0001615774-18-000918.txt : 20180206 0001615774-18-000918.hdr.sgml : 20180206 20180206161145 ACCESSION NUMBER: 0001615774-18-000918 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 64 CONFORMED PERIOD OF REPORT: 20171231 FILED AS OF DATE: 20180206 DATE AS OF CHANGE: 20180206 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MISONIX INC CENTRAL INDEX KEY: 0000880432 STANDARD INDUSTRIAL CLASSIFICATION: LABORATORY APPARATUS & FURNITURE [3821] IRS NUMBER: 112148932 STATE OF INCORPORATION: NY FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-10986 FILM NUMBER: 18577740 BUSINESS ADDRESS: STREET 1: 1938 NEW HIGHWAY CITY: FARMINGDALE STATE: NY ZIP: 11735 BUSINESS PHONE: (631) 694-9555 MAIL ADDRESS: STREET 1: 1938 NEW HIGHWAY CITY: FARMINGDALE STATE: NY ZIP: 11735 FORMER COMPANY: FORMER CONFORMED NAME: MEDSONIC INC DATE OF NAME CHANGE: 19930328 10-Q 1 s108906_10q.htm 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2017

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________.

Commission File Number: 1-10986

(MISONIX BETTER MATTERS LOGO)

MISONIX, INC.

(Exact name of registrant as specified in its charter)

New York

(State or other jurisdiction of incorporation or
organization)

11-2148932

(IRS Employer Identification No.)

1938 New Highway

Farmingdale, New York

(Address of principal executive offices)

11735

(Zip code)

(631) 694-9555

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes ☐ No

Indicate by 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 during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☑ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☑	Non-accelerated filer ☐	Smaller reporting company ☐
Emerging growth company ☐		(Do not check if a smaller reporting company)

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☑ No

Indicate the number of shares outstanding of the issuer’s common stock as of the latest practicable date: As of February 6, 2018 there were 9,400,666 shares of the registrant’s common stock, $0.01 par value, outstanding.

MISONIX, INC.

	Page
PART I — FINANCIAL INFORMATION

Item 1. Financial Statements	3

Consolidated Balance Sheets at December 31, 2017 (Unaudited) and June 30, 2017	3

Consolidated Statements of Operations for the Three and Six Months ended December 31, 2017 and 2016 (Unaudited)	4

Consolidated Statement of Shareholders’ Equity for the Six Months ended December 31, 2017 (Unaudited)	5

Consolidated Statements of Cash Flows for the Six Months ended December 31, 2017 and 2016 (Unaudited)	6

Notes to Consolidated Financial Statements (Unaudited)	7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	16

Item 3. Quantitative and Qualitative Disclosures About Market Risk	21

Item 4. Controls and Procedures	21

PART II — OTHER INFORMATION

Item 1. Legal Proceedings	23

Item 1A. Risk Factors	24

Item 6. Exhibits	25

Signatures	26

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

Misonix, Inc. and Subsidiaries
Consolidated Balance Sheets

	December 31,			June 30,
	2017			2017
		(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	12,102,430		$	11,557,071
Accounts receivable, less allowance for doubtful accounts of $96,868 and $96,868, respectively		4,326,379			5,133,389
Inventories, net		5,048,875			4,992,434
Prepaid expenses and other current assets		328,621			918,899
Total current assets		21,806,305			22,601,793

Property, plant and equipment, net of accumulated amortization and depreciation of $8,437,445 and $7,794,580, respectively		3,887,265			3,730,203
Patents, net of accumulated amortization of $1,057,851 and $995,568, respectively		715,032			719,136
Goodwill		1,701,094			1,701,094
Intangible and other assets		262,264			282,876
Deferred income tax		—			4,334,547
Total assets	$	28,371,960		$	33,369,649

Liabilities and shareholders’ equity
Current liabilities:
Accounts payable	$	1,651,078		$	1,861,228
Accrued expenses and other current liabilities		1,876,047			3,346,138
Total current liabilities		3,527,125			5,207,366

Deferred lease liability		4,677			9,354
Deferred income		2,165,993			13,087
Total liabilities		5,697,795			5,229,807

Commitments and contingencies (Note 9)

Shareholders’ equity:
Common stock, $.01 par value-shares authorized 20,000,000; 9,400,666 and 9,357,166 shares issued and outstanding, respectively		94,007			93,572
Additional paid-in capital		38,502,821			36,808,810
Accumulated deficit		(15,922,663	)		(8,762,540	)
Total shareholders’ equity		22,674,165			28,139,842
Total liabilities and shareholders’ equity	$	28,371,960		$	33,369,649

See Accompanying Notes to Consolidated Financial Statements.

Misonix, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)

	For the three months ended						For the six months ended
	December 31,						December 31,
	2017			2016			2017			2016

Revenues	$	8,323,845		$	6,030,380		$	15,604,568		$	12,202,005
Cost of goods sold, exclusive of depreciation from consigned product		2,465,826			1,818,672			4,643,181			3,730,679
Gross profit		5,858,019			4,211,708			10,961,387			8,471,326

Operating expenses:
Selling expenses		3,919,515			3,271,134			7,490,228			6,596,821
General and administrative expenses		2,380,860			2,087,419			4,953,991			4,019,240
Research and development expenses		957,204			440,364			1,858,478			932,448
Total operating expenses		7,257,579			5,798,917			14,302,697			11,548,509
Loss from operations		(1,399,560	)		(1,587,209	)		(3,341,310	)		(3,077,183	)

Other income (expense):
Interest income		45			19			58			38
Royalty income and license fees		71,550			949,048			524,521			1,893,116
Other		(4,387	)		(6,640	)		(8,845	)		(8,636	)
Total other income		67,208			942,427			515,734			1,884,518

Loss from operations before income taxes		(1,332,352	)		(644,782	)		(2,825,576	)		(1,192,665	)

Income tax expense / (benefit)		5,524,422			(30,000	)		5,243,422			(56,000	)
Net loss	$	(6,856,774	)	$	(614,782	)	$	(8,068,998	)	$	(1,136,665	)

Net loss per share - Basic	$	(0.76	)	$	(0.07	)	$	(0.90	)	$	(0.14	)

Net loss per share - Diluted	$	(0.76	)	$	(0.07	)	$	(0.90	)	$	(0.14	)

Weighted average shares - Basic		8,977,984			8,374,900			8,968,195			8,092,143
Weighted average shares - Diluted		8,977,984			8,374,900			8,968,195			8,092,143

See Accompanying Notes to Consolidated Financial Statements.

Misonix, Inc. and Subsidiaries
Consolidated Statement of Shareholders’ Equity
(Unaudited)

	Common Stock,
	$.01 Par Value				Additional					Total
	Number				paid-in		Accumulated			stockholders’
	of shares		Amount		capital		deficit			equity
Balance, June 30, 2017		9,357,166	$	93,572	$	36,808,810	$	(8,762,540	)	$	28,139,842
Implementation of new accounting standard								908,875			908,875
Net loss								(8,068,998	)		(8,068,998	)
Proceeds from exercise of stock options		43,500		435		224,117					224,552
Stock-based compensation						1,469,894					1,469,894
Balance, December 31, 2017		9,400,666	$	94,007	$	38,502,821	$	(15,922,663	)	$	22,674,165

See Accompanying Notes to Consolidated Financial Statements.

Misonix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)

	For the six months ended
	December 31,
	2017			2016
Operating activities
Net loss	$	(8,068,998	)	$	(1,136,665	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization and other non-cash items		677,292			482,042
Disposals of property, plant and equipment		128,746			—
Deferred income tax expense / (benefit)		5,243,422			(56,000	)
Stock-based compensation		1,469,894			83,865
Deferred lease liability		(4,677	)		46
Changes in operating assets and liabilities:
Accounts receivable		807,010			99,259
Inventories		(839,361	)		(116,874	)
Prepaid expenses and other assets		610,890			189,522
Deferred income		2,152,906			(23,920	)
Accounts payable, accrued expenses		(1,680,241	)		377,394
Net cash provided by (used in) operating activities		496,883			(101,331	)

Investing activities
Acquisition of property, plant and equipment		(117,897	)		(167,548	)
Acquisition of patents		(58,179	)		(155,175	)
Net cash used in investing activities		(176,076	)		(322,723	)

Financing activities
Proceeds from exercise of stock options		224,552			140,847
Proceeds from the sale of common stock		—			4,000,000
Net cash provided by financing activities		224,552			4,140,847

Net increase in cash and cash equivalents		545,359			3,716,793
Cash and cash equivalents at beginning of period		11,557,071			9,049,327
Cash and cash equivalents at end of period	$	12,102,430		$	12,766,120

Supplemental disclosure of cash flow information:
Cash paid for:
Income taxes	$	895		$	2,053

Supplemental disclosure of non-cash information:
Transfer of inventory to property, plant and equipment	$	782,920		$	953,288
Adoption of new accounting standard on deferred taxes	$	908,875		$	—

See Accompanying Notes to Consolidated Financial Statements.

Misonix, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

For the Three and Six Months Ended December 31, 2017 and 2016 (unaudited)

1. Basis of Presentation, Organization and Business and Summary of Significant Accounting Policies

Basis of Presentation

These consolidated financial statements of Misonix, Inc. (“Misonix” or the “Company”) include the accounts of Misonix and its 100% owned subsidiaries. All significant intercompany balances and transactions have been eliminated.

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all the information and footnotes required by U.S. GAAP for complete financial statements. As such, they should be read with reference to the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2017, which provides a more complete explanation of the Company’s accounting policies, financial position, operating results, business properties and other matters. In the opinion of management, these financial statements reflect all adjustments considered necessary for a fair statement of interim results.

Organization and Business

Misonix designs, manufactures, develops and markets therapeutic ultrasonic devices. These products are used for precise bone sculpting, removal of soft tumors, and tissue debridement in the fields of orthopedic surgery, plastic surgery, neurosurgery, podiatry and vascular surgery. In the United States, the Company sells its products through a network of commissioned agents assisted by Company personnel. Outside of the United States, the Company sells to distributors who then resell the product to hospitals. The Company operates as one business segment.

High Intensity Focused Ultrasound Technology

The Company sold its rights to the high intensity focused ultrasound technology to SonaCare Medical, LLC (“SonaCare”) in May 2010. The Company may receive up to approximately $5.8 million in payment for the sale. SonaCare will pay the Company 7% of the gross revenues received from its sales of the (i) prostate product in Europe and (ii) kidney and liver products worldwide, until the Company has received payments of $3 million, and thereafter 5% of the gross revenues, up to an aggregate payment of $5.8 million, all subject to a minimum annual royalty of $250,000. Cumulative payments through December 31, 2017 were $2,292,579.

Major Customers and Concentration of Credit Risk

Total royalties from Medtronic Minimally Invasive Therapies (“MMIT”) related to their sales of the Company’s ultrasonic cutting and sculpting products, which use high frequency sound waves to coagulate and divide tissue for both open and laparoscopic surgery, were $524,000 and $1,885,788 for the six months ended December 31, 2017 and 2016, respectively. Accounts receivable from MMIT royalties were $925,000 at June 30, 2017. The license agreement with MMIT expired in August 2017.

At December 31, 2017 and June 30, 2017, the Company’s accounts receivable with customers outside the United States were approximately $627,000 and $860,000, respectively, none of which is over 90 days.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and judgments that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used for but not limited to establishing the allowance for doubtful accounts, valuation of inventory, depreciation, asset impairment evaluations and establishing deferred tax assets and related valuation allowances, and stock-based compensation. Actual results could differ from those estimates.

Loss Per Share

Diluted EPS for the three and six months ended December 31, 2017 and 2016 as presented is the same as basic EPS as the inclusion of the effect of common share equivalents then outstanding would be anti-dilutive. Accordingly, excluded from the calculation of diluted EPS are outstanding options to purchase 375,000 and 521,000 shares of common stock for the three months ended December 31, 2017 and 2016, respectively, and outstanding options to purchase 1,366,736 and 1,734,649 shares of common stock for the six months ended December 31, 2017 and 2016, respectively.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (the “FASB”) issued guidance on revenue from contracts with customers. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved, in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. This guidance permits the use of either the retrospective or cumulative effect transition method and is effective for the Company beginning in fiscal 2019; early adoption is permitted beginning in 2018. We have not yet selected a transition method and are currently evaluating the impact of the guidance on the Company’s financial condition, results of operations and related disclosures. The FASB has also issued the following additional guidance clarifying certain issues on revenue from contracts with customers: Revenue from Contracts with Customers - Narrow-Scope Improvements and Practical Expedients and Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing. The Company has engaged a consulting firm to assist with in evaluating this guidance to determine the impact it will have on its financial statements, and expects to complete its evaluation and implementation of necessary procedures and changes, if any, prior to June 30, 2018.

In February 2016, the FASB issued guidance on lease accounting requiring lessees to recognize a right-of-use asset and a lease liability for long-term leases. The liability will be equal to the present value of lease payments. This guidance must be applied using a modified retrospective transition approach to all annual and interim periods presented and is effective for the Company beginning in fiscal 2020. The Company is currently in the early stages of evaluating this guidance to determine the impact it will have on its financial statements.

In August 2016, the FASB issued guidance on the Statement of Cash Flows Classification of certain cash receipts and cash payments (a consensus of the Emerging Issues Task Force). This guidance addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. This guidance will be effective for the Company beginning in fiscal 2019. The Company is currently in the early stages of evaluating this guidance to determine the impact it will have on its financial statements.

In January 2017, the FASB issued ASU No. 2017-01, Business Combinations: Clarifying the Definition of a Business (“ASU 2017-01”). ASU 2017-01 clarifies the definition of a business for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2017, and early adoption is permitted. The Company is in the process of evaluating the impact of the adoption of ASU 2017-01 on its consolidated financial statements.

There are no other recently issued accounting pronouncements that are expected to have a material effect on the Company’s financial position, results of operations or cash flows.

Recently Adopted Accounting Pronouncements

In March 2016, the FASB issued Accounting Standards Update No. 2016-09 “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” intended to simplify several aspects of accounting for share-based payment transactions. The Company adopted these amendments beginning in the first quarter of fiscal 2018. The guidance requires that all excess tax benefits and tax deficiencies previously recorded as additional paid-in capital be prospectively recorded in income tax expense. The guidance allows for an increase in the threshold for net share settlement up to the maximum statutory rate in employees’ applicable jurisdictions without triggering liability classification. The adoption of this guidance had an immaterial impact on income taxes on the Company’s Consolidated Statement of Operations for the three and six months ended December 31, 2017. The Company elected to apply the presentation requirement for cash flows related to excess tax benefits prospectively, which had an immaterial impact on both net cash from operating activities and net cash used in financing activities for the three and six months ended December 31, 2017. The presentation requirements for cash flows related to employee taxes paid for withheld shares had no impact on any of the periods presented on the Company’s Consolidated Statements of Cash Flows since such cash flows have historically been presented as a financing activity. Finally, the Company has elected to account for forfeitures as they occur, rather than estimate expected forfeitures. As a result, the Company recorded the cumulative impact of $908,875 as an increase to Deferred Income Taxes with a corresponding decrease to Accumulated Deficit.

2. Fair Value of Financial Instruments

We follow a three-level fair value hierarchy that prioritizes the inputs to measure fair value. This hierarchy requires entities to maximize the use of “observable inputs” and minimize the use of “unobservable inputs.” The three levels of inputs used to measure fair value are as follows:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets as of the measurement date.

Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3: Significant unobservable inputs that reflect assumptions that market participants would use in pricing an asset or liability.

At December 31, 2017 and June 30, 2017, all of our cash and cash equivalents, trade accounts receivable and trade accounts payable were short term in nature, and their carrying amounts approximate fair value.

3. Inventories

Inventories are summarized as follows:

	December 31,		June 30,
	2017		2017
Raw material	$	2,489,274	$	2,409,148
Work-in-process		1,076,545		741,994
Finished goods		2,000,748		3,267,232
		5,566,567		6,418,374
Less valuation reserve		517,692		1,425,940
	$	5,048,875	$	4,992,434

4. Property, Plant and Equipment

Depreciation and amortization of property, plant and equipment was $615,000 and $429,000 for the six months ended December 31, 2017 and 2016, respectively. Inventory items included in property, plant and equipment are depreciated using the straight line method over estimated useful lives of 3 to 5 years. Depreciation of generators which are consigned to customers was expensed over a 5 year period during the six months ended December 31, 2017 and was expensed over a 3 year period for the six months ended December 31, 2016, and depreciation was charged to selling expenses.

5. Goodwill

Goodwill is not amortized. We review goodwill for impairment annually and whenever events or changes indicate that the carrying value of an asset may not be recoverable. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of significant assets or products. Application of these impairment tests requires significant judgments, including estimation of cash flows, which is dependent on internal forecasts, estimation of the long term rate of growth for the Company’s business, the useful lives over which cash flows will occur and determination of the Company’s weighted average cost of capital. The Company primarily utilizes the Company’s market capitalization and a discontinued cash flow model in determining the fair value which consists of Level 3 inputs. Changes in the projected cash flows and discount rate estimates and assumptions underlying the valuation of goodwill could materially affect the determination of fair value at acquisition or during subsequent periods when tested for impairment. The Company completed its annual goodwill impairment tests for fiscal 2017 and 2016 as of June 30 of each year. There were no triggering events identified during the quarter ended December 31, 2017.

6. Patents

The costs of acquiring or processing patents are capitalized at cost. These amounts are being amortized using the straight-line method over the estimated useful lives of the underlying assets, which is approximately 17 years. Patents totaled $715,032 and $719,136 at December 31, 2017 and June 30, 2017, respectively. Amortization expense for the six months ended December 31, 2017 and 2016 was $61,000 and $53,000, respectively. The following is a schedule of estimated future patent amortization expenses by fiscal year as of December 31, 2017:

2018	$	60,839
2019		112,556
2020		89,127
2021		82,956
2022		54,032
Thereafter		315,522
	$	715,032

7. Accrued Expenses and Other Current Liabilities

The following summarizes accrued expenses and other current liabilities:

	December 31,		June 30,
	2017		2017

Accrued vacation	$	203,346	$	715,245
Accrued bonus		250,000		343,400
Accrued commissions		610,192		751,000
Professional fees		133,487		662,537
Litigation settlement		—		500,000
Deferred income		19,236		27,901
Trade payables and other		659,786		346,055

	$	1,876,047	$	3,346,138

8. Stock-Based Compensation Plans

Stock Option Awards

For the six months ended December 31, 2017 and 2016, the compensation cost relating to stock option awards that has been charged against income for the Company’s stock option plans was $1,016,026 and $83,865 respectively, which included a charge to modify certain stock options of $81,765 and a reversal of stock compensation from prior periods due to forfeitures of unvested options of $616,239, for the six months ended December 31, 2016. As of December 31, 2017, there was approximately $5,787,705 of total unrecognized compensation cost related to non-vested share-based compensation arrangements to be recognized over a weighted-average period of 3.0 years.

Stock options typically expire 10 years from the date of grant and vest over service periods, which typically are 4 years. All options are granted at fair market value, as defined in the applicable plans.

The fair value of each option award was estimated on the date of grant using the Black-Scholes option valuation model that uses the assumptions noted in the following table. The expected volatility represents the historical price changes of the Company’s stock over a period equal to that of the expected term of the option. The Company uses the simplified method for determining the option term. The risk-free rate was based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is based upon historical and projected dividends. The Company has historically not paid dividends, and is not expected to do so in the near term.

The weighted average fair value at date of grant for options granted during the six months ended December 31, 2017 was $5.50. There were options to purchase 305,500 and 327,500 shares granted during the six months ended December 31, 2017 and 2016, respectively. The fair value was estimated based on the weighted average assumptions of:

	For six months ended December 31,
	2017			2016
Risk-free interest rates		1.98	%		1.80	%
Expected option life in years		5.95			6.25
Expected stock price volatility		57.42	%		54.68	%
Expected dividend yield		0	%		0	%

A summary of option activity under the Company’s equity plans as of December 31, 2017, and changes during the six months ended December 31, 2017 is presented below:

	Outstanding Shares			Average Exercise Price		Aggregate Intrinsic Value
Outstanding at June 30, 2017		1,191,236		$	7.66	$	2,748,956
Granted		305,500		$	10.10
Exercised		(43,500	)	$	5.16
Forfeited		(11,500	)	$	7.45
Expired		(75,000	)	$	4.87
Outstanding as of December 31, 2017		1,366,736		$	8.44	$	2,090,727
Vested and exercisable at December 31, 2017		589,484		$	7.08	$	1,651,775

The total fair value of shares vested during the six months ended December 31, 2017 was $924,483. The number and weighted-average grant-date fair value of non-vested stock options at the beginning of fiscal 2018 was 673,875 and $4.77, respectively. The number and weighted-average grant-date fair value of stock options which vested during the six months ended December 31, 2017 was 193,123 and $4.79, respectively.

Restricted Stock Awards

On December 15, 2016, the Company issued 400,000 shares of restricted stock to its Chief Executive Officer. These awards vest over a period of up to five years, subject to meeting certain service, performance and market conditions. These awards were valued at approximately $3.6 million and compensation expense recorded in the six months ended December 31, 2017 related to these awards was $453,868. As of December 31, 2017, 26,800 shares from this set of awards have vested.

9. Commitments and Contingencies

Leases

The Company has entered into several non-cancellable operating leases for the rental of certain manufacturing and office space, equipment and automobiles expiring in various years through 2021. The principal building lease provides for a monthly rental of approximately $26,000. The Company also leases certain office equipment and automobiles under operating leases expiring through March 2019.

Class Action Securities Litigation

On September 19, 2016, Richard Scalfani, an individual shareholder of Misonix, filed a lawsuit against the Company and its former CEO and CFO in the U.S. District Court for the Eastern District of New York, alleging violations of the federal securities laws. The complaint alleges that the Company’s stock price was artificially inflated between November 5, 2015 and September 14, 2016 as a result of alleged false and misleading statements in the Company’s securities filings concerning the Company’s business, operations, and prospects and the Company’s internal control over financial reporting. Scalfani filed the action seeking to represent a putative class of all persons (other than defendants, officers and directors of the Company, and their affiliates) who purchased publicly traded Misonix securities between November 5, 2015 and September 14, 2016. Scalfani was seeking an unspecified amount of damages for himself and for the putative class under the federal securities laws. On March 24, 2017, the Court appointed Scalfani and another individual Misonix shareholder, Tracey Angiuoli, as lead plaintiffs for purposes of pursuing the action on behalf of the putative class. The lead plaintiffs, on behalf of the putative class, and the Company reached a settlement in principle under which the Company would pay $500,000 to resolve the matter. The district court approved the settlement and dismissed the lawsuit with prejudice in an order dated December 16, 2017. The Company has paid its $250,000, representing its insurance retention. The balance was paid by the Company’s insurance carrier.

Former Chinese Distributor - FCPA

With the assistance of outside counsel, the Company conducted a voluntary investigation into the business practices of the independent Chinese entity that previously distributed its products in China and the Company’s knowledge of those business practices, which may have implications under the FCPA, as well as into various internal controls issues identified during the investigation.

On September 27, 2016 and September 28, 2016, the Company voluntarily contacted the SEC and the DOJ, respectively, to advise both agencies of these potential issues. The Company has provided and will continue to provide documents and other information to the SEC and the DOJ, and is cooperating fully with these agencies in their ongoing investigations of these matters.

Although the Company’s investigation is complete, additional issues or facts could arise which may expand the scope or severity of the potential violations. The Company has no current information derived from the investigation or otherwise to suggest that its previously reported financial statements and results are incorrect.

At this stage, the Company is unable to predict what, if any, action the DOJ or the SEC may take or what, if any, penalties or remedial measures these agencies may seek. Nor can the Company predict the impact on the Company as a result of these matters, which may include the imposition of fines, civil and criminal penalties, which are not currently estimable, as well as equitable remedies, including disgorgement of any profits earned from improper conduct and injunctive relief, limitations on the Company’s conduct, and the imposition of a compliance monitor. The DOJ and the SEC periodically have based the amount of a penalty or disgorgement in connection with an FCPA action, at least in part, on the amount of profits that a company obtained from the business in which the violations of the FCPA occurred. During its distributorship relationship with the prior Chinese distributor from 2010 through 2016, the Company generated revenues of approximately $8 million.

Further, the Company may suffer other civil penalties or adverse impacts, including lawsuits by private litigants in addition to the lawsuits that already have been filed, or investigations and fines imposed by local authorities. The investigative costs to date are approximately $2.8 million, of which approximately $0.1 million and $0.3 million was charged to general and administrative expenses during the three and six months ended December 31, 2017, respectively, compared with $0.6 million and $1.4 million for the three and six months ended December 31, 2016.

Former Chinese Distributor – Litigation

On April 5, 2017, the Company’s former distributor in China, Cicel (Beijing) Science & Technology Co., Ltd., filed a lawsuit against the Company and certain officers and directors of the Company in the United States District Court for the Eastern District of New York, alleging that the Company improperly terminated its contract with the former distributor. The complaint sought various remedies, including compensatory and punitive damages, specific performance and preliminary and post judgment injunctive relief, and asserted various causes of action, including breach of contract, unfair competition, tortious interference with contract, fraudulent inducement, and conversion. On October 7, 2017, the court granted the Company’s motion to dismiss all of the tort claims asserted against it, and also granted the individual defendants’ motion to dismiss all claims asserted against them. The only claim remaining in the case is for breach of contract against the Company. The Company believes it has various legal and factual defenses to the allegations in the complaint, and intends to vigorously defend the action. The case is at its earliest stages; discovery is just beginning and there is no trial date.

Stockholder Derivative Litigation

On June 6, 2017, Irving Feldbaum, an individual shareholder of Misonix, filed a lawsuit in the U.S. District Court for the Eastern District of New York. The complaint alleges claims against the Company’s board of directors, its former CEO and CFO, certain of its former directors, and the Company as a nominal defendant for alleged violations of Section 14(a) of the Securities Exchange Act of 1934 and state law claims for breach of fiduciary duty, waste of corporate assets, and unjust enrichment. The complaint alleges that the Company incurred damages as a result of alleged false and misleading statements in the Company’s securities filings concerning the Company’s business, operations, and prospects and the Company’s internal control over financial reporting. The complaint also alleges that the Company’s February 4, 2016 Proxy Statement contained false and misleading statements regarding executive compensation. The complaint seeks the recovery of damages on behalf of the Company and the implementation of changes to corporate governance procedures. On June 16, 2017, Michael Rubin, another individual shareholder of Misonix, filed a case alleging similar claims in the same district court. On July 21, 2017, the district court consolidated the two actions for all purposes. The case is at its earliest stages; there has been no discovery and there is no trial date. The Company is not able either to estimate the amount of potential loss it may recognize, if any, from these claims or to identify any changes in corporate governance procedures it may undertake, if any, as a result of these claims.

10. Related Party Transactions

OrthoXact Proprietary Limited (“OrthoXact”) (formerly Applied BioSurgical) is an independent distributor for the Company in South Africa. The chief executive officer of OrthoXact is also the brother of Stavros G. Vizirgianakis, the CEO of Misonix, Inc.

Set forth below is a table showing the Company’s net revenues for the six months ended December 31 and accounts receivable at December 31 for the indicated time periods below with OrthoXact:

	For the six months ended
	December 31,
	2017		2016

Sales	$	436,551	$	278,036
Accounts receivable	$	172,292	$	274,641

11. Income Taxes

For the three and six months ended December 31, 2017 and 2016, the Company recorded income tax expense (benefit), as follows:

	For the three months ended						For the six months ended
	December 31,						December 31,
	2017			2016			2017			2016

Income tax benefit	$	(228,149	)	$	(30,000	)	$	(509,149	)	$	(56,000	)
Provisional reduction of deferred tax asset relating to Tax Legislation		1,764,039			—			1,764,039			—
Valuation allowance on deferred tax asset		3,988,532			—			3,988,532			—

Net income tax expense (benefit)	$	5,524,422		$	(30,000	)	$	5,243,422		$	(56,000	)

For the six months ended December 31, 2017 and 2016, the effective rate of 185.6% and (4.7)%, respectively, varied from the U.S. federal statutory rate primarily due to the recording of a full valuation allowance on the remaining deferred tax assets, permanent book tax differences relating principally to stock compensation expense and tax credits, and the impact of the Tax Cuts and Jobs Act of 2017.

Tax Cuts and Jobs Act of 2017

The Tax Cuts and Jobs Act of 2017 (the “Tax Legislation”), enacted on December 22, 2017, contains significant changes to U.S. tax law, including lowering the U.S. corporate income tax rate to 21%, implementing a territorial tax system, and imposing a one-time tax on deemed repatriated earnings of foreign subsidiaries.

The Tax Legislation reduces the U.S. statutory tax rate from 35% to 21%, effective January 1, 2018. U.S. tax law requires that taxpayers with a fiscal year that begins before and ends after the effective date of a rate change calculate a blended tax rate based on the pro rata number of days in the fiscal year before and after the effective date. As a result, for the fiscal year ending June 30, 2018, the Company’s statutory income tax rate will be 29.03%. For the fiscal year ending June 30, 2019, the Company’s statutory income tax rate will be 22.62%.

On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Legislation. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Legislation enactment date for companies to complete the accounting under ASC 740, Income Taxes. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Legislation for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Legislation is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. During the three months ended December 31, 2017, using the information available at the time, the Company recorded a provisional $1,764,039 discrete tax expense representing the expense of remeasuring its U.S. deferred tax assets at the lower 21% statutory tax rate. The Company may make additional adjustments in fiscal 2018 as further information is identified to properly record this adjustment.

Valuation Allowance on Deferred Tax Assets

Deferred tax assets refer to assets that are attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets in essence represent future savings of taxes that would otherwise be paid in cash. The realization of the deferred tax assets is dependent upon the generation of sufficient future taxable income, including capital gains. If it is determined that the deferred tax assets cannot be realized, a valuation allowance must be established, with a corresponding charge to net income.

In accordance with ASC Topic 740, the Company establishes valuation allowances for deferred tax assets that, in its judgment are not more likely-than-not realizable. The guidance requires entities to evaluate all available positive and negative evidence, including cumulative results in recent periods, weighted based on its objectivity, in determining whether its deferred tax assets are more likely than not realizable.

The Company regularly assesses its ability to realize its deferred tax assets. While the Company had positive cumulative pretax income as of June 30, 2017, based on actual results to date and the Company’s current forecast for fiscal 2018 it expects to be in a cumulative pretax loss position as of June 30, 2018. Management evaluated available positive evidence, including the continued growth of the Company’s revenues and gross profit margins, its recent SonaStar technology sale to its Chinese partner and the reduction in investigative and professional fees recognized in fiscal 2017, along with available negative evidence, including the Company’s continuing investment in building its next generation Nexus platform and its continuing investment in building a direct sales force, while at the same time paying commissions to its domestic sales distributors. After weighing both the positive and negative evidence, management concluded that the Company’s deferred tax assets are not more likely-than-not realizable. Accordingly, the Company recorded a full valuation allowance of $3,988,532 against its remaining deferred tax assets at December 31, 2017. The Company will continue to assess its ability to utilize its net operating loss carryforwards, and will reverse this valuation allowance when sufficient evidence is achieved to allow the realizability of such deferred tax assets.

As of December 31, 2017 and June 30, 2017, the Company has no material unrecognized tax benefits or accrued interest and penalties.

12. Licensing Agreements for Medical Technology

On October 19, 2017, the Company entered into a License and Exclusive Manufacturing Agreement (the “Agreement”) with Hunan Xing Hang Rui Kang Bio-technologies Co., Ltd., a Chinese corporation (the “Licensee”) under which Misonix has licensed certain manufacturing and distribution rights to its SonaStar product line in China, Hong Kong and Macau (the “Territory”) in exchange for payments totaling at least $11,000,000.

Pursuant to the Agreement, Licensee is obligated to pay the Company: (i) initial amounts consisting of upfront fees and stocking orders totaling $5,000,000, payable in five (5) equal monthly installments of $1,000,000 each; (ii) royalty payments from the sale of SonaStar products in the Territory, including minimum royalty payments of $2,000,000 per calendar year in each of 2019, 2020, and 2021; and (iii) reimbursement of technology transfer costs in an amount up to $1,000,000. The Agreement also provides that Misonix will supply SonaStar products to Licensee at agreed prices during the transition period prior to Licensee’s commencement of manufacturing.

In October 1996, the Company entered into a license agreement with MMIT which expired August 2017, covering the further development and commercial exploitation of the Company’s medical technology relating to laparoscopic products, which uses high frequency sound waves to coagulate and divide tissue for both open and laparoscopic surgery. The MMIT license provided for exclusive worldwide marketing and sales rights for this technology. The Company received a 5% royalty on sales of these products by MMIT. Royalties from this license agreement were $524,000 and $1,886,000 for the six months ended December 31, 2017 and 2016, respectively. This royalty agreement expired in August 2017.

13. Segment Reporting

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated on a regular basis by the chief operating decision-maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance of the segment. The Company has concluded that its Chief Executive Officer is the CODM as he is the ultimate decision maker for key operating decisions, determining the allocation of resources and assessing the financial performance of the Company. These decisions, allocations and assessments are performed by the CODM using consolidated financial information. Consolidated financial information is utilized by the CODM as the Company’s current product offering primarily consists of minimally invasive therapeutic ultrasonic medical devices. The Company’s products are relatively consistent and manufacturing is centralized and consistent across product offerings. Based on these factors, key operating decisions and resource allocations are made by the CODM using consolidated financial data and as such the Company has concluded that it operates as one segment.

Worldwide revenue for the Company’s products is categorized as follows:

	For the three months ended				For the six months ended
	December 31,				December 31,
	2017		2016		2017		2016
Domestic	$	5,400,423	$	4,117,238	$	10,052,566	$	8,003,795
International		2,923,422		1,913,142		5,552,002		4,198,210
Total	$	8,323,845	$	6,030,380	$	15,604,568	$	12,202,005

Substantially all of the Company’s long-lived assets are located in the United States.

14. Severance

On August 26, 2016, the Company and the Company’s former Chief Executive Officer, Michael McManus (“McManus”) entered into a retirement agreement and general release (the “Retirement Agreement”). Pursuant to the Retirement Agreement, on September 2, 2016 Mr. McManus resigned as a Director and the Chairman of the Board of Directors of the Company and retired as President and Chief Executive Officer of the Company. Pursuant to the Retirement Agreement, the Company agreed to (i) pay Mr. McManus’ salary through June 30, 2017 at the then current level; (ii) continue to pay premiums for Mr. McManus’ and his dependents’ coverage under the Company’s medical, dental, vision, hospitalization, long term care and life insurance coverage through June 30, 2017 at the then current levels upon timely election by Mr. McManus under the law informally known as COBRA; and (iii) extend the exercisability of previously granted and then currently vested options to purchase shares of Common Stock through June 30, 2017. In addition, Mr. McManus had continued use of the vehicle provided him pursuant to his prior employment agreement through December 31, 2016. In connection with this Retirement Agreement, the Company recorded a charge of $330,000 during the quarter ended September 30, 2016 to accrue for the cash portion of these benefits, which was paid during the fiscal year ended June 30, 2017. In addition, during the quarter ended June 30, 2016, the Company recorded a non-cash compensation expense of $61,000 in connection with the modification of the terms of his vested stock options, and recorded a reduction in non-cash compensation expense of $596,000 relating to the forfeiture of his unvested stock options.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

This Management’s Discussion and Analysis of Financial Condition and Results of Operations of Misonix and its subsidiaries, which we refer to as the “Company”, “Misonix”, “we”, “our” and “us”, should be read in conjunction with the accompanying unaudited financial statements included in Part I – Item 1 “Financial Statements” of this Report and Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on August 24, 2017, for the fiscal year ended June 30, 2017 (“2017 Form 10-K”). Item 7 of the 2017 Form 10-K describes the application of our critical accounting policies, for which there have been no significant changes during the three and six months ended December 31, 2017.

Forward Looking Statements

With the exception of historical information contained in this Form 10-Q, content herein may contain “forward looking statements” that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. We cannot guarantee that any forward looking statements will be accurate, although we believe that we have been reasonable in our expectations and assumptions. Investors should realize that if underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from our expectations and projections. These factors include general economic conditions, delays and risks associated with the performance of contracts, risks associated with international sales and currency fluctuations, uncertainties as a result of research and development, acceptable results from clinical studies, including publication of results and patient/procedure data with varying levels of statistical relevance, risks involved in introducing and marketing new products, regulatory compliance, potential acquisitions, consumer and industry acceptance, litigation and/or contemplated 510(k) filings, the ability to achieve and maintain profitability in our business lines, and other factors discussed in the 2017 Form 10-K, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. We disclaim any obligation to update any forward-looking statements.

Overview

Misonix designs, manufactures, develops and markets therapeutic ultrasonic devices. These products are used for precise bone sculpting, removal of soft and hard tumors, and tissue debridement, orthopedic surgery, plastic surgery, and wound and burn care. In the United States, the Company sells its products through its direct sales force, in addition to a network of commissioned agents assisted by Company personnel. Outside of the United States, the Company generally sells to distributors who then resell the product to hospitals. The Company operates as one business segment.

In the United States, the Company is taking a more aggressive approach to taking market share, expanding the market and increasing its share of recurring disposable revenue by using a consignment model, whereby the Company will consign the equipment (which is defined as a generator, hand units and accessories) (the “Equipment”) and sell to customers higher margin disposable, single use items (the “Consumables”) on a recurring basis. Title remains with the Company with respect to consigned Equipment, which is depreciated and charged to selling expenses over a five year period beginning in fiscal 2017, and a three year period in fiscal 2016. Outside of the United States, the Company has principally not yet adopted a consignment model. The Company’s overall goal is to increase the utilization rate of Equipment which will increase the total number of procedures and maximize the sale of Consumables to our customers, with the goal of becoming the standard of care in the various segments we focus on.

Results of Operations

The following discussion and analysis provides information which the Company’s management believes is relevant to an assessment and understanding of the Company’s results of operations and financial condition. This discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere herein. Unless otherwise specified, this discussion relates solely to the Company’s continuing operations.

All of the Company’s revenues have been derived from the sale of medical device products, which include manufacture and distribution of ultrasonic medical device products.

Three months ended December 31, 2017 and 2016

Our revenues by category for the three months ended December 31, 2017 and 2016 are as follows:

	For the three months ended
	December 31,				Net change
	2017		2016		$		%
Total
Consumables	$	6,162,064	$	4,908,885	$	1,253,179		25.5	%
Equipment		2,161,781		1,121,495		1,040,286		92.8	%
Total	$	8,323,845	$	6,030,380	$	2,293,465		38.0	%

Domestic:
Consumables	$	4,623,545	$	3,844,609	$	778,936		20.3	%
Equipment		776,878		272,629		504,249		185.0	%
Total	$	5,400,423	$	4,117,238	$	1,283,185		31.2	%

International:
Consumables	$	1,538,519	$	1,064,276	$	474,243		44.6	%
Equipment		1,384,903		848,866		536,037		63.1	%
Total	$	2,923,422	$	1,913,142	$	1,010,280		52.8	%

Revenues

Revenues increased 38.0% or $2,293,465 to $8,323,845 in the second quarter of fiscal 2018, from $6,030,380 in fiscal 2017. Consumables revenue in the United States increased 20.3%, or $778,936 for the second quarter, principally due to the strength in the Company’s BoneScalpel product line, which grew 36% during the quarter. Domestic equipment revenues grew by 185.0% during the second quarter, resulting from strong SonaStar sales.

International revenue grew 52.8% during the second quarter, largely due to a 60% growth in SonaStar sales and a 26% growth in BoneScalpel sales.

Gross profit

Gross profit in the second quarter of fiscal 2018 was 70.4% of revenue, which increased from 69.8% in the second quarter of fiscal 2017. The increase resulted from a stronger mix of higher margin product.

Selling expenses

Selling expenses increased by $648,381, or 19.8% to $3,919,515 in the second quarter of fiscal 2018 from $3,271,134 in the prior year period. The increase is principally related to higher compensation costs resulting from the continued buildout of the Company’s direct sales force, along with higher commissions relating to the 38% increase in revenue.

General and administrative expenses

General and administrative expenses increased by $293,441, or 14.1% to $2,380,860 in the second quarter of fiscal 2018 from $2,087,419 in the prior year period. This increase is principally related to an increase of non-cash compensation expense for the second quarter of fiscal 2018 of $439,000 related to restricted stock and stock option grants to the Company’s board of directors and its current CEO, a decrease in professional fees of $266,000 and a decrease in accrued vacation costs of $118,000. During the second quarter of the prior year, the Company was incurring higher costs for its internal investigation.

Research and development expenses

Research and development expenses increased by $516,840, or 117.4% to $957,204 in the second quarter of fiscal 2018 from $440,364 in the prior year period. The Company is investing in the design and development of its next generation product, which is expected to be available in fiscal 2019. During the second quarter of fiscal 2018, approximately $600,000 was charged to research and development expenses related to this product.

Other income (expense)

Other income decreased by $875,219 to $67,208 in the second quarter of fiscal 2018 from $942,427 in the prior year period. The decrease is related to lower royalty income from MMIT. This royalty agreement expired in August 2017. There were no license fees recorded during the second quarter of fiscal 2018.

Income taxes

For the three months ended December 31, 2017 and 2016, the Company recorded an income tax expense (benefit) of $5,524,422 and ($30,000), respectively. For the three months ended December 31, 2017 and 2016, the effective rate of 414.6% and (4.7%), respectively, varied from the U.S. federal statutory rate due to changes in the Company’s projected pretax book income.

The income tax expense for the second quarter of fiscal 2018 included a one-time charge of $1,764,039 to revalue the Company’s deferred tax asset as of December 31, 2017 to give effect to the reduction in corporate tax rates to 21% effective January 1, 2018, as a result of the Tax Cuts and Jobs Act of 2017 (the “Tax Legislation”), enacted on December 22, 2017. Income tax expense also includes a $3,988,532 charge to record a full valuation allowance against the Company’s remaining deferred tax assets. In accordance with the guidance of ASC Topic 740, management concluded that in its judgment, the Company’s deferred tax assets at December 31, 2017 are not more likely-than-not realizable. The components of the tax provision are as follows:

	For the three months ended
	December 31,
	2017			2016

Income tax benefit	$	(228,149	)	$	(30,000	)
Provisional reduction of deferred tax asset relating to Tax Legislation		1,764,039			—
Valuation allowance on deferred tax asset		3,988,532			—

Net income tax expense (benefit)	$	5,524,422		$	(30,000	)

Six months ended December 31, 2017 and 2016

Our revenue by category for the six months ended December 31, 2017 and 2016 are as follows:

	For the six months ended
	December 31,				Net change
	2017		2016		$		%
Total
Consumables	$	11,505,826	$	9,453,080	$	2,052,746		21.7	%
Equipment		4,098,742		2,748,925		1,349,817		49.1	%
Total	$	15,604,568	$	12,202,005	$	3,402,563		27.9	%

Domestic:
Consumables	$	8,722,636	$	7,162,538	$	1,560,098		21.8	%
Equipment		1,329,930		841,257		488,673		58.1	%
Total	$	10,052,566	$	8,003,795	$	2,048,771		25.6	%

International:
Consumables	$	2,783,190	$	2,290,542	$	492,648		21.5	%
Equipment		2,768,812		1,907,668		861,144		45.1	%
Total	$	5,552,002	$	4,198,210	$	1,353,792		32.2	%

Revenue

Revenue increased 27.9% or $3,402,563 to $15,604,568 in the first half of fiscal 2018, from $12,202,005 in fiscal 2017. Consumables revenue in the United States increased 21.8%, or $1,560,098 for the period, principally due to the strength in the Company’s BoneScalpel product line, which grew 36% during the first half of fiscal 2018. Domestic equipment revenue grew by 58.1% during the first half of fiscal 2018, resulting from strong SonaStar sales.

International revenue grew 32.2% during the first half of fiscal 2018, largely due to a 43% growth in SonaStar sales and a 18% growth in BoneScalpel sales.

Gross profit

Gross profit in the first half of fiscal 2018 was 70.2% of revenue, which increased from 69.4% in the first half of fiscal 2017. The increase resulted from a stronger mix of higher margin product.

Selling expenses

Selling expenses increased by $893,407, or 13.5% to $7,490,228 in the first half of fiscal 2018 from $6,596,821 in the prior year period. The increase is principally related to higher compensation costs resulting from the continued buildout of the Company’s direct sales force, along with higher commissions relating to the 27.9% increase in revenue.

General and administrative expenses

General and administrative expenses increased by $934,751, or 23.3% to $4,953,991 in the first half of fiscal 2018 from $4,019,240 in the prior year period. This increase is principally related to an increase of non-cash compensation expense for the first half of fiscal 2018 of $743,000 related to restricted stock and stock option grants to the Company’s board of directors and its current CEO. In addition, during the first half of fiscal 2017, the Company recorded a reduction in non-cash stock compensation expense of $805,000, which includes a reversal of stock compensation previously recognized on the Company’s prior CEO. Expense reductions for the first half of fiscal 2018 also included a reduction in professional fees of $460,000 and a reduction in accrued vacation of $153,000. The Company also incurred a charge of $330,000 in the first half of the prior year relating to severance for it former chief executive officer.

Research and development expenses

Research and development expenses increased by $926,030, or 99.3% to $1,858,478 in the first half of fiscal 2018 from $932,448 in the prior year period. The Company is investing in the design and development of its next generation product, which is expected to be available in fiscal 2019. For the first half of fiscal 2018, approximately $1.1 million has been charged to research and development expenses related to this product.

Other income (expense)

Other income decreased by $1,368,784 to $515,734 in the first half of fiscal 2018 from $1,884,518 in the prior year period. The decrease is related to lower royalty income from MMIT. This royalty agreement expired in August 2017.

Income taxes

For the six months ended December 31, 2017 and 2016, the Company recorded an income tax expense (benefit) of $5,243,422 and ($56,000), respectively. For the six months ended December 31, 2017 and 2016, the effective rate of 185.6% and (4.7%), respectively, varied from the U.S. federal statutory rate due to changes in the Company’s projected pretax book income.

The income tax expense for the first half of fiscal 2018 included a one-time charge of $1,764,039 to revalue the Company’s deferred tax asset as of December 31, 2017 to give effect to the reduction in corporate tax rates to 21% effective January 1, 2018, as a result of the Tax Legislation, enacted on December 22, 2017. Income tax expense also includes a $3,988,532 charge to record a full valuation allowance against the Company’s remaining deferred tax assets. In accordance with the guidance of ASC Topic 740, management concluded that in its judgment, the Company’s deferred tax assets at December 31, 2017 are not more likely-than-not realizable. The components of the tax provision are as follows:

	For the six months ended
	December 31,
	2017			2016

Income tax benefit	$	(509,149	)	$	(56,000	)
Provisional reduction of deferred tax asset relating to Tax Legislation		1,764,039			—
Valuation allowance on deferred tax asset		3,988,532			—

Net income tax expense (benefit)	$	5,243,422		$	(56,000	)

Liquidity and Capital Resources

Working capital at December 31, 2017 was $18,279,180. For the six months ended December 31, 2017, cash provided from operations was $496,883, mainly due to $2,152,906 of cash received from the Company’s SonaStar technology agreement in China which was treated as deferred income, a reduction in accounts receivable of $807,010, and a reduction of prepaid expenses and other assets of $610,890, offset by a reduction in accounts payable and accrued expenses of $1,680,241 and the Company’s net loss.

Cash used in investing activities was $176,076, primarily consisting of the purchase of property, plant and equipment along with filing for additional patents.

Cash provided by financing activities was $224,552, resulting from stock option exercises.

As of December 31, 2017, the Company had cash and cash equivalents of approximately $12.1 million and believes it has sufficient cash to finance operations for at least the next 12 months.

Relating to the internal investigation described herein, the Company has incurred approximately $2.8 million in investigative costs through December 31, 2017 and is not expected to incur significant additional investigative costs to resolve this matter. Further, the Company could be subject to fines or penalties related to potential violations of the FCPA.

The Company has been receiving an annual royalty from MMIT which has averaged $3.7 million per year over the last three fiscal years. This royalty ended in August 2017. Additionally, as described in Note 12 to the financial statements, in October 2017, the Company entered into a License and Exclusive Manufacturing Agreement which is providing minimum payments to the Company of $11 million through 2021, of which $3 million has been received as of December 31, 2017.

The Company is investing in the design and development of its next generation product, which is expected to be available in fiscal 2019 of which $1.1 million in development costs have been incurred for the six months ended December 31, 2017.

Off-Balance Sheet Arrangements

The Company has no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to the Company.

Other

In the opinion of management, inflation has not had a material effect on the operations of the Company.

Recent Accounting Pronouncements

See Note 1 to our consolidated financial statements included herein.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Market Risk:

The principal market risks (i.e., the risk of loss arising from adverse changes in market rates and prices) to which the Company is exposed are interest rates on cash and cash equivalents.

Interest Rate Risk:

The Company earns interest on cash balances and pays interest on any debt incurred. In light of the Company’s existing cash, results of operations and projected borrowing requirements, the Company does not believe that a 10% change in interest rates would have a significant impact on its consolidated financial position.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to provide reasonable assurance that information required to be disclosed in reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and that such information is accumulated and communicated to our management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.

All internal control systems, no matter how well designed and tested, have inherent limitations, including, among other things, the possibility of human error, circumvention or disregard. Therefore, even those systems of internal control that have been determined to be effective can provide only reasonable assurance that the objectives of the control system are met and may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

We carried out an evaluation, under the supervision and with the participation of management, of the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, 2017. Based on this evaluation, our CEO and CFO have concluded that our disclosure controls and procedures were effective as of December 31, 2017.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended December 31, 2017 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

Class Action Securities Litigation

Former Chinese Distributor - FCPA

Former Chinese Distributor – Litigation

Stockholder Derivative Litigation

Item 1A. Risk Factors.

Risks and uncertainties that, if they were to occur, could materially adversely affect our business or that could cause our actual results to differ materially from the results contemplated by the forward-looking statements contained in this Report and other public statements were set forth in the Item 1A. – “Risk Factors” section of our Form 10-K for the fiscal year ended June 30, 2017. There have been no material changes from the risk factors disclosed in that Form 10-K.

Item 6. Exhibits

Exhibit No.		Description

10.1		License and Exclusive Manufacturing Agreement between Misonix, Inc. and Hunan Xing Hang Rui Kang Bio-technologies Co., Ltd. (confidential treatment requested for portions of this exhibit).

31.1		Chief Executive Officer—Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Chief Financial Officer—Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1		Chief Executive Officer—Certification pursuant to Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.

32.2		Chief Financial Officer—Certification pursuant to Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.

101.INS		XBRL Instance Document

101.SCH		XBRL Taxonomy Extension Scheme Document

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		XBRL Taxonomy Extension Label Linkbase Document

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

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.

	MISONIX, INC.

Dated: February 6, 2018	By:	/s/ Stavros G. Vizirgianakis
		Stavros G. Vizirgianakis
		Chief Executive Officer

	By:	/s/ Joseph P. Dwyer
		Joseph P. Dwyer
		Chief Financial Officer

EX-10.1 2 s108906_ex10-1.htm EXHIBIT 10.1

Exhibit 10.1

LICENSE AND EXCLUSIVE MANUFACTURING AGREEMENT

This License and Exclusive Manufacturing Agreement (the “Agreement”) is entered into on the 21st day of August, 2017 (the “Effective Date”), by and between Misonix, Inc., a New York corporation, with offices at 1938 New Highway, Farmingdale, New York 11735 USA (“Misonix”), and Hunan Xing Hang Rui Kang Bio-technologies Co., Ltd. a Chinese corporation with offices at 26/F., Times Tower, 391-407 Jaffe Road, Wan Chai, Hong Kong (the “Company”) under the following terms and conditions. Misonix and Company may be referred to herein individually as a “Party” and collectively as the “Parties.”

BACKGROUND

WHEREAS, Company has the knowledge, expertise, personnel and facilities to develop, manufacture, promote and commercialize the Product in the Territory for surgical applications;

WHEREAS, Misonix and Company desire to license and transfer certain manufacturing technology associated with the Product, as further specified herein; and

WHEREAS, Misonix desires to grant to Company certain development, manufacturing and commercialization rights with respect to the Product and to appoint Company, on an exclusive basis, to promote, sell and distribute the Product in the Territory, in each case as further specified herein.

NOW, THEREFORE, the Parties hereby agree as follows:

1. DEFINITIONS

1.1 “Commercialization” means any and all activities of importing, marketing, promoting, distributing, offering for sale, or selling a Product, including pre-commercial launch market development activities conducted in anticipation of Regulatory Approval of Product, preparing advertising and promotional materials, sales force training, marketing, promoting and selling the Product, and interactions and correspondence with the relevant regulatory authorities. Commercialization does not include manufacturing of the Product. When used as a verb, “Commercialize” means to engage in Commercialization.

1.2 “Commercially Reasonable Efforts” means the level of efforts and use of resources consistent with the exercise of reasonable and prudent business judgment, as normally used by a Third Party similarly situated to a Party in the performance of its contractual obligations with the aim to commercialize a medical device having similar market potential as the Product.

1.3 “Confidential Information” means any data, know-how or other information relating to the Product or otherwise relating to the subject matter of this Agreement that a Party discloses to the other Party, directly or indirectly, in writing, orally or otherwise and identifies as confidential, proprietary or some similar designation, which shall be so identified in writing within 60 days of disclosure with respect to any information orally disclosed, or which the recipient knows or should have reason to know is confidential. Notwithstanding the foregoing, information shall not be Confidential Information if:

(a)

It is known to the receiving Party at the time of disclosure without any obligations of confidentiality, as demonstrated by the receiving Party’s written records made prior to such disclosure;

(b)

It is disclosed to the receiving Party by a Third Party who has a right to make such disclosure;

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

(c)

It was or it becomes publicly known and made generally available through no action or inaction of the receiving Party; or

(d)

It is independently developed by the receiving Party without use of the disclosing Party’s Confidential Information, as evidenced by the receiving Party’s written records.

1.4 “Development” means all activities as may be required or recommended from time to time by a Governmental Authority to obtain, maintain or expand Regulatory Approval of the Product. Development includes all applicable activities related to preclinical testing, test method development, process development, manufacturing scale up, quality assurance/quality control, clinical studies, seeking Regulatory Approval and otherwise handling regulatory affairs, statistical analysis and report writing performed with respect to the Product. Development does not include manufacturing or Commercialization. When used as a verb, “Develop” means to engage in Development.

1.5 “Disposables” means disposable probes made for use in conjunction with the Generator and the Hand Piece.

1.6 “GDP” means Good Distribution Practices as specified in Articles 76 to 85 of Directive 2001/83/EC of the European Parliament and of the Council of 6 November 2001 and the guidelines for Good Distribution Practices as promulgated in “Guidelines on Good Distribution Practice of Medicinal Products for Human Use” (2013/C 343/01), as amended from time to time.

1.7 “GMP” means Good Manufacturing Practices as described in EC Directive 2003/94 and the guidelines for Good Manufacturing Practice as promulgated in Volume IV of the Rules Governing Medicinal Products in the European Union, as amended from time to time.

1.8 “Generator” means the generator described in Schedule 1.16.

1.9 “Governmental Authority” means any court, tribunal, arbitrator, agency, legislative body, commission, department, bureau, official or other entity of (a) any government of any country, and (b) a federal, state, province, region, county, city or other local political subdivision of any country, and (c) any supranational body.

1.10 “Hand Piece” means the handpiece described in Schedule 1.16.

1.11 “Know-How” means all inventions, discoveries, data, information (including scientific, technical or regulatory information), processes, methods, techniques, materials, technology, results, analyses, laboratory, pre-clinical and clinical data, or other knowhow, whether or not patentable, including without limitation manufacturing methodologies and techniques, clinical and non-clinical safety and efficacy studies, and marketing studies.

1.12 “Laws” means the laws, statutes, codes, regulations, judgments, orders and ordinances of a Governmental Authority, and any implementing legislation or other applicable laws promulgated by the Governmental Authority in any country in the Territory, as any of the same may be amended from time to time, and all directives, regulations, promulgations, guidance and guidelines promulgated thereunder and having jurisdiction over or related to the development, registration, approval, marketing, promotion, distribution, storage and sale of the Product in any country in the Territory.

1.13 “MA” or “Marketing Authorization” means the authorization granted by the appropriate Governmental Authority approving placing the Product on the market in any country in the Territory as a medical device, together with all subsequent submissions, supplements and amendments thereto.

1.14 “MAA” or “Marketing Authorization Application” means the application, health registration, or other regulatory submission filed in accordance with the Laws of the relevant Governmental Authorities to obtain the Marketing Authorization of the Product in any country in the Territory.

1.15 “Misonix Know-How” means Know-How that Misonix controls at any time during the Term that is necessary or useful to manufacture, Develop or Commercialize the Product.

1.16 “Product” means the Generator, Hand Piece, Hand Piece subassemblies, and Disposables products sold by Misonix as of the Effective Date under the brand name SonaStar and meeting the specifications set forth in Schedule 1.16. For the avoidance of doubt, no rights to Misonix products other the Product are conferred by this Agreement.

1.17 “Quarter” means any three month period beginning on January 1, April 1, July 1 or October 1.

1.18 “Regulatory Approval” means all approvals, including, where applicable, the Marketing Authorization, schedule classifications, permits, licenses, filings and certifications of any Governmental Authorities, all to the extent necessary for the promotion, storage, distribution and sale of the Product in the Territory.

1.19 “Term” means the duration of this Agreement as provided in Section 13.1

1.20 “Territory” means China, Hong Kong and Macau.

1.21 “Third Party” means any person or entity other than Misonix or Company.

1.22 “Trademarks” means “SONASTAR” as used in connection with the Product.

2. GRANT OF LICENSE

2.1 License to Company. Subject to the terms and conditions of this Agreement, Misonix hereby grants to Company the sole license under the Misonix Know-How to manufacture, Develop and Commercialize the Product in the Territory; provided that with respect to sub-assemblies of the Hand Pieces, such license shall extend solely to the right to assemble, Develop and Commercialize the Hand Piece in the Territory.

3. FEES, ROYALTIES & PAYMENTS

3.1 Upfront Payment & Supply. As partial consideration for the specified Generators to be provided by Misonix to Company, and for the rights granted to Company by Misonix pursuant to the terms of this Agreement, Company shall pay Misonix a non-refundable, non-creditable payment equal to Five Million Dollars (US$5,000,000) by wire transfer of five installments of One Million Dollars (US$1,000,000) each on the payment due dates set forth in Table 3.1 below. Such installments shall be allocated in accordance with Table 3.1 below to: (i) the license provided for in Section 2.1 (amounts set forth under the heading “License Fee”); and (ii) the Generators to be supplied as set forth in Table 3.1 (amounts set forth under the heading “Total Generator Sales”).

Table 3.1

Payment	Payment Due Date	Generators	Generator Delivery Date	Price per Generator	Total Generator Sales	License Fee	Total Payment Due
1	On Signing	[***]	30 SEP 2017	[***]	[***]	[***]	$1,000,000
2	28 SEP 2017	[***]	31 OCT 2017	[***]	[***]	[***]	$1,000,000
3	27 OCT 2017	[***]	30 NOV 2017	[***]	[***]	[***]	$1,000,000
4	28 NOV 2017	[***]	31 DEC 2017	[***]	[***]	[***]	$1,000,000
5	28 DEC 2017	[***]	31 JAN 2018	[***]	[***]	[***]	$1,000,000

3.2 Continuing Product Supply. Within ten (10) days of the Effective Date of this Agreement and prior to the tenth (10th) day of each Quarter thereafter, Company will provide Misonix with a written twenty four (24) month rolling forecast of Company’s estimated Product requirements (specifying the amount of Generators beyond the quantities specified in Section 3.1, Disposables and Hand Pieces and Hand Piece subassemblies) (the “Rolling Forecast”). Out of the twenty (24) month Rolling Forecast, the first twelve (12) months shall be binding for Company and shall be for at least the quantities specified in the Annual Obligation (the “Binding Forecast”) provided that no forecast applicable after the third anniversary of the Effective Date shall be binding on Misonix.

3.3 Purchase Orders. During the first three (3) years after the Effective Date, and prior to the tenth (10th) day of each Quarter, Company shall submit a Purchase Order to Misonix at quantities no lower than those in the Binding Forecast and at the prices of: (a) [***] per Generator beyond the quantities specified in Section 3.1, and (b) [***] per Disposable probe for Company’s purchases of Generators and Disposables pursuant to this Agreement (each, a “Purchase Order”). In addition, Company may order Hand Pieces and Hand Piece subassemblies on a Purchase Order basis pursuant to the order process described in this Section 3. For the avoidance of doubt, all transfers of goods under this Agreement shall not be subject to the terms and conditions contained on any Purchase Order and acceptance thereof except insofar as any such Purchase Order and acceptance establishes the quantity and requested delivery dates for such Product.

3.4 Acceptance of Purchase Orders. Provided Company submits its Purchase Order in accordance with the Binding Forecast and otherwise in compliance with Section 3, within thirty (30) days from receipt of a Purchase Order, Misonix will review the requested quantities and Misonix will: (i) if the requested quantities are consistent with the Binding Forecast, accept the Purchase Order, or (ii) if the requested quantities are greater than the Binding Forecast, confirm with Company the quantities greater than the Binding Forecast that Misonix is able to deliver, if any.

3.5 Delivery. All Products delivered by Misonix pursuant to a valid Purchase Order will be Ex Works (Incoterms 2010) at Misonix’s facilities located at Farmingdale, New York USA.

3.6 Royalties. After the third anniversary of the Effective Date, Company shall be solely responsible for the manufacture and supply of Generators and Disposables for distribution in the Territory. For all Generators and Disposables manufactured by Company at any time during the Term, Company shall pay Misonix a royalty of: (a) [***] per Generator, and (b) [***] per Disposable (each a “Royalty”). Company and Misonix shall negotiate in good faith on the royalty rate applicable to Hand Pieces and Hand Piece subassemblies purchased for use with the Generators or Disposables.

3.7 Minimum Annual Royalty. Company is obligated to pay Misonix a minimum annural Royalty for at least [***] Generators in each of 2019, 2020, and 2021 (the “Annual Obligation”).

3.8 Quarterly Reports. Within thirty (30) days after the end of each Quarter, Company will deliver to Misonix a report setting forth for such Quarter the following information: (a) the gross sales and net sales of the Generators, Hand Pieces and Disposables in the Territory, (b) the number of units manufactured by Company, (c) the royalties due hereunder for the manufacture of Products (by applicable component), and (d) the applicable exchange rate as determined in accordance with this Agreement. The total royalty payable for such Quarter shall be paid by Company simultaneously with the submission of each Quarterly report.

3.9 Records and Audit. Company will keep and maintain accurate and complete records regarding the information necessary to substantiate the reports due pursuant to this Agreement for three (3) years. Upon fifteen (15) days prior written notice from Misonix, Company will permit an independent certified public accounting firm of internationally recognized standing, selected by Misonix, to examine the relevant books and records of Company as may be reasonably necessary to verify the payments due under this Agreement. The accounting firm will be provided access to such books and records at Company’s facility or facilities where such books and records are normally kept and such examination will be conducted during Company’s normal business hours. Upon completion of the audit, the accounting firm will provide both Misonix and Company a written report disclosing whether the reports submitted or payments made by Company are correct or incorrect and the specific details concerning any discrepancies. If the accountant determines that the report submitted or payments made by Company understated the amount due to Misonix, then Company will promptly pay such understated amount, and, if, during any calendar year, the understated amount is more than five percent (5%) of the amount that was owed to Misonix, Company will reimburse Misonix for the expense incurred by Misonix in connection with the audit and promptly pay Misonix a ten percent (10%) surcharge on such shortfall.

3.10 Currency. All amounts payable and calculations hereunder will be in U.S. Dollars. If, due to restrictions or prohibitions imposed by national or international authority, payments cannot be made as provided in this Agreement, the Parties will consult with a view to finding a prompt and acceptable solution, and the paying Party will deal with such monies as the other Party may lawfully direct at no additional out-of-pocket expense to the paying Party.

3.11 Interest. Any late payments shall bear interest, to the extent permitted by law, at two and one half percent (2.5%) above the then-applicable short-term three-month London Interbank Offered Rate (LIBOR) as reported in the Financial Times on the date payment is due.

4. COMMERCIALIZATION

4.1 Sales Outside the Territory. No rights are granted to Company to market or sell the Product outside the Territory. To the extent permitted by applicable Laws, Company shall not, directly or indirectly, distribute, market, promote, manufacture, or sell the Product outside the Territory.

5. TECHNOLOGY TRANSFER

5.1 Technology Transfer. Misonix shall transfer to Company the manufacturing processes developed by or on behalf of Misonix for the Generator and the Disposables. Misonix shall provide a transfer of the Generator and Disposable manufacturing technology such that Company is able to establish its own Generator and Disposable manufacturing operations, and is able to assemble Hand Pieces from subassemblies purchased from Misonix. Company shall reimburse Misonix, within 30 days of Misonix providing an invoice, for all direct and out-of-pocket costs incurred by Misonix activities associated with the transfer contemplated by this Section 5.1, in an aggregate amount up to one million dollars (U.S. $1,000,000). Misonix and Company shall in good faith seek to establish a mutually agreeable plan for accomplishing the technology transfer in a commercially reasonable manner. Misonix shall (a) provide necessary documentation to complete the technology transfer, including necessary portions of the Product specifications and (b) participate in technology transfer activities, including pilot batch runs at Company facilities, necessary to manufacture the Generator and the Disposables at Company facilities and to assemble Hand Pieces from subassemblies purchased from Misonix. Such technology transfer shall take place within twenty four (24) months after the Effective Date. After Misonix has received one million dollars (U.S. $1,000,000) in direct and out-of-pocket costs from Company for Misonix’s technical assistance, the Parties shall negotiate in good faith an agreement that reimburses Misonix for any additional technical assistance requested by Company.

6. DUTIES OF COMPANY

6.1 General Conduct. Company, in the performance of its duties and obligations hereunder, shall not engage in any deceptive, misleading, illegal or unethical business practice.

6.2 Customer Support. For Products manufactured by Misonix, Company shall promptly report to Misonix all suspected Product defects or other problems relating to the use of the Product and shall keep Misonix reasonably informed of customer complaints concerning such defects or problems.

6.3 Sales Requests Outside the Territory. If Company receives any request or inquiry related to sales of the Product outside of the Territory, Company shall within five (5) business days inform Misonix of such requests or inquiries.

6.4 Product Recall. Within thirty (30) days of the Effective Date, Company shall prepare and provide to Misonix for approval, certain standard operating procedures for potential recalls in the Territory of Products manufactured by Misonix .

6.5 Public Statements Regarding Products. For Products manufactured by Misonix: (a) Company shall be responsible for disseminating accurate information regarding the Products based on product labeling and promotional materials for the Products, and (b) Company shall seek to prevent claims or representations in respect of the Products or the characteristics of the Products (e.g., safety or efficacy) being made by or on behalf of it that do not represent an accurate or fairly balanced summary or explanation of the product labeling for the Products in the country in question.

6.6 Use of the Generator, Hand Pieces and Disposables. Company shall use the Generators, Hand Pieces and Disposables solely for the furtherance of this Agreement and shall not use Generators, Hand Pieces, Disposables or any other information or materials incorporating one or more essential elements thereof or produced therefrom (including any Confidential Information) for any profit-making or commercial purpose or for any purpose other than those expressly contemplated by this Agreement. Without limiting the foregoing, the Hand Pieces are not to be analyzed, modified or reverse engineered for any purpose.

7. REGULATORY MATTERS

7.1 Regulatory Approvals. Company shall use Commercially Reasonable Efforts to obtain and maintain, in its name, the MAs required by any Governmental Authority for the promotion, storage, distribution and sale of the Product in the Territory, including preparing and filing, at Company’s expense, all necessary applications and supporting documentation or any other activities related thereto. Misonix shall provide such data, reports and other information in its possession that is required to be contained in an MAA.

7.2 Marketing Authorization Holder. Company shall be the Marketing Authorization holder; provided, that it acknowledges that Misonix shall be the beneficial owner of such Marketing Authorizations. Company shall not be entitled to transfer, assign, encumber or otherwise convey the Marketing Authorizations to any Third Party without the written consent of Misonix. Within ten (10) days of a written request by Misonix, Company shall relinquish its Marketing Authorization for the Product.

7.3 Communications with Governmental Authorities.

(a) Company shall be responsible for interfacing, corresponding and meeting with all Governmental Authorities in connection with the Marketing Authorizations in all countries of the Territory.

(b) Company shall promptly inform Misonix of any official communications with Governmental Authorities regarding the Marketing Authorization in any country in the Territory, including (i) any condition or requirement proposed by any Governmental Authority as a condition to granting Marketing Authorization of the Product and (ii) any request or requirement to change the Product specifications.

(c) Company shall provide Misonix copies of all communications with any relevant Governmental Authorities regarding the MA in any country of the Territory, along with English translations thereof for the purposes of Misonix exercising its rights or complying its obligations under this Agreement. Misonix shall have the right to attend any meetings between Company and any Governmental Authorities, to the extent permitted by the Laws and the Governmental Authorities.

7.4 Storage and Distribution. Company shall: (a) adhere to all requirements of applicable Laws that relate to the storage and distribution of the Product in the Territory and comply with GDP; (b) store the Product in a safe and secure environment and ensure that such Product is adequately insured; and (c) comply with all of Misonix’s instructions with respect to the storage and distribution of the Product.

7.5 Product Variations. Except as necessary for the packaging and labeling of the Product, Company may not modify the Product or the description of the Product or its manufacturing process in the MAs, without the prior written consent of Misonix.

8. RECORDS

8.1 Records and Reports. For Products manufactured by Misonix, Company shall maintain (a) complete and accurate records of the distribution of the Products to the customers in the Territory covering information which is requisite to Misonix’s recall of the Products as necessary, including, without limitation the date of shipment, quantity shipped and lot number of the Products shipped, (b) complete and accurate records of any adverse events or customer complaints relating to the Products, (c) complete and accurate records of aggregate purchases and resales of the Products, (d) complete and accurate records of its expenditures related to the marketing, promotion and sale of the Products, and (e) complete and accurate records relating to the performance of its obligations under this Agreement, and shall permit, or cause to permit, Misonix or its agents at any time during regular business hours to examine such records for purposes related to the performance of the Agreement. Company shall provide copies of all such records and reports to Misonix within ten (10) Business Days of Misonix’s prior written request. Company shall maintain all such records for a minimum of five (5) years after expiration or termination of this Agreement, or longer as required to be in compliance with applicable laws and regulations.

8.2 Audits. Misonix has the right to authorize a representative of Company or to engage a third party, at Misonix’s expense, to audit Company’s all records and reports provided for under Section 8.1 and to verify Misonix’s products regulatory compliance records and systems. Company shall fully cooperate, at no additional charge to Misonix, in any such audit conducted by or on behalf of Misonix. Company shall immediately take all necessary or desirable corrective and preventive actions to resolve any issues discovered by any such audit conducted by or on behalf of Misonix.

9. MARKETING ACTIVITIES

9.1 Promotional Materials. For Products manufactured by Misonix, Company shall use solely promotional materials prepared by or approved by Misonix.

9.2 Representations. For Products manufactured by Misonix, Company, its employees, officers, directors, agents and other personnel shall not make any false or misleading representations to customers or others regarding Misonix or the Products. Company and its employees and agents shall not make any representations, warranties or guarantees with respect to the specifications, features or capabilities of the Products that are not contained within Misonix-approved documentation accompanying the Products or Misonix’s literature describing the same, including Company’s standard limited warranty and disclaimers.

9.3 Acting in Good Faith. In no event shall Misonix or Company be obligated under this Agreement to take any action or omit to take any action that it believes in good faith would cause it to be in violation of any laws and regulations of the Territory or any other applicable laws as promulgated and implemented in jurisdictions other than the Territory.

9.4 Independent Contractor. The relationship of Misonix and Company established by this Agreement is that of independent contractors and nothing contained in this Agreement shall be construed to give either party the power to direct or control the day-to-day activities of the other or allow one party to create or assume any obligation, whether express or implied, on behalf of the other for any purpose whatsoever, except that Misonix shall have the warranty obligations with respect to all Hand Piece sub-assemblies and other Products sold to Company. All financial obligations associated with Company’s business are the sole responsibility of Company. All sales and other agreements between Company and Company’s customers are Company’s exclusive responsibility and shall have no effect on Company’s obligations under this Agreement and Misonix shall in no event be liable or deemed to be liable under such agreements.

10. INTELLECTUAL PROPERTY RIGHTS

10.1 Trademarks. Misonix hereby grants Company an exclusive, non-transferable, non-assignable right to use the Trademarks solely to promote, distribute and sell the Product in the Territory. Company acknowledges the Trademarks are and shall remain the sole property of Misonix and shall not use them in any way that might prejudice their distinctiveness or validity. Company shall have no right to use the Trademarks except as provided herein. Except for its own corporate trademarks, service marks, trade names and domain names, (a) Company shall not register any domain names in relation to the Product without the prior written approval of Misonix and (b) Company shall not use any trademarks other than the Trademarks in relation to the Product without Misonix’s prior written consent. Company shall not use any trademarks or trade names likely to cause confusion with the Trademarks in any country in the Territory.

10.2 Branding. For Products manufactured by Misonix, Company shall not alter Misonix brand elements or the affixed Trademarks. For Products manufactured by Company, and except for the Trademark, Company shall label Products with its own brand elements and shall not reference any Misonix brand elements.

11. WARRANTIES AND LIMITATIONS OF LIABILITY

11.1

Mutual Representations. Each of the Parties represents and warrants to the other that, as of the Effective Date:

(a)

It is duly organized and validly existing under the Laws of its country of incorporation, and has full corporate power and authority to enter into this Agreement and to carry out the provisions hereof;

(b)

It is duly authorized to execute and deliver this Agreement and to perform its obligations hereunder, and the person(s) executing this Agreement on its behalf has(ve) been duly authorized to do so by all requisite corporate action;

(c)

This Agreement is legally binding upon it and enforceable in accordance with its terms. The execution, delivery and performance of this Agreement by it does not conflict with any agreement, instrument or understanding, oral or written, to which it is a party or by which it may be bound; and

(d)

It is aware of no action, suit or inquiry or investigation instituted by any Governmental Authority that questions or threatens the validity of this Agreement.

11.2

Company’s Warranties

Company represents and warrants to Misonix that:

11.2.1 it has the requisite power and authority to enter into and perform the obligations of this Agreement;

11.2.2 its obligations under this Agreement constitute legal and binding obligations of Company in accordance with the terms and provisions hereof;

11.2.3 the execution, delivery, and performance of this Agreement shall not: (a) result in a breach of any provision of the articles of incorporation or association of the Company; (b) result in a breach of or constitute a default under any instrument by which Company is bound; (c) result in a breach of any order, judgment or decree of any court or governmental agency to which Company is a party or by which Company is bound, or (d) require the consent of any party other than the Company or the board of directors of the Company;

11.2.4 it has obtained all regulatory approvals necessary for the importation, marketing, manufacture, distribution, sale, and exploitation of the Products in the Territory including without limitation the PRC medical device distribution license and import license, and such regulatory approvals shall remain valid and effective during the Term;

11.2.5 it has adequate facilities, financing, and personell to perform, at its own expense, its obligations under this Agreement;

11.2.6 it shall not provide any information or make any request to mislead Misonix with respect to Company’s compliance with applicable Laws;

11.2.7 it will maintain the validity and effectiveness of all licenses, permits, authorizations and other governmental approvals as necessary to perform its obligations under this Agreement; and

11.2.8 for Products manufactured by Misonix, Company shall provide the warranty and disclaimers specified in Schedule 11.2.8 to all customers and end users, and shall provide no other warranties and disclaimers; and,

11.2.9 it will not cause any act or omission that might reasonably be expected to prejudice the integrity, goodwill or reputation of Misonix.

11.3

Non-Conforming Products. Misonix shall have no responsibility or liability for any product manufactured, distributed or sold that is not in strict compliance with Schedule 1.16.

11.4

Product Warranties. EXCEPT AS ESTABLISHED IN THIS SECTION 11 AND SCHEDULE 11.2.8, MISONIX MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND WITH RESPECT TO THE PRODUCT, EXPRESS OR IMPLIED, INCLUDING ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

12. INDEMNIFICATION AND INSURANCE

12.1

Indemnity. Company shall indemnify and defend Misonix, and their respective directors, employees, affiliates, agents and representatives from and against all losses, liabilities, damages and expenses of any kind (including reasonable attorney’s fees and expenses) suffered or incurred in connection with any claims, demands, actions or other proceedings (including those brought by Third Parties) which: (a) arise from or are attributable to any breach of this Agreement, failure to comply with applicable Laws, negligence or willful misconduct on the part of Company or any of its directors, employees, agents or representatives relating to any of Company’s obligations under this Agreement; (b) are attributable to the manufacture packaging, labeling and storage of the Products by the Company; (c) arise from or are attributable to the infringement of the patent rights of any Third Party caused by the manufacture of the Product by or for Company, to the extent such manufacture was not following the manufacturing processes described in writing by Misonix; or (d) arise from or are attributable to Company’s breach of its representations, warranties or covenants under this Agreement.

12.2

Conditions of Indemnification. If Misonix expects to seek indemnification under Section 12.1, it shall promptly give notice to Company of the basis for such claim of indemnification. If indemnification is sought as a result of any Third Party claim or suit, such notice to Company shall be within 15 days after receipt by Misonix of such claim or suit. Misonix shall have full control over the defense of such claim or suit; provided, that Company shall have the right to participate, at its own expense, with counsel of its own choosing, in such defense. Company shall fully cooperate with Misonix in the defense of all such claims or suits.

12.3

Insurance. Company shall for the Term and five years thereafter maintain comprehensive general liability insurance, including product liability insurance coverage, in accordance with any obligations imposed by local Laws, with a minimum limit of at least five thousand dollars (U.S. $5,000) per claim and three hundred thousand dollars (U.S. 300,000) in the annual aggregate.

12.4

Liability for Death or Personal Injury. Nothing in this Agreement shall operate to limit or exclude any Party’s liability for death or personal injury arising from its negligence, for fraud or for any other liability that, by law, cannot be limited or excluded.

12.5

Limitation of Liability. EXCEPT WITH RESPECT TO COMPANY’S INDEMNIFICATION OBLIGATIONS IN THIS SECTION 12, IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR PUNITIVE, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES, WHETHER BASED ON CONTRACT, TORT (INCLUDING NEGLIGENCE) OR ANY OTHER LEGAL THEORY AND IRRESPECTIVE OF WHETHER THE OTHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF ANY SUCH LOSS OR DAMAGE.

13. TERM AND TERMINATION

13.1

Term. This Agreement shall commence on the Effective Date and, unless earlier terminated pursuant to this Section 13, shall continue for 10 years (the “Intitial Term”). The Initial Term may be extended by the Parties for successive five (5) year renewal terms (each a “Renewal Term”) by the Parties’ written mutual agreement which may be withheld in either Party’s sole discretion. The Initial Term and all Renewal Terms (if any) are collectively referred to herein as the “Term”). Section 2.1 shall survive any expiration of the Term. Upon Misonix’s notice to Company of Company’s uncured breach of this Agreement (including any breach of Company’s payment obligations in Section 3), and in addition to Misonix’s rights in law, equity, and under Section 13.2, the license rights granted by Section 2 shall terminate.

13.2

Termination for Breach of Contract. Either Party may, without prejudice to any other remedies available to it at law or in equity, terminate this Agreement in its entirety, in the event that another Party breaches any of its obligations hereunder and has not cured such breach within 60 days after written notice thereof; provided that if such breach relates to a failure to make any payment when due then such breach must be cured within 20 days following written notice thereof.

13.3

Termination for Insolvency. Without prejudice to any other remedies available to it at law or in equity, if at any time any Party shall (a) become insolvent or shall cease to carry on its business, (b) go into liquidation, whether compulsory or voluntary (other than a voluntary liquidation for the purposes of reconstruction or amalgamation), or (c) have a receiver appointed over the whole or any part of its assets, then, and in any of the foregoing events, the other Party shall be entitled to terminate this Agreement immediately upon notice in writing to the insolvent Party.

13.4

Effect of Termination. Expiration or termination of this Agreement, for whatever reason, shall not affect any rights or obligations accrued by any Party prior to the effective date of termination. Any termination of this Agreement in its entirety or for any country shall:

(a)

Extinguish all rights of Company under this Agreement, including any rights to distribute, sell or market the Product in the applicable countries in the Territory;

(b)

Oblige Company, at its sole cost and expense, to promptly return to Misonix all applicable data and materials transferred by Misonix to Company under this Agreement (as well as its copies, printouts or translations) and any records and materials in Company’s possession or control containing Confidential Information of Misonix;

(c)

Oblige Company to (i) provide Misonix all information related to any outstanding orders of Product, and (ii) notify Misonix of any tenders (public procurements governed by any law in the Territory) that will require the supply of the Product following termination of this Agreement;

(d)

Oblige Company to prepare and submit to Misonix an inventory of its remaining stock of Product within 10 business days of the date of termination of this Agreement. Following receipt of such inventory, Misonix may at its discretion buy back all or part of the Product in the possession of Company at the landed cost for such Product supplied by Misonix and with respect to units of Product manufactured by Company for the amounts received by Misonix from Company for such products; provided that the Product continues to conform to all applicable specifications and warranties. Misonix shall give notice to Company within 15 business days from its receipt of such inventory, indicating (i) whether it desires to purchase any remaining stock of Product and (ii) how much stock of Product it will buy back from Company, if any. Company shall have the right to sell the Product in inventory at the time of termination that are not repurchased by Misonix for a period of 6 (six) months following termination hereof; provided that such sale shall be subject to the terms of this Agreement in effect immediately prior to the termination;

(e)

If the Agreement is terminated, oblige Company to pay any outstanding unpaid invoices already submitted by Misonix and immediately on receipt of invoice pay any invoices in respect of Product supplied before termination but for which an invoice is not submitted until after termination;

(f)

Oblige Company, within 30 days from the receipt of a request from Misonix, to transfer any domain names registered by Company related to the Product in respect of the applicable countries; and,

(g)

Oblige Company to assign to Misonix all right, title and interest in and to all MAAs and MAs.

13.5

Hand Piece Sub-Assemblies. In the event of: (a) a change in control of Misonix, or (b) a Misonix bankruptcy, Misonix (or its successor(s) as the case may be) shall, in its sole discretion, either (y) continue supplying Company with Hand Piece sub-assemblies pursuant to this Agreement, or (z) transfer technology and know-how sufficient for Company to manufacture its own Hand Piece sub-assemblies.

13.6

Survival. The provisions in Sections 1, 3.7, 3.8-3.11, 4.1, 6.1, 6.3, 7.2, 8, 9.3, 11, 12, 13.4, 14, 15 and 16 shall survive the expiration or termination of this Agreement.

13.7

No Damages from Termination. Without prejudice to the rights of the Parties to claim compensation for any damages deriving from any breach, upon expiration or termination of this Agreement, no Party shall be liable to any other for any damages (whether direct, consequential, or incidental and including expenditures, loss of profits, or prospective profits of any kind) sustained or arising out of, or alleged to have been sustained or to have arisen out of, such termination. In particular (but without limitation), Company shall have no claim against Misonix for compensation for loss of distribution rights, loss of goodwill or similar loss.

14. CONFIDENTIALITY AND DISCLOSURE

14.1

Confidentiality. Neither Party shall use or disclose any Confidential Information received by it pursuant to this Agreement without the prior written consent of the disclosing Party, during the Term and for five additional years following the expiration or termination of the Term.

14.2

Disclosure. Nothing contained in this Section shall be construed to restrict the parties from using such Confidential Information as is reasonably necessary to perform acts permitted by this Agreement (including the registration, promotion, storage, distribution or sale of the Product) or from disclosing Confidential Information (i) to those of the receiving Party’s employees or representatives who have a need to know such information (collectively, “Authorized Recipients”) to perform such Party’s obligations hereunder so long as each Authorized Recipient is under a written obligation of confidentiality no less protective than the terms hereof and (ii) to any physical or legal person, including any Governmental Authority, as required (a) for regulatory, tax, securities or customs reasons, (b) by court or other government order, or (c) for confidential audit purposes; provided, that the disclosing Party shall, in the event of disclosure under subsections (ii)(a) or (ii)(b) above, provide the other Party with not less than 15 days’ notice prior to disclosure (except where the disclosing party itself receives less than 15 days’ prior notice, in which case the disclosing Party shall immediately notify the other Party), and the disclosing Party shall fully cooperate with the other Party to the extent permitted by law, so that the other Party may make any objections and/or secure any protective provisions it deems reasonably necessary.

15. COMPLIANCE WITH LAWS

15.1

Compliance with Privacy Laws. As required by applicable laws and regulations, Company shall secure all necessary consents and other rights in writing before sharing any protected health information. Company shall not transfer any protected health information to Misonix. To the extent that this Agreement requires transfer of or reference to protected health information, Company and Misonix shall negotiate in good faith a data privacy amendment to this Agreement before such transfer or reference occurs.

15.2

Compliance with Applicable Law. Company shall strictly comply with any and all applicable laws and regulations with regard to importation, distribution and sale of the Company’s products in the Territory, including without limitations all China’s importation laws and regulations, all applicable anti-bribery laws, including the Foreign Corrupt Practices Act of the U.S. (“FCPA”) and the U.K. Bribery Act, as well as all related local restrictions.

15.3

Anti-Bribery and Sales Ethics Compliance. Company, including for its employees and agents, hereby represents, warrants, and covenants that:

15.3.1 Foreign Corrupt Practices Act Compliance. In carrying out its responsibilities under the Agreement, Company, its owners, officers, director, employees, and agents will comply strictly with FCPA and the United Kingdom Bribery Act of 2010 and all anti-corruption laws and regulations of China and of any jurisdiction upon which Company is bound

15.3.2 Prohibited Payments. Further, in carrying out its responsibilities under the Agreement, Company and its owners, officers, director, employees, or agents have not and will not pay, offer, or promise to pay, or authorize the payment directly or indirectly, of any money, gift, or anything of value to any government official for the purpose of influencing any act or decision of such official or of the government to obtain or retain business, or direct business to any person (any such payment is a “Prohibited Payment”). A Prohibited Payment does not include the payment of reasonable and bona fide expenditures, such as travel and lodging expenses, which are directly related to the promotion, demonstration, or explanation of products or services, or the execution or performance of a contract with a foreign government or agency, provided that such payments are permissible under the Chinese national and local law and customer guidelines. All such payments shall be documented for audit purposes and such documentation shall be maintained indefinitely and not discarded without the written consent of Misonix.

15.3.3 Gratuity Prohibition. Sales and marketing activities involving health care professionals and entities, including surgeons, will not involve personal gifts or gratuities or the direct or indirect funding of entertainment, sports or recreational events. All business-related meal expenses must be in compliance with local law and custom, modest in value, and involve business and professional interactions, activities and meetings.

15.3.4 Government Ownership. Company is not and will not become owned wholly or in part by the government, any agency or instrumentality thereof, or any Government Official during the term of this Agreement without prior written notice to the Misonix. No owner, partner, officer, director, or employee of Company is or will become an official or employee of the government during the Term without the prior written notice and approval of the Misonix.

15.3.5 Misonix Reliance on Company’s Compliance with Chinese Law. Company recognizes that Misonix is not fully familiar with the laws, rules, orders, regulations, policies, and customs of China and that Misonix has entered into this Agreement with material reliance on Company’s representation and warranty that this Agreement and the relationship created between the Company and Misonix does not violate any law, rule, or regulation of China, including laws regulating elections. Company further represents and warrants that neither the receipt of fees under this Agreement nor performance of the services under this Agreement is in any respect a violation of the laws, rules, orders, prohibitions, regulations, or policies of China.

15.4

Failure to Comply with Laws. In the event Misonix has reason to believe that non-compliance activity, a violation of the law or otherwise a breach of any of the representations and warranties and other obligations of this Agreement has occurred or may occur, Misonix may suspend any or all of its obligations under this Agreement until such time as it has received confirmation to its satisfaction that no breach has occurred or will occur. Misonix shall not be liable to Company for any claims, loses, or damages whatsoever related to its decision to suspend its obligations under this Section 15. In the event of non-compliance with the requirements of this Section 15, including a violation of applicable regulatory or anti-bribery laws, the Agreement shall be voidable ab initio in Misonix’s sole discretion without the requirement of any prior written notice of cancellation. In addition to and without limiting its obligations under this Agreement, the Company shall indemnify and hold Misonix harmless against any and all claims, losses, damages or costs of any kind (including reasonable fees and costs incurred by Misonix in connection with any audit, internal review, investigation or government disclosures) related to such breach of any warranty or representation of this Agreement. Company agrees to provide Misonix an annual certification as to FCPA compliance in the form requested by Misonix.

15.5

Audit. Misonix shall have the right to audit the Company in order to satisfy itself that no breach related to this Section 15 has occurred. At Misonix’s option, Misonix may select an independent third party to conduct an audit to certify to Misonix that no breach has occurred or will occur. The Company shall cooperate fully in any audit conducted by or on behalf of the Misonix.

16. MISCELLANEOUS

16.1

Assignment. Misonix shall have the right to assign or transfer its rights and benefits under this Agreement at its sole discretion to any successor to substantially all of its assets relating to the Product. Company shall not assign, sublicense or transfer any right or obligation hereunder without the prior written consent of Misonix. The rights and obligations of the Parties under this Agreement shall be binding upon and inure to the benefit of the successors and permitted assigns of the Parties. Any purported assignment or sublicense not in accordance with this Agreement shall be null and void.

16.2

Independent Contractors. The Parties to this Agreement are independent contractors and agree that the relationship between the Parties shall not constitute a partnership, joint venture or agency. No Party shall have the authority to make any statement, representations or commitments of any kind, or to take any action, which shall be binding on any other Party, without the prior written consent of that other Party.

16.3

Force Majeure. Neither Party shall be held liable or responsible, nor be deemed to be in default or breach of this Agreement, for any delay or failure to fulfill or perform any provision of this Agreement (other than any payment obligation) if such delay or failure arises directly or indirectly out of an act of nature, acts of the public enemy, freight embargoes, strikes, plant shutdown, equipment failure, quarantine restrictions, unusually severe weather conditions, insurrection, riot, labor disputes or shortages or other causes beyond the reasonable control of the Party responsible for the delay or failure to perform; provided that the Party whose performance is delayed or prevented shall notify the other Party as soon as reasonably possible after the occurrence of such event and shall continue to use good faith diligent efforts to mitigate, avoid or end such delay or failure in performance as soon as practicable and that if such event continues for a period of three months or more, the non-affected Party may terminate this Agreement with immediate effect by giving written notice to the affected Party. Nothing contained in this Section 16.3 shall limit or restrict the right of any Party to handle or dispose of any strikes or labor disputes in its absolute discretion.

16.4

Severability. If any one or more of the provisions of this Agreement is held to be invalid, illegal or unenforceable by any court of competent jurisdiction from which no appeal can be or is taken, the provision shall be considered severed from this Agreement and shall not serve to invalidate any remaining provisions hereof. The Parties shall make a good faith effort to replace any invalid or unenforceable provision with a valid and enforceable one such that the objectives contemplated by the Parties when entering into this Agreement may be realized

16.5

Entire Agreement. This Agreement contains the entire understanding of the Parties with respect to the subject matter hereof. Except in the case of fraud, all express or implied agreements and understandings, either oral or written, made prior to the execution of this Agreement are superseded by this Agreement. Except as expressly provided elsewhere in this Agreement, this Agreement may be amended, or any term hereof modified, only by a written instrument duly executed by both Parties. The language of this Agreement is English.

16.6

Publicity. Neither Party shall make any statement to the public regarding the execution or the subject matter of this Agreement without the prior written consent of the other Party except to the extent required by any applicable Governmental Authority and applicable Law, including disclosures required by any securities exchange regulation, as reasonably advised by such Party’s counsel.

16.7

Waiver. Any delay or failure of a Party to enforce any provision of this Agreement shall not constitute a waiver of such provision or of that Party’s right to thereafter enforce any and all provisions under this Agreement.

16.8

Notice. Any notices, approvals, or consents required or permitted to be given under this Agreement shall be in writing, shall specifically refer to this Agreement and shall be deemed to have been sufficiently given for all purposes if mailed by first class certified or registered mail, postage prepaid, internationally recognized express delivery service or personally delivered. Unless otherwise specified in writing, the mailing addresses of the Parties shall be as described below:

For Misonix:

Misonix, Inc.

ATTN: Scott Ludecker

Address: 1938 New Highway; Farmingdale, NY 11735

Tel: 631-927-9115

Email: sludecker@misonix.com

For Company:

Hunan Xing Hang Rui Kang Bio-technologies Co., Ltd.

ATTN: Li Quain

26/F., Times Tower, 391-407 Jaffe Road

Wan Chai, Hong Kong

Tel: +86 16273179999

Email: 1092279853@qq.com

16.9

Taxes.

(a)

Payment of taxes. Each Party is solely responsible for determining its own tax treatment of all items hereunder. A Party receiving a payment pursuant to this Agreement shall pay any and all taxes levied on such payment. If applicable Laws require that taxes be deducted and withheld by the remitting Party from such a payment, the remitting Party shall (i) deduct those taxes from the payment; (ii) timely pay the withheld taxes to the proper taxing authority; and (iii) send proof of payment to the other Party within sixty (60) days upon request. Each Party shall furnish the other Party with appropriate documents to secure application of the most favorable rate of withholding tax under applicable Laws.

(b)

Tax Residence Certificate. A Party entitled to receive a payment pursuant to this Agreement shall provide the remitting Party appropriate certification from the relevant revenue authorities that such receiving Party is a tax resident of that jurisdiction (a “Tax Residence Certificate”), if such receiving Party wishes to claim the benefits of an income tax treaty to which that jurisdiction is a party. Upon the receipt thereof, any deduction and withholding of taxes by the remitting Party shall be made at the appropriate treaty tax rate.

16.10

Interpretation. The paragraph and other headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement. All references in this Agreement to a Section or Schedule shall refer to a Section or Schedule in or to this Agreement, unless otherwise stated. Any reference to any Law shall be deemed also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise. The word “including” and similar words mean “including without limitation.” The words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision. References in this Agreement to “provisions of this Agreement” refer to the terms, conditions and promises contained in this Agreement taken as a whole, including all Schedules attached hereto. All references to months, quarters or years/annual are references to calendar months, calendar quarters, or calendar years, respectively, unless otherwise specified. References to the singular include the plural. This Agreement will be construed without any presumption or other rule requiring construction against the Party drafting the provision to be interpreted.

16.11

Further Assurances. Each Party agrees to execute, acknowledge and deliver such further instruments, and to do all such other acts, as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement.

16.12

Third Party Rights. This Agreement does not create any right enforceable by any person who is not a Party to it.

16.13

Dispute Resolution and Applicable Law. This Agreement and any issues, disputes or claims arising out of or in connection with it (whether contractual or non-contractual in nature such as claims in tort, from breach of statute or regulation or otherwise) shall be governed by and construed in accordance with the laws of Switzerland excluding the provisions of the Swiss International Private Law. The United Nations Convention on Contracts for International Sale of Goods (1980) shall not govern this Agreement. For all disputes that cannot be resolved between the Parties, either Party shall have the right to refer such unresolved dispute to the respective chief executive officers of both Parties by written notice in accordance with Section 16.8, for attempted resolution by good faith negotiations within 30 days after such notice is received. In the event the chief executive officers (or their designees) are not able to resolve such dispute within such 30 day period after receipt of written notice, then all disputes between the Parties arising under, out of or relating to this Agreement or arising out of the circumstances and relationships contemplated by this Agreement shall be exclusively resolved by arbitration in New York City, New York, USA in accordance with the International Chamber of Commerce Rules of Arbitration, by one or three arbitrators appointed in accordance thereof. The language to be used in the arbitral proceedings shall be English. The decision reached by such arbitrators in any such proceeding shall be final and binding upon the parties thereto.

[Signature page follows]

IN WITNESS WHEREOF, the Parties have caused their duly authorized representatives to execute this Agreement as of the date first above written.

Misonix, Inc.		Hunan Xing Hang Rui Kang Bio-technologies Co., Ltd.

Signature:	/s/ S.G. Vizirgianakis	Signature:	/s/ Li Quan

Title: CEO		Title: CEO

Schedule 1.16 – Product Specifications

[***]

Schedule 11.2.8 – Product Warranty

WARRANTY

Limited Warranty. Manufacturer warrants to end users who purchase the Product(s) from a Distributor or directly from Manufacturer, that the Product(s), at the time of shipment will: (i) be free from defects in design, construction, material and workmanship, and (ii) comply with the product performance and packaging specifications that accompany the shipment of the Product(s) by Manufacturer. Manufacturer warrants the Product(s) for a time period of 12 months from shipment of the Product(s) to an end user or 18 months from the shipment to a Distributor, whichever is shorter.¹ This warranty is contingent upon use of the Product(s) in accordance with Manufacturer’s instructions and in the application for which such Product(s) was intended and does not cover Product(s) that were modified without Manufacturer’s prior written approval, that have expired, or that were subjected by the customer to unusual physical, chemical or electrical stress. During the warranty period, Manufacturer shall be responsible to repair or replace Product(s) solely at its discretion.

¹ Distribution partners will be required to provide end user proof of purchase for warranty claims to ensure that the Product(s) is still under warranty. Distributors will have a maximum of 12 additional months from shipment from Manufacturer to place a unit with an end user.

EX-31.1 3 s108906_ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATION

I, Stavros G. Vizirgianakis, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Misonix, 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 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 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.

Dated: February 6, 2018	/s/ Stavros G. Vizirgianakis
	Stavros G. Vizirgianakis
	Chief Executive Officer

EX-31.2 4 s108906_ex31-2.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATION

I, Joseph P. Dwyer, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Misonix, Inc.;

(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.

Dated: February 6, 2018	/s/ Joseph P. Dwyer
	Joseph P. Dwyer
	Chief Financial Officer

EX-32.1 5 s108906_ex32-1.htm EXHIBIT 32.1

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 Misonix, Inc. (the “Company “) on Form 10-Q for the period ended December 31, 2017 as filed with the Securities and Exchange Commission (the “Report”), I, Stavros G. Vizirgianakis, Chief Executive Officer of the Company, certify, that: (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 results of operations of the Company.


Dated: February 6, 2018	/s/ Stavros G. Vizirgianakis
	Stavros G. Vizirgianakis
	Chief Executive Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Misonix, Inc. and will be retained by Misonix, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 6 s108906_ex32-2.htm EXHIBIT 32.2

Exhibit 32.2

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 Misonix, Inc. (the “Company “) on Form 10-Q for the period ended December 31, 2017 as filed with the Securities and Exchange Commission (the “Report”), I, Joseph P. Dwyer, Chief Financial Officer of the Company, certify, that: (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 results of operations of the Company.


Dated: February 6, 2018	/s/ Joseph P. Dwyer
	Joseph P. Dwyer
	Chief Financial Officer

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1. Basis of Presentation, Organization and Business and Summary of Significant Accounting Policies   Basis of Presentation    These consolidated financial statements of Misonix, Inc. (“Misonix” or the “Company”) include the accounts of Misonix and its 100% owned subsidiaries. All significant intercompany balances and transactions have been eliminated.   The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all the information and footnotes required by U.S. GAAP for complete financial statements. As such, they should be read with reference to the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2017, which provides a more complete explanation of the Company’s accounting policies, financial position, operating results, business properties and other matters. In the opinion of management, these financial statements reflect all adjustments considered necessary for a fair statement of interim results.    Organization and Business    Misonix designs, manufactures, develops and markets therapeutic ultrasonic devices. These products are used for precise bone sculpting, removal of soft tumors, and tissue debridement in the fields of orthopedic surgery, plastic surgery, neurosurgery, podiatry and vascular surgery. In the United States, the Company sells its products through a network of commissioned agents assisted by Company personnel. Outside of the United States, the Company sells to distributors who then resell the product to hospitals. The Company operates as one business segment.   High Intensity Focused Ultrasound Technology   The Company sold its rights to the high intensity focused ultrasound technology to SonaCare Medical, LLC (“SonaCare”) in May 2010. The Company may receive up to approximately $5.8 million in payment for the sale. SonaCare will pay the Company 7% of the gross revenues received from its sales of the (i) prostate product in Europe and (ii) kidney and liver products worldwide, until the Company has received payments of $3 million, and thereafter 5% of the gross revenues, up to an aggregate payment of $5.8 million, all subject to a minimum annual royalty of $250,000. Cumulative payments through December 31, 2017 were $2,292,579.    Major Customers and Concentration of Credit Risk    Total royalties from Medtronic Minimally Invasive Therapies (“MMIT”) related to their sales of the Company’s ultrasonic cutting and sculpting products, which use high frequency sound waves to coagulate and divide tissue for both open and laparoscopic surgery, were $524,000 and $1,885,788 for the six months ended December 31, 2017 and 2016, respectively. Accounts receivable from MMIT royalties were $925,000 at June 30, 2017. The license agreement with MMIT expired in August 2017.    At December 31, 2017 and June 30, 2017, the Company’s accounts receivable with customers outside the United States were approximately $627,000 and $860,000, respectively, none of which is over 90 days.   Use of Estimates    The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and judgments that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used for but not limited to establishing the allowance for doubtful accounts, valuation of inventory, depreciation, asset impairment evaluations and establishing deferred tax assets and related valuation allowances, and stock-based compensation. Actual results could differ from those estimates.   Loss Per Share    Diluted EPS for the three and six months ended December 31, 2017 and 2016 as presented is the same as basic EPS as the inclusion of the effect of common share equivalents then outstanding would be anti-dilutive. Accordingly, excluded from the calculation of diluted EPS are outstanding options to purchase 375,000 and 521,000 shares of common stock for the three months ended December 31, 2017 and 2016, respectively, and outstanding options to purchase 1,366,736 and 1,734,649 shares of common stock for the six months ended December 31, 2017 and 2016, respectively.    Recent Accounting Pronouncements   In May 2014, the Financial Accounting Standards Board (the “FASB”) issued guidance on revenue from contracts with customers. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved, in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. This guidance permits the use of either the retrospective or cumulative effect transition method and is effective for the Company beginning in fiscal 2019; early adoption is permitted beginning in 2018. We have not yet selected a transition method and are currently evaluating the impact of the guidance on the Company’s financial condition, results of operations and related disclosures. The FASB has also issued the following additional guidance clarifying certain issues on revenue from contracts with customers: Revenue from Contracts with Customers - Narrow-Scope Improvements and Practical Expedients and Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing. The Company has engaged a consulting firm to assist with in evaluating this guidance to determine the impact it will have on its financial statements, and expects to complete its evaluation and implementation of necessary procedures and changes, if any, prior to June 30, 2018.    In February 2016, the FASB issued guidance on lease accounting requiring lessees to recognize a right-of-use asset and a lease liability for long-term leases. The liability will be equal to the present value of lease payments. This guidance must be applied using a modified retrospective transition approach to all annual and interim periods presented and is effective for the Company beginning in fiscal 2020. The Company is currently in the early stages of evaluating this guidance to determine the impact it will have on its financial statements.   In August 2016, the FASB issued guidance on the Statement of Cash Flows Classification of certain cash receipts and cash payments (a consensus of the Emerging Issues Task Force). This guidance addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. This guidance will be effective for the Company beginning in fiscal 2019. The Company is currently in the early stages of evaluating this guidance to determine the impact it will have on its financial statements.    In January 2017, the FASB issued ASU No. 2017-01, Business Combinations: Clarifying the Definition of a Business (“ASU 2017-01”). ASU 2017-01 clarifies the definition of a business for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2017, and early adoption is permitted. The Company is in the process of evaluating the impact of the adoption of ASU 2017-01 on its consolidated financial statements.   There are no other recently issued accounting pronouncements that are expected to have a material effect on the Company’s financial position, results of operations or cash flows.   Recently Adopted Accounting Pronouncements   In March 2016, the FASB issued Accounting Standards Update No. 2016-09 “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” intended to simplify several aspects of accounting for share-based payment transactions. The Company adopted these amendments beginning in the first quarter of fiscal 2018. The guidance requires that all excess tax benefits and tax deficiencies previously recorded as additional paid-in capital be prospectively recorded in income tax expense. The guidance allows for an increase in the threshold for net share settlement up to the maximum statutory rate in employees’ applicable jurisdictions without triggering liability classification. The adoption of this guidance had an immaterial impact on income taxes on the Company’s Consolidated Statement of Operations for the three and six months ended December 31, 2017. The Company elected to apply the presentation requirement for cash flows related to excess tax benefits prospectively, which had an immaterial impact on both net cash from operating activities and net cash used in financing activities for the three and six months ended December 31, 2017. The presentation requirements for cash flows related to employee taxes paid for withheld shares had no impact on any of the periods presented on the Company’s Consolidated Statements of Cash Flows since such cash flows have historically been presented as a financing activity. Finally, the Company has elected to account for forfeitures as they occur, rather than estimate expected forfeitures. As a result, the Company recorded the cumulative impact of $908,875 as an increase to Deferred Income Taxes with a corresponding decrease to Accumulated Deficit.

2. Fair Value of Financial Instruments   We follow a three-level fair value hierarchy that prioritizes the inputs to measure fair value. This hierarchy requires entities to maximize the use of “observable inputs” and minimize the use of “unobservable inputs.” The three levels of inputs used to measure fair value are as follows:   Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets as of the measurement date.   Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.   Level 3: Significant unobservable inputs that reflect assumptions that market participants would use in pricing an asset or liability.   At December 31, 2017 and June 30, 2017, all of our cash and cash equivalents, trade accounts receivable and trade accounts payable were short term in nature, and their carrying amounts approximate fair value.

3. Inventories   Inventories are summarized as follows:   <table cellspacing="0" cellpadding="0" align="center" style="width: 50%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">December	 31,</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">June 30,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%; text-align: left">Raw material</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right">2,489,274</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right">2,409,148</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Work-in-process</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,076,545</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">741,994</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Finished goods</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,000,748</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">3,267,232</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,566,567</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,418,374</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Less valuation reserve</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">517,692</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,425,940</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">5,048,875</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">4,992,434</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

4. Property, Plant and Equipment   Depreciation and amortization of property, plant and equipment was $615,000 and $429,000 for the six months ended December 31, 2017 and 2016, respectively. Inventory items included in property, plant and equipment are depreciated using the straight line method over estimated useful lives of 3 to 5 years. Depreciation of generators which are consigned to customers was expensed over a 5 year period during the six months ended December 31, 2017 and was expensed over a 3 year period for the six months ended December 31, 2016, and depreciation was charged to selling expenses.

5. Goodwill    Goodwill is not amortized. We review goodwill for impairment annually and whenever events or changes indicate that the carrying value of an asset may not be recoverable. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of significant assets or products. Application of these impairment tests requires significant judgments, including estimation of cash flows, which is dependent on internal forecasts, estimation of the long term rate of growth for the Company’s business, the useful lives over which cash flows will occur and determination of the Company’s weighted average cost of capital. The Company primarily utilizes the Company’s market capitalization and a discontinued cash flow model in determining the fair value which consists of Level 3 inputs. Changes in the projected cash flows and discount rate estimates and assumptions underlying the valuation of goodwill could materially affect the determination of fair value at acquisition or during subsequent periods when tested for impairment. The Company completed its annual goodwill impairment tests for fiscal 2017 and 2016 as of June 30 of each year. There were no triggering events identified during the quarter ended December 31, 2017.

6. Patents   The costs of acquiring or processing patents are capitalized at cost. These amounts are being amortized using the straight-line method over the estimated useful lives of the underlying assets, which is approximately 17 years. Patents totaled $715,032 and $719,136 at December 31, 2017 and June 30, 2017, respectively. Amortization expense for the six months ended December 31, 2017 and 2016 was $61,000 and $53,000, respectively. The following is a schedule of estimated future patent amortization expenses by fiscal year as of December 31, 2017:   <table cellspacing="0" cellpadding="0" align="center" style="width: 35%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">2018</td> <td style="width: 2%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td> <td style="width: 28%; text-align: right">60,839</td> <td style="width: 2%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">2019</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">112,556</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2020</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">89,127</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">2021</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">82,956</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2022</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">54,032</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Thereafter</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">315,522</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">715,032</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

7. Accrued Expenses and Other Current Liabilities   The following summarizes accrued expenses and other current liabilities:   <table cellspacing="0" cellpadding="0" align="center" style="width: 60%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">December 31,</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">June 30,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 62%; text-align: left">Accrued vacation</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right">203,346</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right">715,245</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Accrued bonus</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">250,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">343,400</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued commissions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">610,192</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">751,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Professional fees</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">133,487</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">662,537</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Litigation settlement</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">500,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Deferred income</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">19,236</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">27,901</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Trade payables and other</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">659,786</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">346,055</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">1,876,047</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">3,346,138</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

8. Stock-Based Compensation Plans   Stock Option Awards   For the six months ended December 31, 2017 and 2016, the compensation cost relating to stock option awards that has been charged against income for the Company’s stock option plans was $1,016,026 and $83,865 respectively, which included a charge to modify certain stock options of $81,765 and a reversal of stock compensation from prior periods due to forfeitures of unvested options of $616,239, for the six months ended December 31, 2016. As of December 31, 2017, there was approximately $5,787,705 of total unrecognized compensation cost related to non-vested share-based compensation arrangements to be recognized over a weighted-average period of 3.0 years.   Stock options typically expire 10 years from the date of grant and vest over service periods, which typically are 4 years. All options are granted at fair market value, as defined in the applicable plans.    The fair value of each option award was estimated on the date of grant using the Black-Scholes option valuation model that uses the assumptions noted in the following table. The expected volatility represents the historical price changes of the Company’s stock over a period equal to that of the expected term of the option. The Company uses the simplified method for determining the option term. The risk-free rate was based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is based upon historical and projected dividends. The Company has historically not paid dividends, and is not expected to do so in the near term.   The weighted average fair value at date of grant for options granted during the six months ended December 31, 2017 was $5.50. There were options to purchase 305,500 and 327,500 shares granted during the six months ended December 31, 2017 and 2016, respectively. The fair value was estimated based on the weighted average assumptions of:   <table cellspacing="0" cellpadding="0" align="center" style="width: 60%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">For six months ended December 31,</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="color: #000000; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; color: #000000; text-align: center">2017</td> <td style="color: #000000; padding-bottom: 1pt"> </td> <td style="color: #000000; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; color: #000000; text-align: center">2016</td> <td style="color: #000000; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 62%; text-align: left">Risk-free interest rates</td> <td style="width: 1%; color: #000000"> </td> <td style="width: 1%; color: #000000; text-align: left"> </td> <td style="width: 16%; color: #000000; text-align: right">1.98</td> <td style="width: 1%; color: #000000; text-align: left">%</td> <td style="width: 1%; color: #000000"> </td> <td style="width: 1%; color: #000000; text-align: left"> </td> <td style="width: 16%; color: #000000; text-align: right">1.80</td> <td style="width: 1%; color: #000000; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Expected option life in years</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">5.95</td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">6.25</td> <td style="color: #000000; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected stock price volatility</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">57.42</td> <td style="color: #000000; text-align: left">%</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">54.68</td> <td style="color: #000000; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Expected dividend yield</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">0</td> <td style="color: #000000; text-align: left">%</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">0</td> <td style="color: #000000; text-align: left">%</td></tr> </table>   A summary of option activity under the Company’s equity plans as of December 31, 2017, and changes during the six months ended December 31, 2017 is presented below:   <table cellspacing="0" cellpadding="0" align="center" style="width: 80%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Outstanding Shares</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Average Exercise Price</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Aggregate Intrinsic Value</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%">Outstanding at June 30, 2017</td> <td style="width: 1%; color: #000000"> </td> <td style="width: 1%; color: #000000; text-align: left"> </td> <td style="width: 12%; color: #000000; text-align: right">1,191,236</td> <td style="width: 1%; color: #000000; text-align: left"> </td> <td style="width: 1%; color: #000000"> </td> <td style="width: 1%; color: #000000; text-align: left">$</td> <td style="width: 12%; color: #000000; text-align: right">7.66</td> <td style="width: 1%; color: #000000; text-align: left"> </td> <td style="width: 1%; color: #000000"> </td> <td style="width: 1%; color: #000000; text-align: left">$</td> <td style="width: 12%; color: #000000; text-align: right">2,748,956</td> <td style="width: 1%; color: #000000; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Granted</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">305,500</td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left">$</td> <td style="color: #000000; text-align: right">10.10</td> <td style="color: #000000; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">(43,500</td> <td style="color: #000000; text-align: left">)</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left">$</td> <td style="color: #000000; text-align: right">5.16</td> <td style="color: #000000; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Forfeited</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">(11,500</td> <td style="color: #000000; text-align: left">)</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left">$</td> <td style="color: #000000; text-align: right">7.45</td> <td style="color: #000000; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Expired</td> <td style="color: #000000; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; color: #000000; text-align: left"> </td> <td style="border-bottom: black 1pt solid; color: #000000; text-align: right">(75,000</td> <td style="color: #000000; padding-bottom: 1pt; text-align: left">)</td> <td style="color: #000000; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; color: #000000; text-align: left">$</td> <td style="border-bottom: black 1pt solid; color: #000000; text-align: right">4.87</td> <td style="color: #000000; padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Outstanding as of December 31, 2017</td> <td style="color: #000000; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: right">1,366,736</td> <td style="color: #000000; padding-bottom: 2.5pt; text-align: left"> </td> <td style="color: #000000; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: right">8.44</td> <td style="color: #000000; padding-bottom: 2.5pt; text-align: left"> </td> <td style="color: #000000; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: right">2,090,727</td> <td style="color: #000000; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">Vested and exercisable at December 31, 2017</td> <td style="color: #000000; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: right">589,484</td> <td style="color: #000000; padding-bottom: 2.5pt; text-align: left"> </td> <td style="color: #000000; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: right">7.08</td> <td style="color: #000000; padding-bottom: 2.5pt; text-align: left"> </td> <td style="color: #000000; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: right">1,651,775</td> <td style="color: #000000; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   The total fair value of shares vested during the six months ended December 31, 2017 was $924,483. The number and weighted-average grant-date fair value of non-vested stock options at the beginning of fiscal 2018 was 673,875 and $4.77, respectively. The number and weighted-average grant-date fair value of stock options which vested during the six months ended December 31, 2017 was 193,123 and $4.79, respectively.   Restricted Stock Awards   On December 15, 2016, the Company issued 400,000 shares of restricted stock to its Chief Executive Officer. These awards vest over a period of up to five years, subject to meeting certain service, performance and market conditions. These awards were valued at approximately $3.6 million and compensation expense recorded in the six months ended December 31, 2017 related to these awards was $453,868. As of December 31, 2017, 26,800 shares from this set of awards have vested.

9. Commitments and Contingencies   Leases   The Company has entered into several non-cancellable operating leases for the rental of certain manufacturing and office space, equipment and automobiles expiring in various years through 2021. The principal building lease provides for a monthly rental of approximately $26,000. The Company also leases certain office equipment and automobiles under operating leases expiring through March 2019.   Class Action Securities Litigation   On September 19, 2016, Richard Scalfani, an individual shareholder of Misonix, filed a lawsuit against the Company and its former CEO and CFO in the U.S. District Court for the Eastern District of New York, alleging violations of the federal securities laws. The complaint alleges that the Company’s stock price was artificially inflated between November 5, 2015 and September 14, 2016 as a result of alleged false and misleading statements in the Company’s securities filings concerning the Company’s business, operations, and prospects and the Company’s internal control over financial reporting. Scalfani filed the action seeking to represent a putative class of all persons (other than defendants, officers and directors of the Company, and their affiliates) who purchased publicly traded Misonix securities between November 5, 2015 and September 14, 2016. Scalfani was seeking an unspecified amount of damages for himself and for the putative class under the federal securities laws. On March 24, 2017, the Court appointed Scalfani and another individual Misonix shareholder, Tracey Angiuoli, as lead plaintiffs for purposes of pursuing the action on behalf of the putative class. The lead plaintiffs, on behalf of the putative class, and the Company reached a settlement in principle under which the Company would pay $500,000 to resolve the matter. The district court approved the settlement and dismissed the lawsuit with prejudice in an order dated December 16, 2017. The Company has paid its $250,000, representing its insurance retention. The balance was paid by the Company’s insurance carrier.   Former Chinese Distributor - FCPA   With the assistance of outside counsel, the Company conducted a voluntary investigation into the business practices of the independent Chinese entity that previously distributed its products in China and the Company’s knowledge of those business practices, which may have implications under the FCPA, as well as into various internal controls issues identified during the investigation.    On September 27, 2016 and September 28, 2016, the Company voluntarily contacted the SEC and the DOJ, respectively, to advise both agencies of these potential issues. The Company has provided and will continue to provide documents and other information to the SEC and the DOJ, and is cooperating fully with these agencies in their ongoing investigations of these matters.   Although the Company’s investigation is complete, additional issues or facts could arise which may expand the scope or severity of the potential violations. The Company has no current information derived from the investigation or otherwise to suggest that its previously reported financial statements and results are incorrect.   At this stage, the Company is unable to predict what, if any, action the DOJ or the SEC may take or what, if any, penalties or remedial measures these agencies may seek. Nor can the Company predict the impact on the Company as a result of these matters, which may include the imposition of fines, civil and criminal penalties, which are not currently estimable, as well as equitable remedies, including disgorgement of any profits earned from improper conduct and injunctive relief, limitations on the Company’s conduct, and the imposition of a compliance monitor. The DOJ and the SEC periodically have based the amount of a penalty or disgorgement in connection with an FCPA action, at least in part, on the amount of profits that a company obtained from the business in which the violations of the FCPA occurred. During its distributorship relationship with the prior Chinese distributor from 2010 through 2016, the Company generated revenues of approximately $8 million.    Further, the Company may suffer other civil penalties or adverse impacts, including lawsuits by private litigants in addition to the lawsuits that already have been filed, or investigations and fines imposed by local authorities. The investigative costs to date are approximately $2.8 million, of which approximately $0.1 million and $0.3 million was charged to general and administrative expenses during the three and six months ended December 31, 2017, respectively, compared with $0.6 million and $1.4 million for the three and six months ended December 31, 2016.    Former Chinese Distributor – Litigation   On April 5, 2017, the Company’s former distributor in China, Cicel (Beijing) Science & Technology Co., Ltd., filed a lawsuit against the Company and certain officers and directors of the Company in the United States District Court for the Eastern District of New York, alleging that the Company improperly terminated its contract with the former distributor. The complaint sought various remedies, including compensatory and punitive damages, specific performance and preliminary and post judgment injunctive relief, and asserted various causes of action, including breach of contract, unfair competition, tortious interference with contract, fraudulent inducement, and conversion. On October 7, 2017, the court granted the Company’s motion to dismiss all of the tort claims asserted against it, and also granted the individual defendants’ motion to dismiss all claims asserted against them. The only claim remaining in the case is for breach of contract against the Company. The Company believes it has various legal and factual defenses to the allegations in the complaint, and intends to vigorously defend the action. The case is at its earliest stages; discovery is just beginning and there is no trial date.   Stockholder Derivative Litigation    On June 6, 2017, Irving Feldbaum, an individual shareholder of Misonix, filed a lawsuit in the U.S. District Court for the Eastern District of New York. The complaint alleges claims against the Company’s board of directors, its former CEO and CFO, certain of its former directors, and the Company as a nominal defendant for alleged violations of Section 14(a) of the Securities Exchange Act of 1934 and state law claims for breach of fiduciary duty, waste of corporate assets, and unjust enrichment. The complaint alleges that the Company incurred damages as a result of alleged false and misleading statements in the Company’s securities filings concerning the Company’s business, operations, and prospects and the Company’s internal control over financial reporting. The complaint also alleges that the Company’s February 4, 2016 Proxy Statement contained false and misleading statements regarding executive compensation. The complaint seeks the recovery of damages on behalf of the Company and the implementation of changes to corporate governance procedures. On June 16, 2017, Michael Rubin, another individual shareholder of Misonix, filed a case alleging similar claims in the same district court. On July 21, 2017, the district court consolidated the two actions for all purposes. The case is at its earliest stages; there has been no discovery and there is no trial date. The Company is not able either to estimate the amount of potential loss it may recognize, if any, from these claims or to identify any changes in corporate governance procedures it may undertake, if any, as a result of these claims.

10. Related Party Transactions    OrthoXact Proprietary Limited (“OrthoXact”) (formerly Applied BioSurgical) is an independent distributor for the Company in South Africa. The chief executive officer of OrthoXact is also the brother of Stavros G. Vizirgianakis, the CEO of Misonix, Inc.    Set forth below is a table showing the Company’s net revenues for the six months ended December 31 and accounts receivable at December 31 for the indicated time periods below with OrthoXact:   <table cellspacing="0" cellpadding="0" align="center" style="width: 60%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="6" style="text-align: center">For the six months ended</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">December 31,</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="color: #000000; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; color: #000000; text-align: center">2017</td> <td style="color: #000000; padding-bottom: 1pt"> </td> <td style="color: #000000; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; color: #000000; text-align: center">2016</td> <td style="color: #000000; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 62%">Sales</td> <td style="width: 1%; color: #000000"> </td> <td style="width: 1%; color: #000000; text-align: left">$</td> <td style="width: 16%; color: #000000; text-align: right">436,551</td> <td style="width: 1%; color: #000000; text-align: left"> </td> <td style="width: 1%; color: #000000"> </td> <td style="width: 1%; color: #000000; text-align: left">$</td> <td style="width: 16%; color: #000000; text-align: right">278,036</td> <td style="width: 1%; color: #000000; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Accounts receivable</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left">$</td> <td style="color: #000000; text-align: right">172,292</td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left">$</td> <td style="color: #000000; text-align: right">274,641</td> <td style="color: #000000; text-align: left"> </td></tr> </table>

12. Licensing Agreements for Medical Technology   On October 19, 2017, the Company entered into a License and Exclusive Manufacturing Agreement (the “Agreement”) with Hunan Xing Hang Rui Kang Bio-technologies Co., Ltd., a Chinese corporation (the “Licensee”) under which Misonix has licensed certain manufacturing and distribution rights to its SonaStar product line in China, Hong Kong and Macau (the “Territory”) in exchange for payments totaling at least $11,000,000.   Pursuant to the Agreement, Licensee is obligated to pay the Company: (i) initial amounts consisting of upfront fees and stocking orders totaling $5,000,000, payable in five (5) equal monthly installments of $1,000,000 each; (ii) royalty payments from the sale of SonaStar products in the Territory, including minimum royalty payments of $2,000,000 per calendar year in each of 2019, 2020, and 2021; and (iii) reimbursement of technology transfer costs in an amount up to $1,000,000. The Agreement also provides that Misonix will supply SonaStar products to Licensee at agreed prices during the transition period prior to Licensee’s commencement of manufacturing.   In October 1996, the Company entered into a license agreement with MMIT which expired August 2017, covering the further development and commercial exploitation of the Company’s medical technology relating to laparoscopic products, which uses high frequency sound waves to coagulate and divide tissue for both open and laparoscopic surgery. The MMIT license provided for exclusive worldwide marketing and sales rights for this technology. The Company received a 5% royalty on sales of these products by MMIT. Royalties from this license agreement were $524,000 and $1,886,000 for the six months ended December 31, 2017 and 2016, respectively. This royalty agreement expired in August 2017. 14. Severance    On August 26, 2016, the Company and the Company’s former Chief Executive Officer, Michael McManus (“McManus”) entered into a retirement agreement and general release (the “Retirement Agreement”). Pursuant to the Retirement Agreement, on September 2, 2016 Mr. McManus resigned as a Director and the Chairman of the Board of Directors of the Company and retired as President and Chief Executive Officer of the Company. Pursuant to the Retirement Agreement, the Company agreed to (i) pay Mr. McManus’ salary through June 30, 2017 at the then current level; (ii) continue to pay premiums for Mr. McManus’ and his dependents’ coverage under the Company’s medical, dental, vision, hospitalization, long term care and life insurance coverage through June 30, 2017 at the then current levels upon timely election by Mr. McManus under the law informally known as COBRA; and (iii) extend the exercisability of previously granted and then currently vested options to purchase shares of Common Stock through June 30, 2017. In addition, Mr. McManus had continued use of the vehicle provided him pursuant to his prior employment agreement through December 31, 2016. In connection with this Retirement Agreement, the Company recorded a charge of $330,000 during the quarter ended September 30, 2016 to accrue for the cash portion of these benefits, which was paid during the fiscal year ended June 30, 2017. In addition, during the quarter ended June 30, 2016, the Company recorded a non-cash compensation expense of $61,000 in connection with the modification of the terms of his vested stock options, and recorded a reduction in non-cash compensation expense of $596,000 relating to the forfeiture of his unvested stock options.

Basis of Presentation    These consolidated financial statements of Misonix, Inc. (“Misonix” or the “Company”) include the accounts of Misonix and its 100% owned subsidiaries. All significant intercompany balances and transactions have been eliminated.   The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all the information and footnotes required by U.S. GAAP for complete financial statements. As such, they should be read with reference to the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2017, which provides a more complete explanation of the Company’s accounting policies, financial position, operating results, business properties and other matters. In the opinion of management, these financial statements reflect all adjustments considered necessary for a fair statement of interim results.

Organization and Business    Misonix designs, manufactures, develops and markets therapeutic ultrasonic devices. These products are used for precise bone sculpting, removal of soft tumors, and tissue debridement in the fields of orthopedic surgery, plastic surgery, neurosurgery, podiatry and vascular surgery. In the United States, the Company sells its products through a network of commissioned agents assisted by Company personnel. Outside of the United States, the Company sells to distributors who then resell the product to hospitals. The Company operates as one business segment.

High Intensity Focused Ultrasound Technology   The Company sold its rights to the high intensity focused ultrasound technology to SonaCare Medical, LLC (“SonaCare”) in May 2010. The Company may receive up to approximately $5.8 million in payment for the sale. SonaCare will pay the Company 7% of the gross revenues received from its sales of the (i) prostate product in Europe and (ii) kidney and liver products worldwide, until the Company has received payments of $3 million, and thereafter 5% of the gross revenues, up to an aggregate payment of $5.8 million, all subject to a minimum annual royalty of $250,000. Cumulative payments through December 31, 2017 were $2,292,579.

Major Customers and Concentration of Credit Risk    Total royalties from Medtronic Minimally Invasive Therapies (“MMIT”) related to their sales of the Company’s ultrasonic cutting and sculpting products, which use high frequency sound waves to coagulate and divide tissue for both open and laparoscopic surgery, were $524,000 and $1,885,788 for the six months ended December 31, 2017 and 2016, respectively. Accounts receivable from MMIT royalties were $925,000 at June 30, 2017. The license agreement with MMIT expired in August 2017.    At December 31, 2017 and June 30, 2017, the Company’s accounts receivable with customers outside the United States were approximately $627,000 and $860,000, respectively, none of which is over 90 days.

Use of Estimates    The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and judgments that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used for but not limited to establishing the allowance for doubtful accounts, valuation of inventory, depreciation, asset impairment evaluations and establishing deferred tax assets and related valuation allowances, and stock-based compensation. Actual results could differ from those estimates.

Loss Per Share    Diluted EPS for the three and six months ended December 31, 2017 and 2016 as presented is the same as basic EPS as the inclusion of the effect of common share equivalents then outstanding would be anti-dilutive. Accordingly, excluded from the calculation of diluted EPS are outstanding options to purchase 375,000 and 521,000 shares of common stock for the three months ended December 31, 2017 and 2016, respectively, and outstanding options to purchase 1,366,736 and 1,734,649 shares of common stock for the six months ended December 31, 2017 and 2016, respectively.

Recent Accounting Pronouncements   In May 2014, the Financial Accounting Standards Board (the “FASB”) issued guidance on revenue from contracts with customers. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved, in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. This guidance permits the use of either the retrospective or cumulative effect transition method and is effective for the Company beginning in fiscal 2019; early adoption is permitted beginning in 2018. We have not yet selected a transition method and are currently evaluating the impact of the guidance on the Company’s financial condition, results of operations and related disclosures. The FASB has also issued the following additional guidance clarifying certain issues on revenue from contracts with customers: Revenue from Contracts with Customers - Narrow-Scope Improvements and Practical Expedients and Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing. The Company has engaged a consulting firm to assist with in evaluating this guidance to determine the impact it will have on its financial statements, and expects to complete its evaluation and implementation of necessary procedures and changes, if any, prior to June 30, 2018.    In February 2016, the FASB issued guidance on lease accounting requiring lessees to recognize a right-of-use asset and a lease liability for long-term leases. The liability will be equal to the present value of lease payments. This guidance must be applied using a modified retrospective transition approach to all annual and interim periods presented and is effective for the Company beginning in fiscal 2020. The Company is currently in the early stages of evaluating this guidance to determine the impact it will have on its financial statements.   In August 2016, the FASB issued guidance on the Statement of Cash Flows Classification of certain cash receipts and cash payments (a consensus of the Emerging Issues Task Force). This guidance addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. This guidance will be effective for the Company beginning in fiscal 2019. The Company is currently in the early stages of evaluating this guidance to determine the impact it will have on its financial statements.    In January 2017, the FASB issued ASU No. 2017-01, Business Combinations: Clarifying the Definition of a Business (“ASU 2017-01”). ASU 2017-01 clarifies the definition of a business for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2017, and early adoption is permitted. The Company is in the process of evaluating the impact of the adoption of ASU 2017-01 on its consolidated financial statements.   There are no other recently issued accounting pronouncements that are expected to have a material effect on the Company’s financial position, results of operations or cash flows.

Recently Adopted Accounting Pronouncements   In March 2016, the FASB issued Accounting Standards Update No. 2016-09 “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” intended to simplify several aspects of accounting for share-based payment transactions. The Company adopted these amendments beginning in the first quarter of fiscal 2018. The guidance requires that all excess tax benefits and tax deficiencies previously recorded as additional paid-in capital be prospectively recorded in income tax expense. The guidance allows for an increase in the threshold for net share settlement up to the maximum statutory rate in employees’ applicable jurisdictions without triggering liability classification. The adoption of this guidance had an immaterial impact on income taxes on the Company’s Consolidated Statement of Operations for the three and six months ended December 31, 2017. The Company elected to apply the presentation requirement for cash flows related to excess tax benefits prospectively, which had an immaterial impact on both net cash from operating activities and net cash used in financing activities for the three and six months ended December 31, 2017. The presentation requirements for cash flows related to employee taxes paid for withheld shares had no impact on any of the periods presented on the Company’s Consolidated Statements of Cash Flows since such cash flows have historically been presented as a financing activity. Finally, the Company has elected to account for forfeitures as they occur, rather than estimate expected forfeitures. As a result, the Company recorded the cumulative impact of $908,875 as an increase to Deferred Income Taxes with a corresponding decrease to Accumulated Deficit.

Inventories are summarized as follows:   <table cellspacing="0" cellpadding="0" align="center" style="width: 50%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">December 31,</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">June 30,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%; text-align: left">Raw material</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right">2,489,274</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right">2,409,148</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Work-in-process</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,076,545</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">741,994</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Finished goods</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,000,748</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">3,267,232</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,566,567</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,418,374</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Less valuation reserve</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">517,692</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,425,940</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">5,048,875</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">4,992,434</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr></table>

The following is a schedule of estimated future patent amortization expenses by fiscal year as of December 31, 2017:   <table cellspacing="0" cellpadding="0" align="center" style="width: 35%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">2018</td> <td style="width: 2%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td> <td style="width: 28%; text-align: right">60,839</td> <td style="width: 2%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">2019</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">112,556</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2020</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">89,127</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">2021</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">82,956</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2022</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">54,032</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Thereafter</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">315,522</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">715,032</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr></table>

The following summarizes accrued expenses and other current liabilities:   <table cellspacing="0" cellpadding="0" align="center" style="width: 60%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">December 31,</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">June 30,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 62%; text-align: left">Accrued vacation</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right">203,346</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right">715,245</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Accrued bonus</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">250,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">343,400</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued commissions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">610,192</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">751,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Professional fees</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">133,487</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">662,537</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Litigation settlement</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">500,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Deferred income</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">19,236</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">27,901</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Trade payables and other</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">659,786</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">346,055</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">1,876,047</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">3,346,138</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr></table>

The fair value was estimated based on the weighted average assumptions of:   <table cellspacing="0" cellpadding="0" align="center" style="width: 60%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">For six months ended December 31,</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="color: #000000; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; color: #000000; text-align: center">2017</td> <td style="color: #000000; padding-bottom: 1pt"> </td> <td style="color: #000000; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; color: #000000; text-align: center">2016</td> <td style="color: #000000; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 62%; text-align: left">Risk-free interest rates</td> <td style="width: 1%; color: #000000"> </td> <td style="width: 1%; color: #000000; text-align: left"> </td> <td style="width: 16%; color: #000000; text-align: right">1.98</td> <td style="width: 1%; color: #000000; text-align: left">%</td> <td style="width: 1%; color: #000000"> </td> <td style="width: 1%; color: #000000; text-align: left"> </td> <td style="width: 16%; color: #000000; text-align: right">1.80</td> <td style="width: 1%; color: #000000; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Expected option life in years</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">5.95</td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">6.25</td> <td style="color: #000000; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected stock price volatility</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">57.42</td> <td style="color: #000000; text-align: left">%</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">54.68</td> <td style="color: #000000; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Expected dividend yield</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">0</td> <td style="color: #000000; text-align: left">%</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">0</td> <td style="color: #000000; text-align: left">%</td></tr></table>

A summary of option activity under the Company’s equity plans as of December 31, 2017, and changes during the six months ended December 31, 2017 is presented below:   <table cellspacing="0" cellpadding="0" align="center" style="width: 80%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Outstanding Shares</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Average Exercise Price</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Aggregate Intrinsic Value</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%">Outstanding at June 30, 2017</td> <td style="width: 1%; color: #000000"> </td> <td style="width: 1%; color: #000000; text-align: left"> </td> <td style="width: 12%; color: #000000; text-align: right">1,191,236</td> <td style="width: 1%; color: #000000; text-align: left"> </td> <td style="width: 1%; color: #000000"> </td> <td style="width: 1%; color: #000000; text-align: left">$</td> <td style="width: 12%; color: #000000; text-align: right">7.66</td> <td style="width: 1%; color: #000000; text-align: left"> </td> <td style="width: 1%; color: #000000"> </td> <td style="width: 1%; color: #000000; text-align: left">$</td> <td style="width: 12%; color: #000000; text-align: right">2,748,956</td> <td style="width: 1%; color: #000000; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Granted</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">305,500</td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left">$</td> <td style="color: #000000; text-align: right">10.10</td> <td style="color: #000000; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">(43,500</td> <td style="color: #000000; text-align: left">)</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left">$</td> <td style="color: #000000; text-align: right">5.16</td> <td style="color: #000000; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Forfeited</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">(11,500</td> <td style="color: #000000; text-align: left">)</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left">$</td> <td style="color: #000000; text-align: right">7.45</td> <td style="color: #000000; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Expired</td> <td style="color: #000000; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; color: #000000; text-align: left"> </td> <td style="border-bottom: black 1pt solid; color: #000000; text-align: right">(75,000</td> <td style="color: #000000; padding-bottom: 1pt; text-align: left">)</td> <td style="color: #000000; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; color: #000000; text-align: left">$</td> <td style="border-bottom: black 1pt solid; color: #000000; text-align: right">4.87</td> <td style="color: #000000; padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Outstanding as of December 31, 2017</td> <td style="color: #000000; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: right">1,366,736</td> <td style="color: #000000; padding-bottom: 2.5pt; text-align: left"> </td> <td style="color: #000000; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: right">8.44</td> <td style="color: #000000; padding-bottom: 2.5pt; text-align: left"> </td> <td style="color: #000000; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: right">2,090,727</td> <td style="color: #000000; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">Vested and exercisable at December 31, 2017</td> <td style="color: #000000; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: right">589,484</td> <td style="color: #000000; padding-bottom: 2.5pt; text-align: left"> </td> <td style="color: #000000; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: right">7.08</td> <td style="color: #000000; padding-bottom: 2.5pt; text-align: left"> </td> <td style="color: #000000; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: right">1,651,775</td> <td style="color: #000000; padding-bottom: 2.5pt; text-align: left"> </td></tr></table>

Set forth below is a table showing the Company’s net revenues for the six months ended December 31 and accounts receivable at December 31 for the indicated time periods below with OrthoXact:   <table cellspacing="0" cellpadding="0" align="center" style="width: 60%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="6" style="text-align: center">For the six months ended</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">December 31,</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="color: #000000; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; color: #000000; text-align: center">2017</td> <td style="color: #000000; padding-bottom: 1pt"> </td> <td style="color: #000000; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; color: #000000; text-align: center">2016</td> <td style="color: #000000; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 62%">Sales</td> <td style="width: 1%; color: #000000"> </td> <td style="width: 1%; color: #000000; text-align: left">$</td> <td style="width: 16%; color: #000000; text-align: right">436,551</td> <td style="width: 1%; color: #000000; text-align: left"> </td> <td style="width: 1%; color: #000000"> </td> <td style="width: 1%; color: #000000; text-align: left">$</td> <td style="width: 16%; color: #000000; text-align: right">278,036</td> <td style="width: 1%; color: #000000; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Accounts receivable</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left">$</td> <td style="color: #000000; text-align: right">172,292</td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left">$</td> <td style="color: #000000; text-align: right">274,641</td> <td style="color: #000000; text-align: left"> </td></tr></table>

Worldwide revenue for the Company’s products is categorized as follows:    <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"> <tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal"> <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; font-size-adjust: none; font-stretch: normal"> </td> <td colspan="6" style="line-height: normal; text-align: center; font-size-adjust: none; font-stretch: normal">For the three months ended</td> <td style="line-height: normal; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; font-size-adjust: none; font-stretch: normal"> </td> <td colspan="6" style="line-height: normal; text-align: center; font-size-adjust: none; font-stretch: normal">For the six months ended</td> <td style="line-height: normal; font-size-adjust: none; font-stretch: normal"> </td></tr> <tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal"> <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td colspan="6" style="line-height: normal; text-align: center; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal">December 31,</td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td colspan="6" style="line-height: normal; text-align: center; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal">December 31,</td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td></tr> <tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal"> <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td colspan="2" style="line-height: normal; text-align: center; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal">2017</td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td colspan="2" style="line-height: normal; text-align: center; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal">2016</td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td colspan="2" style="line-height: normal; text-align: center; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal">2017</td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td colspan="2" style="line-height: normal; text-align: center; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal">2016</td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td></tr> <tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"> <td style="line-height: normal; width: 39%; text-align: left; font-size-adjust: none; font-stretch: normal">Domestic</td> <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; width: 1%; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal">$</td> <td style="line-height: normal; width: 12%; text-align: right; font-size-adjust: none; font-stretch: normal">5,400,423</td> <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; width: 1%; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal">$</td> <td style="line-height: normal; width: 12%; text-align: right; font-size-adjust: none; font-stretch: normal">4,117,238</td> <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; width: 1%; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal">$</td> <td style="line-height: normal; width: 12%; text-align: right; font-size-adjust: none; font-stretch: normal">10,052,566</td> <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; width: 1%; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal">$</td> <td style="line-height: normal; width: 12%; text-align: right; font-size-adjust: none; font-stretch: normal">8,003,795</td> <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal"> </td></tr> <tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: white"> <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">International</td> <td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; text-align: left; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; text-align: right; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal">2,923,422</td> <td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; text-align: left; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; text-align: right; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal">1,913,142</td> <td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; text-align: left; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; text-align: right; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal">5,552,002</td> <td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; text-align: left; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; text-align: right; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal">4,198,210</td> <td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td></tr> <tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"> <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">Total</td> <td style="line-height: normal; text-align: left; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; text-align: left; border-bottom: black 2.5pt double; font-size-adjust: none; font-stretch: normal">$</td> <td style="line-height: normal; text-align: right; border-bottom: black 2.5pt double; font-size-adjust: none; font-stretch: normal">8,323,845</td> <td style="line-height: normal; text-align: left; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; text-align: left; border-bottom: black 2.5pt double; font-size-adjust: none; font-stretch: normal">$</td> <td style="line-height: normal; text-align: right; border-bottom: black 2.5pt double; font-size-adjust: none; font-stretch: normal">6,030,380</td> <td style="line-height: normal; text-align: left; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; text-align: left; border-bottom: black 2.5pt double; font-size-adjust: none; font-stretch: normal">$</td> <td style="line-height: normal; text-align: right; border-bottom: black 2.5pt double; font-size-adjust: none; font-stretch: normal">15,604,568</td> <td style="line-height: normal; text-align: left; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; text-align: left; border-bottom: black 2.5pt double; font-size-adjust: none; font-stretch: normal">$</td> <td style="line-height: normal; text-align: right; border-bottom: black 2.5pt double; font-size-adjust: none; font-stretch: normal">12,202,005</td> <td style="line-height: normal; text-align: left; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal"> </td></tr></table> 5000000 1000000 5 2000000 2000000 2000000 1000000

4000000

782920 953288 908875

1764039

-509149

-56000

-228149

-30000

908875

26800

250000

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-indent: 18pt">The Tax Legislation reduces the U.S. statutory tax rate from 35% to 21%, effective January 1, 2018. U.S. tax law requires that taxpayers with a fiscal year that begins before and ends after the effective date of a rate change calculate a blended tax rate based on the pro rata number of days in the fiscal year before and after the effective date. As a result, for the fiscal year ending June 30, 2018, the Company’s statutory income tax rate will be 29.03%. For the fiscal year ending June 30, 2019, the Company’s statutory income tax rate will be 22.62%</td></tr> </table>

1764039

For the three and six months ended December 31, 2017 and 2016, the Company recorded income tax expense (benefit), as follows:   <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td> </td> <td colspan="6" style="text-align: center">For the three months ended</td> <td> </td> <td> </td> <td colspan="6" style="text-align: center">For the six months ended</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">December 31,</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">December 31,</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2016</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2016</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 44%"> Income tax benefit</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 11%">(228,149</td> <td style="text-align: left; width: 1%">)</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 11%">(30,000</td> <td style="text-align: left; width: 1%">)</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 11%">(509,149</td> <td style="text-align: left; width: 1%">)</td> <td style="width: 1%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 11%">(56,000</td> <td style="text-align: left; width: 1%">)</td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Provisional reduction of deferred tax asset relating to Tax Legislation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,764,039</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,764,039</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt"> Valuation allowance on deferred tax asset</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">3,988,532</td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">3,988,532</td> <td style="border-bottom: black 1pt solid; text-align: left; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: right"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2pt"> Net income tax expense (benefit)</td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">5,524,422</td> <td style="border-bottom: black 2pt double; text-align: left; padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">(30,000</td> <td style="text-align: left; padding-bottom: 2pt">)</td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">5,243,422</td> <td style="border-bottom: black 2pt double; text-align: left; padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">(56,000</td> <td style="text-align: left; padding-bottom: 2pt">)</td></tr> </table>

5243422

-56000

5524422

-30000

3988532

11. Income Taxes   For the three and six months ended December 31, 2017 and 2016, the Company recorded income tax expense (benefit), as follows:    <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse; font-size-adjust: none; font-stretch: normal; width: 90%"> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td> </td> <td colspan="6" style="text-align: center">For the three months ended</td> <td> </td> <td> </td> <td colspan="6" style="text-align: center">For the six months ended</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="text-align: center; border-bottom: black 1pt solid">December 31,</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="text-align: center; border-bottom: black 1pt solid">December 31,</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">2016</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">2017</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; border-bottom: black 1pt solid">2016</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="width: 44%; text-align: left"> Income tax benefit</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">(228,149</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">(30,000</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">(509,149</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">(56,000</td> <td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Provisional reduction of deferred tax asset relating to Tax Legislation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,764,039</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,764,039</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 1pt"> Valuation allowance on deferred tax asset</td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">3,988,532</td> <td style="text-align: left; padding-bottom: 1pt; border-bottom: black 1pt solid"> </td> <td style="padding-bottom: 1pt; border-bottom: black 1pt solid"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">—</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">3,988,532</td> <td style="text-align: left; padding-bottom: 1pt; border-bottom: black 1pt solid"> </td> <td style="padding-bottom: 1pt; border-bottom: black 1pt solid"> </td> <td style="text-align: left; border-bottom: black 1pt solid"> </td> <td style="text-align: right; border-bottom: black 1pt solid">—</td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: right"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255)"> <td style="text-align: left; padding-bottom: 2pt"> Net income tax expense (benefit)</td> <td style="padding-bottom: 2pt"> </td> <td style="text-align: left; border-bottom: black 2pt double">$</td> <td style="text-align: right; border-bottom: black 2pt double">5,524,422</td> <td style="text-align: left; padding-bottom: 2pt; border-bottom: black 2pt double"> </td> <td style="padding-bottom: 2pt; border-bottom: black 2pt double"> </td> <td style="text-align: left; border-bottom: black 2pt double">$</td> <td style="text-align: right; border-bottom: black 2pt double">(30,000</td> <td style="text-align: left; padding-bottom: 2pt">)</td> <td style="padding-bottom: 2pt"> </td> <td style="text-align: left; border-bottom: black 2pt double">$</td> <td style="text-align: right; border-bottom: black 2pt double">5,243,422</td> <td style="text-align: left; padding-bottom: 2pt; border-bottom: black 2pt double"> </td> <td style="padding-bottom: 2pt; border-bottom: black 2pt double"> </td> <td style="text-align: left; border-bottom: black 2pt double">$</td> <td style="text-align: right; border-bottom: black 2pt double">(56,000</td> <td style="text-align: left; padding-bottom: 2pt">)</td></tr> </table>    For the six months ended December 31, 2017 and 2016, the effective rate of 185.6% and (4.7)%, respectively, varied from the U.S. federal statutory rate primarily due to the recording of a full valuation allowance on the remaining deferred tax assets, permanent book tax differences relating principally to stock compensation expense and tax credits, and the impact of the Tax Cuts and Jobs Act of 2017.   Tax Cuts and Jobs Act of 2017   The Tax Cuts and Jobs Act of 2017 (the “Tax Legislation”), enacted on December 22, 2017, contains significant changes to U.S. tax law, including lowering the U.S. corporate income tax rate to 21%, implementing a territorial tax system, and imposing a one-time tax on deemed repatriated earnings of foreign subsidiaries.   The Tax Legislation reduces the U.S. statutory tax rate from 35% to 21%, effective January 1, 2018. U.S. tax law requires that taxpayers with a fiscal year that begins before and ends after the effective date of a rate change calculate a blended tax rate based on the pro rata number of days in the fiscal year before and after the effective date. As a result, for the fiscal year ending June 30, 2018, the Company’s statutory income tax rate will be 29.03%. For the fiscal year ending June 30, 2019, the Company’s statutory income tax rate will be 22.62%.   On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Legislation. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Legislation enactment date for companies to complete the accounting under ASC 740, Income Taxes. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Legislation for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Legislation is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. During the three months ended December 31, 2017, using the information available at the time, the Company recorded a provisional $1,764,039 discrete tax expense representing the expense of remeasuring its U.S. deferred tax assets at the lower 21% statutory tax rate. The Company may make additional adjustments in fiscal 2018 as further information is identified to properly record this adjustment.   Valuation Allowance on Deferred Tax Assets   Deferred tax assets refer to assets that are attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets in essence represent future savings of taxes that would otherwise be paid in cash. The realization of the deferred tax assets is dependent upon the generation of sufficient future taxable income, including capital gains. If it is determined that the deferred tax assets cannot be realized, a valuation allowance must be established, with a corresponding charge to net income.   In accordance with ASC Topic 740, the Company establishes valuation allowances for deferred tax assets that, in its judgment are not more likely-than-not realizable. The guidance requires entities to evaluate all available positive and negative evidence, including cumulative results in recent periods, weighted based on its objectivity, in determining whether its deferred tax assets are more likely than not realizable.   The Company regularly assesses its ability to realize its deferred tax assets. While the Company had positive cumulative pretax income as of June 30, 2017, based on actual results to date and the Company’s current forecast for fiscal 2018 it expects to be in a cumulative pretax loss position as of June 30, 2018. Management evaluated available positive evidence, including the continued growth of the Company’s revenues and gross profit margins, its recent SonaStar technology sale to its Chinese partner and the reduction in investigative and professional fees recognized in fiscal 2017, along with available negative evidence, including the Company’s continuing investment in building its next generation Nexus platform and its continuing investment in building a direct sales force, while at the same time paying commissions to its domestic sales distributors. After weighing both the positive and negative evidence, management concluded that the Company’s deferred tax assets are not more likely-than-not realizable. Accordingly, the Company recorded a full valuation allowance of $3,988,532 against its remaining deferred tax assets at December 31, 2017. The Company will continue to assess its ability to utilize its net operating loss carryforwards, and will reverse this valuation allowance when sufficient evidence is achieved to allow the realizability of such deferred tax assets.    As of December 31, 2017 and June 30, 2017, the Company has no material unrecognized tax benefits or accrued interest and penalties.

13. Segment Reporting   Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated on a regular basis by the chief operating decision-maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance of the segment. The Company has concluded that its Chief Executive Officer is the CODM as he is the ultimate decision maker for key operating decisions, determining the allocation of resources and assessing the financial performance of the Company. These decisions, allocations and assessments are performed by the CODM using consolidated financial information. Consolidated financial information is utilized by the CODM as the Company’s current product offering primarily consists of minimally invasive therapeutic ultrasonic medical devices. The Company’s products are relatively consistent and manufacturing is centralized and consistent across product offerings. Based on these factors, key operating decisions and resource allocations are made by the CODM using consolidated financial data and as such the Company has concluded that it operates as one segment.   Worldwide revenue for the Company’s products is categorized as follows:    <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt/normal Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal"> <tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal"> <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; font-size-adjust: none; font-stretch: normal"> </td> <td colspan="6" style="line-height: normal; text-align: center; font-size-adjust: none; font-stretch: normal">For the three months ended</td> <td style="line-height: normal; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; font-size-adjust: none; font-stretch: normal"> </td> <td colspan="6" style="line-height: normal; text-align: center; font-size-adjust: none; font-stretch: normal">For the six months ended</td> <td style="line-height: normal; font-size-adjust: none; font-stretch: normal"> </td></tr> <tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal"> <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td colspan="6" style="line-height: normal; text-align: center; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal">December 31,</td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td colspan="6" style="line-height: normal; text-align: center; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal">December 31,</td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td></tr> <tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal"> <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td colspan="2" style="line-height: normal; text-align: center; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal">2017</td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td colspan="2" style="line-height: normal; text-align: center; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal">2016</td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td colspan="2" style="line-height: normal; text-align: center; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal">2017</td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td colspan="2" style="line-height: normal; text-align: center; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal">2016</td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td></tr> <tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"> <td style="line-height: normal; width: 39%; text-align: left; font-size-adjust: none; font-stretch: normal">Domestic</td> <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; width: 1%; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal">$</td> <td style="line-height: normal; width: 12%; text-align: right; font-size-adjust: none; font-stretch: normal">5,400,423</td> <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; width: 1%; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal">$</td> <td style="line-height: normal; width: 12%; text-align: right; font-size-adjust: none; font-stretch: normal">4,117,238</td> <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; width: 1%; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal">$</td> <td style="line-height: normal; width: 12%; text-align: right; font-size-adjust: none; font-stretch: normal">10,052,566</td> <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; width: 1%; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal">$</td> <td style="line-height: normal; width: 12%; text-align: right; font-size-adjust: none; font-stretch: normal">8,003,795</td> <td style="line-height: normal; width: 1%; text-align: left; font-size-adjust: none; font-stretch: normal"> </td></tr> <tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: white"> <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">International</td> <td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; text-align: left; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; text-align: right; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal">2,923,422</td> <td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; text-align: left; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; text-align: right; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal">1,913,142</td> <td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; text-align: left; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; text-align: right; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal">5,552,002</td> <td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; text-align: left; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; text-align: right; border-bottom: black 1pt solid; font-size-adjust: none; font-stretch: normal">4,198,210</td> <td style="line-height: normal; text-align: left; padding-bottom: 1pt; font-size-adjust: none; font-stretch: normal"> </td></tr> <tr style="line-height: normal; vertical-align: bottom; font-size-adjust: none; font-stretch: normal; background-color: rgb(204, 238, 255)"> <td style="line-height: normal; text-align: left; font-size-adjust: none; font-stretch: normal">Total</td> <td style="line-height: normal; text-align: left; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; text-align: left; border-bottom: black 2.5pt double; font-size-adjust: none; font-stretch: normal">$</td> <td style="line-height: normal; text-align: right; border-bottom: black 2.5pt double; font-size-adjust: none; font-stretch: normal">8,323,845</td> <td style="line-height: normal; text-align: left; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; text-align: left; border-bottom: black 2.5pt double; font-size-adjust: none; font-stretch: normal">$</td> <td style="line-height: normal; text-align: right; border-bottom: black 2.5pt double; font-size-adjust: none; font-stretch: normal">6,030,380</td> <td style="line-height: normal; text-align: left; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; text-align: left; border-bottom: black 2.5pt double; font-size-adjust: none; font-stretch: normal">$</td> <td style="line-height: normal; text-align: right; border-bottom: black 2.5pt double; font-size-adjust: none; font-stretch: normal">15,604,568</td> <td style="line-height: normal; text-align: left; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal"> </td> <td style="line-height: normal; text-align: left; border-bottom: black 2.5pt double; font-size-adjust: none; font-stretch: normal">$</td> <td style="line-height: normal; text-align: right; border-bottom: black 2.5pt double; font-size-adjust: none; font-stretch: normal">12,202,005</td> <td style="line-height: normal; text-align: left; padding-bottom: 2.5pt; font-size-adjust: none; font-stretch: normal"> </td></tr> </table>   Substantially all of the Company’s long-lived assets are located in the United States.

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Ltd. ("Cicel") [Member] Medtronic Minimally Invasive Therapies ("MMIT") [Member] Geographic Distribution [Axis] International [Member] Type of Arrangement and Non-arrangement Transactions [Axis] License Agreement [Member] Property, Plant and Equipment, Type [Axis] Inventory [Member] Generators [Member] Finite-Lived Intangible Assets by Major Class [Axis] Patents [Member] Award Type [Axis] Stock Options [Member] Restricted Stock [Member] Related Party [Axis] Chief Executive Officer [Member] Building [Member] Office Equipment & Automobiles [Member] Income Statement Location [Axis] General and Administrative Expense [Member] Former Chinese Distributor - FCPA [Member] Mr. Stavros G. Vizirgianakis [Member] Applied BioSurgical [Member] Domestic [Member] Mr. Michael A. McManus, Jr. [Member] Retirement Agreement and General Release [Member] Equity Components [Axis] Common Stock Additional Paid-In Capital Accumulated Deficit Distribution Rights [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Trading Symbol Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Well-known Seasoned Issuer Entity Voluntary Filer Entity Current Reporting Status Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] Assets Current assets: Cash and cash equivalents Accounts receivable, less allowance for doubtful accounts of $96,868 and $96,868, respectively Inventories, net Prepaid expenses and other current assets Total current assets Property, plant and equipment, net of accumulated amortization and depreciation of $8,437,445 and $7,794,580, respectively Patents, net of accumulated amortization of $1,057,851 and $995,568, respectively Goodwill Intangible and other assets Deferred income tax Total assets Liabilities and shareholders' equity Current liabilities: Accounts payable Accrued expenses and other current liabilities Total current liabilities Deferred lease liability Deferred income Total liabilities Commitments and contingencies (Note 9) Shareholders' equity: Common stock, $.01 par value-shares authorized 20,000,000; 9,400,666 and 9,357,166 shares issued and outstanding, respectively Additional paid-in capital Accumulated deficit Total shareholders' equity Total liabilities and shareholders' equity Allowance for doubtful accounts Accumulated amortization and depreciation Patents, net of accumulated amortization Common stock, par value (in dollars per share) Common stock, authorized Common stock, issued Common stock, outstanding Income Statement [Abstract] Revenues Cost of goods sold, exclusive of depreciation from consigned product Gross profit Operating expenses: Selling expenses General and administrative expenses Research and development expenses Total operating expenses Loss from operations Other income (expense): Interest income Royalty income and license fees Other Total other income Loss from operations before income taxes Income tax expense / (benefit) Net loss Net loss per share - Basic (in dollars per share) Net loss per share - Diluted (in dollars per share) Weighted average shares - Basic (in shares) Weighted average shares - Diluted (in shares) Statement [Table] Statement [Line Items] Increase (Decrease) in Stockholders' Equity [Roll Forward] Balance at beginning Balance at beginning (in shares) Implementation of new accounting standard Net loss Proceeds from exercise of stock options Proceeds from exercise of stock options (in shares) Stock-based compensation Balance at ending Balance at ending (in shares) Statement of Stockholders' Equity [Abstract] Statement of Cash Flows [Abstract] Operating activities Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization and other non-cash items Disposals of property, plant and equipment Deferred income tax expense / (benefit) Stock-based compensation Deferred lease liability Changes in operating assets and liabilities: Accounts receivable Inventories Prepaid expenses and other assets Deferred income Accounts payable, accrued expenses Net cash provided by (used in) operating activities Investing activities Acquisition of property, plant and equipment Acquisition of patents Net cash used in investing activities Financing activities Proceeds from exercise of stock options Proceeds from the sale of common stock Net cash provided by financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Supplemental disclosure of cash flow information: Cash paid for: Income taxes Supplemental disclosure of non-cash information: Transfer of inventory to property, plant and equipment Adoption of new accounting standard on deferred taxes Accounting Policies [Abstract] Basis of Presentation, Organization and Business and Summary of Significant Accounting Policies Fair Value Disclosures [Abstract] Fair Value of Financial Instruments Inventory Disclosure [Abstract] Inventories Property, Plant and Equipment [Abstract] Property, Plant and Equipment Goodwill Goodwill Patents Patents Payables and Accruals [Abstract] Accrued Expenses and Other Current Liabilities Equity [Abstract] Stock-Based Compensation Plans Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Related Party Transactions [Abstract] Related Party Transactions Income Tax Disclosure [Abstract] Income Taxes Licensing Agreements For Medical Technology Licensing Agreements for Medical Technology Segment Reporting [Abstract] Segment Reporting Severance Severance Basis of Presentation Organization and Business High Intensity Focused Ultrasound Technology Major Customers and Concentration of Credit Risk Use of Estimates Loss Per Share Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements Schedule of inventories Patents Tables Schedule of patents Schedule of accrued expenses and other current liabilities Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Schedule of weighted average fair value at date of grant for options EX-101.PRE 13 mson-20171231_pre.xml XBRL PRESENTATION FILE XML 14 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Dec. 31, 2017	Feb. 06, 2018
Document And Entity Information
Entity Registrant Name	MISONIX INC
Entity Central Index Key	0000880432
Document Type	10-Q
Trading Symbol	MSON
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filer	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		9,400,666
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2018

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Consolidated Balance Sheets (Unaudited) - USD ($)	Dec. 31, 2017	Jun. 30, 2017
Current assets:
Cash and cash equivalents	$ 12,102,430	$ 11,557,071
Accounts receivable, less allowance for doubtful accounts of $96,868 and $96,868, respectively	4,326,379	5,133,389
Inventories, net	5,048,875	4,992,434
Prepaid expenses and other current assets	328,621	918,899
Total current assets	21,806,305	22,601,793
Property, plant and equipment, net of accumulated amortization and depreciation of $8,437,445 and $7,794,580, respectively	3,887,265	3,730,203
Patents, net of accumulated amortization of $1,057,851 and $995,568, respectively	715,032	719,136
Goodwill	1,701,094	1,701,094
Intangible and other assets	262,264	282,876
Deferred income tax		4,334,547
Total assets	28,371,960	33,369,649
Current liabilities:
Accounts payable	1,651,078	1,861,228
Accrued expenses and other current liabilities	1,876,047	3,346,138
Total current liabilities	3,527,125	5,207,366
Deferred lease liability	4,677	9,354
Deferred income	2,165,993	13,087
Total liabilities	5,697,795	5,229,807
Commitments and contingencies (Note 9)
Shareholders' equity:
Common stock, $.01 par value-shares authorized 20,000,000; 9,400,666 and 9,357,166 shares issued and outstanding, respectively	94,007	93,572
Additional paid-in capital	38,502,821	36,808,810
Accumulated deficit	(15,922,663)	(8,762,540)
Total shareholders' equity	22,674,165	28,139,842
Total liabilities and shareholders' equity	$ 28,371,960	$ 33,369,649

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Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Dec. 31, 2017	Jun. 30, 2017
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 96,868	$ 96,868
Accumulated amortization and depreciation	8,437,445	7,794,580
Patents, net of accumulated amortization	$ 1,057,851	$ 995,568
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized	20,000,000	20,000,000
Common stock, issued	9,400,666	9,357,166
Common stock, outstanding	9,400,666	9,357,166

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Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
Revenues	$ 8,323,845	$ 6,030,380	$ 15,604,568	$ 12,202,005
Cost of goods sold, exclusive of depreciation from consigned product	2,465,826	1,818,672	4,643,181	3,730,679
Gross profit	5,858,019	4,211,708	10,961,387	8,471,326
Operating expenses:
Selling expenses	3,919,515	3,271,134	7,490,228	6,596,821
General and administrative expenses	2,380,860	2,087,419	4,953,991	4,019,240
Research and development expenses	957,204	440,364	1,858,478	932,448
Total operating expenses	7,257,579	5,798,917	14,302,697	11,548,509
Loss from operations	(1,399,560)	(1,587,209)	(3,341,310)	(3,077,183)
Other income (expense):
Interest income	45	19	58	38
Royalty income and license fees	71,550	949,048	524,521	1,893,116
Other	(4,387)	(6,640)	(8,845)	(8,636)
Total other income	67,208	942,427	515,734	1,884,518
Loss from operations before income taxes	(1,332,352)	(644,782)	(2,825,576)	(1,192,665)
Income tax expense / (benefit)	5,524,422	(30,000)	5,243,422	(56,000)
Net loss	$ (6,856,774)	$ (614,782)	$ (8,068,998)	$ (1,136,665)
Net loss per share - Basic (in dollars per share)	$ (0.76)	$ (0.07)	$ (0.90)	$ (0.14)
Net loss per share - Diluted (in dollars per share)	$ (0.76)	$ (0.07)	$ (0.90)	$ (0.14)
Weighted average shares - Basic (in shares)	8,977,984	8,374,900	8,968,195	8,092,143
Weighted average shares - Diluted (in shares)	8,977,984	8,374,900	8,968,195	8,092,143

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Consolidated Statements of Stockholders' Equity (Unaudited) - 6 months ended Dec. 31, 2017 - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Balance at beginning at Jun. 30, 2017	$ 93,572	$ 36,808,810	$ (8,762,540)	$ 28,139,842
Balance at beginning (in shares) at Jun. 30, 2017	9,357,166
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Implementation of new accounting standard			908,875	908,875
Net loss			(8,068,998)	(8,068,998)
Proceeds from exercise of stock options	$ 435	224,117		$ 224,552
Proceeds from exercise of stock options (in shares)	43,500			43,500
Stock-based compensation		1,469,894		$ 1,469,894
Balance at ending at Dec. 31, 2017	$ 94,007	$ 38,502,821	$ (15,922,663)	$ 22,674,165
Balance at ending (in shares) at Dec. 31, 2017	9,400,666

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Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	Dec. 31, 2017	Jun. 30, 2017
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01

XML 20 R7.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Operating activities
Net loss	$ (8,068,998)	$ (1,136,665)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization and other non-cash items	677,292	482,042
Disposals of property, plant and equipment	128,746
Deferred income tax expense / (benefit)	5,243,422	(56,000)
Stock-based compensation	1,469,894	83,865
Deferred lease liability	(4,677)	46
Changes in operating assets and liabilities:
Accounts receivable	807,010	99,259
Inventories	(839,361)	(116,874)
Prepaid expenses and other assets	610,890	189,522
Deferred income	2,152,906	(23,920)
Accounts payable, accrued expenses	(1,680,241)	377,394
Net cash provided by (used in) operating activities	496,883	(101,331)
Investing activities
Acquisition of property, plant and equipment	(117,897)	(167,548)
Acquisition of patents	(58,179)	(155,175)
Net cash used in investing activities	(176,076)	(322,723)
Financing activities
Proceeds from exercise of stock options	224,552	140,847
Proceeds from the sale of common stock		4,000,000
Net cash provided by financing activities	224,552	4,140,847
Net increase in cash and cash equivalents	545,359	3,716,793
Cash and cash equivalents at beginning of period	11,557,071	9,049,327
Cash and cash equivalents at end of period	12,102,430	12,766,120
Cash paid for:
Income taxes	895	2,053
Supplemental disclosure of non-cash information:
Transfer of inventory to property, plant and equipment	782,920	953,288
Adoption of new accounting standard on deferred taxes	$ 908,875

XML 21 R8.htm IDEA: XBRL DOCUMENT

Basis of Presentation, Organization and Business and Summary of Significant Accounting Policies

6 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Basis of Presentation, Organization and Business and Summary of Significant Accounting Policies

1. Basis of Presentation, Organization and Business and Summary of Significant Accounting Policies

Basis of Presentation

Organization and Business

High Intensity Focused Ultrasound Technology

Major Customers and Concentration of Credit Risk

Use of Estimates

Loss Per Share

Recent Accounting Pronouncements

There are no other recently issued accounting pronouncements that are expected to have a material effect on the Company’s financial position, results of operations or cash flows.

Recently Adopted Accounting Pronouncements

XML 22 R9.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments

6 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

2. Fair Value of Financial Instruments

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets as of the measurement date.

Level 3: Significant unobservable inputs that reflect assumptions that market participants would use in pricing an asset or liability.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 23 R10.htm IDEA: XBRL DOCUMENT

Inventories

6 Months Ended

Dec. 31, 2017

Inventory Disclosure [Abstract]

Inventories

3. Inventories

Inventories are summarized as follows:

	December 31,		June 30,
	2017		2017
Raw material	$	2,489,274	$	2,409,148
Work-in-process		1,076,545		741,994
Finished goods		2,000,748		3,267,232
		5,566,567		6,418,374
Less valuation reserve		517,692		1,425,940
	$	5,048,875	$	4,992,434

XML 24 R11.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment

6 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

4. Property, Plant and Equipment

XML 25 R12.htm IDEA: XBRL DOCUMENT

Goodwill

6 Months Ended

Dec. 31, 2017

Goodwill Abstract

Goodwill

5. Goodwill

XML 26 R13.htm IDEA: XBRL DOCUMENT

Patents

6 Months Ended

Dec. 31, 2017

Patents

Patents

6. Patents

2018	$	60,839
2019		112,556
2020		89,127
2021		82,956
2022		54,032
Thereafter		315,522
	$	715,032

XML 27 R14.htm IDEA: XBRL DOCUMENT

Accrued Expenses and Other Current Liabilities

6 Months Ended

Dec. 31, 2017

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

7. Accrued Expenses and Other Current Liabilities

The following summarizes accrued expenses and other current liabilities:

	December 31,		June 30,
	2017		2017

Accrued vacation	$	203,346	$	715,245
Accrued bonus		250,000		343,400
Accrued commissions		610,192		751,000
Professional fees		133,487		662,537
Litigation settlement		—		500,000
Deferred income		19,236		27,901
Trade payables and other		659,786		346,055

	$	1,876,047	$	3,346,138

XML 28 R15.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation Plans

6 Months Ended

Dec. 31, 2017

Equity [Abstract]

Stock-Based Compensation Plans

8. Stock-Based Compensation Plans

Stock Option Awards

	For six months ended December 31,
	2017			2016
Risk-free interest rates		1.98	%		1.80	%
Expected option life in years		5.95			6.25
Expected stock price volatility		57.42	%		54.68	%
Expected dividend yield		0	%		0	%

A summary of option activity under the Company’s equity plans as of December 31, 2017, and changes during the six months ended December 31, 2017 is presented below:

	Outstanding Shares			Average Exercise Price		Aggregate Intrinsic Value
Outstanding at June 30, 2017		1,191,236		$	7.66	$	2,748,956
Granted		305,500		$	10.10
Exercised		(43,500	)	$	5.16
Forfeited		(11,500	)	$	7.45
Expired		(75,000	)	$	4.87
Outstanding as of December 31, 2017		1,366,736		$	8.44	$	2,090,727
Vested and exercisable at December 31, 2017		589,484		$	7.08	$	1,651,775

Restricted Stock Awards

XML 29 R16.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

6 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. Commitments and Contingencies

Leases

Class Action Securities Litigation

Former Chinese Distributor - FCPA

Former Chinese Distributor – Litigation

Stockholder Derivative Litigation

XML 30 R17.htm IDEA: XBRL DOCUMENT

Related Party Transactions

6 Months Ended

Dec. 31, 2017

Related Party Transactions

10. Related Party Transactions

Set forth below is a table showing the Company’s net revenues for the six months ended December 31 and accounts receivable at December 31 for the indicated time periods below with OrthoXact:

	For the six months ended
	December 31,
	2017		2016

Sales	$	436,551	$	278,036
Accounts receivable	$	172,292	$	274,641

XML 31 R18.htm IDEA: XBRL DOCUMENT

Income Taxes

6 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

For the three and six months ended December 31, 2017 and 2016, the Company recorded income tax expense (benefit), as follows:

	For the three months ended						For the six months ended
	December 31,						December 31,
	2017			2016			2017			2016

Income tax benefit	$	(228,149	)	$	(30,000	)	$	(509,149	)	$	(56,000	)
Provisional reduction of deferred tax asset relating to Tax Legislation		1,764,039			—			1,764,039			—
Valuation allowance on deferred tax asset		3,988,532			—			3,988,532			—

Net income tax expense (benefit)	$	5,524,422		$	(30,000	)	$	5,243,422		$	(56,000	)

Tax Cuts and Jobs Act of 2017

Valuation Allowance on Deferred Tax Assets

As of December 31, 2017 and June 30, 2017, the Company has no material unrecognized tax benefits or accrued interest and penalties.

XML 32 R19.htm IDEA: XBRL DOCUMENT

Licensing Agreements for Medical Technology

6 Months Ended

Dec. 31, 2017

Licensing Agreements For Medical Technology

Licensing Agreements for Medical Technology

12. Licensing Agreements for Medical Technology

XML 33 R20.htm IDEA: XBRL DOCUMENT

Segment Reporting

6 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Segment Reporting

13. Segment Reporting

Worldwide revenue for the Company’s products is categorized as follows:

	For the three months ended				For the six months ended
	December 31,				December 31,
	2017		2016		2017		2016
Domestic	$	5,400,423	$	4,117,238	$	10,052,566	$	8,003,795
International		2,923,422		1,913,142		5,552,002		4,198,210
Total	$	8,323,845	$	6,030,380	$	15,604,568	$	12,202,005

Substantially all of the Company’s long-lived assets are located in the United States.

XML 34 R21.htm IDEA: XBRL DOCUMENT

Severance

6 Months Ended

Dec. 31, 2017

Severance

Severance

14. Severance

XML 35 R22.htm IDEA: XBRL DOCUMENT

Basis of Presentation, Organization and Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These consolidated financial statements of Misonix, Inc. (“Misonix” or the “Company”) include the accounts of Misonix and its 100% owned subsidiaries. All significant intercompany balances and transactions have been eliminated. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all the information and footnotes required by U.S. GAAP for complete financial statements. As such, they should be read with reference to the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2017, which provides a more complete explanation of the Company’s accounting policies, financial position, operating results, business properties and other matters. In the opinion of management, these financial statements reflect all adjustments considered necessary for a fair statement of interim results.
Organization and Business	Organization and Business Misonix designs, manufactures, develops and markets therapeutic ultrasonic devices. These products are used for precise bone sculpting, removal of soft tumors, and tissue debridement in the fields of orthopedic surgery, plastic surgery, neurosurgery, podiatry and vascular surgery. In the United States, the Company sells its products through a network of commissioned agents assisted by Company personnel. Outside of the United States, the Company sells to distributors who then resell the product to hospitals. The Company operates as one business segment.
High Intensity Focused Ultrasound Technology	*High Intensity Focused Ultrasound Technology* The Company sold its rights to the high intensity focused ultrasound technology to SonaCare Medical, LLC (“SonaCare”) in May 2010. The Company may receive up to approximately $5.8 million in payment for the sale. SonaCare will pay the Company 7% of the gross revenues received from its sales of the (i) prostate product in Europe and (ii) kidney and liver products worldwide, until the Company has received payments of $3 million, and thereafter 5% of the gross revenues, up to an aggregate payment of $5.8 million, all subject to a minimum annual royalty of $250,000. Cumulative payments through December 31, 2017 were $2,292,579.
Major Customers and Concentration of Credit Risk	Major Customers and Concentration of Credit Risk Total royalties from Medtronic Minimally Invasive Therapies (“MMIT”) related to their sales of the Company’s ultrasonic cutting and sculpting products, which use high frequency sound waves to coagulate and divide tissue for both open and laparoscopic surgery, were $524,000 and $1,885,788 for the six months ended December 31, 2017 and 2016, respectively. Accounts receivable from MMIT royalties were $925,000 at June 30, 2017. The license agreement with MMIT expired in August 2017. At December 31, 2017 and June 30, 2017, the Company’s accounts receivable with customers outside the United States were approximately $627,000 and $860,000, respectively, none of which is over 90 days.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and judgments that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used for but not limited to establishing the allowance for doubtful accounts, valuation of inventory, depreciation, asset impairment evaluations and establishing deferred tax assets and related valuation allowances, and stock-based compensation. Actual results could differ from those estimates.
Loss Per Share	Loss Per Share Diluted EPS for the three and six months ended December 31, 2017 and 2016 as presented is the same as basic EPS as the inclusion of the effect of common share equivalents then outstanding would be anti-dilutive. Accordingly, excluded from the calculation of diluted EPS are outstanding options to purchase 375,000 and 521,000 shares of common stock for the three months ended December 31, 2017 and 2016, respectively, and outstanding options to purchase 1,366,736 and 1,734,649 shares of common stock for the six months ended December 31, 2017 and 2016, respectively.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued guidance on revenue from contracts with customers. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved, in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. This guidance permits the use of either the retrospective or cumulative effect transition method and is effective for the Company beginning in fiscal 2019; early adoption is permitted beginning in 2018. We have not yet selected a transition method and are currently evaluating the impact of the guidance on the Company’s financial condition, results of operations and related disclosures. The FASB has also issued the following additional guidance clarifying certain issues on revenue from contracts with customers: Revenue from Contracts with Customers - Narrow-Scope Improvements and Practical Expedients and Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing. The Company has engaged a consulting firm to assist with in evaluating this guidance to determine the impact it will have on its financial statements, and expects to complete its evaluation and implementation of necessary procedures and changes, if any, prior to June 30, 2018. In February 2016, the FASB issued guidance on lease accounting requiring lessees to recognize a right-of-use asset and a lease liability for long-term leases. The liability will be equal to the present value of lease payments. This guidance must be applied using a modified retrospective transition approach to all annual and interim periods presented and is effective for the Company beginning in fiscal 2020. The Company is currently in the early stages of evaluating this guidance to determine the impact it will have on its financial statements. In August 2016, the FASB issued guidance on the Statement of Cash Flows Classification of certain cash receipts and cash payments (a consensus of the Emerging Issues Task Force). This guidance addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. This guidance will be effective for the Company beginning in fiscal 2019. The Company is currently in the early stages of evaluating this guidance to determine the impact it will have on its financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations: Clarifying the Definition of a Business (“ASU 2017-01”). ASU 2017-01 clarifies the definition of a business for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2017, and early adoption is permitted. The Company is in the process of evaluating the impact of the adoption of ASU 2017-01 on its consolidated financial statements. There are no other recently issued accounting pronouncements that are expected to have a material effect on the Company’s financial position, results of operations or cash flows.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In March 2016, the FASB issued Accounting Standards Update No. 2016-09 “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” intended to simplify several aspects of accounting for share-based payment transactions. The Company adopted these amendments beginning in the first quarter of fiscal 2018. The guidance requires that all excess tax benefits and tax deficiencies previously recorded as additional paid-in capital be prospectively recorded in income tax expense. The guidance allows for an increase in the threshold for net share settlement up to the maximum statutory rate in employees’ applicable jurisdictions without triggering liability classification. The adoption of this guidance had an immaterial impact on income taxes on the Company’s Consolidated Statement of Operations for the three and six months ended December 31, 2017. The Company elected to apply the presentation requirement for cash flows related to excess tax benefits prospectively, which had an immaterial impact on both net cash from operating activities and net cash used in financing activities for the three and six months ended December 31, 2017. The presentation requirements for cash flows related to employee taxes paid for withheld shares had no impact on any of the periods presented on the Company’s Consolidated Statements of Cash Flows since such cash flows have historically been presented as a financing activity. Finally, the Company has elected to account for forfeitures as they occur, rather than estimate expected forfeitures. As a result, the Company recorded the cumulative impact of $908,875 as an increase to Deferred Income Taxes with a corresponding decrease to Accumulated Deficit.

XML 36 R23.htm IDEA: XBRL DOCUMENT

Inventories (Tables)

6 Months Ended

Dec. 31, 2017

Inventory Disclosure [Abstract]

Schedule of inventories

Inventories are summarized as follows:

	December 31,		June 30,
	2017		2017
Raw material	$	2,489,274	$	2,409,148
Work-in-process		1,076,545		741,994
Finished goods		2,000,748		3,267,232
		5,566,567		6,418,374
Less valuation reserve		517,692		1,425,940
	$	5,048,875	$	4,992,434

XML 37 R24.htm IDEA: XBRL DOCUMENT

Patents (Tables)

6 Months Ended

Dec. 31, 2017

Patents Tables

Schedule of patents

The following is a schedule of estimated future patent amortization expenses by fiscal year as of December 31, 2017:

2018	$	60,839
2019		112,556
2020		89,127
2021		82,956
2022		54,032
Thereafter		315,522
	$	715,032

XML 38 R25.htm IDEA: XBRL DOCUMENT

Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

Dec. 31, 2017

Payables and Accruals [Abstract]

Schedule of accrued expenses and other current liabilities

The following summarizes accrued expenses and other current liabilities:

	December 31,		June 30,
	2017		2017

Accrued vacation	$	203,346	$	715,245
Accrued bonus		250,000		343,400
Accrued commissions		610,192		751,000
Professional fees		133,487		662,537
Litigation settlement		—		500,000
Deferred income		19,236		27,901
Trade payables and other		659,786		346,055

	$	1,876,047	$	3,346,138

XML 39 R26.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation Plans (Tables)

6 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of weighted average fair value at date of grant for options

The fair value was estimated based on the weighted average assumptions of:

	For six months ended December 31,
	2017			2016
Risk-free interest rates		1.98	%		1.80	%
Expected option life in years		5.95			6.25
Expected stock price volatility		57.42	%		54.68	%
Expected dividend yield		0	%		0	%

Schedule of summary of option activity

A summary of option activity under the Company’s equity plans as of December 31, 2017, and changes during the six months ended December 31, 2017 is presented below:

	Outstanding Shares			Average Exercise Price		Aggregate Intrinsic Value
Outstanding at June 30, 2017		1,191,236		$	7.66	$	2,748,956
Granted		305,500		$	10.10
Exercised		(43,500	)	$	5.16
Forfeited		(11,500	)	$	7.45
Expired		(75,000	)	$	4.87
Outstanding as of December 31, 2017		1,366,736		$	8.44	$	2,090,727
Vested and exercisable at December 31, 2017		589,484		$	7.08	$	1,651,775

XML 40 R27.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Tables)

6 Months Ended

Dec. 31, 2017

Schedule of net sales and accounts receivables

Set forth below is a table showing the Company’s net revenues for the six months ended December 31 and accounts receivable at December 31 for the indicated time periods below with OrthoXact:

	For the six months ended
	December 31,
	2017		2016

Sales	$	436,551	$	278,036
Accounts receivable	$	172,292	$	274,641

XML 41 R28.htm IDEA: XBRL DOCUMENT

Income Taxes (Tables)

6 Months Ended

Dec. 31, 2017

Income Taxes Tables

Schedule of income tax expense (benefit)

For the three and six months ended December 31, 2017 and 2016, the Company recorded income tax expense (benefit), as follows:

	For the three months ended						For the six months ended
	December 31,						December 31,
	2017			2016			2017			2016

Income tax benefit	$	(228,149	)	$	(30,000	)	$	(509,149	)	$	(56,000	)
Provisional reduction of deferred tax asset relating to Tax Legislation		1,764,039			—			1,764,039			—
Valuation allowance on deferred tax asset		3,988,532			—			3,988,532			—

Net income tax expense (benefit)	$	5,524,422		$	(30,000	)	$	5,243,422		$	(56,000	)

XML 42 R29.htm IDEA: XBRL DOCUMENT

Segment Reporting (Tables)

6 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Schedule of revenue

Worldwide revenue for the Company’s products is categorized as follows:

	For the three months ended				For the six months ended
	December 31,				December 31,
	2017		2016		2017		2016
Domestic	$	5,400,423	$	4,117,238	$	10,052,566	$	8,003,795
International		2,923,422		1,913,142		5,552,002		4,198,210
Total	$	8,323,845	$	6,030,380	$	15,604,568	$	12,202,005

XML 43 R30.htm IDEA: XBRL DOCUMENT

Basis of Presentation, Organization and Business and Summary of Significant Accounting Policies (Details Narrative)		3 Months Ended		6 Months Ended
	May 10, 2010 USD ($)	Dec. 31, 2017 USD ($) shares	Dec. 31, 2016 shares	Dec. 31, 2017 USD ($) N shares	Dec. 31, 2016 USD ($) shares	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)
Ownership percentage		100.00%		100.00%
Number of operating segment \| N				1
Royalty revenue				$ 524,000	$ 1,886,000
Excluded from the calculation of Diluted EPS (in shares) \| shares		375,000	521,000	1,366,736	1,734,649
Increase to deferred income taxes				$ 908,875
International [Member]
Accounts receivable		$ 627,000		627,000		$ 860,000
SonaCare Medical, LLC ("SonaCare") [Member]
Proceeds from sale of intangible assets	$ 5,800,000			$ 2,292,579
Earn-out percentage	7.00%
Proceeds from sale of intangible assets	$ 3,000,000
Earn-out percentage	5.00%
Proceeds from sale of intangible assets	$ 5,800,000
Annual Royalty	$ 250,000
Cicel (Beijing) Science and Tech Co. Ltd. ("Cicel") [Member]
Accounts receivable							$ 0
Medtronic Minimally Invasive Therapies ("MMIT") [Member]
Accounts receivable						$ 925,000
Medtronic Minimally Invasive Therapies ("MMIT") [Member] \| License Agreement [Member]
Royalty revenue					$ 1,885,788

XML 44 R31.htm IDEA: XBRL DOCUMENT

Inventories (Details) - USD ($)	Dec. 31, 2017	Jun. 30, 2017
Inventory Disclosure [Abstract]
Raw material	$ 2,489,274	$ 2,409,148
Work-in-process	1,076,545	741,994
Finished goods	2,000,748	3,267,232
Inventory, gross	5,566,567	6,418,374
Less valuation reserve	517,692	1,425,940
Inventory, net	$ 5,048,875	$ 4,992,434

XML 45 R32.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment (Details Narrative) - USD ($)	6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Depreciation and amortization	$ 615,000	$ 429,000
Inventory [Member]
Estimated useful lives	3 to 5 years
Generators [Member]
Depreciation term of property	5 years	3 years

XML 46 R33.htm IDEA: XBRL DOCUMENT

Patents (Details) - USD ($)	Dec. 31, 2017	Jun. 30, 2017
Finite-Lived Intangible Assets [Line Items]
Total	$ 715,032	$ 719,136
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
2018	60,839
2019	112,556
2020	89,127
2021	82,956
2022	54,032
Thereafter	315,522
Total	$ 715,032	$ 719,136

XML 47 R34.htm IDEA: XBRL DOCUMENT

Patents (Details Narrative) - USD ($)	6 Months Ended
Patents (Details Narrative) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2017
Patents totaled	$ 715,032		$ 719,136
Patents [Member]
Intangible assets estimated useful lives	17 years
Patents totaled	$ 715,032		$ 719,136
Amortization expense	$ 61,000	$ 53,000

XML 48 R35.htm IDEA: XBRL DOCUMENT

Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Dec. 31, 2017	Jun. 30, 2017
Payables and Accruals [Abstract]
Accrued vacation	$ 203,346	$ 715,245
Accrued bonus	250,000	343,400
Accrued commissions	610,192	751,000
Professional fees	133,487	662,537
Litigation settlement		500,000
Deferred income	19,236	27,901
Trade payables and other	659,786	346,055
Accrued expenses and other current liabilities	$ 1,876,047	$ 3,346,138

- Definition

The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.

+ References + Details

XML 49 R36.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation Plans (Details)	6 Months Ended
Stock-Based Compensation Plans (Details)	Dec. 31, 2017	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Risk-free interest rates	1.98%	1.80%
Expected option life in years	5 years 11 months 12 days	6 years 3 months
Expected stock price volatility	57.42%	54.68%
Expected dividend yield	0.00%	0.00%

XML 50 R37.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation Plans (Details 1) - USD ($)	6 Months Ended
Stock-Based Compensation Plans (Details 1) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Outstanding Shares [Roll Forward]
Outstanding at beginning	1,191,236
Granted	305,500	327,500
Excercised	(43,500)
Forfeited	(11,500)
Expired	(75,000)
Outstanding at ending	1,366,736
Vested and exercisable at ending	589,484
Weighted Average Exercise Price [Roll Forward]
Outstanding at beginning	$ 7.66
Granted	10.1
Excercised	5.16
Forfeited	7.45
Expired	4.87
Outstanding at ending	8.44
Vested and exercisable at ending	$ 7.08
Aggregate Intrinsic Value [Roll Forward]
Outstanding at beginning	$ 2,748,956
Outstanding at ending	2,090,727
Vested and exercisable at ending	$ 1,651,775

XML 51 R38.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation Plans (Details Narrative) - USD ($)		6 Months Ended		12 Months Ended
	Dec. 15, 2016	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2017
Compensation cost		$ 1,469,894	$ 83,865
Unrecognized compensation cost		$ 5,787,705
Period of recognition		3 years
Weighted average fair value at date of grant (in dollars per share)		$ 5.50
Number of shares granted		305,500	327,500
Fair value of shares vested		$ 924,483
Number of non-vested stock options		193,123		673,875
Weighted-average grant-date fair value of non-vested stock options (in dollars per share)		$ 4.79		$ 4.77
Amount of non-vested options forfeited			$ 616,239
Modified of certain stock options			$ 81,765
Number of shares vested		26,800
Stock Options [Member]
Option Expiration period		10 years
Option vesting period		4 years
Restricted Stock [Member] \| Chief Executive Officer [Member]
Compensation cost		$ 453,868
Option vesting period	5 years
Fair value of shares vested	$ 3,600,000
Number of stock issued	400,000

XML 52 R39.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Amount of settlement			$ 500,000
Revenues	$ 8,323,845	$ 6,030,380	15,604,568	$ 12,202,005
Insurance retention amount paid			250,000
Former Chinese Distributor - FCPA [Member]
Investigative costs			2,800,000
Revenues			8,000,000
General and Administrative Expense [Member] \| Former Chinese Distributor - FCPA [Member]
Investigative costs	$ 100,000	$ 600,000	300,000	$ 1,400,000
Building [Member]
Rent expense			$ 26,000
Frequency of rent expense			Monthly
Office Equipment & Automobiles [Member]
Description of operating lease expiration term			expiring through March 2019.

XML 53 R40.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details) - Mr. Stavros G. Vizirgianakis [Member] - Applied BioSurgical [Member] - USD ($)	6 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Sales	$ 436,551	$ 278,036
Accounts receivable	$ 172,292	$ 274,641

XML 54 R41.htm IDEA: XBRL DOCUMENT

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Income Taxes Details
Income tax benefit	$ (228,149)	$ (30,000)	$ (509,149)	$ (56,000)
Provisional reduction of deferred tax asset relating to Tax Legislation	1,764,039		1,764,039
Valuation allowance on deferred tax asset	3,988,532		3,988,532
Net income tax expense (benefit)	$ 5,524,422	$ (30,000)	$ 5,243,422	$ (56,000)

XML 55 R42.htm IDEA: XBRL DOCUMENT

Income Taxes (Details Narrative) - USD ($)

3 Months Ended

6 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2017

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income tax benefit from continuing operations

$ (5,524,422)

$ 30,000

$ (5,243,422)

$ 56,000

Effective rate

185.60%

(4.70%)

Discrete tax expense

$ 1,764,039

Description of statutory tax rate

XML 56 R43.htm IDEA: XBRL DOCUMENT

Licensing Agreements for Medical Technology (Details Narrative)		1 Months Ended	6 Months Ended
	Oct. 19, 2017 USD ($) N	Oct. 31, 1996	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Payments of manufacturing and distribution rights			$ 58,179	$ 155,175
Agreement expiration date		2017-08
Percentage royalties on sales of product		5.00%
Revenues for royalties			$ 524,000	$ 1,886,000
Distribution Rights [Member]
Payments of manufacturing and distribution rights	$ 11,000,000
Amount of upfront fees and stocking orders	5,000,000
Monthly installments of upfront fees and stocking orders	$ 1,000,000
Number of monthly installments \| N	5
Minimum royalty payments in 2019	$ 2,000,000
Minimum royalty payments in 2020	2,000,000
Minimum royalty payments in 2021	2,000,000
Reimbursement of technology transfer costs	$ 1,000,000

XML 57 R44.htm IDEA: XBRL DOCUMENT

Segment Reporting (Details) - USD ($)	3 Months Ended		6 Months Ended
Segment Reporting (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Total	$ 8,323,845	$ 6,030,380	$ 15,604,568	$ 12,202,005
Domestic [Member]
Total	5,400,423	4,117,238	10,052,566	8,003,795
International [Member]
Total	$ 2,923,422	$ 1,913,142	$ 5,552,002	$ 4,198,210

XML 58 R45.htm IDEA: XBRL DOCUMENT

Segment Reporting (Details Narrative)	6 Months Ended
Segment Reporting (Details Narrative)	Dec. 31, 2017 N
Segment Reporting [Abstract]
Number of operating segment	1

XML 59 R46.htm IDEA: XBRL DOCUMENT

Severance (Details Narrative) - Mr. Michael A. McManus, Jr. [Member] - Retirement Agreement and General Release [Member] - USD ($)		3 Months Ended	6 Months Ended
	Aug. 26, 2016	Jun. 30, 2017	Dec. 31, 2016
Description of annual base salary	The company agreed to (i) pay Mr. McManus’ salary through June 30, 2017 at the then current level; (ii) continue to pay premiums for Mr. McManus’ and his dependents’ coverage under the Company’s medical, dental, vision, hospitalization, long term care and life insurance coverage through June 30, 2017 at the then current levels upon timely election by Mr. McManus under the law informally known as COBRA; and (iii) extend the exercisability of previously granted and then currently vested options to purchase shares of Common Stock through June 30, 2017.
Non-cash compensation expense		$ 61,000
Compensation expense to forfeiture of unvested stock options		$ 596,000
Accrue benefits under employment agreement			$ 330,000

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