1. Summary of significant accounting policies (Policies)

9 Months Ended

Mar. 31, 2014

Notes to Financial Statements

Principles of consolidation

The accompanying consolidated financial statements include the accounts of Scientific Industries, Inc. (“Scientific”, a Delaware corporation), and its wholly-owned subsidiaries, Altamira Instruments, Inc.(“Altamira”, a Delaware corporation), Scientific Packaging Industries, Inc. (an inactive New York corporation) and Scientific Bioprocessing, Inc., (“SBI”, a 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 did not have a material impact to the Company’s consolidated financial statements.