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, 2015

      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)

80 Orville Drive, Ste. 102, 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    X No

The number of shares outstanding of the issuer's common stock par
value, $0.05 per share, as of February 2, 2016 was 1,489,112 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 Loss						 3

Condensed Consolidated Statements of Cash Flows		 4

Notes to Condensed Consolidated Financial Statements	 6

ITEM 2	MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF
        OPERATIONS	                                15

ITEM 4	CONTROLS AND PROCEDURES				18

PART II - OTHER INFORMATION

ITEM 6	EXHIBITS AND REPORTS ON FORM 8-K	        18

SIGNATURE 						19

EXHIBITS						20













           PART I-FINANCIAL INFORMATION

Item 1.  Financial Statements

          SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES
            CONDENSED CONSOLIDATED BALANCE SHEETS

                               ASSETS
                                           December 31,   June 30,
                                           	2015         2015
                                           _____________ __________
Current Assets:		                    (Unaudited)
  Cash and cash equivalents		    $  666,900   $  482,000
  Restricted cash			       300,000	    300,000
  Investment securities			       278,200	    281,800
  Trade accounts receivable, net	       870,100	  1,081,700
  Inventories				     3,262,500	  2,213,700
  Prepaid expenses and other current assets     55,600	     68,600
  Deferred taxes			       109,700	    114,200
                                             _________    _________
Total current assets			     5,543,000	  4,542,000

Property and equipment at cost, net	       206,500	    235,200

Intangible assets, net  		     1,281,200	  1,451,900

Goodwill				       705,300	    705,300

Other assets            			52,500	     52,500

Deferred taxes				       190,400	    154,500
                                            __________   __________
Total assets                                $7,978,900	 $7,141,400
                                            ==========   ==========

	LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
  Accounts payable			    $  372,100	 $  227,600
  Customer advances			       110,100	     76,400
  Bank line of credit			       470,000	       -
  Notes payable, current portion	       200,000	    200,000
  Accrued expenses and taxes		       779,500	    519,900
  Contingent consideration, current portion    128,900	    106,800
                                            __________   __________
   		Total current liabilities    2,060,600	  1,130,700

Contingent consideration, less
  current portion	                       137,300	    260,300
                                            __________   __________
        Total liabilities		     2,197,900	  1,391,000
                                            __________   __________
Shareholders' equity:
  Common stock, $.05 par value; authorized 7,000,000 shares;
    1,508,914 outstanding at
    December 31, 2015 and June 30, 2015   	75,400	     75,400
  Additional paid-in capital                 2,487,900	  2,486,700
  Accumulated other comprehensive loss     (     8,200)	(     3,300)
  Retained earnings                          3,278,300	  3,244,000
                                           ___________   __________
                                             5,833,400	  5,802,800
  Less common stock held in treasury, at cost,
   19,802 shares                                52,400	     52,400
                                            __________   __________
        Total shareholders' equity           5,781,000	  5,750,400
                                            __________   __________
        Total liabilities and
                 shareholders' equity       $7,978,900	 $7,141,400
                                            ==========   ==========


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,
                         __________  __________ __________  __________
                             2015       2014        2015       2014
                         __________  __________ __________  __________

Revenues                 $2,028,200  $1,691,100 $3,472,600  $3,353,200
Cost of sales             1,190,500   1,081,700  2,039,800   2,163,900
                         __________  __________ __________  __________
Gross profit                837,700     609,400  1,432,800   1,189,300
                         __________  __________ __________  __________
Operating Expenses:
 General & administrative   395,700     446,400    803,900     852,600
 Selling                    227,200     229,400    394,200     524,700
 Research & development      84,100     116,100    169,500     223,200
                         __________  __________ __________  __________
  Total operating
  expenses  		    707,000     791,900  1,367,600   1,600,500
                         __________  __________ __________  __________
Income (loss) from
 operations   		    130,700  (  182,500)    65,200  (  411,200)
                         __________  __________ __________  __________
Other income (expense):
 Investment income	      5,000       7,400      5,400       9,600
 Other			      1,400  (    5,900) (   3,300)  (   1,100)
 Interest expense	  (  14,000) (    1,400) (  22,100)  (   2,700)
                          __________  __________  _________  __________
  Total other income,
   (expense) net          (   7,600)        100  (  20,000)      5,800
                          __________  __________  _________  __________
Income (loss) before
  income tax expense
  (benefit) 		    123,100  (  182,400)    45,200   ( 405,400)
                          __________  __________  _________  __________
Income tax expense (benefit):
  Current	             40,900  (   33,800)    40,900   (  91,000)
  Deferred		  (  12,200) (   10,600) (  30,000)  (  15,100)
                          __________  __________ __________  __________
  Total income tax
   expense (benefit)	     28,700  (   44,400)    10,900   ( 106,100)
                          ___________ __________ __________  __________
Net income (loss)	  $  94,400  ($ 138,000) $  34,300   ($299,300)
                          =========== ========== ==========  ==========

Basic and diluted earnings
 (loss) per common share     $  .06	($ .09)	   $  .02    ($  .20)





See notes to unaudited condensed consolidated financial statements


                                   2




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




				For the Three Month	For the Six Month
				Periods Ended		Periods Ended
				December  31,	        December 31,
                                ___________________     __________________
				  2015      2014   	  2015      2014
                                ________ __________     ________ __________
Net income (loss)		$ 94,400  ($138,000)     $ 34,300 ($299,300)

Other comprehensive loss:
  Unrealized holding loss on investments
  arising during period,
  net of tax			(   1,100) (  3,800)   (   4,900) (   4,500)
                                __________ _________   __________ __________
Comprehensive income (loss)	 $ 93,300 ($141,800)	$ 29,400  ($303,800)
                                ========== =========   ========== ==========















  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, 2015 December 31, 2014
                                             _________________ _________________
Operating activities:
  Net income (loss)				   $   34,300	  ($  299,300)
                                                   __________     ____________
  Adjustments to reconcile net income (loss)
   to net cash used in operating activities:
      Loss on sale of investments                        -              1,300
      Loss on asset disposal				 2,700		 -
      Depreciation and amortization		       210,800	      220,100
      Deferred income tax benefit		    (   30,000)	   (   15,100)
 Stock-based compensation			 	1,200		2,100
 Income tax benefit of stock options exercised	          - 		4,900
  Changes in operating assets and liabilities:
         Accounts receivable			       211,600	       25,700
         Inventories		      	            (1,048,800)	   (  106,900)
         Prepaid expenses and other current assets      13,000	   (   37,200)
	    Other assets				  - 	   (   25,400)
         Accounts payable                              144,500	       48,700
         Customer advances		                33,700	   (   77,500)
         Accrued expenses and taxes	               259,600	   (  149,200)
                                                   ____________   ____________
       Total adjustments	        	    (  201,700)	   (  108,500)
                                                   ____________   ____________
       Net cash used in
         operating activities			    (  167,400)    (  407,800)
                                                   ____________   ____________
Investing activities:
  Purchase of investment securities,
    available-for-sale				    (    2,700)	   (    3,800)
  Capital expenditures				    (    8,400)	   (   52,900)
  Purchase of intangible assets			    (    5,700)	   (    3,400)
  Redemption of investment securities, available
    for sale					          -  	       75,000
                                                   ____________   ____________
       Net cash provided by
          (used in) investing activities	    (   16,800)	       14,900
                                                   ____________   ____________
Financing activities:
 Line of credit proceeds			       470,000	       250,000
 Payment of contingent consideration		    (  100,900)	    (   98,900)
 Proceeds from exercise of stock options		  - 		18,800
 Principal payments on note payable		          -    	    (   26,700)
                                                   ____________   _____________
        Net cash provided by financing
          activities				      369,100 	       143,200
                                                   ____________   _____________



    See notes to unaudited condensed consolidated financial statements

                                       4




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



                                 	      For the Six Month Periods Ended
                                             December 31, 2015 December 31, 2014
                                             _________________ _________________

Net increase (decrease) in cash
 and cash equivalents				    184,900	 (   249,700)

Cash and cash equivalents, beginning of year	    482,000          493,700
                                                 __________       __________
Cash and cash equivalents, end of period	 $  666,900       $  244,000
                                                 __________       __________
Supplemental disclosures:

Cash paid during the period for:
 Income taxes				 	 $   18,500	     $ 3,500
 Interest					      4,400            2,700

 Non-cash investing and financing activities (Note 3)





  See notes to unaudited condensed consolidated financial statements

                                5


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, 2015.  The results for the three
and six months ended December 31, 2015, are not necessarily
an indication of the results for the full fiscal year ending
June 30, 2016.

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 May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with
Customers amending revenue recognition requirements for multiple-deliverable
revenue arrangements. This update provides guidance on how revenue is
recognized to depict the transfer of promised goods or services to customers
in an amount that reflects the consideration to which the entity expects to
be entitled in exchange for the goods or services. This determination is
made in five steps: (i) identify the contract with the customer: (ii)
identify the performance obligations in the contract; (iii) determine the
transaction price; (iv) allocate the transaction price to the performance
obligations in the contract; and (v) recognize revenue when (or as) the
entity satisfies a performance obligation. In July 2015, the FASB deferred
the effective date to fiscal years beginning after December 15, 2018, or the
Company's fiscal year ending June 30, 2020, and early adoption of the
standard is permitted, but not before the original effective date of
December 15, 2017.  The Company is evaluating the effect this guidance will
have on the consolidated financial statements and related disclosures.



                                  6





In June 2014, the FASB issued ASU 2014-12, Compensation - Stock Compensation
(Topic 718): Accounting for Share-Based Payments When the Terms of an Award
Provide that a Performance Target Could be Achieved After the Requisite
Service Period. This update affects reporting entities that grant their
employee's targets that affects vesting could be achieved after the
requisite service period. The new standard requires that a performance
target that affects vesting and that could be achieved after the requisite
services period be treated as a performance condition. The new standard will
be effective for the Company beginning July 1, 2016, and early adoption is
permitted. The Company expects the adoption will not have a material impact
on its financial condition, results of operations or cash flows.
In July 2015, the FASB issued ASU No. 2015-11, "Inventory: Simplifying the
Measurement of Inventory", that requires inventory not measured using
either the last in, first out (LIFO) or the retail inventory method to be
measured at the lower of cost and net realizable value. Net realizable value
is the estimated selling prices in the ordinary course of business, less
reasonably predictable cost of completion, disposal and transportation. The
new standard will be effective for fiscal years beginning after December 15,
2016, including interim periods within those fiscal years, and will be
applied prospectively. Early adoption is permitted. The Company is
evaluating the impact that this standard will have on its consolidated
financial statements.

In November 2015, the FASB issued new guidance simplifying the balance sheet
classification of deferred taxes. The new guidance requires that deferred
tax liabilities and assets be classified as noncurrent in a classified
statement of financial position. The current requirement that deferred tax
liabilities and assets of a tax-paying component of an entity be offset and
presented as a single amount is not affected by the new guidance. The
guidance is effective for public companies for interim and annual reporting
periods beginning after December 15, 2016, with early adoption permitted as
of the beginning of an interim or annual reporting period. The new guidance
may be applied either prospectively to all deferred tax liabilities and
assets or retrospectively to all periods presented. The Company is
evaluating the impact that the new guidance will have on its consolidated
financial statements and related disclosures.

3.  Acquisition:

On February 26, 2014, the Company acquired substantially all the assets of a
privately owned company consisting principally of inventory, fixed assets, and
intangible assets related to the production and sale of a variety of
laboratory and pharmacy balances and scales. The acquisition was pursuant to
an asset purchase agreement whereby the Company paid the sellers $700,000 in
cash, 126,449 shares of Common Stock valued at $427,500 and agreed to make
additional cash payment based on a percentage of net sales of the business
acquired equal to 8% for the period ended June 30, 2014 annualized, 9% for the
year ended June 30, 2015, 10% for the year ending June 30, 2016 and 11% for
the year ending June 30, 2017, estimated at a present value of $460,000 on the
date of acquisition. Payments related to this contingent consideration for
each period are due in September following the fiscal year. Contingent
consideration payments amounted to $100,900 and $98,900 during the six month
periods ended December 31, 2015 and 2014, respectively.



                                      7





The products, which are similar to the Company's other Benchtop Laboratory
Equipment, and in many cases used by the same customers, are marketed under
the Torbal(R) brand. The principal customers are pharmacies, pharmacy schools,
universities, government laboratories, and industries utilizing precision
scales. The products are sold primarily on a direct basis, including the
Company's e-commerce site.

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

Current assets                  $  144,000
Property and equipment		   118,100
Goodwill*                          115,400
Other intangible assets 	 1,210,000
                                __________
Total Purchase Price            $1,587,500
                                ==========

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

Of the $1,210,000 of the acquired other intangible assets, $570,000 was
assigned to technology and websites with a useful life of 5 years, $120,000
was assigned to customer relationships with an estimated useful life of 9
years, $140,000 was assigned to the trade name with an estimated useful
life of 6 years, $110,000 was assigned to the IPR&D with an estimated
useful life of 3 years, and $270,000 was assigned to non-compete agreements
with an estimated useful life of 5 years.

In connection with the acquisition, the Company entered into a three-year
employment agreement with the previous Chief Operating Officer of the
acquired business as President of the Company's new Torbal Division and
Director of Marketing for the Company. The agreement may be extended by
mutual consent for an additional two years.

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").




                                 8




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, 2015:

 Revenues      $1,583,500   $  414,500  $   30,200 $    -     $2,028,200
 Foreign Sales	  764,400      105,500        -	        -	 869,900
 Income (Loss) from
    Operations	  187,700   (   10,100) (   32,900) (  14,000)   130,700
 Assets     	4,352,600    2,319,200     728,800    578,300  7,978,900
 Long-Lived Asset
    Expenditures    1,900         -          5,700       -         7,600
 Depreciation and
    Amortization   74,200        7,000      24,400       -       105,600



               Benchtop    Catalyst     Bio-       Corporate
               Laboratory  Research     processing and       Conso-
               Equipment   Instruments  Systems    Other     lidated
               __________  ___________  __________ _________ ___________
Three months ended December 31, 2014:

 Revenues      $1,247,000   $  419,600  $   24,500 $    -    $1,691,100
 Foreign Sales    722,400      315,700        -		-     1,038,100
 Loss from
  Operations   (   67,200   (   70,600) (   44,700)     -   (   182,500)
 Assets     	4,032,700    1,387,900     774,100   585,800  6,780,500
 Long-Lived Asset
    Expenditures   33,200          -         2,300      -        35,500
 Depreciation and
    Amortization   76,300        9,200      24,500      -       110,000


Approximately 53% and 50% of net sales of benchtop laboratory equipment
(41% and 37% of total revenues) for the three month periods ended
December 31, 2015 and 2014, respectively, were derived from the Company's
main product, the Vortex-Genie 2(R) mixer, excluding accessories.

Approximately 19% and 21% of net sales of benchtop laboratory equipment
(15% of total revenues for both periods) were derived from Torbal brand
products for the three months ended December 31, 2015 and 2014,
respectively.

Two customers accounted in the aggregate for approximately 14% and 18%
of the net sales of the Benchtop Laboratory Equipment Operations and 11%
and 13% of total  revenues for the three months ended December 31, 2015,
and 2014, 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 different customers represented approximately 92% and 84% of
the Catalyst Research Instrument Operations' net sales, respectively,
and 19% and 21% of total revenues for the three months ended
December 31, 2015 and 2014, respectively.



                                      9





               Benchtop    Catalyst     Bio-       Corporate
               Laboratory  Research     processing and       Conso-
               Equipment   Instruments  Systems    Other     lidated
               __________  ___________  __________ _________ ___________

Six months ended December 31, 2015:

 Revenues      $2,846,500   $  567,500  $  58,600  $    -    $3,472,600
 Foreign Sales	1,363,400      113,300       -		-     1,476,700
 Income (Loss) from
    Operations	  242,400   (   92,200) (  62,900) (  22,100)    65,200
 Assets	      	4,352,600    2,319,200    728,800    578,300  7,978,900
 Long-Lived Asset
    Expenditures    8,400         -         5,700       -        14,100
 Depreciation and
    Amortization  148,000       13,900     48,900       -       210,800


               Benchtop    Catalyst     Bio-       Corporate
               Laboratory  Research     processing and       Conso-
               Equipment   Instruments  Systems    Other     lidated
               __________  ___________  __________ _________ ___________

Six months ended December 31, 2014:

 Revenues      $2,333,400 $  970,700   $   49,100   $   -    $3,353,200
 Foreign Sales	1,133,500    759,200         -		-     1,892,700
 Loss from
  Operations   (  185,300 (  140,800) (    85,100)      -    (  411,200)
 Assets	      	4,032,700  1,387,900      774,100    585,800  6,780,500
 Long-Lived Asset
    Expenditures   51,500        900        3,900       -        56,300
 Depreciation and
    Amortization  152,300     19,000       48,800       -       220,100

Approximately 50% and 48% of net sales of benchtop laboratory equipment
(41% and 33% of total revenues) for the six month periods ended December
31, 2015 and 2014, 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 13% and 16% of the segment's net sales for the six month
periods ended December 31, 2015 and 2014, and 11% of total revenues for
each of the six month periods ended December 31, 2015 and 2014.

Approximately 20% of net sales of benchtop laboratory equipment were
derived from Torbal brand products for each of the six months ended
December 31, 2015 and 2014,  and 16% and 14% of total revenues,
respectively.

For the six month periods ended December 31, 2015 and 2014, catalyst
research Instruments sales to three and six different customers in each
of the six month periods, accounted for approximately 88% and 97% of
the segment's net sales and 14% and 28% of total revenues, 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.


                                10




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, 2015 and June 30, 2015 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, 2015 Level 1   Level 2  Level 3
                            ______________  __________ _______  ________
Cash and cash equivalents   $  666,900      $  666,900 $  -     $  -
Restricted cash		       300,000	       300,000    -	   -
Available for sale securities  278,200	       278,200    -        -
                            __________      __________ _______  _________
Total			    $1,245,100	    $1,245,100 $  -     $  -
                            ==========      ========== ======== =========
Liabilities:
 Contingent consideration   $  266,200	    $  	  -    $  -	$266,200
                            ==========      ========== ======== =========


                                    Fair Value Measurements Using Inputs
                                                Considered as

Assets:
                            Fair Value at
                            June 30, 2015   Level 1    Level 2  Level 3
                            ______________  __________ _______  ________


Cash and cash equivalents	$  482,000  $  482,000  $  -    $  -
Restricted cash			   300,000     300,000     -       -
Available for sale securities      281,800     281,800     -       -
                                __________  __________  _______ ________
Total			        $1,063,800  $1,063,800  $  -    $  -
                                ==========  ==========  ======= ========
Liabilities:

Contingent consideration        $  367,100  $    -      $  -   	$367,100
                                ==========  ==========  ======= ========



                                     11



Investments in marketable securities classified as available-for-sale by
security type at December 31, 2015 and June 30, 2015 consisted of the
following:


                                                            Unrealized
                                               	    Fair   Holding Gain
                                        Cost        Value     (Loss)
	                           ____________  _________ ____________
At December 31, 2015:
   Available for sale:
   Equity securities		     $  29,300	 $  38,200  $     8,900
   Mutual funds			       257,100	   240,000	(17,100)
                                     _________   _________  ____________
				     $ 286,400	 $ 278,200  $   ( 8,200)
                                     =========   =========  ============



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

At June 30, 2015:

        Available for sale:
        Equity securities           $   29,300   $  35,800  $   6,500
        Mutual funds                   255,800     246,000    ( 9,800)
                                    __________   _________  __________
                                    $  285,100   $ 281,800  $ ( 3,300)
                                    ==========   =========  ==========
6.	Inventories:

  Inventories for financial statement purposes are based on perpetual
  inventory records at December 31, 2015 and based on a physical count as
  of June 30, 2015.  Components of inventory are as follows:

			    December 31,  	  June 30,
				2015   		     2015
                            ____________        __________

	Raw Materials         $1,439,000	$1,420,800
	Work in process        1,510,400    	   442,900
	Finished Goods           313,100	   350,000
                              __________        __________
			      $3,262,500	$2,213,700
                              ==========        ==========

7.   Earnings (loss) per common share:

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

                              12



Earnings (loss) per common share was computed as follows:



             		For the Three Month	       For the Six Month
             		Periods Ended	    	       Period Ended
                        December 31,                   December 31,
                        ____________________________  ______________________
			    2015          2014   	 2015       2014

Net income (loss)	 $     94,400 ($   138,000)  $  34,300 ($  299,300)
                         ============ =============  =========  ===========
Weighted average common
  shares outstanding   	    1,489,112	 1,479,112   1,489,112   1,475,960
Dilutive  securities	         -   	      -           -           -
                            __________   __________  __________  __________
Weighted average dilutive
  common shares outstanding 1,489,112    1,479,112   1,489,112   1,475,960
                            ==========   ==========  ==========  ==========
Basic and diluted earnings
  (loss) per common share   $  .06	($  .09)      $  .02     ($  .20)
                            ======      ========      ======     ========

Approximately 38,500 and 51,000 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, 2015 and 2014, respectively, 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 $705,300
as of December 31, 2015 and June 30, 2015, 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, 2015:
 Technology, trademarks  5/10 yrs.  $1,215,800  $   682,600   $ 533,200
 Trade names                6 yrs.     140,000 	     42,800      97,200
 Websites                   5 yrs.     210,000       77,000     133,000
 Customer relationships  9/10 yrs.     357,000      246,500     110,500
 Sublicense agreements    10 yrs.      294,000      121,300	172,700
 Non-compete agreements    5 yrs.      384,000      210,900     173,100
 Intellectual Property,
 Research & Development
 (IPR&D)                   3 yrs.      110,000       67,200      42,800
 Other intangible assets   5 yrs.      169,800      151,100      18,700
                                    __________   __________  __________
	  			    $2,880,600   $1,599,400  $1,281,200
                                    ==========   ==========  ==========


                                         13



			  Useful                Accumulated
			  Lives       Cost      Amortization      Net
                          ______    __________  ____________  _________
 At June 30, 2015:
 Technology, trademarks  5/10 yrs.  $1,226,800 $   624,200    $  602,600
 Trade names                6 yrs.     140,000 	    31,100       108,900
 Websites                   5 yrs.     210,000      56,000       154,000
 Customer relationships  9/10 yrs.     357,000     236,200       120,800
 Sublicense agreements    10 yrs.      294,000     106,600	 187,400
 Non-compete agreements    5 yrs.      384,000     182,700       201,300
 Intellectual Property,
 Research & Development
 (IPR&D)                   3 yrs.      110,000      48,900        61,100
 Other intangible assets   5 yrs.      164,000     148,200        15,800
                                    __________  __________    __________
	  			    $2,885,800  $1,433,900    $1,451,900
                                    ==========  ==========    ==========

Total amortization expense was $87,500 and $88,200 for the three months ended
December 31, 2015 and 2014, respectively and $173,800 and $176,300 for the six
months ended December 31, 2015 and 2014, respectively.  As of December 31,
2015, estimated future amortization expense related to intangible assets is
$160,600 for the remainder of the fiscal year ending June 30, 2016, $337,000
for fiscal 2017, $324,000 for fiscal 2018, $246,600 for fiscal 2019, $80,400
for fiscal 2020 and $132,600 thereafter.




                                     14




           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 $184,900 to $666,900 as of December 31,
2015 from $482,000 as of June 30, 2015.

Operating activities used $167,400 of cash for the six months ended December
31, 2015 compared to $407,800 used during the six months ended December 31,
2014.  The current year period reflected significantly higher amounts of work-
in-process inventories related to a large impending order for catalyst research
instruments, partially offset by the income generated during the period
compared to a loss in same period last year.   Cash used in investing
activities during the six months ended December 31, 2015 was $16,800 compared
to cash provided of $14,900 for the six months ended December 31, 2014
primarily due to decreased capital expenditures and no redemptions of
investment securities in the current year period.  Net cash provided by
financing activities increased to $369,100 for the six months ended December
31, 2015 compared to $143,200 in the prior year period due primarily to
increased loan advances under the export-related line of credit to finance the
export-related inventory purchases of catalyst research instruments.

The Company's working capital increased by $71,100 to $3,482,400 as of December
31, 2015 from working capital of $3,411,300 at June 30, 2015, mainly due to the
income generated during the period.

The Company has two lines of credit with First National Bank of Pennsylvania -
an Export-Related Revolving Line of Credit which is guaranteed by the Export-
Import Bank of the United States which provides for export-related borrowings
of up to $998,500 bearing interest at prime plus 2% (currently 5.50%) and an
annual fee of 1.75%; and a second one-year Demand Line of Credit which provides
for borrowings of up to $300,000 for regular working capital needs, bearing
interest at prime, which is collaterized by a cash collateral account of
$300,000 which will be released upon certain financial criteria being met or
the line being paid and terminated, which ever comes first.  Advances on both
lines are also secured by a pledge of the Company's assets including inventory,
accounts, chattel paper, equipment and general intangibles of the Company.  As
of December 31, 2015 $470,000 was outstanding under the Export-Related line and
no borrowings were made under the second line.


                               15




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, lines of credit, and operations.

Results of Operations

Financial Overview

The Company recorded income before income tax expense of $123,100 and $45,200
for the three and six month periods ended December 31, 2015 compared to a loss
before income tax benefit amounting to $182,400 and $405,400 for the three and
six month periods ended December 31, 2014, respectively.  The improvement is
primarily due to higher sales and margins generated by the Benchtop Laboratory
Equipment Operations which produced income for the segment compared to losses
last year.  The results reflect non-cash amounts for depreciation and
amortization of $105,600 and $210,800 for the three and six months ended
December 31, 2015 compared to $110,000 and $220,100 respectively.

The Three Months Ended December 31, 2015 Compared With the Three Months Ended
December 31, 2014

Net revenues for the three months ended December 31, 2015 increased by $337,100
(19.9%) to $2,028,200 from $1,691,100 for the three months ended December 31,
2014, primarily as a result of a $336,500 increase in revenues by the Benchtop
Laboratory Equipment Operations, which reflected $295,500 of Torbal brand
products sales compared to $256,000 in the prior year comparable period. 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 $3,102,000 as of December 31,
2015, the majority of which are anticipated to be delivered by June 30, 2016;
the backlog as of December 31, 2014 was $949,000.

The increase in gross profit percentage for the three months ended December 31,
2015 to 41.3% from 36.0% for the year earlier three month period was primarily
due to the product mix and lower overhead costs of the Benchtop Laboratory
Equipment Operations.

General and administrative expenses for the three month comparative periods
ended December 31, 2015 and December 31, 2014 decreased by $50,700 (11.4%) to
$395,700 from $446,400 primarily due to expenses incurred in the 2014 period by
the Benchtop Laboratory Equipment Operations associated with the Bohemia
facility move.

Selling expenses for the three months ended December 31, 2015 decreased by
$2,200 to $227,200 from $229,400 for the three months ended December 31, 2014.

Research and development expenses for the three months ended December 31, 2015
decreased $32,000 (27.6%) to $84,100 from $116,100 for the three months ended
December 31, 2014, primarily the result of decreased new product development by
the Company's Benchtop Laboratory Equipment Operations due to the release of a
new product.

Total other income (expense), net for the three month period ended December 31,
2015 decreased by $7,700 to ($7,600) from $100 for the three month period ended
December 31, 2014 due to increased interest expense.

                                   16




For the three months ended December 31, 2015, income tax expense was $28,700
compared to income tax benefit of $44,400 for the three months ended December
31, 2014 due to the income for the period compared to a loss in the prior year
period.

As a result, the net income for the three months ended December 31, 2015 was
$94,400 compared to a net loss of $138,000 for the three months ended December
31, 2014.

The Six Months Ended December 31, 2015 Compared With the Six Months
Ended December 31, 2014

Net revenues for the six months ended December 31, 2015 increased by
$119,400 (3.6%) to $3,472,600 compared to $3,353,200 for the six months
ended December 31, 2014, primarily due to increases of $513,100 in sales of
benchtop laboratory equipment, partially offset by a $403,200 decrease in
catalyst research instruments sales and an increase of $9,500 in revenues of
the Bioprocessing Systems Operations.  The 2015 benchtop laboratory equipment
sales included $565,400 of Torbal brand product sales compared to $467,500 in
the prior year period.  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 gross profit percentage for the six months ended December 31, 2015
increased to 41.3% compared to 35.5% for the six months ended December 31,
2014, due principally to product mix and lower overhead costs of the Benchtop
Laboratory Equipment Operations.

General and administrative expenses decreased by $48,700 (5.7%) to $803,900 for
the six months ended December 31, 2015 from $852,600 for the comparable period
of the prior year, due primarily to the expenses in the prior year period for
the Benchtop Laboratory Equipment Operations, associated with the Bohemia
facility move.

Selling expenses for the six months ended December 31, 2015 decreased by
$130,500 (24.9%) to $394,200 from $524,700 for the six months ended December
31, 2014, primarily the result of decreased commissions due to sales mix and
exhibitions expense for the Catalyst Research Instruments Operations.

Research and development expenses for the six months ended December 31,
2015 decreased $53,700 (24.1%) to $169,500 compared to $223,200 for the
six months ended December 31, 2014, primarily the result of decreased new
product development by the Benchtop Laboratory Equipment Operations and the
Catalyst Research Instruments Operations as new products were launched.

Total other income (expense), net, for the six month period ended December 31,
2015 decreased to ($20,000) from $5,800 for the six months ended December 31,
2014 primarily due to increased interest expense.

For the six month period ended December 31, 2015 income tax expense was $10,900
compared to income tax benefit of $106,100 for the comparable period of the
prior fiscal year due to the income for the period compared to a loss in the
prior year period.

                                 17




As a result, the net income for the six months ended December 31, 2015 was
$34,300 compared to a net loss of $299,300 for the six months ended December
31, 2015.

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.



	(b) Reports on Form 8-K:

	Report dated January 26, 2016 reporting under Item 1.01 and 5.07.




                                         18



           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 12, 2016



                                          19

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, 2015:

	(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 12, 2016


/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

          					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, 2015 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):

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 12, 2016


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

XML

Document and Entity Information - shares	6 Months Ended
	Dec. 31, 2015	Feb. 02, 2016
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, 2015
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		1,489,112
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2016

XML

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2015	Jun. 30, 2015
Current Assets:
Cash and cash equivalents	$ 666,900	$ 482,000
Restricted cash	300,000	300,000
Investment securities	278,200	281,800
Trade accounts receivable, net	870,100	1,081,700
Inventories	3,262,500	2,213,700
Prepaid expenses and other current assets	55,600	68,600
Deferred taxes	109,700	114,200
Total current assets	5,543,000	4,542,000
Property and equipment at cost, net	206,500	235,200
Intangible assets, net	1,281,200	1,451,900
Goodwill	705,300	705,300
Other assets	52,500	52,500
Deferred taxes	190,400	154,500
Total assets	7,978,900	7,141,400
Current Liabilities:
Accounts payable	372,100	227,600
Customer advances	110,100	76,400
Bank line of credit	470,000	0
Notes payable	200,000	200,000
Accrued expenses and taxes	779,500	519,900
Contingent consideration, current portion	128,900	106,800
Total current liabilities	2,060,600	1,130,700
Contingent consideration, less current portion	137,300	260,300
Total liabilities	2,197,900	1,391,000
Shareholders' equity:
Common stock, $.05 par value; authorized 7,000,000 shares; 1,508,914 outstanding at December 31, 2015 and at June 30, 2015	75,400	75,400
Additional paid-in capital	2,487,900	2,486,700
Accumulated other comprehensive loss	(8,200)	(3,300)
Retained earnings	3,278,300	3,244,000
Total	5,833,400	5,802,800
Less common stock held in treasury, at cost, 19,802 shares	52,400	52,400
Total shareholders' equity	5,781,000	5,750,400
Total liabilities and shareholders' equity	$ 7,978,900	$ 7,141,400

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2015	Jun. 30, 2015
Shareholders' equity:
Common stock,par value	$ 0.05	$ 0.05
Common stock, authorized shares	7,000,000	7,000,000
Common stock, issued shares	1,508,914	1,508,914
Common stock, outstanding shares	1,508,914	1,508,914
Stock held in treasury, shares	19,802	19,802

XML

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
Revenues	$ 2,028,200	$ 1,691,100	$ 3,472,600	$ 3,353,200
Cost of sales	1,190,500	1,081,700	2,039,800	2,163,900
Gross profit	837,700	609,400	1,432,800	1,189,300
Operating expenses:
General & administrative	395,700	446,400	803,900	852,600
Selling	227,200	229,400	394,200	524,700
Research & development	84,100	116,100	169,500	223,200
Total operating expenses	707,000	791,900	1,367,600	1,600,500
Income (loss) from operations	130,700	(182,500)	65,200	(411,200)
Other income (expense):
Investment income	5,000	7,400	5,400	9,600
Other	1,400	(5,900)	(3,300)	(1,100)
Interest expense	(14,000)	(1,400)	(22,100)	(2,700)
Total other income, (expense) net	(7,600)	100	(20,000)	5,800
Income (loss) before income tax expense (benefit)	123,100	(182,400)	45,200	(405,400)
Income tax expense (benefit): Current	40,900	(33,800)	40,900	(91,000)
Income tax expense (benefit): Deferred	(12,200)	(10,600)	(30,000)	(15,100)
Total income tax expense (benefit)	28,700	(44,400)	10,900	(106,100)
Net income (loss)	$ 94,400	$ (138,000)	$ 34,300	$ (299,300)
Basic and diluted earnings (loss) per common share	$ .06	$ (.09)	$ .02	$ (.20)

XML

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Condensed Consolidated Statements Of Comprehensive Income Loss
Net loss	$ 94,400	$ (138,000)	$ 34,300	$ (299,300)
Other comprehensive loss:
Unrealized holding loss on investments arising during period, net of tax	(1,100)	(3,800)	(4,900)	(4,500)
Comprehensive loss	$ 93,300	$ (141,800)	$ 29,400	$ (303,800)

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Operating activities:
Net income (loss)	$ 34,300	$ (299,300)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Loss on sale of investments	0	1,300
Loss on asset disposal	2,700	0
Depreciation and amortization	210,800	220,100
Deferred income tax benefit	(30,000)	(15,100)
Stock-based compensation	1,200	2,100
Income tax benefit of stock options exercised	0	4,900
Changes in operating assets and liabilities:
Accounts receivable	211,600	25,700
Inventories	(1,048,800)	(106,900)
Prepaid expenses and other current assets	13,000	(37,200)
Other assets	0	(25,400)
Accounts payable	144,500	48,700
Customer advances	33,700	(77,500)
Accrued expenses and taxes	259,600	(149,200)
Total adjustments	(201,700)	(108,500)
Net cash used in operating activities	(167,400)	(407,800)
Investing activities:
Purchase of investment securities, available for sale	(2,700)	(3,800)
Capital expenditures	(8,400)	(52,900)
Purchase of other intangible assets	(5,700)	(3,400)
Redemption of investment securities, available for sale	0	75,000
Net cash provided by (used in) investing activities	(16,800)	14,900
Financing activities:
Line of credit proceeds	470,000	250,000
Payments of contingent consideration	(100,900)	(98,900)
Proceeds from exercise of stock options	0	18,800
Principal payments on note payable	0	(26,700)
Net cash provided by financing activities	369,100	143,200
Net increase (decrease) in cash and cash equivalents	184,900	(249,700)
Cash and cash equivalents, beginning of year	482,000	493,700
Cash and cash equivalents, end of period	666,900	244,000
Cash paid during the period for:
Income Taxes	18,500	3,500
Interest	$ 4,400	$ 2,700

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1. Summary of significant accounting policies

6 Months Ended

Dec. 31, 2015

Notes to Financial Statements

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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2. New Accounting Pronouncements

6 Months Ended

Dec. 31, 2015

Notes to Financial Statements

New Accounting Pronouncements

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers amending revenue recognition requirements for multiple-deliverable revenue arrangements. This update provides guidance on how revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for the goods or services. This determination is made in five steps: (i) identify the contract with the customer: (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. In July 2015, the FASB deferred the effective date to fiscal years beginning after December 15, 2018, or the Company's fiscal year ending June 30, 2020, and early adoption of the standard is permitted, but not before the original effective date of December 15, 2017. The Company is evaluating the effect this guidance will have on the consolidated financial statements and related disclosures.

In June 2014, the FASB issued ASU 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved After the Requisite Service Period. This update affects reporting entities that grant their employee’s targets that affects vesting could be achieved after the requisite service period. The new standard requires that a performance target that affects vesting and that could be achieved after the requisite services period be treated as a performance condition. The new standard will be effective for the Company beginning July 1, 2016, and early adoption is permitted. The Company expects the adoption will not have a material impact on its financial condition, results of operations or cash flows.

In July 2015, the FASB issued ASU No. 2015-11, "Inventory: Simplifying the Measurement of Inventory", that requires inventory not measured using either the last in, first out (LIFO) or the retail inventory method to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable cost of completion, disposal and transportation. The new standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, and will be applied prospectively. Early adoption is permitted. The Company is evaluating the impact that this standard will have on its consolidated financial statements.

In November 2015, the FASB issued new guidance simplifying the balance sheet classification of deferred taxes. The new guidance requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the new guidance. The guidance is effective for public companies for interim and annual reporting periods beginning after December 15, 2016, with early adoption permitted as of the beginning of an interim or annual reporting period. The new guidance may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company is evaluating the impact that the new guidance will have on its consolidated financial statements and related disclosures.

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3. Acquisition

6 Months Ended

Dec. 31, 2015

Text Block [Abstract]

Acquisition

On February 26, 2014, the Company acquired substantially all the assets of a privately owned company consisting principally of inventory, fixed assets, and intangible assets related to the production and sale of a variety of laboratory and pharmacy balances and scales. The acquisition was pursuant to an asset purchase agreement whereby the Company paid the sellers $700,000 in cash, 126,449 shares of Common Stock valued at $427,500 and agreed to make additional cash payment based on a percentage of net sales of the business acquired equal to 8% for the period ended June 30, 2014 annualized, 9% for the year ended June 30, 2015, 10% for the year ending June 30, 2016 and 11% for the year ending June 30, 2017, estimated at a present value of $460,000 on the date of acquisition. Payments related to this contingent consideration for each period are due in September following the fiscal year. Contingent consideration payments amounted to $100,900 and $98,900 during the six month periods ended December 31, 2015 and 2014, respectively.

The products, which are similar to the Company’s other Benchtop Laboratory equipment, and in many cases used by the same customers, are marketed under the Torbal® brand. The principal customers are pharmacies, pharmacy schools, universities, government laboratories, and industries utilizing precision scales. The products are sold primarily on a direct basis, including the Company’s e-commerce site.

The Company allocated the purchase price based on its valuation of the assets acquired, as follows:

Curent assets	$	144,000
Property and equipment		118,100
Goodwill *		115,400
Other intangible assets		1,210,000
Total Purchase Price	$	1,587,500

*See Note 8, “Goodwill and Other Intangible Assets”.

Of the $1,210,000 of the acquired other intangible assets, $570,000 was assigned to technology and websites with a useful life of 5 years, $120,000 was assigned to customer relationships with an estimated useful life of 9 years, $140,000 was assigned to the trade name with an estimated useful life of 6 years, $110,000 was assigned to the IPR&D with an estimated useful life of 3 years, and $270,000 was assigned to non-compete agreements with an estimated useful life of 5 years.

In connection with the acquisition, the Company entered into a three-year employment agreement with the previous Chief Operating Officer of the acquired business as President of the Company’s new Torbal Division and Director of Marketing for the Company. The agreement may be extended by mutual consent for an additional two years.

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4. Segment Information and Concentrations

6 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

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 Laboratory Equipment		Catalyst Research Instruments			Bioprocessing Systems			Corporate and Other			Consolidated
Three months ended December 31, 2015:
Revenues	$	1,583,500	$	414,500		$	30,200		$	—		$	2,028,200
Foreign Sales		764,400		105,500			—			—			869,900
Income (Loss) from Operations		187,700		(10,100	)		(32,900	)		(14,000	)		130,700
Assets		4,352,600		2,319,200			728,800			578,300			7,978,900
Long-Lived Asset Expenditures		1,900		—			5,700			—			7,600
Depreciation and Amortization		74,200		7,000			24,400			—			105,600

	Benchtop Laboratory Equipment			Catalyst Research Instruments			Bioprocessing Systems			Corporate and Other		Consolidated
Three months ended December 31, 2014:
Revenues	$	1,247,000		$	419,600		$	24,500		$	—	$	1,691,100
Foreign Sales		722,400			315,700			—			—		1,038,100
Loss from Operations		(67,200	)		(70,600	)		(44,700	)		—		(182,500	)
Assets		4,032,700			1,387,900			774,100			585,800		6,780,500
Long-Lived Asset Expenditures		33,200			—			2,300			—		35,500
Depreciation and Amortization		76,300			9,200			24,500			—		110,000

Approximately 53% and 50% of net sales of benchtop laboratory equipment (41% and 37% of total revenues) for the three month periods ended December 31, 2015 and 2014, respectively, were derived from the Company’s main product, the Vortex-Genie 2® mixer, excluding accessories.

Approximately 19% and 21% of net sales of benchtop laboratory equipment (15% of total revenues for both periods) were derived from Torbal brand products for the three months ended December 31, 2015 and 2014, respectively.

Two customers accounted in the aggregate for approximately 14% and 18% of the net sales of the Benchtop Laboratory Equipment Operations and 11% and 13% of total revenues for the three months ended December 31, 2015, and 2014, 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 different customers represented approximately 92% and 84% of the Catalyst Research Instrument Operations’ net sales, respectively, and 19% and 21% of total revenues for the three months ended December 31, 2015 and 2014, respectively.

	Benchtop Laboratory Equipment		Catalyst Research Instruments			Bioprocessing Systems			Corporate and Other			Consolidated
Six months ended December 31, 2015:
Revenues	$	2,846,500	$	567,500		$	58,600		$	—		$	3,472,600
Foreign Sales		1,363,400		113,300			—			—			1,476,700
Income (Loss) from Operations		242,400		(92,200	)		(62,900	)		(22,100	)		65,200
Assets		4,352,600		2,319,200			728,800			578,300			7,978,900
Long-Lived Asset Expenditures		8,400		—			5,700			—			14,100
Depreciation and Amortization		148,000		13,900			48,900			—			210,800

	Benchtop Laboratory Equipment			Catalyst Research Instruments			Bioprocessing Systems			Corporate and Other		Consolidated
Six months ended December 31, 2014:
Revenues	$	2,333,400		$	970,700		$	49,100		$	—	$	3,353,200
Foreign Sales		1,133,500			759,200			—			—		1,892,700
Loss from Operations		(185,300	)		(140,800	)		(85,100	)		—		(411,200	)
Assets		4,032,700			1,387,900			774,100			585,800		6,780,500
Long-Lived Asset Expenditures		51,500			900			3,900			—		56,300
Depreciation and Amortization		152,300			19,000			48,800			—		220,100

Approximately 50% and 48% of net sales of benchtop laboratory equipment (41% and 33% of total revenues) for the six month periods ended December 31, 2015 and 2014, 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 13% and 16% of the segment’s net sales for the six month periods ended December 31, 2015 and 2014, and 11% of total revenues for each of the six month periods ended December 31, 2015 and 2014.

Approximately 20% of net sales of benchtop laboratory equipment were derived from Torbal brand products for each of the six months ended December 31, 2015 and 2014, and 16% and 14% of total revenues, respectively.

For the six month periods ended December 31, 2015 and 2014, catalyst research Instruments sales to three and six different customers in each of the six month periods, accounted for approximately 88% and 97% of the segment’s net sales and 14% and 28% of total revenues, respectively.

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5. Fair Value of Financial Instruments

6 Months Ended

Dec. 31, 2015

Investments, All Other Investments [Abstract]

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, 2015 and June 30, 2015 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, 2015		Level 1		Level 2		Level 3
Cash and cash equivalents	$	666,900	$	666,900	$	—	$	—
Restricted Cash		300,000		300,000
Available for sale securities		278,200		278,200		—		—
Total	$	1,245,100	$	1,245,100	$	—	$	—
Liabilities:
Contingent consideration	$	266,200	$	—	$	—	$	266,200

	Fair Value Measurements Using Inputs Considered as
Assets:
		Fair Value at June 30, 2015		Level 1		Level 2		Level 3
Cash and cash equivalents	$	482,000	$	482,000	$	—	$	—
Restricted Cash		300,000		300,000
Available for sale securities		281,800		281,800		—		—
Total	$	1,063,800	$	1,063,800	$	—	$	—
Liabilities:
Contingent consideration	$	367,100	$	—	$	—	$	367,100

Investments in marketable securities classified as available-for-sale by security type at December 31, 2015 and June 30, 2015 consisted of the following:

	Cost		Fair Value		Unrealized Holding Gain (Loss)
At December 31, 2015:
Available for sale:
Equity securities	$	29,300	$	38,200	$	8,900
Mutual funds		257,100		240,000		(17,100	)
	$	286,400	$	278,200	$	(8,200	)

	Cost		Fair Value		Unrealized Holding Gain (Loss)
At June 30, 2015:
Available for sale:
Equity securities	$	29,300	$	35,800	$	6,500
Mutual funds		255,800		246,000		(9,800	)
	$	285,100	$	281,800	$	(3,300	)

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6. Inventories

6 Months Ended

Dec. 31, 2015

Inventory Disclosure [Abstract]

Inventories

Inventories for financial statement purposes are based on perpetual inventory records at December 31, 2015 and based on a physical count as of June 30, 2015. Components of inventory are as follows:

	December 31, 2015		June 30, 2015
Raw materials	$	1,439,000	$	1,420,800
Work in process		1,510,400		442,900
Finished goods		313,100		350,000
	$	3,262,500	$	2,213,700

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7. Earnings (Loss) per common share

6 Months Ended

Dec. 31, 2015

Equity [Abstract]

Earnings (Loss) per common share

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

Earnings (loss) per common share was computed as follows:

	For the Three Month					For the Six Month
	Periods Ended					Periods Ended
	December 31,					December 31,
	2015		2014			2015		2014
Net income (loss)	$	94,400	$	(138,000	)	$	34,300	$	(299,300	)
Weighted average common shares outstanding		1,489,112		1,479,112			1,489,112		1,475,960
Dilutive securities		—		—			—		—
Weighted average dilutive common shares outstanding		1,489,112		1,479,112			1,489,112		1,475,960
Basic earningsand diluted earnings (loss) per common share	$	0.06	$	(0.09	)	$	0.02	$	(0.20	)

Approximately 38,500 and 51,000 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, 2015 and 2014, respectively, because the effect would be anti-dilutive.

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8. Goodwill and Other Intangible Assets

6 Months Ended

Dec. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

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 $705,300 as of December 31, 2015 and June 30, 2015, 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, 2015:
Technology, trademarks	5/10 yrs.	$	1,215,800	$	682,600	$	533,200
Trade names	6 yrs.		140,000		42,800		97,200
Websites	5 yrs.		210,000		77,000		133,000
Customer relationships	9/10 yrs.		357,000		246,500		110,500
Sublicense agreements	10 yrs.		294,000		121,300		172,700
Non-compete agreements	5 yrs.		384,000		210,900		173,100
Intellectual Property, Research and Development (IPR&D)	3 yrs.		110,000		67,200		42,800
Other intangible assets	5 yrs.		169,800		151,100		18,700
		$	2,880,600	$	1,599,400	$	1,281,200

	Useful Lives	Cost		Accumulated Amortization		Net
At June 30, 2015:
Technology,  trademarks	5/10 yrs.	$	1,226,800	$	624,200	$	602,600
Trade names	6 yrs.		140,000		31,100		108,900
Websites	5 yrs.		210,000		56,000		154,000
Customer relationships	10 yrs.		357,000		236,200		120,800
Sublicense agreements	10 yrs.		294,000		106,600		187,400
Non-compete agreements	5 yrs.		384,000		182,700		201,300
Intellectual Property, Research and Development (IPR&D)	3 yrs.		110,000		48,900		61,100
Other intangible assets	5 yrs.		164,000		148,200		15,800
		$	2,885,800	$	1,433,900	$	1,451,900

Total amortization expense was $87,500 and $88,200 for the three months ended December 31, 2015 and 2014, respectively and $173,800 and $176,300 for the six months ended December 31, 2015 and 2014, respectively. As of December 31, 2015, estimated future amortization expense related to intangible assets is $160,600 for the remainder of the fiscal year ending June 30, 2016, $337,000 for fiscal 2017, $324,000 for fiscal 2018, $246,600 for fiscal 2019, $80,400 for fiscal 2020 and $132,600 thereafter.

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1. Summary of significant accounting policies (Policies)

6 Months Ended

Dec. 31, 2015

Notes to Financial Statements

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 May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers amending revenue recognition requirements for multiple-deliverable revenue arrangements. This update provides guidance on how revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for the goods or services. This determination is made in five steps: (i) identify the contract with the customer: (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. In July 2015, the FASB deferred the effective date to fiscal years beginning after December 15, 2018, or the Company's fiscal year ending June 30, 2020, and early adoption of the standard is permitted, but not before the original effective date of December 15, 2017. The Company is evaluating the effect this guidance will have on the consolidated financial statements and related disclosures.

In June 2014, the FASB issued ASU 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved After the Requisite Service Period. This update affects reporting entities that grant their employee’s targets that affects vesting could be achieved after the requisite service period. The new standard requires that a performance target that affects vesting and that could be achieved after the requisite services period be treated as a performance condition. The new standard will be effective for the Company beginning July 1, 2016, and early adoption is permitted. The Company expects the adoption will not have a material impact on its financial condition, results of operations or cash flows.

In July 2015, the FASB issued ASU No. 2015-11, "Inventory: Simplifying the Measurement of Inventory", that requires inventory not measured using either the last in, first out (LIFO) or the retail inventory method to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable cost of completion, disposal and transportation. The new standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, and will be applied prospectively. Early adoption is permitted. The Company is evaluating the impact that this standard will have on its consolidated financial statements.

In November 2015, the FASB issued new guidance simplifying the balance sheet classification of deferred taxes. The new guidance requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the new guidance. The guidance is effective for public companies for interim and annual reporting periods beginning after December 15, 2016, with early adoption permitted as of the beginning of an interim or annual reporting period. The new guidance may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company is evaluating the impact that the new guidance will have on its consolidated financial statements and related disclosures.

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3. Acquisition (Tables)

6 Months Ended

Dec. 31, 2015

Text Block [Abstract]

Purchase Price Allocation

Curent assets	$	144,000
Property and equipment		118,100
Goodwill *		115,400
Other intangible assets		1,210,000
Total Purchase Price	$	1,587,500

*See Note 8, “Goodwill and Other Intangible Assets”.

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4. Segment Information and Concentrations (Tables)

6 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Segment Information

	Benchtop Laboratory Equipment		Catalyst Research Instruments			Bioprocessing Systems			Corporate and Other			Consolidated
Three months ended December 31, 2015:
Revenues	$	1,583,500	$	414,500		$	30,200		$	—		$	2,028,200
Foreign Sales		764,400		105,500			—			—			869,900
Income (Loss) from Operations		187,700		(10,100	)		(32,900	)		(14,000	)		130,700
Assets		4,352,600		2,319,200			728,800			578,300			7,978,900
Long-Lived Asset Expenditures		1,900		—			5,700			—			7,600
Depreciation and Amortization		74,200		7,000			24,400			—			105,600

	Benchtop Laboratory Equipment			Catalyst Research Instruments			Bioprocessing Systems			Corporate and Other		Consolidated
Three months ended December 31, 2014:
Revenues	$	1,247,000		$	419,600		$	24,500		$	—	$	1,691,100
Foreign Sales		722,400			315,700			—			—		1,038,100
Loss from Operations		(67,200	)		(70,600	)		(44,700	)		—		(182,500	)
Assets		4,032,700			1,387,900			774,100			585,800		6,780,500
Long-Lived Asset Expenditures		33,200			—			2,300			—		35,500
Depreciation and Amortization		76,300			9,200			24,500			—		110,000

	Benchtop Laboratory Equipment		Catalyst Research Instruments			Bioprocessing Systems			Corporate and Other			Consolidated
Six months ended December 31, 2015:
Revenues	$	2,846,500	$	567,500		$	58,600		$	—		$	3,472,600
Foreign Sales		1,363,400		113,300			—			—			1,476,700
Income (Loss) from Operations		242,400		(92,200	)		(62,900	)		(22,100	)		65,200
Assets		4,352,600		2,319,200			728,800			578,300			7,978,900
Long-Lived Asset Expenditures		8,400		—			5,700			—			14,100
Depreciation and Amortization		148,000		13,900			48,900			—			210,800

	Benchtop Laboratory Equipment			Catalyst Research Instruments			Bioprocessing Systems			Corporate and Other		Consolidated
Six months ended December 31, 2014:
Revenues	$	2,333,400		$	970,700		$	49,100		$	—	$	3,353,200
Foreign Sales		1,133,500			759,200			—			—		1,892,700
Loss from Operations		(185,300	)		(140,800	)		(85,100	)		—		(411,200	)
Assets		4,032,700			1,387,900			774,100			585,800		6,780,500
Long-Lived Asset Expenditures		51,500			900			3,900			—		56,300
Depreciation and Amortization		152,300			19,000			48,800			—		220,100

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5. Fair Value of Financial Instruments (Tables)

6 Months Ended

Dec. 31, 2015

Investments, All Other Investments [Abstract]

Fair Value Inputs

	Fair Value Measurements Using Inputs Considered as
Assets:
		Fair Value at December 31, 2015		Level 1		Level 2		Level 3
Cash and cash equivalents	$	666,900	$	666,900	$	—	$	—
Restricted Cash		300,000		300,000
Available for sale securities		278,200		278,200		—		—
Total	$	1,245,100	$	1,245,100	$	—	$	—
Liabilities:
Contingent consideration	$	266,200	$	—	$	—	$	266,200

	Fair Value Measurements Using Inputs Considered as
Assets:
		Fair Value at June 30, 2015		Level 1		Level 2		Level 3
Cash and cash equivalents	$	482,000	$	482,000	$	—	$	—
Restricted Cash		300,000		300,000
Available for sale securities		281,800		281,800		—		—
Total	$	1,063,800	$	1,063,800	$	—	$	—
Liabilities:
Contingent consideration	$	367,100	$	—	$	—	$	367,100

Investments in Marketable Securitites

	Cost		Fair Value		Unrealized Holding Gain (Loss)
At December 31, 2015:
Available for sale:
Equity securities	$	29,300	$	38,200	$	8,900
Mutual funds		257,100		240,000		(17,100	)
	$	286,400	$	278,200	$	(8,200	)

	Cost		Fair Value		Unrealized Holding Gain (Loss)
At June 30, 2015:
Available for sale:
Equity securities	$	29,300	$	35,800	$	6,500
Mutual funds		255,800		246,000		(9,800	)
	$	285,100	$	281,800	$	(3,300	)

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6. Inventories (Tables)

6 Months Ended

Dec. 31, 2015

Inventory Disclosure [Abstract]

Inventories

	December 31, 2015		June 30, 2015
Raw materials	$	1,439,000	$	1,420,800
Work in process		1,510,400		442,900
Finished goods		313,100		350,000
	$	3,262,500	$	2,213,700

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

6 Months Ended

Dec. 31, 2015

Equity [Abstract]

Earnings per common share

	For the Three Month					For the Six Month
	Periods Ended					Periods Ended
	December 31,					December 31,
	2015		2014			2015		2014
Net income (loss)	$	94,400	$	(138,000	)	$	34,300	$	(299,300	)
Weighted average common shares outstanding		1,489,112		1,479,112			1,489,112		1,475,960
Dilutive securities		—		—			—		—
Weighted average dilutive common shares outstanding		1,489,112		1,479,112			1,489,112		1,475,960
Basic earningsand diluted earnings (loss) per common share	$	0.06	$	(0.09	)	$	0.02	$	(0.20	)

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8. Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Dec. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

	Useful Lives	Cost		Accumulated Amortization		Net
At December 31, 2015:
Technology, trademarks	5/10 yrs.	$	1,215,800	$	682,600	$	533,200
Trade names	6 yrs.		140,000		42,800		97,200
Websites	5 yrs.		210,000		77,000		133,000
Customer relationships	9/10 yrs.		357,000		246,500		110,500
Sublicense agreements	10 yrs.		294,000		121,300		172,700
Non-compete agreements	5 yrs.		384,000		210,900		173,100
Intellectual Property, Research and Development (IPR&D)	3 yrs.		110,000		67,200		42,800
Other intangible assets	5 yrs.		169,800		151,100		18,700
		$	2,880,600	$	1,599,400	$	1,281,200

	Useful Lives	Cost		Accumulated Amortization		Net
At June 30, 2015:
Technology,  trademarks	5/10 yrs.	$	1,226,800	$	624,200	$	602,600
Trade names	6 yrs.		140,000		31,100		108,900
Websites	5 yrs.		210,000		56,000		154,000
Customer relationships	10 yrs.		357,000		236,200		120,800
Sublicense agreements	10 yrs.		294,000		106,600		187,400
Non-compete agreements	5 yrs.		384,000		182,700		201,300
Intellectual Property, Research and Development (IPR&D)	3 yrs.		110,000		48,900		61,100
Other intangible assets	5 yrs.		164,000		148,200		15,800
		$	2,885,800	$	1,433,900	$	1,451,900

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3. Acquisition (Details)	Dec. 31, 2015 USD ($)
Acquisition Details
Current assets	$ 144,000
Property and equipment	118,100
Goodwill	115,400	[1]
Other intangible assets	1,210,000
Total Purchase Price	$ 1,587,500

[1] See Note 8, "Goodwill and Other Intangible Assets".

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4. Segment Information and Concentrations (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Depreciation and Amortization			$ 210,800	$ 220,100
Benchtop Laboratory Equipment [Member]
Revenues	$ 1,583,500	$ 1,247,000	2,846,500	2,333,400
Foreign Sales	764,400	722,400	1,363,400	1,133,500
Income(Loss) from Operations	187,700	(67,200)	242,400	(185,300)
Assets	4,352,600	4,032,700	4,352,600	4,032,700
Long-lived Asset Expenditures	1,900	33,200	8,400	51,500
Depreciation and Amortization	74,200	76,300	148,000	152,300
Catalyst Research Instruments [Member]
Revenues	414,500	419,600	567,500	970,700
Foreign Sales	105,500	315,700	113,300	759,200
Income(Loss) from Operations	(10,100)	(70,600)	(92,200)	(140,800)
Assets	2,319,200	1,387,900	2,319,200	1,387,900
Long-lived Asset Expenditures	0	0	0	900
Depreciation and Amortization	7,000	9,200	13,900	19,000
Bioprocessing Systems [Member]
Revenues	30,200	24,500	58,600	49,100
Foreign Sales	0	0	0	0
Income(Loss) from Operations	(32,900)	(44,700)	(62,900)	(85,100)
Assets	728,800	774,100	728,800	774,100
Long-lived Asset Expenditures	5,700	2,300	5,700	3,900
Depreciation and Amortization	24,400	24,500	48,900	48,800
Corporate and Other [Member]
Revenues	0	0	0	0
Foreign Sales	0	0	0	0
Income(Loss) from Operations	(14,000)	0	(22,100)	0
Assets	578,300	585,800	578,300	585,800
Long-lived Asset Expenditures	0	0	0	0
Depreciation and Amortization	0	0	0	0
Consolidated [Member]
Revenues	2,028,200	1,691,100	3,472,600	3,353,200
Foreign Sales	869,900	1,038,100	1,476,700	1,892,700
Income(Loss) from Operations	130,700	(182,500)	65,200	(411,200)
Assets	7,978,900	6,780,500	7,978,900	6,780,500
Long-lived Asset Expenditures	7,600	35,500	14,100	56,300
Depreciation and Amortization	$ 105,600	$ 110,000	$ 210,800	$ 220,100

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4. Segment Information and Concentrations (Details Narrative)	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Benchtop Laboratory Equipment [Member]
Net sales	50.00%	48.00%
Consolidated sales	41.00%	33.00%
Torbal [Member]
Net sales	20.00%	20.00%
Consolidated sales	16.00%	14.00%
TwoCustomers [Member] | Benchtop Laboratory Equipment [Member]
Net sales	13.00%	16.00%
Three Customers [Member] | Catalyst Research Instruments [Member]
Net sales	88.00%
Consolidated sales	14.00%
Six Customers [Member] | Catalyst Research Instruments [Member]
Net sales	97.00%
Consolidated sales	28.00%

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5. Fair Value of Financial Instruments (Details) - USD ($)	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Assets
Cash and cash equivalents	$ 666,900	$ 482,000	$ 244,000	$ 493,700
Restricted cash	300,000	300,000
Available for sale securities	278,200	281,800
Total	1,245,100	1,063,800
Liabilities:
Contingent consideration	266,200	367,100
Level 1
Assets
Cash and cash equivalents	666,900	482,000
Restricted cash	300,000	300,000
Available for sale securities	278,200	281,800
Total	1,245,100	1,063,800
Liabilities:
Contingent consideration	0	0
Level 2
Assets
Cash and cash equivalents	0	0
Restricted cash	0	0
Available for sale securities	0	0
Total	0	0
Liabilities:
Contingent consideration	0	0
Level 3
Assets
Cash and cash equivalents	0	0
Restricted cash	0	0
Available for sale securities	0	0
Total	0	0
Liabilities:
Contingent consideration	$ 266,200	$ 367,100

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5. Fair Value of Financial Instruments (Details 1) - USD ($)	Dec. 31, 2015	Jun. 30, 2015
Cost	$ 286,400	$ 285,100
Fair Value	278,200	281,800
Unrealized Holding Gain (Loss)	(8,200)	(3,300)
Equity Securities
Cost	29,300	29,300
Fair Value	38,200	35,800
Unrealized Holding Gain (Loss)	8,900	6,500
Mutual Funds
Cost	257,100	255,800
Fair Value	240,000	246,000
Unrealized Holding Gain (Loss)	$ (17,100)	$ (9,800)

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6. Inventories (Details) - USD ($)	Dec. 31, 2015	Jun. 30, 2015
Inventories Details
Raw Materials	$ 1,439,000	$ 1,420,800
Work in process	1,510,400	442,900
Finished Goods	313,100	350,000
Inventory	$ 3,262,500	$ 2,213,700

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7. Earnings (Loss) per common share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Earnings Loss Per Common Share Details
Net income (loss)	$ 94,400	$ (138,000)	$ 34,300	$ (299,300)
Weighted average common shares outstanding	1,489,112	1,479,112	1,489,112	1,475,960
Dilutive securities	0	0	0	0
Weighted average dilutive common shares outstanding	1,489,112	1,479,112	1,489,112	1,475,960
Basic earnings and diluted earnings (loss) per common share	$ .06	$ (.09)	$ .02	$ (.20)

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7. Earnings (Loss) per common share (Details Narrative) - shares	6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Equity [Abstract]
Common stock issuable upon the exercise of outstanding stock options	38,500	51,000

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8. Goodwill and Other Intangible Assets (Details) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2015	Jun. 30, 2015
Cost	$ 2,880,600	$ 2,885,800
Accumulated Amortization	1,599,400	1,433,900
Net	$ 1,281,200	$ 1,451,900
Technology, trademarks
Useful Lives Minimum	5 years	5 years
Useful Lives Maximum	10 years	10 years
Cost	$ 1,215,800
Accumulated Amortization	682,600
Net	$ 533,200
Trade names [Member]
Useful Lives	6 years	6 years
Cost	$ 140,000	$ 140,000
Accumulated Amortization	42,800	31,100
Net	$ 97,200	$ 108,900
Websites [Member]
Useful Lives	5 years	5 years
Cost	$ 210,000	$ 210,000
Accumulated Amortization	77,000	56,000
Net	$ 133,000	$ 154,000
Customer relationships
Useful Lives		10 years
Useful Lives Minimum	9 years
Useful Lives Maximum	10 years
Cost	$ 357,000	$ 357,000
Accumulated Amortization	246,500	236,200
Net	$ 110,500	$ 120,800
Sublicense agreements
Useful Lives	10 years	10 years
Cost	$ 294,000	$ 294,000
Accumulated Amortization	121,300	106,600
Net	$ 172,700	$ 187,400
Non-compete agreements
Useful Lives	5 years	5 years
Cost	$ 384,000	$ 384,000
Accumulated Amortization	210,900	182,700
Net	$ 173,100	$ 201,300
IPR and D [Member]
Useful Lives	3 years	3 years
Cost	$ 110,000	$ 110,000
Accumulated Amortization	67,200	48,900
Net	$ 42,800	$ 61,100
Other intangible assets
Useful Lives	5 years	5 years
Cost	$ 169,800	$ 164,000
Accumulated Amortization	151,100	148,200
Net	$ 18,700	$ 15,800

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8. Goodwill and Other Intangible Assets (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2015
Goodwill And Other Intangible Assets Details Narrative
Estimated future amortization expense 2016	$ 160,600		$ 160,600
Estimated future amortization expense 2017	337,000		337,000
Estimated future amortization expense 2018	324,000		324,000
Estimated future amortization expense 2019	246,600		246,600
Estimated future amortization expense 2020	80,400		80,400
Estimated future amortization expense thereafter	132,600		132,600
Total amortization expense	87,500	$ 88,200	173,800	$ 176,300
Goodwill	$ 705,300		$ 705,300		$ 705,300