10-Q

                  UNITED STATES
	SECURITIES AND EXCHANGE COMMISSION
	    Washington, D.C. 20549

	            FORM 10-Q
(Mark One)
  X   QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For quarterly period ended    December 31, 2013
                          __________________________
      TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from_________to_________

Commission File Number:             0-6658
                       ______________________________________________

                        SCIENTIFIC INDUSTRIES, INC.
_____________________________________________________________________
(Exact name of registrant as specified in its charter)

       Delaware         		   04-2217279
____________________________    _________________________________
(State or other jurisdiction	(IRS Employer Identification No.)
 of incorporation or
 organization)

70 Orville Drive, Bohemia, New York                       11716
_____________________________________________________________________
(Address of principal executive offices)		(Zip Code)

                              (631)567-4700
_____________________________________________________________________
       (Registrant=s telephone number, including area code)

                             Not Applicable
_____________________________________________________________________
(Former name, former address and former fiscal year, if changed since
last report)

Indicate by check whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act 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 [ X ]
No [   ].

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

Large accelerated filer      	Accelerated Filer  ________

Non-accelerated filer        	Smaller reporting company [ X ]
(Do not check if a smaller reporting company)

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

The number of shares outstanding of the issuer's common stock par
value, $0.05 per share, as of February 2, 2014 was 1,342,663 shares.







                          TABLE OF CONTENTS



PART I  - FINANCIAL INFORMATION


ITEM 1	CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED):


							Page

Condensed Consolidated Balance Sheets	     	         1

Condensed Consolidated Statements of Operations		 2

Condensed Consolidated Statements of Comprehensive
Income   					         3

Condensed Consolidated Statements of Cash Flows		 4

Notes to Condensed Consolidated Financial Statements	 5

ITEM 2	MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF
        OPERATIONS	                                13

ITEM 4	CONTROLS AND PROCEDURES				16

PART II B OTHER INFORMATION

ITEM 6	EXHIBITS AND REPORTS ON FORM 8-K	        16

SIGNATURE                                               18

EXHIBITS					        19
















            PART I-FINANCIAL INFORMATION
Item 1.  Financial Statements

SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

	           ASSETS
			                   December 31,   June 30,
                                               2013         2013
				           (Unaudited)
                                           ___________  __________
Current Assets:
  Cash and cash equivalents		    $1,109,000  $  927,300
  Investment securities			       643,800	   908,400
  Trade accounts receivable, net               926,800	   815,900
  Inventories				     1,871,200	 1,705,600
  Prepaid expenses and other current assets	84,300	    59,000
  Deferred taxes				88,800	    86,600
                                            __________  __________
            Total current assets	     4,723,900	 4,502,800

Property and equipment at cost, net	       148,800	   156,500

Intangible assets, net  		       719,300	   773,500

Goodwill				       589,900	   589,900

Other assets            			24,100	    24,100

Deferred taxes				        97,200	   106,200
                                            __________  __________
           Total assets                     $6,303,200	$6,153,000
                                            ==========  ==========
	LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities:
  Accounts payable			    $  151,100	$  156,800
  Customer advances			       210,700	    15,900
  Bank line of credit				50,000	      -
  Notes payable, current		        66,200	    78,300
  Accrued expenses and taxes		       313,600	   407,700
  Contingent consideration payable, current	19,000	    19,000
                                            __________  __________
   	  Total current liabilities	       810,600	   677,700

Contingent consideration payable,
  less current portion	                        51,600	    51,600

Notes payable, less current portion		  -   	    26,700
                                            __________  __________
        Total liabilities		       862,200	   756,000
                                            __________  __________
Shareholders' equity:
  Common stock, $.05 par value; authorized
    7,000,000 shares;
    1,362,465 issued and outstanding at
    December 31, 2013 and 1,357,465 at
    June 30, 2013                               68,100	    67,900
  Additional paid-in capital                 1,993,700	 1,977,100
  Accumulated other comprehensive loss      (   16,200)	(   13,600)
  Retained earnings                          3,447,800	 3,418,000
                                            __________  __________
                                             5,493,400	 5,449,400
  Less common stock held in treasury, at cost,
   19,802 shares                                52,400	    52,400
                                            __________  __________
        Total shareholders' equity	     5,441,000	 5,397,000
        Total liabilities and               __________  __________
          shareholders' equity              $6,303,200  $6,153,000
                                            ==========  ==========


See notes to unaudited condensed consolidated financial statements


                                1




         SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	                  For the Three Month    For the Six Month
                          Periods Ended	         Periods Ended
                          December 31,           December 31,
                          ______________________ ______________________
                             2013        2012       2013        2012
                          __________  __________ __________  __________
Revenues                  $1,747,800  $1,876,900 $3,183,900  $3,228,600
Cost of sales		     929,700   1,046,600  1,771,600   1,934,000
                          __________  __________ __________  __________
Gross profit                 818,100     830,300  1,412,300   1,294,600
                          __________  __________ __________  __________
Operating Expenses:
 General & administrative    342,900     309,600    645,900     589,200
 Selling                     207,900     191,100    404,900     347,400
 Research & development       90,800     135,100    188,000     255,200
                          __________  __________ __________  __________
  Total operating
  expenses  		     641,600     635,800  1,238,800   1,191,800
                          __________  __________ __________  __________
Income from
 operations   		     176,500     194,500    173,500     102,800
                          __________  __________ __________  __________
Other income (expense):
 Investment income	       5,400       3,100      8,500       5,900
 Other			       2,200 (     1,600)     5,900	    900
 Interest expense	   (   1,000)(     1,300) (   1,800)  (   2,700)
                          __________  __________ __________  __________

  Total other income, net      6,600         200     12,600       4,100
                          __________  __________ __________  __________
Income before
 income taxes 		     183,100     194,700    186,100     106,900
                          __________  __________ __________  __________
Income tax expense:
  Current		      44,800      51,800     41,700      21,200
  Deferred		       3,200       4,500      7,200       9,500
                          __________  __________ __________  __________
Total income tax
  expense 		      48,000      56,300     48,900      30,700
                          __________  __________ __________  __________
Net income 	           $ 135,100  $  138,400 $  137,200  $   76,200
                          ==========  ========== ==========  ==========

Basic earnings per common
 share	                   $  .10     $  .10	 $  .10	     $  .06

Diluted earnings per common
 share  		   $  .10     $  .10 	 $  .10	     $  .06

Cash dividends declared
 per common share	   $  .00     $  .00	 $  .08	     $  .03


See notes to unaudited condensed consolidated financial statements


                                  2




        SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)





                             For the Three Month    For the Six Month
			     Periods Ended	    Periods Ended
			     December  31,	    December 31,
                             ___________________    __________________
				2013	  2012 	      2013      2012
                             ________  _________    ________  ________
Net income		     $135,100  $138,400     $137,200  $ 76,200

Other comprehensive income (loss):
  Unrealized holding gain (loss)
  arising during period,
  net of tax		    (     800)    3,300    (  2,600)    12,900
                            _________  ________    ________   ________
Comprehensive income	     $134,300  $141,700	   $134,600   $ 89,100
                            =========  ========    ========   ========






  See notes to unaudited condensed consolidated financial statements



                                   3




          SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES
   CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

                                 For the Six Month Periods Ended
                               December 31, 2013   December 31, 2012
                               _________________   _________________
Operating activities:
  Net income		             $  137,200	      $   76,200
  Adjustments to reconcile net income
   to net cash provided by (used in)
   operating activities:
      Loss on sale of investments        10,500		   4,800
      Depreciation and amortization	 88,500		  89,000
      Deferred income tax		  7,200		   9,500
      Stock-based compensation		 10,200		   6,700
      Changes in operating assets and liabilities:
         Accounts receivable	     (  110,900)      (  319,300)
         Inventories		     (  165,600)      (  221,000)
         Prepaid expenses and other
          current assets             (   25,300)	  81,600
	 Other assets			   -		   1,600
         Accounts payable            (    5,700)	  27,500
         Customer advances	        194,800		 257,900
         Accrued expenses and taxes  (   94,100)      (   15,700)
                                     __________       __________
       Total adjustments	     (   90,400)      (   77,400)
                                     __________       __________
       Net cash provided by (used in)
         operating activities		 46,800	      (    1,200)
                                     __________       __________
Investing activities:
  Purchase of investment securities,
    available-for-sale		     (   24,300)      (  710,300)
  Capital expenditures		     (   24,600)      (   25,200)
  Purchase of intangible assets	     (    1,900)      (    2,100)
  Redemption of investment securities,
    available for sale                  275,300	         717,600
                                     __________       __________

       Net cash provided by
         (used in) investing activities	224,500	      (   20,000)
                                     __________       __________
Financing activities:
 Line of credit proceeds		 50,000	            -
 Proceeds from exercise of stock options  6,700		    -
 Cash dividend declared and paid     (  107,400)      (   40,100)
 Principal payments on note payable  (   38,900)      (   37,600)
                                     __________       __________

       Net cash used in financing
         activities                  (   89,600)      (   77,700)
                                     __________       __________
Net increase (decrease) in cash
 and cash equivalents			181,700	      (   98,900)

Cash and cash equivalents,
  beginning of year	                927,300          769,300
                                     __________       __________
Cash and cash equivalents, end
  of period			     $1,109,000       $  670,400
                                     ==========       ==========
Supplemental disclosures:
Cash paid during the period for:
 Income taxes			     $  100,000	      $     -
 Interest				  1,800		   2,700

See notes to unaudited condensed consolidated financial statements

                                4






       SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


General:  The accompanying unaudited interim condensed consolidated
financial statements are prepared pursuant to the Securities
and Exchange Commission's rules and regulations for reporting
on Form 10-Q. Accordingly, certain information and footnotes
required by accounting principles generally accepted in the
United States for complete financial statements are not
included herein. The Company believes all adjustments
necessary for a fair presentation of these interim statements
have been included and that they are of a normal and
recurring nature.  These interim statements should be read in
conjunction with the Company's financial statements and notes
thereto, included in its Annual Report on Form 10-K, for the
fiscal year ended June 30, 2013.  The results for the three
and six months ended December 31, 2013, are not necessarily
an indication of the results for the full fiscal year ending
June 30, 2014.

1.	Summary of significant accounting policies:

	Principles of consolidation:

The accompanying consolidated financial statements include the
accounts of Scientific Industries, Inc. ("Scientific", a Delaware
corporation), Altamira Instruments, Inc.("Altamira", a wholly owned
subsidiary and Delaware corporation), Scientific Packaging Industries,
Inc. (an inactive wholly owned subsidiary and New York corporation)
and Scientific Bioprocessing, Inc., ("SBI", a wholly owned subsidiary
and Delaware corporation).  All are collectively referred to as the
"Company".  All material intercompany balances and transactions have
been eliminated.

2.	New Accounting Pronouncements:


In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740),
which clarifies the presentation requirements of unrecognized tax
benefits when a net operating loss carries forward, a similar tax
loss, or a tax credit carry forward exists at the reporting date.
The amendments in this ASU are effective for fiscal years, and
interim periods within those years, beginning after December 15,
2013 and should be applied prospectively. The adoption of this ASU
is not expected to have a material impact to the Company's
consolidated financial statements.






                                  5




3.  Acquisition:


On November 14, 2011, the Company through SBI acquired substantially
all of the assets of a privately owned company consisting principally
of a license and sublicenses under patents held by the University of
Maryland, Baltimore County ("UMBC") with respect to the design,
development and production of bioprocessing methods, systems and
products. The acquisition was pursuant to an asset purchase
agreement("APA") whereby the Company paid to the seller $260,000 in
cash, issued 135,135 shares of Common Stock valued at $400,000,
issued to UMBC a $230,000 36-month note payable, and agreed to make
additional cash payments equal to 30% of net royalties received under
the acquired license and sublicenses, estimated at a present value of
$128,000 on the date of acquisition.

SBI's revenues are derived from royalties received by SBI under the
various sublicense agreements, net of royalty payments due to UMBC
and revenues from sales of certain products being developed
under its existing license.  University, government, and industrial
laboratories working primarily in the biotechnology industry
worldwide are its targeted customers.

Management of the Company allocated the purchase price based on its
valuation of the assets acquired, all of which are intangible, as
follows:

         Technology, trademarks, and in-process
         research & development ("IPR&D")               $  500,000
         Sublicense agreements                             294,000
         Engineering drawings and software 		    64,000
         Non-competition agreements			    18,000
         Goodwill*					   142,000
                                                        __________
         Total Purchase Price				$1,018,000
                                                        ==========
         *See Note 8, "Goodwill and Other Intangible Assets".

The amounts allocated to Technology, Trademarks, and IPR&D and
Sublicense Agreements are deemed to have a useful life of 10 years,
and to the remaining intangible assets to have a useful life of 5
years, all of which are being amortized on a straight-line basis,
except for goodwill.

In connection with the acquisition, SBI entered into a research and
development agreement providing for the seller to perform services
with respect to the research and development of bioprocessing
methods, systems, and products pursuant to programs set forth in the
Agreement at a fee of $14,000 per month plus all related expenses.
The agreement was terminated in June 2013 as a result of the death
of the seller's chief operating officer.







                                       6




4.   Segment Information and Concentrations:

The Company views its operations as three segments:  the manufacture
and marketing of standard benchtop laboratory equipment for research
in university, hospital and industrial laboratories sold primarily
through laboratory equipment distributors ("Benchtop Laboratory
Equipment"), the manufacture and marketing of custom-made catalyst
research instruments for universities, government laboratories, and
chemical and petrochemical companies sold on a direct basis ("Catalyst
Research Instruments") and the marketing and production of
bioprocessing systems for laboratory research in the biotechnology
industry sold directly to customers and through distributors
("Bioprocessing Systems").

Segment information is reported as follows (foreign sales are
principally to customers in Europe and Asia):



               Benchtop    Catalyst     Bio-       Corporate
               Laboratory  Research     processing and       Conso-
               Equipment   Instruments  Systems    Other     lidated
               __________  ___________  __________ _________ ___________
Three months ended December 31, 2013:

 Revenues      $1,154,000   $  463,400  $   130,400 $    -   $1,747,800
 Foreign Sales    823,400       88,900          -	 -	912,300
 Income (Loss)
  from Operations 119,800	 2,100       64,600 (  10,000)  176,500
 Assets     	2,787,400    1,704,400      981,600   829,800 6,303,200
 Long-Lived Asset
    Expenditures   10,100          -          6,000      -       16,100
 Depreciation and
    Amortization   11,600        8,500       24,200      -       44,300



               Benchtop    Catalyst     Bio-       Corporate
               Laboratory  Research     processing and       Conso-
               Equipment   Instruments  Systems    Other     lidated
               __________  ___________  __________ _________ ___________
Three months ended December 31, 2012:

 Revenues      $1,164,900  $  664,900   $   47,100  $    -   $1,876,900
 Foreign Sales	  747,900     279,800         -          -    1,027,700
 Income (Loss)
  from Operations 157,200      68,200  (    30,900)      -      194,500
 Assets     	2,485,700   1,695,400      963,100    915,800 6,060,000
 Long-Lived Asset
    Expenditures    7,100         700          -         -        7,800
 Depreciation and
    Amortization   11,500       9,200       24,000       -       44,700


Approximately 65% and 73% of net sales of benchtop laboratory equipment
(43% and 46% of total net sales) for the three month periods ended
December 31, 2013 and 2012, respectively, were derived from the Company's
main product, the Vortex-Genie 2(R) mixer, excluding accessories.




                                    7




Two customers accounted in the aggregate for approximately 25% and 24%
of the net sales of the Benchtop Laboratory Equipment Operations and
17% and 15% of total revenues for the three months ended December 31,
2013, and 2012, respectively.  Sales of catalyst research instruments
generally comprise a few very large orders averaging at least $100,000
per order to a limited number of customers, who differ from order to
order.  Sales to three customers and four customers represented
approximately 91% and 95% of the Catalyst Research Instrument Operations'
net sales, respectively, and 24% and 34% of total revenues for the three
months ended December 31, 2013 and 2012, respectively.


               Benchtop    Catalyst     Bio-       Corporate
               Laboratory  Research     processing and       Conso-
               Equipment   Instruments  Systems    Other     lidated
               __________  ___________  __________ _________ ___________
Six months ended December 31, 2013:

 Revenues      $2,223,700  $  803,100   $  157,100  $   -     $3,183,900
 Foreign Sales	1,444,200     162,400        2,000      -      1,608,600
 Income (Loss)
  from Operations 238,100  (  101,900)      47,800 (  10,500)    173,500
 Assets	      	2,787,400   1,704,400      981,600   829,800   6,303,200
 Long-Lived Asset
    Expenditures   20,000        -           6,500      -         26,500
 Depreciation and
    Amortization   22,600      17,600       48,300      -         88,500


               Benchtop    Catalyst     Bio-       Corporate
               Laboratory  Research     processing and       Conso-
               Equipment   Instruments  Systems    Other     lidated
               __________  ___________  __________ _________ ___________
Six months ended December 30, 2012:

 Revenues      $2,229,700  $  949,200   $   49,700  $    -   $3,228,600
 Foreign Sales	1,369,600     519,000         -          -    1,888,600
 Income (Loss)
  from Operations 274,800 (    66,100)  (  105,900)      -      102,800
 Assets     	2,485,700   1,695,400      963,100    915,800 6,060,000
 Long-Lived Asset
    Expenditures    9,200      18,100          -         -       27,300
 Depreciation and
    Amortization   22,600      18,500       47,900       -       89,000


Approximately 66% and 68% of net sales of benchtop laboratory equipment
(46% and 47% of total revenues) for the six month periods ended December
31, 2013 and 2012, respectively, were derived from the segment's main
product, the Vortex-Genie 2(R) mixer, excluding accessories.

Two benchtop laboratory equipment customers, accounted in the aggregate
for approximately 21% and 23% of the segment's net sales for the six
month periods ended December 31, 2013 and 2012, and 14% and 16%, of
total revenues for the six month periods ended December 31, 2013 and 2012,
respectively.


                                 8




Sales of catalyst research instruments to six and four different customers
in each  of the six month periods, accounted for approximately 92% and 67%
of the segment's net sales and 23% and 20% of total revenues for the six
month periods ended December 31, 2013 and 2012, respectively.

5.	Fair Value of Financial Instruments:

The FASB defines the fair value of financial instruments as the amount that
would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date.
Fair value measurements do not include transaction costs.

The accounting guidance also expands the disclosure requirements around fair
value and establishes a fair value hierarchy of valuation inputs.  The
hierarchy prioritizes the inputs into three levels based on the extent to
which inputs used in measuring fair value are observable in the market.
Each fair value measurement is reported in one of the three levels, which
is determined by the lowest level input that is significant to the fair
value measurement in its entirety.  These levels are described below:

	Level 1	 Inputs that are based upon unadjusted quoted prices for
                 identical instruments traded in active markets.

	Level 2	 Quoted prices in markets that are not considered to be
                 active or financial instruments for which all significant
                 inputs are observable, either directly or indirectly.

        Level 3  Prices or valuation that require inputs that are both
                 significant to the fair value measurement and unobservable.

The following tables set forth the level within the fair value hierarchy
the Company's financial assets that were accounted for at fair value on a
recurring basis at December 31, 2013 and June 30, 2013 according to the
valuation techniques the Company used to determine their fair values:


                                    Fair Value Measurements Using Inputs
                                                Considered as

Assets:
                            Fair Value at
                            December 31,
                            2013            Level 1    Level 2  Level 3
                            ______________  __________ _______  ________
Cash and cash equivalents	$1,109,000  $1,109,000 $  -     $  -
Available for sale securities  	   643,800     643,800    -        -
                                __________  __________ _______  ________
Total				$1,752,800  $1,752,800 $  -     $  -
                                ==========  ========== =======  ========
Liabilities:
 Contingent consideration	$   70,600  $  	  -    $  -	$ 70,600
                                ==========  ========== =======  ========


                                    Fair Value Measurements Using Inputs
                                                Considered as

Assets:
                            Fair Value at
                            June 30, 2013   Level 1    Level 2  Level 3
                            ______________  __________ _______  ________


Cash and cash equivalents	$  927,300  $  927,300  $  -    $  -
Available for sale securities      908,400     908,400     -       -
                                __________  __________  _______ ________
Total			        $1,835,700  $1,835,700  $  -    $  -
                                ==========  ==========  ======= ========
Liabilities:

Contingent consideration        $   70,600  $    -      $  -   	$ 70,600
                                ==========  ==========  ======= ========


                                              9



Investments in marketable securities classified as available-for-sale by
security type at December 31, 2013 and June 30, 2013 consisted of the
following:

                                                            Unrealized
                                               	    Fair   Holding Gain
                                        Cost        Value     (Loss)
	                           ____________  _________ ____________
At December 31, 2013:
   Available for sale
   Equity securities		   $  29,300	 $  37,000  $    7,700
   Mutual funds			     630,700	   606,800     (23,900)
                                   _________     _________  __________
				   $ 660,000	 $ 643,800  $  (16,200)
                                   =========     =========  ==========

                                                            Unrealized
                                               	    Fair   Holding Gain
                                        Cost        Value     (Loss)
	                           ____________  _________ ____________

At June 30, 2013:

       Available for sale:
       Equity securities            $   29,300   $  33,200  $   3,900
       Mutual funds                    892,700     875,200    (17,500)
                                    __________   _________  __________
                                    $  922,000   $ 908,400  $ (13,600)
                                    ==========   =========  ==========

6.	Inventories:

Inventories for financial statement purposes are based on perpetual
inventory records at December 31, 2013 and based on a physical count as
of June 30, 2013.  Components of inventory are as follows:

			     December 31,  		  June 30,
				 2013   		    2013
                              __________                __________
	Raw Materials         $1,358,300		$1,336,800
	Work in process          396,300    		   254,000
	Finished Goods           116,600		   114,800
                              __________                __________
			      $1,871,200		$1,705,600
                              ==========                ==========

7.   Earnings per common share:

  Basic earnings per common share are computed by dividing net income
  by the weighted-average number of shares outstanding.  Diluted
  earnings per common share include the dilutive effect of stock options,
  if any.





                                     10




	Earnings per common share was computed as follows:

             			For the Three Month  For the Six Month
             			Periods Ended	     Period Ended
                           	December 31,         December 31,
                           _______________________ _____________________
				2013        2012       2013       2012
                           ___________  __________ __________ __________

Net income		   $   135,100  $  138,400 $  137,200 $   76,200
                           ===========  ========== ========== ==========
Weighted average common
  shares outstanding   	     1,342,663	 1,337,175  1,340,163  1,336,444
Dilutive  securities	         6,327	     3,765	6,867      4,463
                           ___________  __________ __________ __________
Weighted average dilutive
  common shares outstanding  1,348,990   1,340,940  1,347,030  1,340,907
                           ===========  ========== ========== ==========
Basic earnings per
  common share		   $    .10	$    .10   $    .10   $     .06

Diluted earnings per
  common share		   $    .10	$    .10   $    .10   $     .06


Approximately 5,000 and 28,500 shares of the Company's Common Stock
issuable upon the exercise of outstanding stock options were excluded from
the calculation of diluted earnings per common share for the three and six
month periods ended December 31, 2013, because the effect would be anti-
dilutive.

Approximately 40,000 shares of the Company's common stock issuable upon
the exercise of outstanding options were excluded from the calculation of
diluted earnings per common share for each of the three and six month
periods ended December 31, 2012, because the effect would be anti-
dilutive.

8.   Goodwill and Other Intangible Assets:

Goodwill represents the excess of the purchase price over the fair value
of the net assets acquired in connection with the Company's acquisition of
Altamira and SBI's acquisition of assets.  Goodwill amounted to $589,900
as of December 31, 2013 and June 30, 2013, all of which is deductible for
tax purposes.

 The components of other intangible assets are as follows:


			Useful                  Accumulated
			Lives          Cost     Amortization      Net
                        __________  _________   ____________  _________
 At December 31, 2013:

 Technology, trademarks  5/10 yrs.  $ 865,900   $   433,600   $ 432,300
 Customer relationships   10 yrs.     237,000 	    207,800      29,200
 Sublicense agreements    10 yrs.     294,000        62,500     231,500
 Non-compete agreements    5 yrs.     114,000       107,100       6,900
 Other intangible assets   5 yrs.     157,400       138,000      19,400
                                   __________   ___________   _________
	  			   $1,668,300   $   949,000   $ 719,300
                                   ==========   ===========   =========

                                      11




			Useful                  Accumulated
			Lives          Cost     Amortization      Net
                        __________  _________   ____________  _________
 At June 30, 2013:

 Technology, trademarks  5/10 yrs.  $ 865,400   $   402,100   $ 463,300
 Customer relationships   10 yrs.     237,000 	    203,200      33,800
 Sublicense agreements    10 yrs.     294,000        47,800     246,200
 Non-compete agreements    5 yrs.     114,000       105,900       8,100
 Other intangible assets   5 yrs.     156,000       133,900      22,100
                                   __________    __________   _________
	  			   $1,666,400    $  892,900   $ 773,500
                                   ==========    ==========   =========

Total amortization expense was $28,100 and $28,600 for the three months
ended December 31, 2013 and 2012, respectively and $56,200 and $57,400
for the six months ended December 31, 2013 and 2012, respectively.  As
of December 31, 2013, estimated future amortization expense related to
intangible assets is $54,600 for the remainder of the fiscal year
ending June 30, 2014, $106,600 for fiscal 2015, $110,800 for fiscal
2016, $95,600 for fiscal 2017, $81,100 for fiscal 2018, and
$270,600 thereafter.





				12






      SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES


Item 2. Management's Discussion and Analysis or Plan of Operations

Certain statements contained in this report are not based on historical
facts, but are forward-looking statements that are based upon various
assumptions about future conditions.  Actual events in the future could
differ materially from those described in the forward-looking information.
Numerous unknown factors and future events could cause such differences,
including but not limited to, product demand, market acceptance, impact
of competition, the ability to reach final agreements, the ability to
finance and produce to customers' specifications catalyst research
instruments, and to develop marketable bioprocessing systems, adverse
economic conditions, and other factors affecting the Company's business
that are beyond the Company's control.  Consequently, no forward-looking
statement can be guaranteed.

We undertake no obligation to publicly update forward-looking
statements, whether as a result of new information, future events or
otherwise.


Liquidity and Capital Resources

Cash and cash equivalents increased by $181,700 to $1,109,000 as of
December 31, 2013 from $927,300 as of June 30, 2013.

Net cash provided by operating activities was $46,800 for the six months
ended December 31, 2013 as compared to $1,200 used in operating activities
for the six months ended December 31, 2012, due mainly to higher income.
Cash provided by investing activities was $224,500 for the six month
period ended December 31, 2013 compared to $20,000 used in the six month
period ended December 31, 2012, due to redemption in the earlier period
of certain investment securities. The Company reflected cash used in
financing activities of $89,600 in the current year period compared to
$77,700 in the prior year comparable period, primarily due to the higher
dividend in the current year, partially offset by a $50,000 borrowing
under the Company's bank line of credit.

On September 20, 2013, the Board of Directors of the Company declared
a cash dividend of $.08 per share of Common Stock which was paid on
November 4, 2013 to holders of record as of the close of business on
October 11, 2013.

The Company's working capital increased by $88,200 to $3,913,300 as of
December 31, 2013 from working capital of $3,825,100 at June 30, 2013,
mainly due to the income for the period.

The Company has a line of credit with its bank, JPMorgan Chase Bank, N.A.
which provides for maximum borrowings of up to $700,000, bearing interest
at 3.05 percentage points above a defined LIBOR Index. The interest rate as
of December 31, 2013 was approximately 3.22% and any borrowing is to be
secured by a pledge of collateral consisting of the inventory, accounts,
chattel paper, equipment and general intangibles of the Company.
Outstanding amounts are due and payable by June 14, 2014 with a requirement
that the Company is to reduce the outstanding principal balance to zero
during the 30 day period ending on the anniversary date of the promissory
note.  As of December 31, 2013 $50,000 was outstanding under the line
and zero at June 30, 2013.

				13




Management believes that the Company will be able to meet its cash
flow needs during the next 12 months from its available financial
resources which include its cash and investment securities.


Results of Operations


Financial Overview

The Company recorded income before income taxes of $183,100 and $194,700
for the three month periods ended December 31, 2013 and 2012, respectively.
The decrease was primarily due to lower sales during the period by the
Company's Catalyst Research Instruments Operations, partially offset
by the profit derived from an order for bioprocessing product prototypes
that had minimal costs associated with the order, since the costs had
been previously expensed as product development costs.

The Company reflected income before income taxes of $186,100 and $106,900
for the six month periods ended December 31, 2013 and 2012, respectively.
The increase was principally due to the profit related to the Bioprocessing
Systems Operations as described above, and lower product development costs
for the Bioprocessing Systems Operations.


The Three Months Ended December 31, 2013 Compared With the Three Months
Ended December 31, 2012

Net sales for the three months ended December 31, 2013 decreased by
$129,100 (6.9%) to $1,747,800 from $1,876,900 for the three months
ended December 31, 2012 as a result of a $201,500 decrease in sales
by the Catalyst Research Instruments Operations and a $10,900 decrease
in sales by the Laboratory Equipment Operations,  offset by a $83,300
increase in revenues of the Bioprocessing Systems Operations. Sales of
the benchtop laboratory equipment products generally are pursuant to
many small purchase orders from distributors, while catalyst research
instruments are sold pursuant to a small number of larger orders,
typically averaging over $100,000 each, resulting in significant
swings in revenues.  The backlog of orders for catalyst research
instruments was $1,063,900 as of December 31, 2013, all of which are
anticipated to be delivered by June 30, 2014; the back log as of
December 31, 2012 was $1,452,300.  The revenues generated by the
Bioprocessing Systems Operations included a one-time order for
prototype bioprocessing products of approximately $100,000, with
the remaining revenues being derived from royalties for the related
products still under development.

The increase in gross profit percentage for the three months ended
December 31, 2013 to 46.8% from 44.2% for the year earlier three
month period was primarily the result of the low costs related to
the bioprocessing products prototype order.

General and administrative expenses for the three month comparative
periods ended December 31, 2013 and December 31, 2012 increased by
$33,300 (10.8%) to $342,900 from $309,600 primarily due to expenses
related to the recently announced proposed acquisition.  In December
2013, the Company entered into an agreement in principle to acquire
from a privately held company, its laboratory and pharmacy balance
and digital scale business and substantially all its related assets.
The consideration is to consist of cash, shares of the Company's
Common Stock and commissions based on future sales of the balance and
scale products over a period from closing through June 30, 2017 with an



                                14




aggregate value of approximately $1,700,000.  The proposed acquisition
agreement is to contain several conditions to consummation of the
acquisition including the execution by the principals of long term
non-competition agreements, a long-term employment agreement with the
seller's principal manager, and a long-term supply agreement with its
principal supplier of related products. No assurance can be given that
the proposed acquisition will be completed or if completed, on the
foregoing terms.

Selling expenses for the three months ended December 31, 2013 increased
by $16,800 (8.8%) to $207,900 from $191,100 for the three months ended
December 31, 2012, primarily the result of increased selling activities
by the Bioprocessing Systems Operations and dealer-related activities
for the Laboratory Equipment Operations.

Research and development expenses for the three months ended December
31, 2013 decreased $44,300 (32.8%) to $90,800 from $135,100 for the
three months ended December 31, 2012, primarily the result of a
reduction of product development expenses by the Company's Bioprocessing
Systems Operations due to the use of lower cost consultants.

Total other income for the three month period ended December 31, 2013
increased by $6,400 to $6,600 from $200 for the three month period
ended December 31, 2012, mainly due to increased investment income
and miscellaneous income items.

As a result income before income taxes for the three months ended
December 31, 2013, was $183,100 compared to $194,700 for the three
months ended December 31, 2012, and income tax expense was $48,000
compared to $56,300 for the three months ended December 31, 2012.



The Six Months Ended December 31, 2013 Compared With the Six Months
Ended December 31, 2012

Net sales for the six months ended December 31, 2013 decreased by
$44,700 (1.4%) to $3,183,900 compared to $3,228,600 for the six months
ended December 31, 2012, due to decreases of $146,100 in catalyst
research instrument sales and $6,000 in benchtop laboratory equipment
sales, partially offset by an increase in revenues( one order of
approximately $100,000) for bioprocessing products.  Sales of benchtop
laboratory equipment products generally are comprised of many small
purchase orders from distributors, while sales of catalyst research
instruments are comprised of a small number of large orders, typically
averaging over $100,000 each, resulting in significant swings in
revenues.  The revenues generated by the Bioprocessing Systems
Operations reflected a one-time order for prototype bioprocessing
products of approximately $100,000, with the remaining revenues
being derived from royalties.  The related products are still
under development.

The gross profit percentage for the six months ended December 31, 2013
increased to 44.4% compared to 40.1% for the six months ended December
31, 2012, due to increased gross margins for all operations.

General and administrative expenses increased by $56,700 (9.6%) to
$645,900 for the six months ended December 31, 2013 from $589,200 for
the comparable period of the prior year, due to increases in various
expenses, including the proposed acquisition (see above), board meetings,
and related expenses.



                                 15




Selling expenses for the six months ended December 31, 2013 increased
by $57,500 (16.6%) to $404,900 from $347,400 for the six months ended
December 31, 2012, primarily the result of increased dealer-related
activities for the Benchtop Laboratory Equipment Operations, and
commissions and exhibitions expense for the Catalyst Research
Instruments Operations.

Research and development expenses for the six months ended December 31,
2013 decreased $67,200 (26.3%) to $188,000 compared to $255,200 for the
six months ended December 31, 2012, primarily the result of a reduction
of product development expenses by the Company?s Bioprocessing Systems
Operations due to the use of lower-cost consultants.

Total other income for the six month period ended December 31, 2013
increased by $8,500 to $12,600 from $4,100 for the six month period
ended December 31, 2012, mainly due to increased investment income
and miscellaneous items.

As a result, income tax expense for the six month period ended December 31,
2013 was $48,900 compared to $30,700 for the comparable period of the prior
fiscal year, and net income for the six months ended December 31, 2013 was
$137,200 compared to $76,200 for the six months ended December 31, 2012.


Item 4.  Controls and Procedures

Evaluation of Disclosure Controls and Procedures.  As of the end of the
period covered by this report, based on an evaluation of the Company's
disclosure controls and procedures (as defined in Rules 13a-15(e) and
15d-15(e) under the Securities Exchange Act of 1934), the Chief Executive
and Chief Financial Officer of the Company has concluded that the Company's
disclosure controls and procedures are effective to ensure that information
required to be disclosed by the Company in its Exchange Act reports is
recorded, processed, summarized and reported within the applicable time
periods specified by the SEC's rules and forms. The Company also concluded
that information required to be disclosed in such reports is accumulated
and communicated to the Company's management, including its principal
executive and principal financial officer, as appropriate to allow
timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting. There was no change in
the Company's internal controls over financial reporting that occurred during
the most recently completed fiscal quarter that materially affected or is
reasonably likely to materially affect the Company's internal controls over
financial reporting.

Part II - OTHER INFORMATION


Item 6.  Exhibits and Reports on Form 8-K

	(a) Exhibit Number:	Description

  	  31.1  Certification of Chief Executive Officer and Chief Financial
                Officer pursuant to Section 302 of the Sarbanes-Oxley Act of
                2002.

          32.1	Certification of Chief Executive Officer and Chief Financial
                Officer pursuant to Section 906 of the Sarbanes-Oxley Act
                of 2002.


                                     16






	(b) Reports on Form 8-K:

	Report dated December 2, 2013 reporting under Item 8.01.

        Report dated December 13, 2013 reporting under Item 1.01 and 5.07.




                                     17










		SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES



                                SIGNATURE



In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.




                              Scientific Industries, Inc.
                              Registrant


                              /s/ Helena R. Santos
			      ____________________________
                              Helena R. Santos
                              President, Chief Executive Officer
                              and Treasurer
                              Principal Executive, Financial and
                              Accounting Officer

Date: February 13, 2014




                                    18

EX-32

						Exhibit 32.1



                      CERTIFICATION

The undersigned as Chief Executive Officer and Chief Financial Officer
of the Company, does hereby certify that the foregoing Quarterly Report
of SCIENTIFIC INDUSTRIES, INC. (the ?Company?), on Form 10-Q for the
period ended December 31, 2013:

	(1)	Fully complies with the requirements of Section 13 or
15 (d) of the Securities Exchange Act of 1934; and

	(2)	Fairly presents, in all material respects, the financial
condition and results of operations of the Company.





February 13, 2014


/s/ Helena R. Santos

_________________
Helena R. Santos
Chief Executive Officer and Chief Financial Officer



A signed original of this written statement required by Section 906 has
been provided to the Company and will be retained by the Company and
furnished to the Securities and Exchange Commission or its staff
upon request.

EX-31

						Exhibit 31.1

                        CERTIFICATION

   I, Helena R. Santos, certify that:

1.	I have reviewed this report on Form 10-Q for the quarter
ended December 31, 2013 of Scientific Industries, Inc., a smaller
reporting company (the "Registrant");

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.	I am 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 internal disclosure and procedures, or
caused such controls and procedures to be designed under my
supervision, to ensure that material information relating to the
Registrant, including its consolidated subsidiaries, is made known
to me 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 my 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 my 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 that has materially
affected, or is reasonably likely to affect, the Registrant?s
internal control over financial reporting; and

5.      I have disclosed, based on my most recent evaluation of
internal controls 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):



				19



a)	 All significant deficiencies and material weaknesses in
the design or operation of internal controls 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 controls over financial reporting.

February 13, 2014

/s/ Helena R. Santos

____________________
Helena R. Santos
Chief Executive Officer and Chief Financial Officer

XML

5. Fair Value of Financial Instruments (Details) (USD $)	Dec. 31, 2013	Jun. 30, 2013	Dec. 31, 2012	Jun. 30, 2012
Cash and cash equivalents	$ 1,109,000	$ 927,300	$ 670,400	$ 769,300
Available for sale securities	643,800	908,400
Total	1,752,800	1,835,700
Liabilities:
Contingent consideration	70,600	70,600
Level 1
Cash and cash equivalents	1,109,000	927,300
Available for sale securities	643,800	908,400
Total	1,752,800	1,835,700
Liabilities:
Contingent consideration	0	0
Level 2
Cash and cash equivalents	0	0
Available for sale securities	0	0
Total	0	0
Liabilities:
Contingent consideration	0	0
Level 3
Cash and cash equivalents	0	0
Available for sale securities	0	0
Total	0	0
Liabilities:
Contingent consideration	$ 70,600	$ 70,600

XML

3. Acquisition

6 Months Ended

Dec. 31, 2013

Text Block [Abstract]

Acquisition

3. Acquisition:

On November 14, 2011, the Company through SBI acquired substantially all of the assets of a privately owned company consisting principally of a license and sublicenses under patents held by the University of Maryland, Baltimore County ("UMBC") with respect to the design, development and production of bioprocessing methods, systems and products. The acquisition was pursuant to an asset purchase agreement("APA") whereby the Company paid to the seller $260,000 in cash, issued 135,135 shares of Common Stock valued at $400,000, issued to UMBC a $230,000 36-month note payable, and agreed to make additional cash payments equal to 30% of net royalties received under the acquired license and sublicenses, estimated at a present value of $128,000 on the date of acquisition.

SBI's revenues are derived from royalties received by SBI under the various sublicense agreements, net of royalty payments due to UMBC and revenues from sales of certain products being developed under its existing license. University, government, and industrial laboratories working primarily in the biotechnology industry worldwide are its targeted customers.

Management of the Company allocated the purchase price based on its valuation of the assets acquired, all of which are intangible, as follows:

Technology, trademarks, and in-process
research & development ("IPR&D")	$	500,000
Sublicense agreements		294,000
Engineering drawings and software		64,000
Non-competition agreements		18,000
Goodwill		142,000
Total Purchase Price	$	1,018,000

*See Note 8, "Goodwill and Other Intangible Assets".

The amounts allocated to Technology, Trademarks, and IPR&D and Sublicense Agreements are deemed to have a useful life of 10 years, and to the remaining intangible assets to have a useful life of 5 years, all of which are being amortized on a straight-line basis, except for goodwill.

In connection with the acquisition, SBI entered into a research and development agreement providing for the seller to perform services with respect to the research and development of bioprocessing methods, systems, and products pursuant to programs set forth in the Agreement at a fee of $14,000 per month plus all related expenses. The agreement was terminated in June 2013 as a result of the death of the seller's chief operating officer.

XML

7. Earnings (Loss) per common share (Details Narrative)	3 Months Ended		6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Equity [Abstract]
Common stock issuable upon the exercise of outstanding options excluded from earnings	5,000	40,000	28,500	40,000

XML

7. Earnings (Loss) per common share (Details) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Earnings Loss Per Common Share Details
Net income/(loss)	$ 135,100	$ 138,400	$ 137,200	$ 76,200
Weighted average common shares outstanding	1,342,663	1,337,175	1,340,163	1,336,444
Effect of dilutive securities	6,327	3,765	6,867	4,463
Weighted average dilutive common shares outstanding	1,348,990	1,340,940	1,347,030	1,340,907
Basic earnings/(loss) per common share	$ 0.10	$ 0.10	$ 0.10	$ 0.06
Diluted earnings/(loss) per common share	$ 0.10	$ 0.10	$ 0.10	$ 0.06

XML

8. Goodwill and Other Intangible Assets (Details) (USD $)	Dec. 31, 2013	Jun. 30, 2013
Cost	$ 1,668,300	$ 1,666,400
Accumulated Amortization	949,000	892,900
Net	719,300	773,500
Technology, trademarks
Useful Lives Minimum	5 years	5 years
Useful Lives Maximum	10 years	10 years
Cost	865,900	865,400
Accumulated Amortization	433,600	402,100
Net	432,300	463,300
Customer relationships
Useful Lives Minimum	10 years	10 years
Useful Lives Maximum	10 years	10 years
Cost	237,000	237,000
Accumulated Amortization	207,800	203,200
Net	29,200	33,800
Sublicense agreements
Useful Lives Minimum	10 years	10 years
Useful Lives Maximum	10 years	10 years
Cost	294,000	294,000
Accumulated Amortization	62,500	47,800
Net	231,500	246,200
Non-compete agreements
Useful Lives Minimum	5 years	5 years
Useful Lives Maximum	5 years	5 years
Cost	114,000	114,000
Accumulated Amortization	107,100	105,900
Net	6,900	8,100
Other intangible assets
Useful Lives Minimum	5 years	5 years
Useful Lives Maximum	5 years	5 years
Cost	157,400	156,000
Accumulated Amortization	138,000	133,900
Net	$ 19,400	$ 22,100

XML

8. Goodwill and Other Intangible Assets (Details Narrative) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Jun. 30, 2013
Goodwill And Other Intangible Assets Details Narrative
Estimated future amortization expense remainder of the fiscal year ending June 30, 2014	$ 54,600		$ 54,600
Estimated future amortization expense fiscal year ending June 30, 2015	106,600		106,600
Estimated future amortization expense fiscal year ending June 30, 2016	110,800		110,800
Estimated future amortization expense fiscal year ending June 30, 2017	95,600		95,600
Estimated future amortization expense fiscal year ending June 30, 2018	81,100		81,100
Estimated future amortization expense thereafter	270,600		270,600
Total amortization expense	28,100	28,600	56,200	57,400
Goodwill	$ 589,900		$ 589,900		$ 589,900

XML

2. New Accounting Pronouncements

6 Months Ended

Dec. 31, 2013

Notes to Financial Statements

New Accounting Pronouncements

2. New Accounting Pronouncements:

In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740), which clarifies the presentation requirements of unrecognized tax benefits when a net operating loss carries forward, a similar tax loss, or a tax credit carry forward exists at the reporting date. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 and should be applied prospectively. The adoption of this ASU is not expected to have a material impact to the Company's consolidated financial statements.

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2013	Jun. 30, 2013
Current Assets:
Cash and cash equivalents	$ 1,109,000	$ 927,300
Investment securities	643,800	908,400
Trade accounts receivable, net	926,800	815,900
Inventories	1,871,200	1,705,600
Prepaid expenses and other current assets	84,300	59,000
Deferred taxes	88,800	86,600
Total current assets	4,723,900	4,502,800
Property and equipment at cost, net	148,800	156,500
Intangible assets, net	719,300	773,500
Goodwill	589,900	589,900
Other assets	24,100	24,100
Deferred taxes	97,200	106,200
Total assets	6,303,200	6,153,000
Current Liabilities:
Accounts payable	151,100	156,800
Customer advances	210,700	15,900
Bank line of credit	50,000	0
Notes payable, current	66,200	78,300
Accrued expenses and taxes	313,600	407,700
Contingent consideration payable, current	19,000	19,000
Total current liabilities	810,600	677,700
Contingent consideration payable, less current portion	51,600	51,600
Notes payable, less current portion	0	26,700
Total liabilities	862,200	756,000
Shareholders' equity:
Common stock, $.05 par value; authorized 7,000,000 shares; 1,362,465 issued and outstanding at December 31, 2013 and 1,357,465 at June 30, 2013.	68,100	67,900
Additional paid-in capital	1,993,700	1,977,100
Accumulated other comprehensive loss	(16,200)	(13,600)
Retained earnings	3,447,800	3,418,000
Total	5,493,400	5,449,400
Less common stock held in treasury at cost, 19,802 shares	52,400	52,400
Total shareholders' equity	5,441,000	5,397,000
Total liabilities and shareholders' equity	$ 6,303,200	$ 6,153,000

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Operating activities:
Net income	$ 137,200	$ 76,200
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Loss on sale of investments	10,500	4,800
Depreciation and amortization	88,500	89,000
Deferred income taxes	7,200	9,500
Stock-based compensation	10,200	6,700
Changes in operating assets and liabilities:
Accounts receivable	(110,900)	(319,300)
Inventories	(165,600)	(221,000)
Prepaid expenses and other current assets	(25,300)	81,600
Other assets	0	1,600
Accounts payable	(5,700)	27,500
Customer advances	194,800	257,900
Accrued expenses and taxes	(94,100)	(15,700)
Total adjustments	(90,400)	(77,400)
Net cash provided by (used in) operating activities	46,800	(1,200)
Investing activities:
Purchase of investment securities, available for sale	(24,300)	(710,300)
Capital expenditures	(24,600)	(25,200)
Purchases of intangible assets	(1,900)	(2,100)
Redemption of investment securities, available for sale	275,300	717,600
Net cash provided by (used in) investing activities	224,500	(20,000)
Financing activities:
Line of credit proceeds	50,000	0
Proceeds from exercise of stock options	6,700	0
Cash dividend declared and paid	(107,400)	(40,100)
Principal payments on note payable	(38,900)	(37,600)
Net cash used in financing activities	(89,600)	(77,700)
Net increase (decrease) in cash and cash equivalents	181,700	(98,900)
Cash and cash equivalents, beginning of year	927,300	769,300
Cash and cash equivalents, end of period	1,109,000	670,400
Cash paid during the period for:
Income Taxes	100,000	0
Interest	$ 1,800	$ 2,700

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3. Acquisition (Details) (USD $)	Dec. 31, 2013
Acquisition Details
Technology, trademarks, and in-process research & development ("IPR&D")	$ 500,000
Sublicense agreements	294,000
Engineering drawings and software	64,000
Non-competition agreements	18,000
Goodwill	142,000
Total Purchase Price	$ 1,018,000

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4. Segment Information and Concentrations (Details Narrative)	3 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
TwoCustomers [Member] | Benchtop Laboratory Equipment [Member]
Net sales	25.00%	24.00%
Consolidated sales	17.00%	15.00%
Three Customers [Member] | Catalyst Research Instruments [Member]
Net sales	91.00%
Consolidated sales	24.00%
Four Customers [Member] | Catalyst Research Instruments [Member]
Net sales		95.00%
Consolidated sales		34.00%

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1. Summary of significant accounting policies

6 Months Ended

Dec. 31, 2013

Notes to Financial Statements

Summary of significant accounting policies

1. Summary of significant accounting policies:

Principles of consolidation:

The accompanying consolidated financial statements include the accounts of Scientific Industries, Inc. ("Scientific", a Delaware corporation), Altamira Instruments, Inc.("Altamira", a wholly owned subsidiary and Delaware corporation), Scientific Packaging Industries, Inc. (an inactive wholly owned subsidiary and New York corporation) and Scientific Bioprocessing, Inc., ("SBI", a wholly owned subsidiary and Delaware corporation). All are collectively referred to as the "Company". All material intercompany balances and transactions have been eliminated.

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2013	Jun. 30, 2013
Shareholders' equity:
Common stock,par value	$ 0.05	$ 0.05
Common stock, authorized shares	7,000,000	7,000,000
Common stock, issued shares	1,362,465	1,357,465
Common stock, outstanding shares	1,362,465	1,357,465
Stock held in treasury, shares	19,802	19,802

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4. Segment Information and Concentrations (Tables)

6 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Segment Information

	Benchtop Laboratory Equipment		Catalyst Research Instruments		Bioprocessing Systems			Corporate and Other			Consolidated
Three months ended December 31, 2013
Revenues	$	1,154,000	$	463,400	$	130,400		$	—		$	1,747,800
Foreign Sales		823,400		88,900		—			—			912,300
Income (Loss) from Opertions		119,800		2,100		64,600			(10,000	)		176,500
Assets		2,787,400		1,704,400		981,600			829,800			6,303,200
Long-Lived Asset Expenditures		10,100		—		6,000			—			16,100
Depreciation and Amortization		11,600		8,500		24,200			—			44,300
		Benchtop Laboratory Equipment		Catalyst Research Instruments		Bioprocessing Systems			Corporate and Other			Consolidated
Three months ended December 31, 2012
Revenues	$	1,164,900	$	664,900	$	47,100		$	—		$	1,876,900
Foreign Sales		747,900		279,800		—			—			1,027,700
Income (Loss) from Operations		157,200		68,200		(30,900	)		—			194,500
Assets		2,485,700		1,695,400		963,100			915,800			6,060,000
Long-Lived Asset Expenditures		7,100		700		—			—			7,800
Depreciation and Amortization		11,500		9,200		24,000			—			44,700

Six months ended December 31, 2013
Revenues	$	2,223,700	$	803,100		$	157,100		$	—		$	3,183,900
Foreign Sales		1,444,200		162,400			2,000			—		$	1,608,600
Income (Loss) from Operations		238,100		(101,900	)		47,800			(10,500	)	$	173,500
Assets		2,787,400		1,704,400			981,600			829,800		$	6,303,200
Long-Lived Asset Expenditures		20,000		—			6,500			—		$	26,500
Depreciation and Amortization		22,600		17,600			48,300			—		$	88,500
		Benchtop Laboratory Equipment		Catalyst Research Instruments			Bioprocessing Systems			Corporate and Other			Consolidated
Six months ended December 31, 2012
Revenues	$	2,229,700	$	949,200		$	49,700		$	—		$	3,228,600
Foreign Sales		1,369,600		519,000			—			—			1,888,600
Income (Loss) from Operations		274,800		(66,100	)		(105,900	)		—			102,800
Assets		2,485,700		1,695,400			963,100			915,800			6,060,000
Long-Lived Asset Expenditures		9,200		18,100			—			—			27,300
Depreciation and Amortization		22,600		18,500			47,900			—			89,000

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Document and Entity Information	6 Months Ended
	Dec. 31, 2013	Oct. 25, 2013
Document And Entity Information
Entity Registrant Name	SCIENTIFIC INDUSTRIES INC
Entity Central Index Key	0000087802
Document Type	10-Q
Document Period End Date	Dec. 31, 2013
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		1,342,663
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2014

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5. Fair Value of Financial Instruments (Tables)

6 Months Ended

Dec. 31, 2013

Investments, All Other Investments [Abstract]

Fair Value Inputs

	Fair Value Measurements Using Inputs Considered as
Assets:
		Fair Value at December 31, 2013		Level 1		Level 2		Level 3
Cash and cash equivalents	$	1,109,000	$	1,109,000	$	—	$	—
Available for sale securities		643,800		643,800		—		—
Total	$	1,752,800	$	1,752,800	$	—	$	—
Liabilities:
Contingent consideration	$	70,600	$	—	$	—	$	70,600
	Fair Value Measurements Using Inputs Considered as
Assets:
		Fair Value at June 30, 2013		Level 1		Level 2		Level 3
Cash and cash equivalents	$	927,300	$	927,300	$	—	$	—
Available for sale securities		908,400		908,400		—		—
Total	$	1,835,700	$	1,835,700	$	—	$	—
Liabilities:
Contingent consideration	$	70,600	$	—	$	—	$	70,600

Investments in Marketable Securitites

	Cost		Fair Value		Unrealized Holding Gain (Loss)
At December 31, 2013:
Available for sale:
Equity securities	$	29,300	$	37,000	$	7,700
Mutual funds		630,700		606,800		(23,900	)
	$	660,000	$	643,800	$	(16,200	)
		Cost		Fair Value		Unrealized Holding Gain (Loss)
At June 30, 2013:
Available for sale:
Equity securities	$	29,300	$	33,200	$	3,900
Mutual funds		892,700		875,200		(17,500	)
	$	922,000	$	908,400	$	(13,600	)

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Income Statement [Abstract]
Revenues	$ 1,747,800	$ 1,876,900	$ 3,183,900	$ 3,228,600
Cost of sales	929,700	1,046,600	1,771,600	1,934,000
Gross profit	818,100	830,300	1,412,300	1,294,600
Operating expenses:
General and administrative	342,900	309,600	645,900	589,200
Selling	207,900	191,100	404,900	347,400
Research and development	90,800	135,100	188,000	255,200
Total operating expenses	641,600	635,800	1,238,800	1,191,800
Income from operations	176,500	194,500	173,500	102,800
Other income (expense):
Investment income	5,400	3,100	8,500	5,900
Other	2,200	(1,600)	5,900	900
Interest expense	(1,000)	(1,300)	(1,800)	(2,700)
Total other income, net	6,600	200	12,600	4,100
Income before income taxes	183,100	194,700	186,100	106,900
Income tax expense (benefit): Current	44,800	51,800	41,700	21,200
Deferred	3,200	4,500	7,200	9,500
Total income tax expense	48,000	56,300	48,900	30,700
Net income	$ 135,100	$ 138,400	$ 137,200	$ 76,200
Basic earnings per common share	$ 0.10	$ 0.10	$ 0.10	$ 0.06
Diluted earnings per common share	$ 0.10	$ 0.10	$ 0.10	$ 0.06
Cash dividends declared per common share	$ 0.00	$ 0.00	$ 0.08	$ 0.03

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6. Inventories

6 Months Ended

Dec. 31, 2013

Inventory Disclosure [Abstract]

Inventories

6. Inventories:

Inventories for financial statement purposes are based on perpetual inventory records at December 31, 2013 and based on a physical count as of June 30, 2013. Components of inventory are as follows:

	December 31, 2013		June 30, 2013
Raw Materials	$	1,358,300	$	1,336,800
Work in process		396,300		254,000
Finished Goods		116,600		114,800
	$	1,871,200	$	1,705,600

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5. Fair Value of Financial Instruments

6 Months Ended

Dec. 31, 2013

Investments, All Other Investments [Abstract]

Fair Value of Financial Instruments

5. Fair Value of Financial Instruments:

The FASB defines the fair value of financial instruments as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements do not include transaction costs.

The accounting guidance also expands the disclosure requirements around fair value and establishes a fair value hierarchy of valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels, which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are described below:

Level 1 Inputs that are based upon unadjusted quoted prices for identical instruments traded in active markets.

Level 2 Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly.

Level 3 Prices or valuation that require inputs that are both significant to the fair value measurement and unobservable.

The following tables set forth by level within the fair value hierarchy the Company's financial assets that were accounted for at fair value on a recurring basis at December 31, 2013 and June 30, 2013 according to the valuation techniques the Company used to determine their fair values:

	Fair Value Measurements Using Inputs Considered as
Assets:
		Fair Value at December 31, 2013		Level 1		Level 2		Level 3
Cash and cash equivalents	$	1,109,000	$	1,109,000	$	—	$	—
Available for sale securities		643,800		643,800		—		—
Total	$	1,752,800	$	1,752,800	$	—	$	—
Liabilities:
Contingent consideration	$	70,600	$	—	$	—	$	70,600
		Fair Value Measurements Using Inputs Considered as
Assets:
		Fair Value at June 30, 2013		Level 1		Level 2		Level 3
Cash and cash equivalents	$	927,300	$	927,300	$	—	$	—
Available for sale securities		908,400		908,400		—		—
Total	$	1,835,700	$	1,835,700	$	—	$	—
Liabilities:
Contingent consideration	$	70,600	$	—	$	—	$	70,600

Investments in marketable securities classified as available-for-sale by security type at December 31, 2013 and June 30, 2013 consisted of the following:

	Cost		Fair Value		Unrealized Holding Gain (Loss)
At December 31, 2013:
Available for sale:
Equity securities	$	29,300	$	37,000	$	7,700
Mutual funds		630,700		606,800		(23,900	)
	$	660,000	$	643,800	$	(16,200	)
		Cost		Fair Value		Unrealized Holding Gain (Loss)
At June 30, 2013:
Available for sale:
Equity securities	$	29,300	$	33,200	$	3,900
Mutual funds		892,700		875,200		(17,500	)
	$	922,000	$	908,400	$	(13,600	)

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4. Segment Information and Concentrations (Details) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Depreciation and Amortization			$ 88,500	$ 89,000
Benchtop Laboratory Equipment [Member]
Revenues	1,154,000	1,164,900	2,223,700	2,229,700
Foreign Sales	823,400	747,900	1,444,200	1,369,600
Income (Loss) from Operations	119,800	157,200	238,100	274,800
Assets	2,787,400	2,485,700	2,787,400	2,485,700
Long-lived Asset Expenditures	10,100	7,100	20,000	9,200
Depreciation and Amortization	11,600	11,500	22,600	22,600
Catalyst Research Instruments [Member]
Revenues	463,400	664,900	803,100	949,200
Foreign Sales	88,900	279,800	162,400	519,000
Income (Loss) from Operations	2,100	68,200	(101,900)	(66,100)
Assets	1,704,400	1,695,400	1,704,400	1,695,400
Long-lived Asset Expenditures	0	700	0	18,100
Depreciation and Amortization	8,500	9,200	17,600	18,500
Bioprocessing Systems [Member]
Revenues	130,400	47,100	157,100	49,700
Foreign Sales	0	0	2,000	0
Income (Loss) from Operations	64,600	(30,900)	47,800	(105,900)
Assets	981,600	963,100	981,600	963,100
Long-lived Asset Expenditures	6,000	0	6,500	0
Depreciation and Amortization	24,200	24,000	48,300	47,900
Corporate and Other [Member]
Revenues	0	0	0	0
Foreign Sales	0	0	0	0
Income (Loss) from Operations	(10,000)	0	(10,500)	0
Assets	829,800	915,800	829,800	915,800
Long-lived Asset Expenditures	0	0	0	0
Depreciation and Amortization	0	0	0	0
Consolidated [Member]
Revenues	1,747,800	1,876,900	3,183,900	3,228,600
Foreign Sales	912,300	1,027,700	1,608,600	1,888,600
Income (Loss) from Operations	176,500	194,500	173,500	102,800
Assets	6,303,200	6,060,000	6,303,200	6,060,000
Long-lived Asset Expenditures	16,100	7,800	26,500	27,300
Depreciation and Amortization	$ 44,300	$ 44,700	$ 88,500	$ 89,000

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6. Inventories (Tables)

6 Months Ended

Dec. 31, 2013

Inventory Disclosure [Abstract]

Inventories

	December 31, 2013		June 30, 2013
Raw Materials	$	1,358,300	$	1,336,800
Work in process		396,300		254,000
Finished Goods		116,600		114,800
	$	1,871,200	$	1,705,600

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1. Summary of significant accounting policies (Policies)

6 Months Ended

Dec. 31, 2013

Notes to Financial Statements

Principles of consolidation

Principles of consolidation:

The accompanying consolidated financial statements include the accounts of Scientific Industries, Inc. ("Scientific", a Delaware corporation), Altamira Instruments, Inc.("Altamira", a wholly owned subsidiary and Delaware corporation), Scientific Packaging Industries, Inc. (an inactive wholly owned subsidiary and New York corporation) and Scientific Bioprocessing, Inc., ("SBI", a wholly owned subsidiary and Delaware corporation). All are collectively referred to as the "Company". All material intercompany balances and transactions have been eliminated.

New Accounting Pronouncements

In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740), which clarifies the presentation requirements of unrecognized tax benefits when a net operating loss carries forward, a similar tax loss, or a tax credit carry forward exists at the reporting date. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 and should be applied prospectively. The adoption of this ASU is not expected to have a material impact to the Company's consolidated financial statements.

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7. Earnings (Loss) per common share

6 Months Ended

Dec. 31, 2013

Equity [Abstract]

Earnings (Loss) per common share

7. Earnings per common share:

Basic earnings per common share are computed by dividing net income by the weighted-average number of shares outstanding. Diluted earnings per common share include the dilutive effect of stock options, if any.

Earnings per common share was computed as follows:

	For the Three Month				For the Six Month
	Periods Ended				Periods Ended
	December 31,				December 31,
	2013		2012		2013		2012
Net income	$	135,100	$	138,400	$	137,200	$	76,200
Weighted average common shares outstanding		1,342,663		1,337,175		1,340,163		1,336,444
Dilutive securities		6,327		3,765		6,867		4,463
Weighted average dilutive common shares outstanding		1,348,990		1,340,940		1,347,030		1,340,907
Basic earningsper common share	$	0.10	$	0.10	$	0.10	$	0.06
Diluted earnings per common share	$	0.10	$	0.10	$	0.10	$	0.06

Approximately 5,000 and 28,500 shares of the Company's Common Stock issuable upon the exercise of outstanding stock options were excluded from the calculation of diluted earnings per common share for the three and six month periods ended December 31, 2013, because the effect would be anti-dilutive.

Approximately 40,000 shares of the Company's common stock issuable upon the exercise of outstanding options were excluded from the calculation of diluted earnings per common share for each of the three and six month periods ended December 31, 2012, because the effect would be anti- dilutive.

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8. Goodwill and Other Intangible Assets

6 Months Ended

Dec. 31, 2013

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

8. Goodwill and Other Intangible Assets:

Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in connection with the Company's acquisition of Altamira and SBI's acquisition of assets. Goodwill amounted to $589,900 as of December 31, 2013 and June 30, 2013, all of which is deductible for tax purposes.

The components of other intangible assets are as follows:

	Useful Lives	Cost		Accumulated Amortization		Net
At December 31, 2013:
Technology	5/10 yrs.	$	865,900	$	433,600	$	432,300
Customer relationships	10 yrs.		237,000		207,800		29,200
Sublicense agreements	10 yrs.		294,000		62,500		231,500
Non-compete agreements	5 yrs.		114,000		107,100		6,900
Other intangible assets	5 yrs.		157,400		138,000		19,400
		$	1,668,300	$	949,000	$	719,300
	Useful Lives		Cost		Accumulated Amortization		Net
At June 30, 2013:
Technology	5/10 yrs.	$	865,400	$	402,100	$	463,300
Customer relationships	10 yrs.		237,000		203,200		33,800
Sublicense agreements	10 yrs.		294,000		47,800		246,200
Non-compete agreements	5 yrs.		114,000		105,900		8,100
Other intangible assets	5 yrs.		156,000		133,900		22,100
		$	1,666,400	$	892,900	$	773,500

Total amortization expense was $28,100 and $28,600 for the three months ended December 31, 2013 and 2012, respectively and $56,200 and $57,400 for the six months ended December 31, 2013 and 2012, respectively. As of December 31, 2013, estimated future amortization expense related to intangible assets is $54,600 for the remainder of the fiscal year ending June 30, 2014, $106,600 for fiscal 2015, $110,800 for fiscal 2016, $95,600 for fiscal 2017, $81,100 for fiscal 2018, and $270,600 thereafter.

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3. Acquisition (Tables)

6 Months Ended

Dec. 31, 2013

Text Block [Abstract]

Purchase Price Allocation

Technology, trademarks, and in-process
research & development ("IPR&D")	$	500,000
Sublicense agreements		294,000
Engineering drawings and software		64,000
Non-competition agreements		18,000
Goodwill		142,000
Total Purchase Price	$	1,018,000

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8. Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Dec. 31, 2013

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

	Useful Lives	Cost		Accumulated Amortization		Net
At December 31, 2013:
Technology	5/10 yrs.	$	865,900	$	433,600	$	432,300
Customer relationships	10 yrs.		237,000		207,800		29,200
Sublicense agreements	10 yrs.		294,000		62,500		231,500
Non-compete agreements	5 yrs.		114,000		107,100		6,900
Other intangible assets	5 yrs.		157,400		138,000		19,400
		$	1,668,300	$	949,000	$	719,300
	Useful Lives		Cost		Accumulated Amortization		Net
At June 30, 2013:
Technology	5/10 yrs.	$	865,400	$	402,100	$	463,300
Customer relationships	10 yrs.		237,000		203,200		33,800
Sublicense agreements	10 yrs.		294,000		47,800		246,200
Non-compete agreements	5 yrs.		114,000		105,900		8,100
Other intangible assets	5 yrs.		156,000		133,900		22,100
		$	1,666,400	$	892,900	$	773,500

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5. Fair Value of Financial Instruments (Details 1) (USD $)	Dec. 31, 2013	Jun. 30, 2013	Dec. 31, 2013 Equity Securities	Jun. 30, 2012 Equity Securities	Dec. 31, 2013 Mutual Funds	Jun. 30, 2012 Mutual Funds
Cost	$ 660,000	$ 922,000	$ 29,300	$ 29,300	$ 630,700	$ 892,700
Fair Value	643,800	908,400	37,000	33,200	606,800	875,200
Unrealized Holding Gain (Loss)	$ (16,200)	$ (13,600)	$ 7,700	$ 3,900	$ (23,900)	$ (17,500)

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
Condensed Consolidated Statements Of Comprehensive Income Loss
Net income	$ 135,100	$ 138,400	$ 137,200	$ 76,200
Other comprehensive income (loss):
Unrealized holding gain (loss) arising during period, net of tax	(800)	3,300	(2,600)	12,900
Comprehensive income	$ 134,300	$ 141,700	$ 134,600	$ 89,100

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4. Segment Information and Concentrations

6 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Segment Information and Concentrations

4. Segment Information and Concentrations:

The Company views its operations as three segments: the manufacture and marketing of standard benchtop laboratory equipment for research in university, hospital and industrial laboratories sold primarily through laboratory equipment distributors (ABenchtop Laboratory Equipment@), the manufacture and marketing of custom-made catalyst research instruments for universities, government laboratories, and chemical and petrochemical companies sold on a direct basis (ACatalyst Research Instruments@) and the marketing and production of bioprocessing systems for laboratory research in the biotechnology industry sold directly to customers and through distributors ("Bioprocessing Systems").

Segment information is reported as follows (foreign sales are principally to customers in Europe and Asia):

	Benchtop Laboratory Equipment		Catalyst Research Instruments		Bioprocessing Systems			Corporate and Other			Consolidated
Three months ended December 31, 2013
Revenues	$	1,154,000	$	463,400	$	130,400		$	—		$	1,747,800
Foreign Sales		823,400		88,900		—			—			912,300
Income (Loss) from Opertions		119,800		2,100		64,600			(10,000	)		176,500
Assets		2,787,400		1,704,400		981,600			829,800			6,303,200
Long-Lived Asset Expenditures		10,100		—		6,000			—			16,100
Depreciation and Amortization		11,600		8,500		24,200			—			44,300
		Benchtop Laboratory Equipment		Catalyst Research Instruments		Bioprocessing Systems			Corporate and Other			Consolidated
Three months ended December 31, 2012
Revenues	$	1,164,900	$	664,900	$	47,100		$	—		$	1,876,900
Foreign Sales		747,900		279,800		—			—			1,027,700
Income (Loss) from Operations		157,200		68,200		(30,900	)		—			194,500
Assets		2,485,700		1,695,400		963,100			915,800			6,060,000
Long-Lived Asset Expenditures		7,100		700		—			—			7,800
Depreciation and Amortization		11,500		9,200		24,000			—			44,700

Approximately 65% and 73% of net sales of benchtop laboratory equipment (43% and 46% of total net sales) for the three month periods ended December 31, 2013 and 2012, respectively, were derived from the Company's main product, the Vortex-Genie 2® mixer, excluding accessories.

Two customers accounted in the aggregate for approximately 25% and 24% of the net sales of the Benchtop Laboratory Equipment Operations and 17% and 15% of total revenues for the three months ended December 31, 2013, and 2012, respectively. Sales of catalyst research instruments generally comprise a few very large orders averaging at least $100,000 per order to a limited number of customers, who differ from order to order. Sales to three customers and four customers represented approximately 91% and 95% of the Catalyst Research Instrument Operations' net sales, respectively, and 24% and 34% of total revenues for the three months ended December 31, 2013 and 2012, respectively.

Benchtop Catalyst Corporate Laboratory Research Bioprocessing and Equipment Instruments Systems Other Consolidated

		Benchtop Laboratory Equipment		Catalyst Research Instruments			Bioprocessing Systems			Corporate and Other			Consolidated
Six months ended December 31, 2013
Revenues	$	2,223,700	$	803,100		$	157,100		$	—		$	3,183,900
Foreign Sales		1,444,200		162,400			2,000			—		$	1,608,600
Income (Loss) from Operations		238,100		(101,900	)		47,800			(10,500	)	$	173,500
Assets		2,787,400		1,704,400			981,600			829,800		$	6,303,200
Long-Lived Asset Expenditures		20,000		—			6,500			—		$	26,500
Depreciation and Amortization		22,600		17,600			48,300			—		$	88,500
		Benchtop Laboratory Equipment		Catalyst Research Instruments			Bioprocessing Systems			Corporate and Other			Consolidated
Six months ended December 31, 2012
Revenues	$	2,229,700	$	949,200		$	49,700		$	—		$	3,228,600
Foreign Sales		1,369,600		519,000			—			—			1,888,600
Income (Loss) from Operations		274,800		(66,100	)		(105,900	)		—			102,800
Assets		2,485,700		1,695,400			963,100			915,800			6,060,000
Long-Lived Asset Expenditures		9,200		18,100			—			—			27,300
Depreciation and Amortization		22,600		18,500			47,900			—			89,000

Approximately 66% and 68% of net sales of benchtop laboratory equipment (46% and 47% of total revenues) for the six month periods ended December 31, 2013 and 2012, respectively, were derived from the segment's main product, the Vortex- Genie 2® mixer, excluding accessories.

Two benchtop laboratory equipment customers, accounted in the aggregate for approximately 21% and 23% of the segments net sales for the six month periods ended December 31, 2013 and 2012, and 14% and 16%, of total revenues for the six month periods ended December 31, 2013 and 2012, respectively.

Sales of catalyst research instruments to six and four different customers in each of the six month periods, accounted for approximately 92% and 67% of the segments net sales and 23% and 20% of total revenues for the six month periods ended December 31, 2013 and 2012, respectively.

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6. Inventories (Details) (USD $)	Dec. 31, 2013	Jun. 30, 2013
Inventories Details
Raw materials	$ 1,358,300	$ 1,336,800
Work-in-process	396,300	254,000
Finished goods	116,600	114,800
Inventory	$ 1,871,200	$ 1,705,600

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7. Earnings (Loss) per common share (Tables)

6 Months Ended

Dec. 31, 2013

Equity [Abstract]

Earnings per common share

	For the Three Month				For the Six Month
	Periods Ended				Periods Ended
	December 31,				December 31,
	2013		2012		2013		2012
Net income	$	135,100	$	138,400	$	137,200	$	76,200
Weighted average common shares outstanding		1,342,663		1,337,175		1,340,163		1,336,444
Dilutive securities		6,327		3,765		6,867		4,463
Weighted average dilutive common shares outstanding		1,348,990		1,340,940		1,347,030		1,340,907
Basic earningsper common share	$	0.10	$	0.10	$	0.10	$	0.06
Diluted earnings per common share	$	0.10	$	0.10	$	0.10	$	0.06