption is not permitted. We are currently evaluating its impact in our consolidated financial statements.

Other recently issued FASB pronouncements, and SEC Staff Accounting Bulletins, have either been implemented or are not applicable to the Company.
 
 
7

 
 
NOTE B – MARKETABLE SECURITIES AVAILABLE FOR SALE

The amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of available-for-sale securities by type of security were as follows as of July 31, 2014 and October 31, 2013:
 
Type of security as of July 31, 2014
 
Amortized Cost
   
Gross
Unrealized Gains
   
Gross
Unrealized Losses
   
Estimated
Fair Value
 
U.S. Treasury securities
  $ 4,500,000     $     $     $ 4,500,000  
Other government-related debt securities:
                               
Puerto Rico Commonwealth Government Development Bond
    95,000             (28,017 )     66,983  
Total interest-bearing and available-for-sale securities
  $ 4,595,000     $     $ (28,017 )   $ 4,566,983  

 
Type of security as of October 31, 2013
 
Amortized Cost
   
Gross
Unrealized Gains
   
Gross
Unrealized Losses
   
Estimated
Fair Value
 
U.S. Treasury securities
  $ 4,500,000     $     $     $ 4,500,000  
Other government-related debt securities:
                               
Puerto Rico Commonwealth Government Development Bond
    95,000             (23,740 )     71,260  
Total interest-bearing and available-for-sale securities
  $ 4,595,000     $     $ (23,740 )   $ 4,571,260  
 
At July 31, 2014 and October 31, 2013, the above marketable securities included a 5.4% Puerto Rico Commonwealth Government Development Bank Bond in the amount of $95,000, purchased at par and maturing in August 2019.
 
The fair values of available-for-sale securities by classification in the Condensed Consolidated Balance Sheets were as follows as of July 31, 2014 and October 31, 2013:
 
Classification in the Consolidated Balance Sheets
 
July 31, 2014
   
October 31, 2013
 
Cash and cash equivalents
  $ 4,500,000     $ 4,500,000  
Marketable securities
    66,983       71,260  
Total available-for-sale securities
  $ 4,566,983     $ 4,571,260  
 
Cash and cash equivalents in the table above exclude cash in banks of approximately $9.3 million and $7.5 million as of July 31, 2014 and October 31, 2013, respectively.
 
The primary objectives of the Company’s investment portfolio are liquidity and safety of principal. Investments are made with the objective of achieving the highest rate of return consistent with these two objectives. Our investment policy limits investments to certain types of debt and money market instruments issued by institutions primarily with investment grade credit ratings and places restrictions on maturities and concentration by type and issuer.
 
We review our available-for-sale securities for other-than-temporary declines in fair value below their recorded basis on a quarterly basis and whenever events or changes in circumstances indicate that the recorded basis of an asset may not be recoverable. This evaluation is based on a number of factors including, the length of time and extent to which the fair value has been less than our recorded basis and adverse conditions specifically related to the security including any changes to the rating of the security by a rating agency. As of July 31, 2014 and October 31, 2013, we believe that the recorded base for our available-for-sale securities were recoverable in all material respects.
 
 
8

 
 
NOTE C - INCOME TAXES

In June 2011, Pharma-Bio, Pharma-PR and Pharma-Serv obtained a Grant of Industrial Tax Exemption pursuant to the terms and conditions set forth in Act No. 73 of May 28, 2008 (“the Grant”) issued by the Puerto Rico Industrial Development Company (“PRIDCO”). The Grant was effective as of November 1, 2009 and covers a fifteen-year period. The Grant provides relief on various Puerto Rico taxes, including income tax, with certain limitations, for most of the activities carried on within Puerto Rico, including those that are for services to parties located outside of Puerto Rico. The Grant establishes a threshold (“Baseline”) on the Industrial Development Income (“IDI”) subject to the favorable income tax rates. Within a four year term ending with the taxable year ending October 31, 2013, the Baselines were gradually reduced to zero. Certain activities covered under the Grant were not subject to a Baseline and were allowed a four year gradual phase-in from the maximum income tax rate of 30%, as provided by the 1994 Puerto Rico Internal Revenue Code, to the favorable fixed Act 73 income tax rate of 4%, which was effective to the taxable year ended in October 31, 2013. In addition, IDI earnings distributions accumulated since November 1, 2009 are fully exempt from Puerto Rico earnings distribution tax.

Effective with our fiscal year ended October 31, 2014, Puerto Rico operations not covered in the exempt activities of the Grant are subject to Puerto Rico income tax at a maximum tax rate of 39% as provided by the 1994 Puerto Rico Internal Revenue Code, as amended. The operations carried out in the United States by the Company’s subsidiary are taxed in the United States at a maximum regular federal income tax rate of 35%.

Distribution of earnings by the Puerto Rican subsidiaries to its parent are taxed at the federal level, however, the parent is able to receive a credit for the taxes paid by the subsidiary on its operations in Puerto Rico, to the extent of the federal taxes that result from those earnings. As a result, the income tax expense of the Company, under its present corporate structure, would normally be the Puerto Rico taxes on operations in Puerto Rico, federal taxes on operations in the United States, plus the earnings distribution tax in Puerto Rico from dividends paid to the Puerto Rican subsidiaries’ parent, and the parent’s federal income tax, if any, incurred upon the subsidiary’s earnings distribution.

Deferred income tax assets and liabilities are computed for differences between the consolidated financial statements and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.

The Company has not recognized deferred income taxes on undistributed earnings of its Puerto Rican subsidiaries, since such earnings are considered to be reinvested indefinitely. If the earnings were distributed in the form of dividends, the Company would be subject to Puerto Rico earnings distribution tax and United States federal income tax, as applicable.

Pharma-Spain and Pharma-IR have unused operating losses which result in a potential deferred tax asset. However, an allowance has been provided covering the total amount of such balance since it is uncertain whether the net operating losses can be used to offset future taxable income before their expiration dates. Realization of future tax benefits related to a deferred tax asset is dependent on many factors, including the Company’s ability to generate taxable income. Accordingly, the income tax benefit will be recognized when realization is determined to be more probable than not. These net operating losses are available to offset future taxable income, until October 31, 2018 for Pharma-Spain, and indefinitely for Pharma-IR.

The statutory income tax rate differs from the effective rate, mainly due to the effect of the Puerto Rico Act 73 Tax Grant over income tax expense, and income tax permanent differences between financial and tax books income.

The Company files income tax returns in the United States (federal and various states jurisdictions), Puerto Rico and Ireland. The 2010 (2009 for Puerto Rico) through 2013 tax years are open and may be subject to potential examination in one or more jurisdictions. Currently, the Company has no federal, state, Puerto Rico or foreign income tax examination.

NOTE D – WARRANTS

At October 31, 2013, the Company had outstanding warrants to purchase 240,800 shares of the Company’s common stock at an exercise price of $0.06. In January 2014, all of these warrants were exercised on a cashless basis, resulting in a net issuance of 233,763 shares of common stock. As of July 31, 2014, the Company had no warrants outstanding.
 
 
9

 
 
NOTE E – CAPITAL TRANSACTIONS

On January 23, 2013, the Company entered into an agreement with an investor relations firm to assist in the Company’s shareholder communication efforts. For these services, in addition to a monthly fee of $10,000, the Company agreed to issue to the investor relations firm a total of 150,000 shares during the one year term of the agreement (75,000, 37,500 and 37,500 shares in January 2013, July 2013 and January 2014, respectively). Pursuant to the terms of the agreement with the investor relations firm, all shares have been issued. Effective February 1, 2014, the agreement with the investor relations firm was renegotiated for a term of one year. Under the new provisions of the agreement, the Company will no longer grant common shares to the investor relations firm, all other provisions of the original agreement were maintained.

During the nine months ended July 31, 2014, in addition to the 37,500 common shares issued pursuant to the agreement with the investor relations firm, warrants and options were exercised on a cashless basis resulting in a net issuance of Company’s common shares for 233,763 and 76,013, respectively, or a total of 309,776 of the Company’s common shares.

On June 13, 2014, the Board of Directors of the Company authorized the Company to repurchase up to two million shares of its outstanding common stock. The timing, manner, price and amount of any repurchases will be at the discretion of the Company, subject to the requirements of the Securities Exchange Act of 1934, as amended, and related rules. The program does not oblige the Company to repurchase any shares and it may be modified, suspended or terminated at any time and for any reason. No shares will be repurchased directly from directors or officers of the Company. As of July 31, 2014, pursuant to the program a total of 2,000 shares of the Company’s common stock were purchased for an aggregate amount of $2,280.

NOTE F – EARNINGS PER SHARE

The following data shows the amounts used in the calculations of basic and diluted earnings per share.

   
Three months
ended July 31,
   
Nine months
ended July 31,
 
   
2014
   
2013
   
2014
   
2013
 
Net income available to common equity holders - used to compute basic and diluted earnings per share
  $ 597,060     $ 1,246,515     $ 1,586,771     $ 3,687,040  
Weighted average number of common shares - used to compute basic earnings per share
    23,049,212       22,668,354       22,957,160       22,032,790  
Effect of warrants to purchase common stock
    -       227,651       63,883       809,921  
Effect of restricted stock units to common stock
    49,391       -       38,592       -  
Effect of options to purchase common stock
    510,714       442,644       656,123       882,161  
Weighted average number of shares - used to compute diluted earnings per share
    23,609,317       23,338,649       23,715,758       23,724,872  

Options for the purchase of 80,000 shares of common stock for the three-month and nine-month periods ended in July 31, 2014 were not included in computing diluted earnings per share because their effect were antidilutive.

NOTE G - CONCENTRATIONS OF RISK

Cash and Cash Equivalents
The Company domestic cash and cash equivalents consist of cash deposits in FDIC insured banks (substantially covered by FDIC insurance by the spread of deposits in multiple FDIC insured banks), a money market obligations trust registered under the US Investment Company Act of 1940, as amended, and U.S. Treasury securities with maturities of three months or less. In the foreign markets we serve, we also maintain cash deposits in foreign banks, which tend to be not significant and tend not to be covered by insurance. No losses have been experienced or are expected on these accounts.

Accounts Receivable and Revenues
Management deems all of its accounts receivable to be fully collectible, and, as such, does not maintain any allowances for uncollectible receivables.

The Company's revenues, and the related receivables, are concentrated in the pharmaceutical industry in Puerto Rico, the United States of America, Ireland and Spain. Although a few customers represent a significant source of revenue, the Company’s functions are not a continuous process, accordingly, the client base for which the services are typically rendered, on a project-by-project basis, changes regularly.
 
 
10

 
 
The Company provided a substantial portion of its services to three customers, which accounted for 10% or more of its revenues in either of the three-month and nine-month periods ended July 31, 2014 and 2013. During the three months ended July 31, 2014, revenues from these customers were 17.9%, 17.4% and 1.1%, or a total of 36.4%, as compared to the same period last year of 27.5% 15.7%, and 10.8%, or a total of 54.0%, respectively. During the nine months ended July 31, 2014, revenues from these customers were 21.7%, 17.5% and 3.8%, or a total of 43.0%, as compared to the same period last year of 28.2%, 14.8% and 12.7%, or a total of 55.7%, respectively. At July 31, 2014, amounts due from these customers represented 31.3% of the Company’s total accounts receivable balance.

The major customers information in the above paragraph is based on revenues earned from these customers at the segment level. In management’s opinion contracts by segments are independent of each other, and therefore such information is more meaningful to the reader. These revenues pertain to two global groups of affiliated companies. During the three months ended July 31, 2014, aggregate revenues from these global groups of affiliated companies were 39.6% and 1.1%, or a total of 40.7%, as compared to the same period last year of 52.4% and 10.8%, or a total of 63.2%, respectively. During the nine months ended July 31, 2014, aggregate revenues from these global groups of affiliated companies were 44.0% and 3.8%, or a total of 47.8%, as compared to the same period last year of 51.6% and 12.7%, or a total of 64.3%, respectively. At July 31, 2014, amounts due from these global groups of affiliated companies represented 38.9% of total accounts receivable balance.

NOTE H - SEGMENT DISCLOSURES

The Company’s segments are based on the organizational structure for which financial results are regularly evaluated by the Company’s senior executive management to determine resource allocation and assess performance. Each reportable segment is managed by its own management team and reports to executive management. The Company has four reportable segments: (i) Puerto Rico technical compliance consulting, (ii) United States technical compliance consulting, (iii) Europe technical compliance consulting, and (iv) a Puerto Rico microbiological and chemical laboratory testing division (“Lab”). These reportable segments provide services primarily to the pharmaceutical, chemical, medical device and biotechnology industries in their respective markets.

The following table presents information about the reported revenue from services and earnings from operations of the Company for the three-month and nine-month periods ended in July 31, 2014 and 2013. There is no intersegment revenue for the mentioned periods. Corporate expenses that support the operating units have been allocated to the segments. Asset information by reportable segment is not presented, since the Company does not produce such information internally, nor does it use such data to manage its business.

   
Three months ended July 31,
    Nine months ended July 31,  
   
2014
   
2013
   
2014
   
2013
 
REVENUES:
                       
Puerto Rico consulting
  $ 3,972,819     $ 4,092,630     $ 11,002,394     $ 11,435,537  
United States consulting
    1,820,426       2,748,448       6,154,845       8,359,679  
Europe consulting
    548,528       901,963       1,699,472       2,605,786  
Lab (microbiological and chemical testing)
    370,594       524,881       1,263,860       1,533,242  
Other segments¹
    123,799       95,787       298,202       339,576  
Total consolidated revenues
  $ 6,836,166     $ 8,363,709     $ 20,418,773     $ 24,273,820  
                                 
INCOME (LOSS) BEFORE INCOME TAXES:
                               
Puerto Rico consulting
  $ 619,369     $ 942,305     $ 1,587,666     $ 2,669,212  
United States consulting
    205,175       494,428       711,519       1,725,167  
Europe consulting
    (88,998 )     (85,939 )     (411,957 )     (290,803 )
Lab (microbiological and chemical testing)
    (113,521 )     109,871       (91,423 )     294,680  
Other segments¹
    75,426       73,374       147,678       174,785  
Total consolidated income before taxes
  $ 697,451     $ 1,534,039     $ 1,943,483     $ 4,573,041  

¹
Other segments represent activities that fall below the reportable threshold and are carried out in Puerto Rico and the United States. These activities include a technical seminars/training division, an information technology services and consulting division, and corporate headquarters, as applicable.

Long lived assets (property and equipment and intangible assets) as of July 31, 2014 and October 31, 2013, and related depreciation and amortization expense for the three-month and nine-month periods ended July 31, 2014 and 2013, were concentrated in the domestic markets (Puerto Rico and the United States). The aggregate amount of long lived assets for the international operations (Europe) is considered insignificant.
 
 
11

 
 
ITEM 2. 
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion of our results of operations and financial condition should be read in conjunction with the financial statements and the related notes included under Part I, Item 1 of this Quarterly Report on Form 10-Q. In addition, reference should be made to our audited Consolidated Financial Statements and notes thereto and related Management’s Discussion and Analysis appearing in our Annual Report on Form 10-K for the year ended October 31, 2013. The following discussion includes forward-looking statements. For a discussion of important factors that could cause actual results to differ from results discussed in the forward-looking statements, see “Forward Looking Statements” below and the “Risk Factors” section in our Annual Report on Form 10-K for the year ended October 31, 2013.

Overview

We are a compliance, project management and technology transfer support consulting firm with a laboratory testing facility with headquarters in Puerto Rico, servicing the Puerto Rico, United States and Europe markets. The compliance consulting service sector in those markets consists of local compliance and validation consulting firms, dedicated validation and compliance consulting firms and large publicly traded and private domestic and foreign engineering and consulting firms. We provide a broad range of compliance related consulting services. We also provide microbiological testing services and chemical testing services through our laboratory testing facility (“Lab”) in Puerto Rico. We also provide information technology consulting services and technical training/seminars, which services are not currently significant to our operating results. We market our services to pharmaceutical, chemical, biotechnology and medical devices, and allied products companies in Puerto Rico, the United States and Europe. Our team includes more than 245 experienced engineering and life science professionals, and includes former quality assurance managers and directors, and experienced and trained professionals with bachelors, masters and doctorate degrees in health sciences and engineering.
 
We actively operate in Puerto Rico, the United States, Ireland and Spain and pursue to further expand these markets by strengthening our business development infrastructure and by constantly realigning our business strategies as new opportunities and challenges arise.
 
We market our services with an active presence in industry trade shows, professional conventions, industry publications and company provided seminars to the industry. Our senior management is also actively involved in the marketing process. Our senior management and staff also concentrate on developing new business opportunities and responding to prospective customers’ requests for proposals.
 
While our core business is FDA and international agencies regulatory compliance related services, we feel that our clients are in need of other services that we can provide and allows us to present the Company as a global solution provider with a portfolio of integrated services that will bring value added solutions to our customers. Accordingly, our portfolio of services include a laboratory testing facility, an information technology consulting practice and a training center that provides seminars/training to the industry.
 
The Lab incorporates the latest technology and test methodologies meeting pharmacopoeia industry standards and regulations. It currently offers services to our core industries already serviced as well as the cosmetic and food industries.
 
We also provide technical seminars/training that incorporate the latest regulatory trends and standards as well as other related areas. A network of leading industry professional experts in their field, which include resources of our own, provide these seminars/training to the industry through our “Pharma Serv Academy” division. These services are provided in the markets we currently serve, as well as others, and position our company as a key leader in the industry.
 
Our information technology services and consulting division based in Puerto Rico (“Integratek”) provides a variety of information technology services such as web pages and portals development, digital art design, intranets, extranets, software development including database integration, Windows and web applications development, software technical training and learning management systems, technology project management, and compliance consulting services, among others. Integratek is a Microsoft Certified Partner and a reseller for technology products from leading vendors in the market.
 
 
12

 

In line with the strategy to further penetrate the United States and Puerto Rico markets, we submit annually for renewal the certification as a "minority-controlled company" as defined by the National Minority Supplier Development Council and Growth Initiative ("NMSDC"). This certification allows us to participate in corporate diversity programs available from various potential customers in the United States and Puerto Rico.
 
The Company holds a tax grant issued by the Puerto Rico Industrial Development Company (“PRIDCO”) which provides relief on various Puerto Rico taxes, including income tax, with certain limitations, for most of the activities carried on within Puerto Rico, including those that are for services to parties located outside of Puerto Rico.

Industry consolidations, the pharmaceutical regulatory environment, changes in tax laws, customers’ price sensitive procurement processes, and the local and global economies recession continue to be factors and uncertainties that affect our business. As such, we are constantly realigning our business strategies as new opportunities and challenges arise.

For the nine months ended July 31, 2014, net revenues for the Company were $20.4 million, a decrease of $3.9 million, or 15.9% when compared to the same period last year. This decline is mainly attributable to a $2.2, $0.9, $0.4 and $0.3 million revenue decrease in the United States, Europe and Puerto Rico consulting markets and the Lab, respectively. Other Company divisions sustained minor revenue gains/losses or remained constant, when compared to the same period last year. The Company continues to invest in its business development and operational support expenses for all its divisions in order to diversify their market, services and customer base.

 The revenue decline, combined with an investment increase in business development and operational support expenses, have led our nine months ended July 31, 2014 net income to be approximately $1.6 million, a decrease of $2.1 million, when compared with the same period last year.

The following table sets forth information as to our revenue for the three-month and nine month periods ended July 31, 2014 and 2013, by geographic regions (dollars in thousands).

   
Three months ended July 31,
 
 Nine months ended July 31,
Revenues by Region:
 
2014
 
2013
 
 2014
 
 2013
 
Puerto Rico
 
$
4,425
   
64.7%
 
$
4,713
   
56.3%
 
$
12,490
   
61.2%
 
$
13,308
   
54.8
%
United States
   
1,863
   
27.3%
   
2,749
   
32.9%
   
6,229
   
30.5%
   
8,359
   
34.5
%
Europe
   
548
   
8.0%
   
902
   
10.8%
   
1,699
   
8.3%
   
2,606
   
10.7
%
   
$
6,836
       
$
8,364
       
$
20,418
       
$
24,273
       

Weak economies where we do business and worldwide industry consolidations will continue to be unfavorable factors going forward. These factors, and the impact on the industry, if any, of the enacted U.S. health care reform (Patient Protection and Affordable Care Act) and Puerto Rico Act 154, which imposed temporary excise taxes, and was extended through December 2017, to the industry we serve, remain as industry uncertainties that might adversely affect our future performance. We believe that our future profitability and liquidity will be highly dependent on the effect the global economy, changes in tax laws and worldwide lifescience manufacturing industry consolidations will have on our operations, and our ability to seek service opportunities and adapt to the current industry trends.
 
 
13

 

Results of Operations

The following table sets forth our statements of operations for the three-month and nine-month periods ended July 31, 2014 and 2013 (dollars in thousands) and as a percentage of revenue:
   
Three months ended July 31,
 
Nine months ended July 31,
   
2014
 
2013
 
2014
 
2013
 
Revenues 
 
$
6,836
   
100.0%
 
$
8,364
   
100.0%
 
$
20,418
   
100.0
%
$
24,273
   
100.0
%
Cost of services 
   
4,658
   
68.1%
   
5,384
   
64.4%
   
13,778
   
67.5
%
 
15,605
   
64.3
%
Gross profit 
   
2,178
   
31.9%
   
2,980
   
35.6%
   
6,640
   
32.5
%
 
8,668
   
35.7
%
Selling, general and
administrative costs 
   
1,480
   
21.7%
   
1,447
   
17.3%
   
4,695
   
23.0
%
 
4,097
   
16.9
%
Other (expense) income, net
   
(1
)
 
0.0%
   
1
   
0.0%
   
(2
)
 
0.0
%
 
2
   
0.0
%
Income before income taxes
   
697
   
10.2%
   
1,534
   
18.3%
   
1,943
   
9.5
%
 
4,573
   
18.8
%
Income tax expense 
   
100
   
1.5%
   
288
   
3.4%
   
356
   
1.7
%
 
886
   
3.7
%
Net income 
   
597
   
8.7%
   
1,246
   
14.9%
   
1,587
   
7.8
%
 
3,687
   
15.2
%
 
Revenues. Revenues for the three and nine months ended July 31, 2014 were $6.8 and $20.4 million, respectively, a decrease of approximately $1.5 and $3.9 million, or 18.3% and 15.9%, respectively, when compared to the same periods last year.

The revenue decrease for the three-month and nine-month periods ended in July 31, 2014, over the same periods last year, are mainly attributable to a decline from projects in the United States, Europe and Puerto Rico consulting markets and the Lab for $0.9, $0.4, $0.1 and $0.2 million, respectively, for the three-month period ended July 31, 2014, and $2.2, $0.9, $0.4 and $0.3 million, respectively, for the nine-month period ended July 31, 2014. Other Company divisions sustained minor revenue gains/losses or remained constant, when compared to the same period last year.

A significant portion of the revenues for the European market is mostly attributable to one customer located in Ireland. Most of the European revenue decline is attributable to the loss of project headcount within this Ireland customer.

Cost of Services; gross margin. Gross margin for the three-month and nine-month periods ended July 31, 2014 decreased 3.7 and 3.2 percentage points, respectively, when compared to last year.

The decrease in gross margin for the three months ended July 31, 2014 is mainly attributable to the decrease of 1.1 and 2.6 percentage points in consulting services and Lab gross margin, respectively.  For the nine months ended July 31, 2014, the decline in gross margin is mainly attributable to the decrease of 1.9 and 1.3 percentage points in consulting services and Lab gross margin, respectively. The decline in gross margin is mostly attributable to United States and Puerto Rico consulting projects closing/ending by the end of our first quarter, which had an above average gross margin, and the Lab’s unfavorable yield resulting from the decrease in testing volume, versus the absorption of fixed cost of services.

Selling, General and Administrative Expenses. Selling, general and administrative expenses for the three and nine months ended July 31, 2014 were approximately $1.5 and $4.7 million, respectively. Expenses when compared with the same period last year, remained constant for the three-month period ended July 31, 2014 and had a net increase of approximately $0.6 million for the nine-month period ended July 31, 2014. In the current fiscal year, the Company continued investing in its business development and operations support expenses for all its divisions in order to diversify their market, services and customer base.

Income Taxes Expense. The reduction in income tax expense for the three and nine months ended July 31, 2014, as compared to the same period last year, is a function of the decrease in income before tax for the same period, after giving effect to the effective tax rate attained considering the effect of the Puerto Rico Act 73 Tax Grant.

Net Income. Our net income for the three and nine months ended July 31, 2014 was approximately $0.6 and $1.6 million, a decrease of $0.6 and $2.1 million, respectively, when compared with the same periods last year. Our net income variance, when compared to the same periods last year, is mainly attributable to the decline in revenue, the increase in selling general and administrative expenses for the business and operations investments incurred aimed to diversify markets, services and customer base, and the impact of the effective income tax rates (including Puerto Rico favorable tax grants) over income before tax.

Earnings per common share basic and diluted for the three months ended July 31, 2014 were $0.026 and $0.025, respectively, a decrease of $0.029 and $0.028 per share, respectively, when compared to the same period last year. The decrease is mainly attributable to the decrease in net income, and the increase in common shares basic and diluted of approximately 0.4 and 0.3 million shares, respectively, when compared to the same period last year.

For the nine months ended July 31, 2014, earnings per common share basic and diluted were $0.069 and $0.067, respectively, a decrease of $0.098 and $0.088 per share, respectively, when compared to the same period last year. The variance is mainly attributable to the decrease in net income, and the increase in common shares basic of approximately 0.9 million shares, when compared to the same period last year.
 
 
14

 
 
Liquidity and Capital Resources

Liquidity is a measure of our ability to meet potential cash requirements, including planned capital expenditures. For the nine months ended July 31, 2014, we have generated a working capital increase of approximately $1.7 million, when compared to October 31, 2013.
 
On June 13, 2014, the Board of Directors of the Company authorized the Company to repurchase up to two million shares of its common stock (the "Company Stock Repurchase Program"). During the three months ended July 31, 2014, the Company repurchased 2,000 shares of its common stock.

Our primary cash needs consist of the payment of compensation to our professional staff, overhead expenses, and statutory taxes. Additionally, we may use cash for the repurchase of our common stock under the Company Stock Repurchase Program. Management believes that based on the current level of operations and cash flows from operations, the collectability of high quality customer receivables will be sufficient to fund anticipated expenses and satisfy other possible long-term contractual commitments for the next twelve months.

To the extent that we pursue possible opportunities to expand our operations, either by acquisition or by the establishment of operations in a new locale, we will incur additional overhead, and there may be a delay between the period we commence operations and our generation of net cash flow from operations. Management believes the Company has adequate liquidity to fund such delays.

While uncertainties relating to the current local and global economic condition, competition, the industries and geographical regions served by us and other regulatory matters exist within the consulting services industry, as described above, management is not aware of any trends or events likely to have a material adverse effect on liquidity or its Company’s finances.

Off-Balance Sheet Arrangements
 
We were not involved in any significant off-balance sheet arrangement during the nine months ended July 31, 2014.

Critical Accounting Policies and Estimates

There were no material changes during the nine months ended July 31, 2014 to the critical accounting policies reported in our Annual Report on Form 10-K for the fiscal year ended October 31, 2013.

New Accounting Pronouncements

There were no new accounting standards, issued since our filing of the Annual Report on Form 10-K for the fiscal year ended October 31, 2013, which could have a significant effect on our condensed consolidated financial statements.

Forward-Looking Statements

Our business, financial condition, results of operations, cash flows and prospects, and the prevailing market price and performance of our common stock, may be adversely affected by a number of factors, including the matters discussed below. Certain statements and information set forth in this Quarterly Report on Form 10-Q, as well as other written or oral statements made from time to time by us or by our authorized executive officers on our behalf, constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These statements include all statements other than those made solely with respect to historical fact and identified by words such as “believes”, “anticipates”, “expects”, “intends” and similar expressions, but such words are not the exclusive means of identifying such statements. We intend for our forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we set forth this statement and these risk factors in order to comply with such safe harbor provisions. You should note that our forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q or when made and we undertake no duty or obligation to update or revise our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Although we believe that the expectations, plans, intentions and projections reflected in our forward-looking statements are reasonable, such statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The risks, uncertainties and other factors that our stockholders and prospective investors should consider include the following:
 
 
15

 
 
 
Because our business is concentrated in the pharmaceutical industry, any changes in that industry or in the markets we serve could impair our ability to generate revenue and realize a profit.
 
 
Puerto Rico government enacted ACT 154 of October 22, 2010, as amended, may affect the willingness of our customers, or potential new customers, to do business in Puerto Rico and consequently affect our business.
 
 
Changes in tax benefits may affect the willingness of companies to continue or expand their operations in Puerto Rico.
 
 
Puerto Rico’s economy, including its governmental financial crisis, may affect the willingness of businesses to commence or expand operations in Puerto Rico.
 
 
Other factors, including economic factors, may affect the decision of businesses to continue or expand their operations in the markets we serve.
 
 
Our business and operating results may be impacted if we are unable to maintain our certification as a minority-controlled company.
 
 
Because our business is dependent upon a small number of clients, the loss of a major client could impair our ability to operate profitably.
 
 
Customer procurement and sourcing practices intended to reduce costs could have an adverse affect on our margins and profitability.
 
 
Since our business is dependent upon the development and enhancement of patented pharmaceutical products or processes by our clients, the failure of our clients to obtain and maintain patents could impair our ability to operate profitably.
 
 
We may be unable to pass on increased labor costs to our clients.
 
 
Consolidation in the pharmaceutical industry may have a harmful effect on our business.
 
 
Because the pharmaceutical industry is subject to government regulations, changes in government regulations relating to this industry may affect the need for our services.
 
 
Our reputation and divisions may be impacted by regulatory standards impacting our customer products.
 
 
If we are unable to protect our clients’ intellectual property, our ability to generate business will be impaired.
 
 
We may be subject to liability if our services or solutions for our clients infringe upon the intellectual property rights of others.
 
 
We may be held liable for the actions of our employees or contractors when on assignment.
 
 
To the extent that we perform services pursuant to fixed-price or incentive-based contracts, our cost of services may exceed our revenue on the contract.
 
 
Because most of our contracts may be terminated on little or no advance notice, our failure to generate new business could impair our ability to operate profitably.
 
 
Because we are dependent upon our management, our ability to develop our business may be impaired if we are not able to engage skilled personnel.
 
 
We may not be able to continue to grow unless we consummate acquisitions or enter markets outside of Puerto Rico, the United States, Ireland and Spain.
 
 
Our cash could be adversely affected if the financial institutions in which we hold our cash fail.
 
 
If we identify a proposed acquisition, we may require substantial cash to fund the cost of the acquisition.
 
 
If we make any acquisitions, they may disrupt or have a negative impact on our business.
 
 
Because there is a limited market in our common stock, stockholders may have difficulty in selling our common stock and our common stock may be subject to significant price swings.
 
 
Our revenues, operating results and profitability will vary from quarter to quarter, which may result in increased volatility of our stock price.
 
 
The Company Stock Repurchase Program could affect the market price of our common stock and increase its volatility.
 
 
The issuance of securities, whether in connection with an acquisition or otherwise, may result in significant dilution to our stockholders.
 
 
16

 
 
ITEM 4. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

We carried out an evaluation, under the supervision and with the participation of our management, including our Principal Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this Quarterly Report. Based upon that evaluation, our Principal Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this Quarterly Report.
 
Changes in Internal Control Over Financial Reporting
 
Based on an evaluation, under the supervision and with the participation of our management, including our Principal Executive Officer and Chief Financial Officer, there has been no change in our internal control over financial reporting during our last fiscal quarter identified in connection with that evaluation that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
 
 
17

 
 
PART II– OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS.

From time to time, we may be a party to legal proceedings incidental to our business. We do not believe that there are any proceedings threatened or pending against us, which, if determined adversely to us, would have a material effect on our financial position or results of operations and cash flows.
 
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

(c) The following table provides information about purchases by the Company of its shares of common stock during the three month period ended July 31, 2014:
 
Period
 
Total Number
of Shares
Purchased
(1)
   
Average
Price
Paid per
Share
   
Total
Number
of Shares
Purchased
as
Part of
Publicly
Announced
Plans or
Programs
   
Maximum
Number
of Shares
that May
Yet Be
 Purchased
Under the
Plans or
Programs
(1)
 
May 1, 2014 through May 31, 2014
    -       -       -       -  
June 1, 2014 through June 30, 2014
    -       -       -       -  
July 1, 2014 through July 31, 2014
    2,000     $ 1.14       2,000       1,998,000  
Total
    2,000     $ 1.14       2,000       1,998,000  

(1)
On June 13, 2014, the Board of Directors of the Company approved the Company Stock Repurchase Program authorizing the Company to repurchase up to two million shares of its outstanding common stock. The timing, manner, price and amount of any repurchases will be at the discretion of the Company, subject to the requirements of the Securities Exchange Act of 1934, as amended, and related rules. The Company Stock Repurchase Program does not oblige the Company to repurchase any shares and it may be modified, suspended or terminated at any time and for any reason. No shares will be repurchased directly from directors or officers of the Company.
 
ITEM 6.  EXHIBITS.

(a)  
Exhibits:

     
     
31.1
 
Certification of chief executive officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
31.2
 
Certification of chief financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
32.1
 
Certification of the chief executive officer and chief financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
101.INS
 
XBRL Instance Document
     
101.SCH
 
XBRL Taxonomy Extension Schema
     
101.CAL
 
XBRL Taxonomy Extension Calculation Linkbase
     
101.DEF
 
XBRL Taxonomy Extension Definition Linkbase
     
101.LAB
 
XBRL Taxonomy Extension Label Linkbase
     
101.PRE
 
XBRL Taxonomy Extension Presentation Linkbase
 
 
18

 
 
SIGNATURES

 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
 
PHARMA-BIO SERV, INC.
   
 
/s/ Elizabeth Plaza
 
Elizabeth Plaza
 
Chairman
 
(Principal Executive Officer)
   
 
/s/ Pedro J. Lasanta
 
Pedro J. Lasanta
 
Chief Financial Officer and Vice President Finance and Administration
 
(Principal Financial Officer and Principal Accounting
Officer)
   
Dated: September 15, 2014
 

 
19

 
EX-31.1 2 pbsv_ex311.htm CERTIFICATION pbsv_ex311.htm
Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Elizabeth Plaza, certify that:

1.  
I have reviewed this quarterly report on Form 10-Q of Pharma-Bio Serv Inc.;

2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.  
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)  
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)  
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.  
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
Date:  September 15, 2014


 
/s/ Elizabeth Plaza
 
 
Elizabeth Plaza  
 
Chairman of the Board of Directors
(principal executive officer)

EX-31.2 3 pbsv_ex312.htm CERTIFICATION pbsv_ex312.htm

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Pedro J. Lasanta certify that:

1.  
I have reviewed this quarterly report on Form 10-Q of Pharma-Bio Serv Inc.;

2.  
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.  
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)  
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)  
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)  
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)  
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.  
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)  
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)  
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 15, 2014
 

 
/s/ Pedro J. Lasanta
 
 
Pedro J. Lasanta  
 
Chief Financial Officer
(principal financial and accounting officer)

EX-32.1 4 pbsv_ex321.htm CERTIFICATION pbsv_ex321.htm

Exhibit 32.1

 
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Pharma-Bio Serv, Inc. (the "Company") on Form 10-Q for the period ending July 31, 2014 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Elizabeth Plaza, Chairman of the Board of Directors and Principal Executive Officer of the Company, and Pedro J. Lasanta, Chief Financial Officer  of the Company, each certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.


Dated: September 15, 2014



/s/ Elizabeth Plaza
 
/s/ Pedro J. Lasanta
Elizabeth Plaza
 
Pedro J. Lasanta 
Chairman of the Board of Directors
(principal executive officer)
 
Chief Financial Officer
(principal financial and accounting officer)

 
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Certain information and footnote disclosures normally contained in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. 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G. CONCENTRATION OF RISKS (Details Narrative)
3 Months Ended 9 Months Ended
Jul. 31, 2014
Jul. 31, 2013
Jul. 31, 2014
Jul. 31, 2013
Major Customer A
       
Revenue from major customers 17.90% 27.50% 21.70% 28.20%
Major Customer B
       
Revenue from major customers 17.40% 15.70% 17.50% 14.80%
Major Customer C
       
Revenue from major customers 1.10% 10.80% 3.80% 12.70%
Major Customer Total
       
Revenue from major customers 36.40% 54.00% 43.00% 55.70%
Amount due from major customers at segment level as percentage of accounts receivable     31.30%  
Global Customer A
       
Revenue from major customers 39.60% 52.40% 44.00% 51.60%
Global Customer B
       
Revenue from major customers 1.10% 10.80% 3.80% 12.70%
Global Customer Total
       
Revenue from major customers 40.70% 63.20% 47.80% 64.30%
Amount due from major customers at global level as percentage of accounts receivable     38.90%  

XML 14 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
C. INCOME TAXES
9 Months Ended
Jul. 31, 2014
Income Tax Disclosure [Abstract]  
C. INCOME TAX

In June 2011, Pharma-Bio, Pharma-PR and Pharma-Serv obtained a Grant of Industrial Tax Exemption pursuant to the terms and conditions set forth in Act No. 73 of May 28, 2008 (“the Grant”) issued by the Puerto Rico Industrial Development Company (“PRIDCO”). The Grant was effective as of November 1, 2009 and covers a fifteen-year period. The Grant provides relief on various Puerto Rico taxes, including income tax, with certain limitations, for most of the activities carried on within Puerto Rico, including those that are for services to parties located outside of Puerto Rico. The Grant establishes a threshold (“Baseline”) on the Industrial Development Income (“IDI”) subject to the favorable income tax rates. Within a four year term ending with the taxable year ending October 31, 2013, the Baselines were gradually reduced to zero. Certain activities covered under the Grant were not subject to a Baseline and were allowed a four year gradual phase-in from the maximum income tax rate of 30%, as provided by the 1994 Puerto Rico Internal Revenue Code, to the favorable fixed Act 73 income tax rate of 4%, which was effective to the taxable year ended in October 31, 2013. In addition, IDI earnings distributions accumulated since November 1, 2009 are fully exempt from Puerto Rico earnings distribution tax.

 

Effective with our fiscal year ended October 31, 2014, Puerto Rico operations not covered in the exempt activities of the Grant are subject to Puerto Rico income tax at a maximum tax rate of 39% as provided by the 1994 Puerto Rico Internal Revenue Code, as amended. The operations carried out in the United States by the Company’s subsidiary are taxed in the United States at a maximum regular federal income tax rate of 35%.

 

Distribution of earnings by the Puerto Rican subsidiaries to its parent are taxed at the federal level, however, the parent is able to receive a credit for the taxes paid by the subsidiary on its operations in Puerto Rico, to the extent of the federal taxes that result from those earnings. As a result, the income tax expense of the Company, under its present corporate structure, would normally be the Puerto Rico taxes on operations in Puerto Rico, federal taxes on operations in the United States, plus the earnings distribution tax in Puerto Rico from dividends paid to the Puerto Rican subsidiaries’ parent, and the parent’s federal income tax, if any, incurred upon the subsidiary’s earnings distribution.

 

Deferred income tax assets and liabilities are computed for differences between the consolidated financial statements and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.

 

The Company has not recognized deferred income taxes on undistributed earnings of its Puerto Rican subsidiaries, since such earnings are considered to be reinvested indefinitely. If the earnings were distributed in the form of dividends, the Company would be subject to Puerto Rico earnings distribution tax and United States federal income tax, as applicable.

 

Pharma-Spain and Pharma-IR have unused operating losses which result in a potential deferred tax asset. However, an allowance has been provided covering the total amount of such balance since it is uncertain whether the net operating losses can be used to offset future taxable income before their expiration dates. Realization of future tax benefits related to a deferred tax asset is dependent on many factors, including the Company’s ability to generate taxable income. Accordingly, the income tax benefit will be recognized when realization is determined to be more probable than not. These net operating losses are available to offset future taxable income, until October 31, 2018 for Pharma-Spain, and indefinitely for Pharma-IR.

 

The statutory income tax rate differs from the effective rate, mainly due to the effect of the Puerto Rico Act 73 Tax Grant over income tax expense, and income tax permanent differences between financial and tax books income.

 

The Company files income tax returns in the United States (federal and various states jurisdictions), Puerto Rico and Ireland. The 2010 (2009 for Puerto Rico) through 2013 tax years are open and may be subject to potential examination in one or more jurisdictions. Currently, the Company has no federal, state, Puerto Rico or foreign income tax examination.

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B. MARKETABLE SECURITIES AVAILABLE FOR SALE
9 Months Ended
Jul. 31, 2014
Text Block [Abstract]  
B. MARKETABLE SECURITIES AVAILABLE FOR SALE

The amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of available-for-sale securities by type of security were as follows as of July 31, 2014 and October 31, 2013:

 

Type of security as of July 31, 2014 Amortized Cost  

Gross

Unrealized Gains

 

Gross

Unrealized Losses

 

Estimated

Fair Value

U.S. Treasury securities $ 4,500,000   $   $   $ 4,500,000
Other government-related debt securities:              
Puerto Rico Commonwealth Government Development Bond 95,000     (28,017)   66,983
Total interest-bearing and available-for-sale securities $ 4,595,000   $   $ (28,017)   $ 4,566,983

 

Type of security as of October 31, 2013 Amortized Cost  

Gross

Unrealized Gains

 

Gross

Unrealized Losses

 

Estimated

Fair Value

U.S. Treasury securities $ 4,500,000   $   $   $ 4,500,000
Other government-related debt securities:              
Puerto Rico Commonwealth Government Development Bond 95,000     (23,740)   71,260
Total interest-bearing and available-for-sale securities $ 4,595,000   $   $ (23,740)   $ 4,571,260

  

At July 31, 2014 and October 31, 2013, the above marketable securities included a 5.4% Puerto Rico Commonwealth Government Development Bank Bond in the amount of $95,000, purchased at par and maturing in August 2019.

 

The fair values of available-for-sale securities by classification in the Condensed Consolidated Balance Sheets were as follows as of July 31, 2014 and October 31, 2013:

 

Classification in the Consolidated Balance Sheets July 31, 2014 October 31, 2013
Cash and cash equivalents $ 4,500,000   $ 4,500,000  
Marketable securities   66,983     71,260  
Total available-for-sale securities $ 4,566,983   $ 4,571,260  

 

Cash and cash equivalents in the table above exclude cash in banks of approximately $9.3 million and $7.5 million as of July 31, 2014 and October 31, 2013, respectively.

 

The primary objectives of the Company’s investment portfolio are liquidity and safety of principal. Investments are made with the objective of achieving the highest rate of return consistent with these two objectives. Our investment policy limits investments to certain types of debt and money market instruments issued by institutions primarily with investment grade credit ratings and places restrictions on maturities and concentration by type and issuer.

 

We review our available-for-sale securities for other-than-temporary declines in fair value below their recorded basis on a quarterly basis and whenever events or changes in circumstances indicate that the recorded basis of an asset may not be recoverable. This evaluation is based on a number of factors including, the length of time and extent to which the fair value has been less than our recorded basis and adverse conditions specifically related to the security including any changes to the rating of the security by a rating agency. As of July 31, 2014 and October 31, 2013, we believe that the recorded base for our available-for-sale securities were recoverable in all material respects.

XML 17 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Balance Sheets (Unaudited) (USD $)
Jul. 31, 2014
Oct. 31, 2013
ASSETS:    
Cash and cash equivalents $ 13,796,618 $ 12,045,923
Marketable securities 66,983 71,260
Accounts receivable 6,386,019 7,403,987
Other 807,343 767,452
Total current assets 21,056,963 20,288,622
Property and equipment 952,593 976,423
Other assets 17,349 16,891
Total assets 22,026,905 21,281,936
LIABILITIES AND STOCKHOLDERS' EQUITY:    
Current portion-obligations under capital leases 38,221 32,188
Accounts payable and accrued expenses 2,059,555 2,825,532
Income taxes payable 165,996 322,731
Total current liabilities 2,263,772 3,180,451
Obligations under capital leases 100,674 51,724
Total liabilities 2,364,446 3,232,175
Stockholders' equity:    
Preferred Stock, $0.0001 par value; authorized 10,000,000 shares; none outstanding 0 0
Common Stock, $0.0001 par value; authorized 50,000,000 shares; 23,049,462 and 22,702,186 shares issued and 23,047,462 and 22,702,186 shares outstanding, at July 31, 2014 and October 31, 2013, respectively 2,305 2,271
Additional paid-in capital 982,339 931,039
Retained earnings 18,779,940 17,193,203
Accumulated other comprehensive loss (99,845) (76,752)
Stockholders' equity before treasury stock 19,664,739 18,049,761
Treasury stock, at cost; 2,000 common shares held at July 31, 2014 (2,280) 0
Total stockholders' equity 19,662,459 18,049,761
Total liabilities and stockholders' equity $ 22,026,905 $ 21,281,936
XML 18 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (Unaudited) (USD $)
3 Months Ended 9 Months Ended
Jul. 31, 2014
Jul. 31, 2013
Jul. 31, 2014
Jul. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net income $ 597,060 $ 1,246,515 $ 1,586,771 $ 3,687,040
Adjustments to reconcile net income to net cash provided by (used in) operating activities:        
Stock-based compensation 17,100 2,166 51,300 6,498
Depreciation and amortization 93,882 86,028 281,387 250,131
Decrease (increase) in accounts receivable 631,762 (390,891) 1,038,841 (380,652)
(Increase) in other assets (95,899) (344,201) (40,553) (417,772)
(Decrease) increase in liabilities (148,221) 91,047 (952,632) (491,837)
NET CASH PROVIDED BY OPERATING ACTIVITIES 1,095,684 690,664 1,965,114 2,653,408
CASH FLOWS FROM INVESTING ACTIVITIES:        
Acquisition of property and equipment (106,208) (75,630) (171,820) (175,363)
NET CASH USED IN INVESTING ACTIVITIES (106,208) (75,630) (171,820) (175,363)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Proceeds from issuance of common stock 0 0 0 109,859
Repurchase of common stock (2,280) 0 (2,280) 0
Payments on obligations under capital lease (10,359) (9,958) (31,012) (29,280)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES (12,639) (9,958) (33,292) 80,579
EFFECT OF EXCHANGE RATE CHANGES ON CASH (8,808) 1,457 (9,307) 2,882
NET INCREASE IN CASH AND CASH EQUIVALENTS 968,029 606,533 1,750,695 2,561,506
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 12,828,589 8,493,086 12,045,923 6,538,113
CASH AND CASH EQUIVALENTS - END OF PERIOD 13,796,618 9,099,619 13,796,618 9,099,619
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION:        
Income taxes 37,782 280,735 510,267 1,069,390
Interest 1,359 1,705 5,362 5,708
SUPPLEMENTARY SCHEDULES OF NON-CASH INVESTING AND FINANCING ACTIVITIES:        
Income tax withheld by clients to be used as a credit in the Company's income tax return 37,454 35,035 74,474 77,491
Capital lease obligation incurred for the acquisition of a vehicle 0 0 85,995 0
Conversion of cashless exercise of warrants and options to shares of common stock 0 0 34 0
Issuance of common stock pursuant to agreement with investor relations firm $ 0 $ 30,000 $ 30,000 $ 90,000
XML 19 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8
D. WARRANTS (Details Narrative)
9 Months Ended
Jul. 31, 2014
Oct. 31, 2013
D. Warrants Details Narrative    
Outstanding Warrants 0 240,800
Warrants exercised on a cashless basis, resulting in a net issuance of 233,763 shares of common stock 240,800  
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F. EARNINGS PER SHARE (Details Narrative)
3 Months Ended 9 Months Ended
Jul. 31, 2014
Jul. 31, 2013
Jul. 31, 2014
Jul. 31, 2013
F. Earnings Per Share Details Narrative        
Antidilutive options excluded from computation of earnings per share 80,000 0 80,000 0
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A. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
Jul. 31, 2014
A. Organization And Summary Of Significant Accounting Policies  
A. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION

 

Pharma-Bio Serv, Inc. (“Pharma-Bio”) is a Delaware corporation organized on January 14, 2004. Pharma-Bio is the parent company of Pharma-Bio Serv PR, Inc. (“Pharma-PR”), Pharma Serv, Inc. (“Pharma-Serv”), both Puerto Rico corporations, Pharma-Bio Serv US, Inc. (“Pharma-US”), a Delaware corporation, Pharma-Bio Serv Validation & Compliance Limited (“Pharma-IR”), an Irish corporation, and Pharma-Bio Serv SL (“Pharma-Spain”), a Spanish limited liability company. Pharma-Bio, Pharma-PR, Pharma Serv, Pharma-US, Pharma-IR and Pharma-Spain are collectively referred to as the “Company.” The Company operates in Puerto Rico, the United States, Ireland and Spain under the name of Pharma-Bio Serv and is engaged in providing technical compliance consulting service, and microbiological and chemical laboratory testing services primarily to the pharmaceutical, chemical, medical device and biotechnology industries.

 

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

The condensed consolidated balance sheet of the Company as of October 31, 2013 is derived from audited consolidated financial statements but does not include all disclosures required by generally accepted accounting principles. The unaudited interim condensed consolidated financial statements, include all adjustments, consisting of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations and cash flows for the interim periods. The results of operations for the nine months ended July 31, 2014 are not necessarily indicative of expected results for the full 2014 fiscal year.

 

The accompanying financial data as of July 31, 2014, and for the three-month and nine-month periods ended July 31, 2014 and 2013 has been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally contained in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes contained in our audited Consolidated Financial Statements and the notes thereto for the fiscal year ended October 31, 2013.

 

Consolidation

 

The accompanying condensed consolidated financial statements include the accounts of the Company and all of its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. 

 

Use of Estimates

 

The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from these estimates.

 

Fair Value of Financial Instruments

 

Accounting standards have established a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting standards have established three levels of inputs that may be used to measure fair value:

 

Level 1:  

Quoted prices in active markets for identical assets and liabilities.

 

Level 2:   Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. 
     
Level 3:   Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).
     

 

Marketable securities available-for-sale consist of U.S. Treasury securities and an obligation from the Puerto Rico Government Development Bank valued using quoted market prices in active markets. Accordingly, these securities are categorized in Level 1.

 

The carrying value of the Company's financial instruments (excluding marketable securities and obligations under capital leases), cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, are considered reasonable estimates of fair value due to their liquidity or short-term nature. Management believes, based on current rates, that the fair value of the Company’s obligations under capital leases approximates the carrying amount.
 

Revenue Recognition

 

Revenue is primarily derived from: (1) time and materials contracts (representing approximately 93% of total revenues), which is recognized by applying the proportional performance model, whereby revenue is recognized as performance occurs, (2) short-term fixed-fee contracts or "not to exceed" contracts (representing approximately 1% of total revenues), which revenue is recognized similarly, except that certain milestones also have to be reached before revenue is recognized, and (3) laboratory testing revenue (representing approximately 6% of total revenues) is mainly recognized as the testing is completed and certified (normally within days of sample receipt from the customer). If the Company determines that a contract will result in a loss, the Company recognizes the estimated loss in the period in which such determination is made.

 

Cash Equivalents

 

For purposes of the consolidated statements of cash flows, cash equivalents include investments in a money market obligations trust that is registered under the U.S. Investment Company Act of 1940, as amended, and liquid investments with original maturities of three months or less.

 

Marketable Securities

 

We consider our marketable security investment portfolio and marketable equity investments as available-for-sale and, accordingly, these investments are recorded at fair value with unrealized gains and losses generally recorded in other comprehensive income; whereas realized gains and losses are included in earnings and determined based on the specific identification method.

 

Accounts Receivable

 

Accounts receivable are recorded at their estimated realizable value. Accounts are deemed past due when payment has not been received within the stated time period. The Company's policy is to review individual past due amounts periodically and write off amounts for which all collection efforts are deemed to have been exhausted. Due to the nature of the Company’s customers, bad debts are mainly accounted for using the direct write-off method whereby an expense is recognized only when a specific account is determined to be uncollectible. The effect of using this method approximates that of the allowance method.

 

Income Taxes

 

The Company follows an asset and liability approach method of accounting for income taxes. This method measures deferred income taxes by applying enacted statutory rates in effect at the balance sheet date to the differences between the tax basis of assets and liabilities and their reported amounts on the financial statements. The resulting deferred tax assets or liabilities are adjusted to reflect changes in tax laws as they occur. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized.

 

The Company follows guidance from the Financial Accounting Standards Board (“FASB”) related to Accounting for Uncertainty in Income Taxes, which includes a two-step approach to recognizing, de-recognizing and measuring uncertain tax positions. As of July 31, 2014, the Company had no significant uncertain tax positions that would be reduced as a result of a lapse of the applicable statute of limitations.

 

Property and Equipment

 

Owned property and equipment, and leasehold improvements are stated at cost. Vehicles under capital leases are stated at the lower of fair market value or net present value of the minimum lease payments at the inception of the leases.

 

Depreciation and amortization of owned assets are provided for, when placed in service, in amounts sufficient to relate the cost of depreciable assets to operations over their estimated service lives, using straight-line basis. Assets under capital leases and leasehold improvements are amortized over the shorter of the estimated useful lives of the assets or initial lease term. Major renewals and betterments that extend the life of the assets are capitalized, while expenditures for repairs and maintenance are expensed when incurred. As of July 31, 2014 and October 31, 2013, the accumulated depreciation and amortization amounted to $2,161,733 and $1,880,346, respectively.

 

The Company evaluates for impairment its long-lived assets to be held and used, and long-lived assets to be disposed of, whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Based on management estimates, no impairment of the operating properties was present.

 

Stock-based Compensation

 

Stock-based compensation expense is recognized in the consolidated financial statements based on the fair value of the awards granted. Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which generally represents the vesting period, and includes an estimate of awards that will be forfeited. The Company calculates the fair value of stock options using the Black-Scholes option-pricing model at the grant date. Excess tax benefits related to stock-based compensation are reflected as cash flows from financing activities rather than cash flows from operating activities. The Company has not recognized such cash flow from financing activities since there has been no tax benefit related to the stock-based compensation.

 

Income Per Share of Common Stock

 

Basic income per share of common stock is calculated by dividing net income by the weighted average number of shares of common stock outstanding. Diluted income per share includes the dilution of common stock equivalents, which include principally shares that may be issued upon the exercise of warrants, stock option and restricted stock unit awards.

 

The diluted weighted average shares of common stock outstanding were calculated using the treasury stock method for the respective periods.

 

Foreign Operations

 

The functional currency of the Company’s foreign subsidiaries is its local currency. The assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars at exchange rates in effect at the balance sheet date. Income and expense items are translated at the average exchange rates prevailing during the period. The cumulative translation effect for subsidiaries using a functional currency other than the U.S. dollar is included as a cumulative translation adjustment in stockholders’ equity and as a component of comprehensive income.

 

The Company’s intercompany accounts are typically denominated in the functional currency of the foreign subsidiary. Gains and losses resulting from the remeasurement of intercompany receivables that the Company considers to be of a long-term investment nature are recorded as a cumulative translation adjustment in stockholders’ equity and as a component of comprehensive income, while gains and losses resulting from the remeasurement of intercompany receivables from those international subsidiaries for which the Company anticipates settlement in the foreseeable future are recorded in the consolidated statements of operations. The net gains and losses recorded in the condensed consolidated statements of income were not significant for the periods presented.

 

Reclassifications

 

Certain reclassifications have been made to the July 31, 2013 condensed consolidated financial statements to conform them to the July 31, 2014 condensed consolidated financial statements presentation. Such reclassifications do not affect net income as previously reported.

 

Recently Issued Accounting Standards

 

In March 2013, the FASB issued guidance on a parent’s accounting for the cumulative translation adjustment upon derecognition of a subsidiary or group of assets within a foreign entity. This new guidance requires that the parent release any related cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The new guidance will be effective for us beginning November 1, 2014. We do not anticipate material impacts on our consolidated financial statements upon adoption.

 

In May 2014, as part of its ongoing efforts to assist in the convergence of U.S. GAAP and International Financial Reporting Standards, the FASB issued a new standard related to revenue recognition. Under the new standard, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard will be effective for us beginning November 1, 2017 and early adoption is not permitted. We are currently evaluating its impact in our consolidated financial statements.

 

Other recently issued FASB pronouncements, and SEC Staff Accounting Bulletins, have either been implemented or are not applicable to the Company.

XML 24 R3.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Balance Sheets (Parenthetical) (USD $)
Jul. 31, 2014
Oct. 31, 2013
Stockholders' equity:    
Preferred stock, par value $ 0.0001 $ 0.0001
Preferred stock, Authorized 10,000,000 10,000,000
Preferred stock, outstanding 0 0
Common stock, par value $ 0.0001 $ 0.0001
Common stock, Authorized 50,000,000 50,000,000
Common stock, Issued 23,049,462 22,702,186
Common stock, outstanding 23,047,462 22,702,186
Treasury stock, shares 2,000 0
XML 25 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
F. EARNINGS PER SHARE (Tables)
9 Months Ended
Jul. 31, 2014
Earnings Per Share [Abstract]  
Schedule of calculations of basic and diluted earnings per share
   

Three months

ended July 31,

 

Nine months

ended July 31,

 
    2014   2013   2014   2013  
Net income available to common equity holders - used to compute basic and diluted earnings per share   $ 597,060   $ 1,246,515   $ 1,586,771   $ 3,687,040  
Weighted average number of common shares - used to compute basic earnings per share     23,049,212     22,668,354     22,957,160     22,032,790  
Effect of warrants to purchase common stock     -     227,651     63,883     809,921  
Effect of restricted stock units to common stock     49,391     -     38,592     -  
Effect of options to purchase common stock     510,714     442,644     656,123     882,161  
Weighted average number of shares - used to compute diluted earnings per share     23,609,317     23,338,649     23,715,758     23,724,872  
XML 26 R1.htm IDEA: XBRL DOCUMENT v2.4.0.8
Document and Entity Information
9 Months Ended
Jul. 31, 2014
Sep. 11, 2014
Document And Entity Information    
Entity Registrant Name Pharma-Bio Serv, Inc.  
Entity Central Index Key 0001304161  
Document Type 10-Q  
Document Period End Date Jul. 31, 2014  
Amendment Flag false  
Current Fiscal Year End Date --10-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   23,047,462
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2014  
XML 27 R18.htm IDEA: XBRL DOCUMENT v2.4.0.8
H. SEGMENT DISCLOSURES (Tables)
9 Months Ended
Jul. 31, 2014
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information

 

    Three months ended July 31,   Nine months ended July 31,  
    2014   2013   2014   2013    
REVENUES:                            
Puerto Rico consulting   $ 3,972,819   $ 4,092,630   $ 11,002,394   $ 11,435,537    
United States consulting     1,820,426     2,748,448     6,154,845     8,359,679    
Europe consulting     548,528     901,963     1,699,472     2,605,786    
Lab (microbiological and chemical testing)     370,594     524,881     1,263,860     1,533,242    
Other segments¹     123,799     95,787     298,202     339,576    
Total consolidated revenues   $ 6,836,166   $ 8,363,709   $ 20,418,773   $ 24,273,820    
                             
INCOME (LOSS) BEFORE INCOME TAXES:                            
Puerto Rico consulting   $ 619,369   $ 942,305   $ 1,587,666   $ 2,669,212    
United States consulting     205,175     494,428     711,519     1,725,167    
Europe consulting     (88,998 )   (85,939 )   (411,957 )   (290,803 )  
Lab (microbiological and chemical testing)     (113,521 )   109,871     (91,423 )   294,680    
Other segments¹     75,426     73,374     147,678     174,785    
Total consolidated income before taxes   $ 697,451   $ 1,534,039   $ 1,943,483   $ 4,573,041    

 

¹ Other segments represent activities that fall below the reportable threshold and are carried out in Puerto Rico and the United States. These activities include a technical seminars/training division, an information technology services and consulting division, and corporate headquarters, as applicable.

XML 28 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Income (Unaudited) (USD $)
3 Months Ended 9 Months Ended
Jul. 31, 2014
Jul. 31, 2013
Jul. 31, 2014
Jul. 31, 2013
Income Statement [Abstract]        
REVENUES $ 6,836,166 $ 8,363,709 $ 20,418,773 $ 24,273,820
COST OF SERVICES 4,657,930 5,383,657 13,778,422 15,605,375
GROSS PROFIT 2,178,236 2,980,052 6,640,351 8,668,445
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 1,479,976 1,446,627 4,695,208 4,097,002
INCOME FROM OPERATIONS 698,260 1,533,425 1,945,143 4,571,443
OTHER (EXPENSE) INCOME, NET (809) 614 (1,660) 1,598
INCOME BEFORE INCOME TAXES 697,451 1,534,039 1,943,483 4,573,041
INCOME TAX EXPENSE 100,391 287,524 356,712 886,001
NET INCOME $ 597,060 $ 1,246,515 $ 1,586,771 $ 3,687,040
BASIC EARNINGS PER COMMON SHARE $ 0.026 $ 0.055 $ 0.069 $ 0.167
DILUTED EARNINGS PER COMMON SHARE $ 0.025 $ 0.053 $ 0.067 $ 0.155
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC 23,049,212 22,668,354 22,957,160 22,032,790
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED 23,609,317 23,338,649 23,715,758 23,724,872
XML 29 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
F. EARNINGS PER SHARE
9 Months Ended
Jul. 31, 2014
Earnings Per Share [Abstract]  
F. EARNINGS PER SHARE

The following data shows the amounts used in the calculations of basic and diluted earnings per share.

 

   

Three months

ended July 31,

 

Nine months

ended July 31,

 
    2014   2013   2014   2013  
Net income available to common equity holders - used to compute basic and diluted earnings per share   $ 597,060   $ 1,246,515   $ 1,586,771   $ 3,687,040  
Weighted average number of common shares - used to compute basic earnings per share     23,049,212     22,668,354     22,957,160     22,032,790  
Effect of warrants to purchase common stock     -     227,651     63,883     809,921  
Effect of restricted stock units to common stock     49,391     -     38,592     -  
Effect of options to purchase common stock     510,714     442,644     656,123     882,161  
Weighted average number of shares - used to compute diluted earnings per share     23,609,317     23,338,649     23,715,758     23,724,872  

 

Options for the purchase of 80,000 shares of common stock for the three-month and nine-month periods ended in July 31, 2014 were not included in computing diluted earnings per share because their effect were antidilutive.

XML 30 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
E. CAPITAL TRANSACTIONS
9 Months Ended
Jul. 31, 2014
Notes to Financial Statements  
E. CAPITAL TRANSACTIONS

On January 23, 2013, the Company entered into an agreement with an investor relations firm to assist in the Company’s shareholder communication efforts. For these services, in addition to a monthly fee of $10,000, the Company agreed to issue to the investor relations firm a total of 150,000 shares during the one year term of the agreement (75,000, 37,500 and 37,500 shares in January 2013, July 2013 and January 2014, respectively). Pursuant to the terms of the agreement with the investor relations firm, all shares have been issued. Effective February 1, 2014, the agreement with the investor relations firm was renegotiated for a term of one year. Under the new provisions of the agreement, the Company will no longer grant common shares to the investor relations firm, all other provisions of the original agreement were maintained.

 

During the nine months ended July 31, 2014, in addition to the 37,500 common shares issued pursuant to the agreement with the investor relations firm, warrants and options were exercised on a cashless basis resulting in a net issuance of Company’s common shares for 233,763 and 76,013, respectively, or a total of 309,776 of the Company’s common shares.

 

On June 13, 2014, the Board of Directors of the Company authorized the Company to repurchase up to two million shares of its outstanding common stock. The timing, manner, price and amount of any repurchases will be at the discretion of the Company, subject to the requirements of the Securities Exchange Act of 1934, as amended, and related rules. The program does not oblige the Company to repurchase any shares and it may be modified, suspended or terminated at any time and for any reason. No shares will be repurchased directly from directors or officers of the Company. As of July 31, 2014, pursuant to the program a total of 2,000 shares of the Company’s common stock were purchased for an aggregate amount of $2,280.

XML 31 R23.htm IDEA: XBRL DOCUMENT v2.4.0.8
F. EARNINGS PER SHARE (Details) (USD $)
3 Months Ended 9 Months Ended
Jul. 31, 2014
Jul. 31, 2013
Jul. 31, 2014
Jul. 31, 2013
Notes to Financial Statements        
Net income available to common equity holders - used to compute basic and diluted earnings per share $ 597,060 $ 1,246,515 $ 1,586,771 $ 3,687,040
Weighted average number of common shares - used to compute basic earnings per share 23,049,212 22,668,354 22,957,160 22,032,790
Effect of warrants to purchase common stock 0 227,651 63,883 809,921
Effect of restricted stock units to common stock 49,391 0 38,592 0
Effect of options to purchase common stock 510,714 442,644 656,123 882,161
Weighted average number of shares - used to compute diluted earnings per share 23,609,317 23,338,649 23,715,758 23,724,872
XML 32 R19.htm IDEA: XBRL DOCUMENT v2.4.0.8
A. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $)
Jul. 31, 2014
Oct. 31, 2013
A. Organization And Summary Of Significant Accounting Policies Details Narrative    
Accumulated depreciation and amortization $ 2,161,733 $ 1,880,346
XML 33 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
A. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended
Jul. 31, 2014
A. Organization And Summary Of Significant Accounting Policies Policies  
Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company and all of its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. 

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from these estimates.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

Accounting standards have established a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting standards have established three levels of inputs that may be used to measure fair value:

 

Level 1:  

Quoted prices in active markets for identical assets and liabilities.

 

Level 2:   Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. 
     
Level 3:   Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).
     

   

Marketable securities available-for-sale consist of U.S. Treasury securities and an obligation from the Puerto Rico Government Development Bank valued using quoted market prices in active markets. Accordingly, these securities are categorized in Level 1.

 

The carrying value of the Company's financial instruments (excluding marketable securities and obligations under capital leases), cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, are considered reasonable estimates of fair value due to their liquidity or short-term nature. Management believes, based on current rates, that the fair value of the Company’s obligations under capital leases approximates the carrying amount.

Revenue Recognition

Revenue is primarily derived from: (1) time and materials contracts (representing approximately 93% of total revenues), which is recognized by applying the proportional performance model, whereby revenue is recognized as performance occurs, (2) short-term fixed-fee contracts or "not to exceed" contracts (representing approximately 1% of total revenues), which revenue is recognized similarly, except that certain milestones also have to be reached before revenue is recognized, and (3) laboratory testing revenue (representing approximately 6% of total revenues) is mainly recognized as the testing is completed and certified (normally within days of sample receipt from the customer). If the Company determines that a contract will result in a loss, the Company recognizes the estimated loss in the period in which such determination is made.

Cash Equivalents

For purposes of the consolidated statements of cash flows, cash equivalents include investments in a money market obligations trust that is registered under the U.S. Investment Company Act of 1940, as amended, and liquid investments with original maturities of three months or less.

Marketable Securities

We consider our marketable security investment portfolio and marketable equity investments as available-for-sale and, accordingly, these investments are recorded at fair value with unrealized gains and losses generally recorded in other comprehensive income; whereas realized gains and losses are included in earnings and determined based on the specific identification method.

Accounts Receivable

Accounts receivable are recorded at their estimated realizable value. Accounts are deemed past due when payment has not been received within the stated time period. The Company's policy is to review individual past due amounts periodically and write off amounts for which all collection efforts are deemed to have been exhausted. Due to the nature of the Company’s customers, bad debts are mainly accounted for using the direct write-off method whereby an expense is recognized only when a specific account is determined to be uncollectible. The effect of using this method approximates that of the allowance method.

Income Taxes

The Company follows an asset and liability approach method of accounting for income taxes. This method measures deferred income taxes by applying enacted statutory rates in effect at the balance sheet date to the differences between the tax basis of assets and liabilities and their reported amounts on the financial statements. The resulting deferred tax assets or liabilities are adjusted to reflect changes in tax laws as they occur. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized.

 

The Company follows guidance from the Financial Accounting Standards Board (“FASB”) related to Accounting for Uncertainty in Income Taxes, which includes a two-step approach to recognizing, de-recognizing and measuring uncertain tax positions. As of July 31, 2014, the Company had no significant uncertain tax positions that would be reduced as a result of a lapse of the applicable statute of limitations.

Property and Equipment

Owned property and equipment, and leasehold improvements are stated at cost. Vehicles under capital leases are stated at the lower of fair market value or net present value of the minimum lease payments at the inception of the leases.

 

Depreciation and amortization of owned assets are provided for, when placed in service, in amounts sufficient to relate the cost of depreciable assets to operations over their estimated service lives, using straight-line basis. Assets under capital leases and leasehold improvements are amortized over the shorter of the estimated useful lives of the assets or initial lease term. Major renewals and betterments that extend the life of the assets are capitalized, while expenditures for repairs and maintenance are expensed when incurred. As of July 31, 2014 and October 31, 2013, the accumulated depreciation and amortization amounted to $2,161,733 and $1,880,346, respectively.

 

The Company evaluates for impairment its long-lived assets to be held and used, and long-lived assets to be disposed of, whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Based on management estimates, no impairment of the operating properties was present.

Stock-based Compensation

Stock-based compensation expense is recognized in the consolidated financial statements based on the fair value of the awards granted. Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which generally represents the vesting period, and includes an estimate of awards that will be forfeited. The Company calculates the fair value of stock options using the Black-Scholes option-pricing model at the grant date. Excess tax benefits related to stock-based compensation are reflected as cash flows from financing activities rather than cash flows from operating activities. The Company has not recognized such cash flow from financing activities since there has been no tax benefit related to the stock-based compensation.

Income Per Share of Common Stock

Basic income per share of common stock is calculated by dividing net income by the weighted average number of shares of common stock outstanding. Diluted income per share includes the dilution of common stock equivalents, which include principally shares that may be issued upon the exercise of warrants, stock option and restricted stock unit awards.

 

The diluted weighted average shares of common stock outstanding were calculated using the treasury stock method for the respective periods.

Foreign Operations

The functional currency of the Company’s foreign subsidiaries is its local currency. The assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars at exchange rates in effect at the balance sheet date. Income and expense items are translated at the average exchange rates prevailing during the period. The cumulative translation effect for subsidiaries using a functional currency other than the U.S. dollar is included as a cumulative translation adjustment in stockholders’ equity and as a component of comprehensive income.

 

The Company’s intercompany accounts are typically denominated in the functional currency of the foreign subsidiary. Gains and losses resulting from the remeasurement of intercompany receivables that the Company considers to be of a long-term investment nature are recorded as a cumulative translation adjustment in stockholders’ equity and as a component of comprehensive income, while gains and losses resulting from the remeasurement of intercompany receivables from those international subsidiaries for which the Company anticipates settlement in the foreseeable future are recorded in the consolidated statements of operations. The net gains and losses recorded in the condensed consolidated statements of income were not significant for the periods presented.

 

Reclassifications

Certain reclassifications have been made to the July 31, 2013 condensed consolidated financial statements to conform them to the July 31, 2014 condensed consolidated financial statements presentation. Such reclassifications do not affect net income as previously reported.

Recently Issued Accounting Standards

In March 2013, the FASB issued guidance on a parent’s accounting for the cumulative translation adjustment upon derecognition of a subsidiary or group of assets within a foreign entity. This new guidance requires that the parent release any related cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The new guidance will be effective for us beginning November 1, 2014. We do not anticipate material impacts on our consolidated financial statements upon adoption.

 

In May 2014, as part of its ongoing efforts to assist in the convergence of U.S. GAAP and International Financial Reporting Standards, the FASB issued a new standard related to revenue recognition. Under the new standard, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard will be effective for us beginning November 1, 2017 and early adoption is not permitted. We are currently evaluating its impact in our consolidated financial statements.

 

Other recently issued FASB pronouncements, and SEC Staff Accounting Bulletins, have either been implemented or are not applicable to the Company.

XML 34 R13.htm IDEA: XBRL DOCUMENT v2.4.0.8
G. CONCENTRATIONS OF RISK
9 Months Ended
Jul. 31, 2014
Risks and Uncertainties [Abstract]  
G. CONCENTRATIONS OF RISK

Cash and Cash Equivalents

The Company domestic cash and cash equivalents consist of cash deposits in FDIC insured banks (substantially covered by FDIC insurance by the spread of deposits in multiple FDIC insured banks), a money market obligations trust registered under the US Investment Company Act of 1940, as amended, and U.S. Treasury securities with maturities of three months or less. In the foreign markets we serve, we also maintain cash deposits in foreign banks, which tend to be not significant and tend not to be covered by insurance. No losses have been experienced or are expected on these accounts.

 

Accounts Receivable and Revenues

Management deems all of its accounts receivable to be fully collectible, and, as such, does not maintain any allowances for uncollectible receivables.

 

The Company's revenues, and the related receivables, are concentrated in the pharmaceutical industry in Puerto Rico, the United States of America, Ireland and Spain. Although a few customers represent a significant source of revenue, the Company’s functions are not a continuous process, accordingly, the client base for which the services are typically rendered, on a project-by-project basis, changes regularly.

 

The Company provided a substantial portion of its services to three customers, which accounted for 10% or more of its revenues in either of the three-month and nine-month periods ended July 31, 2014 and 2013. During the three months ended July 31, 2014, revenues from these customers were 17.9%, 17.4% and 1.1%, or a total of 36.4%, as compared to the same period last year of 27.5% 15.7%, and 10.8%, or a total of 54.0%, respectively. During the nine months ended July 31, 2014, revenues from these customers were 21.7%, 17.5% and 3.8%, or a total of 43.0%, as compared to the same period last year of 28.2%, 14.8% and 12.7%, or a total of 55.7%, respectively. At July 31, 2014, amounts due from these customers represented 31.3% of the Company’s total accounts receivable balance.

 

The major customers information in the above paragraph is based on revenues earned from these customers at the segment level. In management’s opinion contracts by segments are independent of each other, and therefore such information is more meaningful to the reader. These revenues pertain to two global groups of affiliated companies. During the three months ended July 31, 2014, aggregate revenues from these global groups of affiliated companies were 39.6% and 1.1%, or a total of 40.7%, as compared to the same period last year of 52.4% and 10.8%, or a total of 63.2%, respectively. During the nine months ended July 31, 2014, aggregate revenues from these global groups of affiliated companies were 44.0% and 3.8%, or a total of 47.8%, as compared to the same period last year of 51.6% and 12.7%, or a total of 64.3%, respectively. At July 31, 2014, amounts due from these global groups of affiliated companies represented 38.9% of total accounts receivable balance.

XML 35 R14.htm IDEA: XBRL DOCUMENT v2.4.0.8
H. SEGMENT DISCLOSURES
9 Months Ended
Jul. 31, 2014
Segment Reporting [Abstract]  
H. SEGMENT DISCLOSURES

The Company’s segments are based on the organizational structure for which financial results are regularly evaluated by the Company’s senior executive management to determine resource allocation and assess performance. Each reportable segment is managed by its own management team and reports to executive management. The Company has four reportable segments: (i) Puerto Rico technical compliance consulting, (ii) United States technical compliance consulting, (iii) Europe technical compliance consulting, and (iv) a Puerto Rico microbiological and chemical laboratory testing division (“Lab”). These reportable segments provide services primarily to the pharmaceutical, chemical, medical device and biotechnology industries in their respective markets.

 

The following table presents information about the reported revenue from services and earnings from operations of the Company for the three-month and nine-month periods ended in July 31, 2014 and 2013. There is no intersegment revenue for the mentioned periods. Corporate expenses that support the operating units have been allocated to the segments. Asset information by reportable segment is not presented, since the Company does not produce such information internally, nor does it use such data to manage its business.

 

    Three months ended July 31,   Nine months ended July 31,  
    2014   2013   2014   2013    
REVENUES:                            
Puerto Rico consulting   $ 3,972,819   $ 4,092,630   $ 11,002,394   $ 11,435,537    
United States consulting     1,820,426     2,748,448     6,154,845     8,359,679    
Europe consulting     548,528     901,963     1,699,472     2,605,786    
Lab (microbiological and chemical testing)     370,594     524,881     1,263,860     1,533,242    
Other segments¹     123,799     95,787     298,202     339,576    
Total consolidated revenues   $ 6,836,166   $ 8,363,709   $ 20,418,773   $ 24,273,820    
                             
INCOME (LOSS) BEFORE INCOME TAXES:                            
Puerto Rico consulting   $ 619,369   $ 942,305   $ 1,587,666   $ 2,669,212    
United States consulting     205,175     494,428     711,519     1,725,167    
Europe consulting     (88,998 )   (85,939 )   (411,957 )   (290,803 )  
Lab (microbiological and chemical testing)     (113,521 )   109,871     (91,423 )   294,680    
Other segments¹     75,426     73,374     147,678     174,785    
Total consolidated income before taxes   $ 697,451   $ 1,534,039   $ 1,943,483   $ 4,573,041    

 

¹ Other segments represent activities that fall below the reportable threshold and are carried out in Puerto Rico and the United States. These activities include a technical seminars/training division, an information technology services and consulting division, and corporate headquarters, as applicable.

 

Long lived assets (property and equipment and intangible assets) as of July 31, 2014 and October 31, 2013, and related depreciation and amortization expense for the three-month and nine-month periods ended July 31, 2014 and 2013, were concentrated in the domestic markets (Puerto Rico and the United States). The aggregate amount of long lived assets for the international operations (Europe) is considered insignificant.

XML 36 R16.htm IDEA: XBRL DOCUMENT v2.4.0.8
B. MARKETABLE SECURITIES AVAILABLE FOR SALE (Tables)
9 Months Ended
Jul. 31, 2014
B. Marketable Securities Available For Sale Tables  
Summary of available-for-sale securities

 

Type of security as of July 31, 2014 Amortized Cost  

Gross

Unrealized Gains

 

Gross

Unrealized Losses

 

Estimated

Fair Value

U.S. Treasury securities $ 4,500,000   $   $   $ 4,500,000
Other government-related debt securities:              
Puerto Rico Commonwealth Government Development Bond 95,000     (28,017)   66,983
Total interest-bearing and available-for-sale securities $ 4,595,000   $   $ (28,017)   $ 4,566,983

  

Type of security as of October 31, 2013 Amortized Cost  

Gross

Unrealized Gains

 

Gross

Unrealized Losses

 

Estimated

Fair Value

U.S. Treasury securities $ 4,500,000   $   $   $ 4,500,000
Other government-related debt securities:              
Puerto Rico Commonwealth Government Development Bond 95,000     (23,740)   71,260
Total interest-bearing and available-for-sale securities $ 4,595,000   $   $ (23,740)   $ 4,571,260
Fair values of available-for-sale securities
Classification in the Consolidated Balance Sheets July 31, 2014 October 31, 2013
Cash and cash equivalents $ 4,500,000   $ 4,500,000  
Marketable securities   66,983     71,260  
Total available-for-sale securities $ 4,566,983   $ 4,571,260  
XML 37 R21.htm IDEA: XBRL DOCUMENT v2.4.0.8
B. MARKETABLE SECURITIES AVAILABLE FOR SALE (Details 1) (USD $)
Jul. 31, 2014
Oct. 31, 2013
B. Marketable Securities Available For Sale Tables    
Cash and cash equivalents $ 4,500,000 $ 4,500,000
Marketable securities 66,983 71,260
Total available-for-sale securities $ 4,566,983 $ 4,571,260
XML 38 R26.htm IDEA: XBRL DOCUMENT v2.4.0.8
H. SEGMENT DISCLOSURES (Details) (USD $)
3 Months Ended 9 Months Ended
Jul. 31, 2014
Jul. 31, 2013
Jul. 31, 2014
Jul. 31, 2013
Revenues $ 6,836,166 $ 8,363,709 $ 20,418,773 $ 24,273,820
Income (loss) before taxes 697,451 1,534,039 1,943,483 4,573,041
Puerto Rico consulting
       
Revenues 3,972,819 4,092,630 11,002,394 11,435,537
Income (loss) before taxes 619,369 942,305 1,587,666 2,669,212
United States consulting
       
Revenues 1,820,426 2,748,448 6,154,845 8,359,679
Income (loss) before taxes 205,175 494,428 711,519 1,725,167
Europe consulting
       
Revenues 548,528 901,963 1,699,472 2,605,786
Income (loss) before taxes (88,998) (85,939) (411,957) (290,803)
Lab (microbiological and chemical testing)
       
Revenues 370,594 524,881 1,263,860 1,533,242
Income (loss) before taxes (113,521) 109,871 (91,423) 294,680
Other segments
       
Revenues 123,799 95,787 298,202 339,576
Income (loss) before taxes $ 75,426 $ 73,374 $ 147,678 $ 174,785
XML 39 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Comprehensive Income (Unaudited) (USD $)
3 Months Ended 9 Months Ended
Jul. 31, 2014
Jul. 31, 2013
Jul. 31, 2014
Jul. 31, 2013
Consolidated Statements Of Comprehensive Income        
NET INCOME $ 597,060 $ 1,246,515 $ 1,586,771 $ 3,687,040
OTHER COMPREHENSIVE INCOME (LOSS), NET OF RECLASSIFICATION ADJUSTMENTS AND TAXES:        
Foreign currency translation (loss) gain (23,854) 9,959 (18,816) 6,867
Net unrealized losses on available-for-sale securities (1,427) 0 (4,277) 0
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME (25,281) 9,959 (23,093) 6,867
COMPREHENSIVE INCOME $ 571,779 $ 1,256,474 $ 1,563,678 $ 3,693,907
XML 40 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
D. WARRANTS
9 Months Ended
Jul. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
D. WARRANTS

At October 31, 2013, the Company had outstanding warrants to purchase 240,800 shares of the Company’s common stock at an exercise price of $0.06. In January 2014, all of these warrants were exercised on a cashless basis, resulting in a net issuance of 233,763 shares of common stock. As of July 31, 2014, the Company had no warrants outstanding.

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B. MARKETABLE SECURITIES AVAILABLE FOR SALE (Details) (USD $)
9 Months Ended 12 Months Ended
Jul. 31, 2014
Oct. 31, 2013
Available-for-sale securities    
Amortized Cost $ 4,595,000 $ 4,595,000
Gross Unrealized Gains 0 0
Gross Unrealized Losses (28,017) (23,740)
Estimated Fair Value 4,566,983 4,571,260
U.S. Treasury securities
   
Available-for-sale securities    
Amortized Cost 4,500,000 4,500,000
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Estimated Fair Value 4,500,000 4,500,000
Puerto Rico Commonwealth Government Development Bond
   
Available-for-sale securities    
Amortized Cost 95,000 95,000
Gross Unrealized Gains 0 0
Gross Unrealized Losses (28,017) (23,740)
Estimated Fair Value $ 66,983 $ 71,260