0000087802-17-000002.txt : 20170210 0000087802-17-000002.hdr.sgml : 20170210 20170210163731 ACCESSION NUMBER: 0000087802-17-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 43 CONFORMED PERIOD OF REPORT: 20161231 FILED AS OF DATE: 20170210 DATE AS OF CHANGE: 20170210 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCIENTIFIC INDUSTRIES INC CENTRAL INDEX KEY: 0000087802 STANDARD INDUSTRIAL CLASSIFICATION: LABORATORY ANALYTICAL INSTRUMENTS [3826] IRS NUMBER: 042217279 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-06658 FILM NUMBER: 17594001 BUSINESS ADDRESS: STREET 1: 70 ORVILLE DR STREET 2: AIRPORT INTERNATIONAL PLZ CITY: BOHEMIA STATE: NY ZIP: 11716 BUSINESS PHONE: 6315674700 MAIL ADDRESS: STREET 1: 70 ORVILLE DR CITY: BOHEMIA STATE: NY ZIP: 11716 10-Q 1 dec16q.txt FORM 10-Q DECEMBER 31, 2016 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, 2016 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, Suite 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 small reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "small 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 3, 2017 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 5 ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS 13 ITEM 4 CONTROLS AND PROCEDURES 16 PART II - OTHER INFORMATION ITEM 6 EXHIBITS AND REPORTS ON FORM 8-K 16 SIGNATURE 17 EXHIBITS 18 PART I-FINANCIAL INFORMATION Item 1. Financial Statements SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS ASSETS September 30, June 30, 2016 2016 ___________ __________ Current Assets: Cash and cash equivalents $ 897,100 $ 1,245,000 Investment securities 290,900 290,100 Trade accounts receivable, net 1,668,000 1,231,900 Inventories 2,125,000 2,412,100 Prepaid expenses and other current assets 122,500 47,200 Deferred taxes 127,500 140,600 __________ ___________ Total current assets 5,231,000 5,366,900 Property and equipment at cost, net 220,200 251,100 Intangible assets, net 758,300 897,600 Goodwill 705,300 705,300 Other assets 52,500 52,500 Deferred taxes 277,500 275,900 __________ __________ Total assets $7,244,800 $7,549,300 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $ 300,200 $ 342,400 Customer advances 17,000 - Bank line of credit 250,000 - Notes payable, current portion 6,500 6,400 Dividends payable 44,700 - Accrued expenses and taxes, current portion 510,300 849,700 Contingent consideration, current portion 161,800 136,500 __________ __________ Total current liabilities 1,290,500 1,335,000 Notes payable, less current portion 9,200 12,500 Contingent consideration payable, less current portion 67,100 209,800 Accrued expenses, less current portion - 60,000 __________ ___________ Total liabilities 1,366,800 1,617,300 __________ ___________ Shareholders' equity: Common stock, $.05 par value; authorized 7,000,000 shares; 1,508,914 outstanding at December 31, 2016 and June 30, 2016 75,400 75,400 Additional paid-in capital 2,499,500 2,498,500 Accumulated other comprehensive income (loss) ( 6,000) 900 Retained earnings 3,361,500 3,409,600 ___________ __________ 5,930,400 5,984,400 Less common stock held in treasury, at cost, 19,802 shares 52,400 52,400 ___________ __________ Total shareholders' equity 5,878,000 5,932,000 ___________ __________ Total liabilities and shareholders' equity $7,244,800 $7,549,300 ========== ========== 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, ______________________ ______________________ 2016 2015 2016 2015 ______________________ ______________________ Revenues $2,683,800 $2,028,200 $4,242,900 $3,472,600 Cost of revenues 1,888,900 1,190,500 2,778,400 2,039,800 __________ __________ __________ __________ Gross profit 794,900 837,700 1,464,500 1,432,800 __________ __________ __________ __________ Operating Expenses: General & administrative 409,200 395,700 821,600 803,900 Selling 224,200 227,200 440,900 394,200 Research & development 105,000 84,100 220,400 169,500 __________ __________ __________ __________ Total operating expenses 738,400 707,000 1,482,900 1,367,600 __________ __________ __________ __________ Income (loss) from operations 56,500 130,700 ( 18,400) 65,200 __________ __________ __________ __________ Other income (expense): Interest income 8,800 5,000 9,100 5,400 Other 400 1,400 5,700 ( 3,300) Interest expense ( 900) ( 14,000) ( 1,100) ( 22,100) __________ __________ __________ __________ Total other income, (expense), net 8,300 ( 7,600) 13,700 ( 20,000) __________ __________ __________ __________ Income (loss) before income tax expense (benefit) 64,800 123,100 ( 4,700) 45,200 __________ __________ __________ __________ Income tax expense (benefit): Current 20,900 40,900 ( 15,400) 40,900 Deferred ( 1,400) ( 12,200) 14,100 ( 30,000) __________ __________ __________ ___________ Total income tax expense (benefit) 19,500 28,700 ( 1,300) 10,900 __________ __________ __________ ___________ Net income (loss) $ 45,300 $ 94,400 ($ 3,400) $ 34,300 ========== ========== ========== =========== Basic and diluted earnings per common share $ .03 $ .06 $ .00 $ .02 Cash dividends declared per common share $ .03 $ - $ .03 $ - 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, ______________________ ____________________ 2016 2015 2016 2015 ______________________ ____________________ Net income (loss) $ 45,300 $ 94,400 ($ 3,400) $ 34,300 Other comprehensive income (loss): Unrealized holding loss on investments arising during period, net of tax ( 8,000) ( 1,100) ( 6,900) ( 4,900) _________ __________ __________ __________ Comprehensive income (loss) $ 37,300 $ 93,300 ($ 10,300) $ 29,400 ========= ========== ========== ========== See notes to unaudited condensed consolidated financial statements 3 SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) For the Three Month For the Six Month Periods Ended Periods Ended December 31, December 31, ______________________ ______________________ 2016 2015 ______________________ ______________________ Operating activities: Net income (loss) ($ 3,400) $ 34,300 Adjustments to reconcile net income (loss) to net cash used in operating activities: Loss on asset disposal - 2,700 Loss on sale of investments ( 2,600) - Depreciation and amortization 189,500 210,800 Deferred income tax benefit expense 14,100 (30,000) Stock-based compensation 1,000 1,200 Changes in operating assets and liabilities: Accounts receivable (436,100) 211,600 Inventories 287,100 (1,048,800) Prepaid expenses and other current assets (75,300) 13,000 Accounts payable (42,200) 144,500 Customer advances 17,000 33,700 Accrued expenses and taxes (399,400) 259,600 __________ ___________ Total adjustments (446,900) (201,700) __________ ___________ Net cash used in operating activities (450,300) (167,400) __________ ___________ Investing activities: Redemption of investment securities, available-for-sale 11,100 - Purchase of investment securities, available-for-sale (18,700) (2,700) Capital expenditures ( 4,700) (8,400) Purchase of other intangible assets (14,700) (5,700) __________ ___________ Net cash used in investing activities (27,000) (16,800) __________ ___________ Financing activities: Line of credit proceeds 250,000 470,000 Payment of contingent consideration (117,400) (100,900) Principal payments on note payable (3,200) - __________ ___________ Net cash provided by financing activities 129,400 369,100 __________ ___________ Net increase (decrease) in cash and cash equivalents (347,900) 184,900 Cash and cash equivalents, beginning of year 1,245,000 482,000 __________ ___________ Cash and cash equivalents, end of period $ 897,100 $ 666,900 ========== =========== Supplemental disclosures: Cash paid during the period for: Income taxes $ 186,000 $ 18,500 Interest 1,100 4,400 See notes to unaudited condensed consolidated financial statements 4 SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS General: The accompanying unaudited interim condensed consolidated financial statements are prepared pursuant to the Securities and Exchange Commission?s rules and regulations for reporting on Form 10-Q. Accordingly, certain information and footnotes required by accounting principles generally accepted in the United States for complete financial statements are not included herein. The Company believes all adjustments necessary for a fair presentation of these interim statements have been included and that they are of a normal and recurring nature. These interim statements should be read in conjunction with the Company's financial statements and notes thereto, included in its Annual Report on Form 10-K, for the fiscal year ended June 30, 2016. The results for the three and six months ended December 31, 2016, are not necessarily an indication of the results for the full fiscal year ending June 30, 2017. 1. Summary of significant accounting policies: Principles of consolidation: The accompanying consolidated financial statements include the accounts of Scientific Industries, Inc., Scientific Packaging Industries, Inc., an inactive wholly-owned subsidiary, Altamira Instruments, Inc. ("Altamira"), a Delaware corporation and wholly- owned subsidiary, and Scientific Bioprocessing, Inc. ("SBI"), a Delaware corporation and wholly-owned subsidiary, (all collectively referred to as the "Company"). All material intercompany balances and transactions have been eliminated. 2. New Accounting Pronouncements: In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-09, "Compensation - Stock Compensation(Topic 718): Improvements to Employee Share-Based Payment Accounting" (ASU 2016-09). Areas for simplification in this update involve several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for interim and annual reporting periods beginning after December 15, 2016, with early application permitted. The Company is currently evaluating the timing, impact and method of applying this guidance on its consolidated financial statements. In February 2016, the FASB issued authoritative guidance that requires lessees to account for most leases on their balance sheets with the liability being equal to the present value of the lease payments. The right-of-use asset will be based on the lease liability adjusted for certain costs such as direct costs. Lease expense will be recognized similar to current accounting guidance with operating leases resulting in a straight-line expense and financing leases resulting in a front-loaded expense similar to the current accounting for capital leases. This guidance become effective for the Company's fiscal 2020 first quarter, with early adoption permitted. 5 This guidance must be adopted using a modified retrospective transition approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements, and provides for certain practical expedients. The Company is currently evaluating the timing, impact and method of applying this guidance 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 does not expect the adoption to 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 does not expect the adoption to have a material impact on its financial condition, results of operations or cash flows. In May 2014, the FASB issued ASU No. 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 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 3. Segment Information and Concentrations: The Company views its operations as three segments: the manufacture and marketing of standard benchtop laboratory equipment for research in university, hospital and industrial laboratories sold primarily through laboratory equipment distributors ("Benchtop Laboratory Equipment"), the manufacture and marketing of custom-made catalyst research instruments for universities, government laboratories, and chemical and petrochemical companies sold on a direct basis ("Catalyst Research Instruments") and the marketing and production of bioprocessing systems for laboratory research in the biotechnology industry sold directly to customers and through distributors ("Bioprocessing Systems"). Segment information is reported as follows (foreign sales are principally to customers in Europe and Asia): Benchtop Catalyst Bio- Corporate Laboratory Research processing and Conso- Equipment Instruments Systems Other lidated __________ ___________ __________ _________ ___________ Three months ended December 31, 2016: Revenues $1,466,800 $1,192,100 $ 24,900 $ - $2,683,800 Foreign Sales 751,800 10,300 - - 762,100 Income (Loss) from Operations 62,600 26,600 ( 32,700) - 56,500 Assets 4,131,400 1,982,800 434,700 695,900 7,244,800 Long-Lived Asset Expenditures 5,200 - 5,800 - 11,000 Depreciation and Amortization 76,700 4,500 12,600 - 93,800 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 Approximately 55% and 53% of net sales of benchtop laboratory equipment (30% and 41% of total revenues) for the three month periods ended December 31,2016 and 2015, respectively, were derived from the Company's main product, the Vortex-Genie 2(R) mixer, excluding accessories. 7 Approximately 21% and 19% of net sales of benchtop laboratory equipment (11% and 15% of total net revenues) were derived from Torbal brand products for the three months ended December 31, 2016 and 2015, respectively. Two customers accounted in the aggregate for approximately 17% and 14% of the net sales of the Benchtop Laboratory Equipment Operations (9% and 11% of total net revenues) for the three months ended December 31, 2016 and 2015, 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 and two customers (one of which is the same) represented approximately 99% and 92% of the Catalyst Research Instrument Operations' net sales, respectively, and 44% and 19% of total revenues for the three months ended December 31, 2016 and 2015, respectively. Benchtop Catalyst Bio- Corporate Laboratory Research processing and Conso- Equipment Instruments Systems Other lidated __________ ___________ __________ _________ ___________ Six months ended December 31, 2016: Revenues $2,923,600 $1,269,600 $ 49,700 $ - $4,242,900 Foreign Sales 1,313,000 15,100 - - 1,328,100 Income (Loss) from Operations 164,000 ( 115,000) ( 67,400) - ( 18,400) Assets 4,131,400 1,982,800 434,700 695,900 7,244,800 Long-Lived Asset Expenditures 13,600 - 5,800 - 19,400 Depreciation and Amortization 153,400 11,100 25,000 - 189,500 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 Approximately 52% and 50% of net sales of benchtop laboratory equipment (36% and 41% of total revenues) for the six month periods ended December 31, 2016 and 2015, 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 16% and 13% of the segment?s net sales for the six month periods ended December 31, 2016 and 2015, and 11% of total revenues for both periods. 8 Approximately 23% and 20% of net sales of benchtop laboratory equipment (16% of total revenues for both periods) were derived from Torbal brand products for the six months ended December 31, 2016 and 2015, respectively. For the six month periods ended December 31, 2016 and 2015, catalyst research each of the six month periods, accounted for approximately 97% and 88% of the segment?s net sales and 29% and 14% of total revenues, respectively. 4. 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 for 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, 2016 and June 30, 2016 according to the valuation techniques the Company used to determine their fair values: Fair Value Measurements Using Inputs Considered as Fair Value at December 31, 2016 Level 1 Level 2 Level 3 _________________ ________ _______ ________ Assets: Cash and cash equivalents $ 897,100 $ 897,100 $ - $ - Available for sale securities 290,900 290,900 - - __________ __________ _______ ________ Total $1,188,000 $1,188,000 $ - $ - ========== ========== ======= ======== Liabilities: Contingent consideration $ 228,900 $ - $ - $228,900 ========== ========== ======= ======== 9 Fair Value Measurements Using Inputs Considered as Fair Value at June 30, 2016 Level 1 Level 2 Level 3 ______________ __________ _______ ________ Assets: Cash and cash equivalents $1,245,000 $1,245,000 $ - $ - Available for sale securities 290,100 290,100 - - __________ __________ _______ ________ Total $1,535,100 $1,535,100 $ - $ - ========== ========== ======= ======== Liabilities: Contingent consideration $ 346,300 $ - $ - $346,300 ========== ========== ======= ======== The following table sets forth an analysis of changes during the six months ended December 31, 2016, Level 3 financial liabilities of the Company: Beginning balance, June 30, 2016 $346,300 Payments (117,400) _________ Ending Balance, December 31, 2016 $228,900 ========= Investments in marketable securities classified as available-for-sale by security type at December 31, 2016 and June 30, 2016 consisted of the following: Unrealized Fair Holding Gain Cost Value (Loss) ____________ _________ ____________ At December 31, 2016: Available for sale: Equity securities $ 36,500 $ 48,500 $ 12,000 Mutual funds 260,400 242,400 (18,000) __________ _________ __________ $ 296,900 $ 290,900 $( 6,000) ========== ========= ========== Unrealized Fair Holding Gain Cost Value (Loss) ____________ _________ ____________ At June 30, 2016: Available for sale: Equity securities $ 29,300 $ 40,700 $ 11,400 Mutual funds 259,900 249,400 (10,500) __________ _________ __________ $ 289,200 $ 290,100 $ 900 ========== ========= ========== 5. Inventories: Inventories for financial statement purposes are based on perpetual inventory records at December 31, 2016 and based on a physical count as of June 30, 2016. Components of inventory are as follows: December 31, June 30, 2016 2016 ____________ __________ Raw Materials $1,365,900 $1,529,800 Work in process 392,600 425,300 Finished Goods 366,500 457,000 ____________ __________ $2,125,000 $2,412,100 ============ ========== 10 6. 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 Period Ended December 31, December 31, ________________________________________________ 2016 2015 2016 2015 ___________ __________ ____________ ___________ Net income (loss) $ 45,300 $ 94,400 ($ 3,400) $ 34,300 =========== ========== ============ =========== Weighted average common shares outstanding 1,489,112 1,489,112 1,489,112 1,489,112 Dilutive securities - - - - ___________ __________ ____________ ___________ Weighted average dilutive common shares outstanding 1,489,112 1,489,112 1,489,112 1,489,112 =========== ========== ============ =========== Basic and diluted earnings (loss) per common share $ .03 $ .06 ($ .00) $ .02 ====== ====== ======== ====== Approximately 43,500 and 38,500 shares of the Company's Common Stock issuable upon the exercise of outstanding stock options were excluded from the calculation of diluted earnings per common share for the three and six month periods ended December 31, 2016 and 2015, respectively, because the effect would be anti-dilutive. 7. 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 acquisitions. Goodwill amounted to $705,300 as of December 31, 2016 and June 30, 2016, all of which is expected to be deductible for tax purposes. The components of other intangible assets are as follows: Useful Accumulated Lives Cost Amortization Net ________ __________ _____________ _________ At December 31, 2016: Technology, trademarks 5/10 yrs. $ 722,800 $ 510,900 $ 211,900 Trade names 6 yrs. 140,000 66,100 73,900 Websites 5 yrs. 210,000 119,000 91,000 Customer relationships 9/10 yrs. 357,000 274,800 82,200 Sublicense agreements 10 yrs. 294,000 150,700 143,300 Non-compete agreements 5 yrs. 384,000 267,300 116,700 Intellectual Property, Research & Development (IPR&D) 3 yrs. 110,000 103,900 6,100 Other intangible assets 5 yrs. 192,700 159,500 33,200 __________ __________ __________ $2,410,500 $1,652,200 $ 758,300 ========== ========== ========== 11 Useful Accumulated Lives Cost Amortization Net _________ __________ ____________ __________ At June 30, 2016: Technology, trademarks 5/10 yrs. $ 722,800 $ 468,800 $ 254,000 Trade names 6 yrs. 140,000 54,400 85,600 Websites 5 yrs. 210,000 98,000 112,000 Customer relationships 9/10 yrs. 357,000 261,600 95,400 Sublicense agreements 10 yrs. 294,000 136,000 158,000 Non-compete agreements 5 yrs. 384,000 239,100 144,900 Intellectual Property, Research & Development (IPR&D) 3 yrs. 110,000 85,500 24,500 Other intangible assets 5 yrs. 177,900 154,700 23,200 __________ __________ __________ $2,395,700 $1,498,100 $ 897,600 ========== ========== ========== Total amortization expense was $76,200 and $87,500 for the three months ended December 31, 2016 and 2015, respectively and $154,100 and $173,800 for the six months ended December 31, 2016 and 2015, respectively. As of December 31, 2016, estimated future amortization expense related to intangible assets is $143,300 for the remainder of the fiscal year ending June 30, 2017, $288,500 for fiscal 2018, $210,600 for fiscal 2019, $45,100 for fiscal 2020, $43,500 for fiscal 2021 and $27,300 thereafter. 12 SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES Item 2. Management's Discussion and Analysis or Plan of Operations Certain statements contained in this report are not based on historical facts, but are forward-looking statements that are based upon various assumptions about future conditions. Actual events in the future could differ materially from those described in the forward-looking information. Numerous unknown factors and future events could cause such differences, including but not limited to, product demand, market acceptance, impact of competition, the ability to reach final agreements, the ability to finance and produce to customers' specifications catalyst research instruments, and to develop marketable bioprocessing systems, adverse economic conditions, and other factors affecting the Company's business that are beyond the Company's control. Consequently, no forward-looking statement can be guaranteed. We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. Liquidity and Capital Resources Cash and cash equivalents decreased by $347,900 to $897,100 as of December 31, 2016 from $1,245,000 as of June 30, 2016. Net cash used in operating activities was $450,300 for the six months ended December 31, 2016 compared to $167,400 used during the six months ended December 31, 2015. The current year period reflected a loss as compared to income in the prior year period, higher accounts receivable balances, increased prepayments to vendors, and lower accounts payable and decreased accrued expense items, partially offset by lower inventories. Cash used in investing activities was $27,000 for the six months ended December 31, 2016 compared to $16,800 for the six months ended December 31, 2015 primarily due to fixed asset and intangibles purchases. Cash provided by financing activities was $129,300 for the six months ended December 31, 2016 compared to $184,900 for the six months ended December 31, 2015 primarily due to lower amounts of line of credit proceeds and higher contingent consideration payments. The Company's working capital decreased by $91,400 to $3,940,500 at December 31, 2016 from $4,031,900 at June 30, 2016. The Company has two lines of credit through June 2017 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 $200,000, bearing interest at prime plus 1% and an annual fee of 1.75% and a second one-year Demand Line of Creditwhich provides for borrowings of up to $300,000 for regular working capital needs, bearing interest at prime, currently 3.75%. Advances on both lines are 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, 2016 the Company had $250,000 outstanding which was paid in January 2017. 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. 13 Results of Operations Financial Overview The Company recorded income before income tax expense of $64,800 and $123,100 for the three month periods ended December 31, 2016 and 2015, respectively; and loss before income tax benefit of $4,700 and income before income tax expense of $45,200 for the six month periods ended December 31, 2016 and 2015, respectively primarily due to lower gross profit amounts generated by the Benchtop Laboratory Equipment Operations and higher operating expenses. The results reflect non-cash amounts for depreciation and amortization of $93,800 and $189,500 for the three and six months ended December 31, 2015 compared to $105,600 and $210,800 respectively. The Three Months Ended December 31, 2016 Compared With the Three Months Ended December 31, 2015 Net revenues for the three months ended December 31, 2016 increased by $655,600 (32.3%) to $2,683,800 from $2,028,200 for the three months ended December 31, 2015, primarily as a result of a $777,600 increase in sales of catalyst research instruments, partially offset by decreases of $116,700 and $5,300 in sales and revenues of benchtop laboratory equipment and bioprocessing products. 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 $397,300 at December 31, 2016 compared to $3,102,000 as of December 31, 2015, the majority of which are anticipated to be delivered by June 30, 2017. The gross profit percentage for the three months ended December 31, 2016 decreased to 29.6% compared to 41.3% for the year earlier three month period primarily due to lower gross profit margins by the Catalyst Research Instrument Operations due to sales mix. General and administrative expenses for the three month comparative periods ended December 31, 2016 and December 31, 2015 increased by $13,500 (3.4%) to $409,200 from $395,700 primarily due to various expenses incurred by the Benchtop Laboratory Equipment Operations. Selling expenses for the three months ended December 31, 2016 amounted to $224,200 compared to $227,200 for the three months ended December 31, 2015. Research and development expenses for the three months ended December 31, 2016 increased $20,900 (24.9%) to $105,000 from $84,100 for the three months ended December 31, 2015, primarily the result of increased new product development by the Company's Benchtop Laboratory Equipment Operations and the Bioprocessing Systems Operations. Total other income (expense), net for the three month period ended December 31, 2016 increased by $15,900 to $8,300 from ($7,600) for the three month period ended December 31, 2015 due to decreased interest expense as a result of less borrowings. 14 For the three months ended December 31, 2016, income tax expense was $19,500 compared to $28,700 for the three months ended December 31, 2015 due to the decreased income for the period. As a result, the net income for the three months ended December 31, 2016 was $45,300 compared to $94,400 for the three months ended December 31, 2015. The Six Months Ended December 31, 2016 Compared With the Six Months Ended December 31, 2015 Net revenues for the six months ended December 31, 2016 increased by $770,300 (22.2%) to $4,242,900 compared to $3,472,600 for the six months ended December 31, 2015, primarily due to increases of $702,100 and $77,100 in sales of catalyst research instruments and benchtop laboratory equipment, respectively, partially offset by a $8,900 decrease in revenues of the Bioprocessing Systems Operations. 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, 2016 decreased to 34.5% compared to 41.3% for the six months ended December 31, 2015, primarily due to lower gross profit margins by the Catalyst Research Instrument Operations due to sales mix. General and administrative expenses increased by $17,700 (2.2%) to $821,600 for the six months ended December 31, 2016 from $803,900 for the comparable period of the prior year, primarily due to various expenses incurred by the Benchtop Laboratory Equipment Operations. Selling expenses for the six months ended December 31, 2016 increased by $46,700 (11.8%) to $440,900 from $394,200 for the six months ended December 31, 2015, primarily due to online advertising for the Benchtop Laboratory Equipment Operations. Research and development expenses for the six months ended December 31, 2016 increased by $50,900 (30.0%) to $220,400 compared to $169,500 for the six months ended December 31, 2015, primarily the result of increased new product development by the Company's Benchtop Laboratory Equipment Operations and the Bioprocessing Systems Operations. Total other income (expense), net, for the six month period ended December 31, 2016 increased to $13,700 from ($20,000) for the six months ended December 31, 2015 primarily due to decreased interest expense and miscellaneous income items. For the six month period ended December 31, 2016 the income tax benefit was $1,300 compared to income tax expense of $10,900 for the comparable period of the prior fiscal year due to the loss during the current year period compared to income in the prior year. As a result, the net loss for the six months ended December 31, 2016 was $3,400 compared to net income of $34,300 for the six months ended December 31, 2015. 15 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 November 15, 2016 reporting under Item 8.01. Report dated January 15, 2017 reporting under Item 8.01. 16 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 10, 2017 17 EX-32 2 ex321216.txt CERTIFICATION 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, 2016 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 10, 2017 /s/ Helena R. Santos ____________________ Helena R. Santos Chief Executive Officer and Chief Financial Officer EX-31 3 ex311216.txt CERTIFICATION 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, 2016: (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 10, 2017 /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. 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Document and Entity Information - shares
 6 Months Ended
Dec. 31, 2016
Feb. 03, 2017
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, 2016  
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 2017  
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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Dec. 31, 2016
Jun. 30, 2016
Current Assets:    
Cash and cash equivalents $ 897,100 $ 1,245,000
Investment securities 290,900 290,100
Trade accounts receivable, net 1,668,000 1,231,900
Inventories 2,125,000 2,412,100
Prepaid expenses and other current assets 122,500 47,200
Deferred taxes 127,500 140,600
Total current assets 5,231,000 5,366,900
Property and equipment at cost, net 220,200 251,100
Intangible assets, net 758,300 897,600
Goodwill 705,300 705,300
Other assets 52,500 52,500
Deferred taxes 277,500 275,900
Total assets 7,244,800 7,549,300
Current Liabilities:    
Accounts payable 300,200 342,400
Customer advances 17,000 0
Bank line of credit 250,000 0
Notes payable, current portion 6,500 6,400
Dividends payable 44,700 0
Accrued expenses and taxes, current portion 510,300 849,700
Contingent consideration payable, current portion 161,800 136,500
Total current liabilities 1,290,500 1,335,000
Notes payable, less current portion 9,200 12,500
Contingent consideration payable, less current portion 67,100 209,800
Accrued expenses, less current portion 0 60,000
Total liabilities 1,366,800 1,617,300
Shareholders' equity:    
Common stock, $.05 par value; authorized 7,000,000 shares; 1,508,914 outstanding at December 31, 2016 and June 30, 2016 75,400 75,400
Additional paid-in capital 2,499,500 2,498,500
Accumulated other comprehensive income (loss) (6,000) 900
Retained earnings 3,361,500 3,409,600
Total 5,930,400 5,984,400
Less common stock held in treasury, at cost, 19,802 shares 52,400 52,400
Total shareholders' equity 5,878,000 5,932,000
Total liabilities and shareholders' equity $ 7,244,800 $ 7,549,300
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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
Dec. 31, 2016
Jun. 30, 2016
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
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
 3 Months Ended 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Income Statement [Abstract]        
Revenues $ 2,683,800 $ 2,028,200 $ 4,242,900 $ 3,472,600
Cost of revenues 1,888,900 1,190,500 2,778,400 2,039,800
Gross profit 794,900 837,700 1,464,500 1,432,800
Operating Expenses:        
General & administrative 409,200 395,700 821,600 803,900
Selling 224,200 227,200 440,900 394,200
Research & development 105,000 84,100 220,400 169,500
Total operating expenses 738,400 707,000 1,482,900 1,367,600
Income (loss) from operations 56,500 130,700 (18,400) 65,200
Other income (expense):        
Interest income 8,800 5,000 9,100 5,400
Other 400 1,400 5,700 (3,300)
Interest expense (900) (14,000) (1,100) (22,100)
Total other income, (expense) net 8,300 (7,600) 13,700 (20,000)
Income (loss) before income tax expense (benefit) 64,800 123,100 (4,700) 45,200
Income tax expense (benefit):        
Current 20,900 40,900 (15,400) 40,900
Deferred (1,400) (12,200) 14,100 (30,000)
Total income tax expense (benefit) 19,500 28,700 (1,300) 10,900
Net income (loss) $ 45,300 $ 94,400 $ (3,400) $ 34,300
Basic and diluted earnings per common share $ .03 $ .06 $ .00 $ .02
Cash dividends declared per common share $ .03 $ 0.00 $ .03 $ 0.00
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)(UNAUDITED) - USD ($)
 3 Months Ended 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Condensed Consolidated Statements Of Comprehensive Income Lossunaudited        
Net income (loss) $ 45,300 $ 94,400 $ (3,400) $ 34,300
Other comprehensive income (loss):        
Unrealized holding loss on investments arising during period, net of tax (8,000) (1,100) (6,900) (4,900)
Comprehensive income (loss) $ 37,300 $ 93,300 $ (10,300) $ 29,400
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Operating activities:    
Net income (loss) $ (3,400) $ 34,300
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Loss on asset disposal 0 2,700
Loss on sale of investments (2,600) 0
Depreciation and amortization 189,500 210,800
Deferred income tax benefit expense 14,100 (30,000)
Stock-based compensation 1,000 1,200
Changes in operating assets and liabilities:    
Accounts receivable (436,100) 211,600
Inventories 287,100 (1,048,800)
Prepaid expenses and other current assets (75,300) 13,000
Accounts payable (42,200) 144,500
Customer advances 17,000 33,700
Accrued expenses and taxes (399,400) 259,600
Total adjustments (446,900) (201,700)
Net cash used in operating activities (450,300) (167,400)
Investing activities:    
Redemption of investment securities, available-for-sale 11,100 0
Purchase of investment securities, available-for-sale (18,700) (2,700)
Capital expenditures (4,700) (8,400)
Purchase of other intangible assets (14,700) (5,700)
Net cash used in investing activities (27,000) (16,800)
Financing activities:    
Line of credit proceeds 250,000 470,000
Payments of contingent consideration (117,400) (100,900)
Principal payments on note payable (3,200) 0
Net cash provided by financing activities 129,400 369,100
Net increase (decrease) in cash and cash equivalents (347,900) 184,900
Cash and cash equivalents, beginning of year 1,245,000 482,000
Cash and cash equivalents, end of period 897,100 666,900
Cash paid during the period for:    
Income Taxes 186,000 18,500
Interest $ 1,100 $ 4,400
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1. Summary of significant accounting policies
 6 Months Ended
Dec. 31, 2016
Accounting Policies [Abstract]  
Summary of significant accounting policies

Principles of consolidation:

 

The accompanying consolidated financial statements include the accounts of Scientific Industries, Inc., Scientific Packaging Industries, Inc., an inactive wholly-owned subsidiary, Altamira Instruments, Inc. (“Altamira”), a Delaware corporation and wholly-owned subsidiary, and Scientific Bioprocessing, Inc. (“SBI”), a Delaware corporation and wholly-owned subsidiary, (all 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, 2016
Accounting Changes and Error Corrections [Abstract]  
New Accounting Pronouncements

In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, "Compensation - Stock Compensation(Topic 718): Improvements to Employee Share-Based Payment Accounting" (ASU 2016-09). Areas for simplification in this update involve several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for interim and annual reporting periods beginning after December 15, 2016, with early application permitted. The Company is currently evaluating the timing, impact and method of applying this guidance on its consolidated financial statements.

 

In February 2016, the FASB issued authoritative guidance that requires lessees to account for most leases on their balance sheets with the liability being equal to the present value of the lease payments. The right- of-use asset will be based on the lease liability adjusted for certain costs such as direct costs. Lease expense will be recognized similar to current accounting guidance with operating leases resulting in a straight-line expense and financing leases resulting in a front-loaded expense similar to the current accounting for capital leases. This guidance become effective for the Company's fiscal 2020 first quarter, with early adoption permitted.

 

This guidance must be adopted using a modified retrospective transition approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements, and provides for certain practical expedients. The Company is currently evaluating the timing, impact and method of applying this guidance 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 does not expect the adoption to 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 does not expect the adoption to have a material impact on its financial condition, results of operations or cash flows.

 

In May 2014, the FASB issued ASU No. 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 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.
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3. Segment Information and Concentrations
 6 Months Ended
Dec. 31, 2016
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, 2016:                         
                          
Revenues  $1,466,800   $1,192,100   $24,900   $—     $2,683,800 
Foreign Sales   751,800    10,300    —      —      762,100 
Income (Loss) from Operations   62,600    26,600    (32,700)   —      56,500 
Assets   4,131,400    1,982,800    434,700    695,900    7,244,800 
Long-Lived Asset Expenditures   5,200    —      5,800    —      11,000 
Depreciation and Amortization   76,700    4,500    12,600    —      93,800 

 

   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 

 

Approximately 55% and 53% of net sales of benchtop laboratory equipment (30% and 41% of total revenues) for the three month periods ended December 31,2016 and 2015, respectively, were derived from the Company’s main product, the Vortex-Genie 2® mixer, excluding accessories.

 

Approximately 21% and 19% of net sales of benchtop laboratory equipment (15% and 11% of total net revenues) were derived from Torbal brand products for the three months ended December 31, 2016 and 2015, respectively.

 

Two customers accounted in the aggregate for approximately 17% and 14% of the net sales of the Benchtop Laboratory Equipment Operations (9% and 11% of total net revenues) for the three months ended December 31, 2016 and 2015, 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 and two customers (one of which is the same) represented approximately 99% and 92% of the Catalyst Research Instrument Operations’ net sales, respectively, and 44% and 19% of total revenues for the three months ended December 31, 2016 and 2015, respectively.

 

   Benchtop Laboratory Equipment  Catalyst Research Instruments  Bioprocessing Systems  Corporate and Other  Consolidated
                
Six months ended December 31, 2016:                         
                          
Revenues  $2,923,600   $1,269,600   $49,700   $—     $4,242,900 
Foreign Sales   1,313,000    15,100    —      —      1,328,100 
Income (Loss) from Operations   164,000    (115,000)   (67,400)   —      (18,400)
Assets   4,131,400    1,982,800    434,700    695,900    7,244,800 
Long-Lived Asset Expenditures   13,600    —      5,800    —      19,400 
Depreciation and Amortization   153,400    11,100    25,000    —      189,500 

 

   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 

 

Approximately 52% and 50% of net sales of benchtop laboratory equipment (36% and 41% of total revenues) for the six month periods ended December 31, 2016 and 2015, 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 16% and 13% of the segment’s net sales for the six month periods ended December 31, 2016 and 2015, and 11% of total revenues for both periods.

 

Approximately 23% and 20% of net sales of benchtop laboratory equipment (16% of total revenues for both periods) were derived from Torbal brand products for the six months ended December 31, 2016 and 2015, respectively.

 

For the six month periods ended December 31, 2016 and 2015, catalyst research each of the six month periods, accounted for approximately 97% and 88% of the segment’s net sales and 29% and 14% of total revenues, respectively.
XML 19 R10.htm IDEA: XBRL DOCUMENT v3.6.0.2
4. Fair Value of Financial Instruments
 6 Months Ended
Dec. 31, 2016
Fair Value Disclosures [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 for 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, 2016 and June 30, 2016 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, 2016  Level 1  Level 2  Level 3
Cash and cash equivalents  $897,100   $897,100   $—     $—   
Available for sale securities   290,900    290,900    —      —   
Total  $1,188,000   $1,188,000   $—     $—   
                     
Liabilities:                    
 Contingent consideration  $228,900   $—     $—     $228,900 

 

   Fair Value Measurements Using Inputs Considered as      
Assets:            
   Fair Value at June 30, 2016  Level 1  Level 2  Level 3
Cash and cash equivalents  $1,245,000   $1,245,000   $—     $—   
Available for sale securities   290,100    290,100    —      —   
Total  $1,535,100   $1,535,100   $—     $—   
                     
Liabilities:                    
 Contingent consideration  $346,300   $—     $—     $346,300 

 

The following table sets forth an analysis of changes during the six months ended December 31, 2016, Level 3 financial liabilities of the Company:

 

 Beginning balance, June 30, 2016   $346,300 
 Payments     (117,400)
 Ending Balance, December 31, 2016   $228,900 

 

Investments in marketable securities classified as available-for-sale by security type at December 31, 2016 and June 30, 2016 consisted of the following:

 

   Cost  Fair Value  Unrealized Holding Gain (Loss)
At December 31, 2016:               
  Available for sale:               
  Equity securities  $36,500   $48,500   $12,000 
  Mutual funds   260,400    242,400    (18,000)
   $296,900   $290,900   $(6,000)

 

   Cost  Fair Value  Unrealized Holding Gain (Loss)
At June 30, 2016:               
  Available for sale:               
  Equity securities  $29,300   $40,700   $11,400 
  Mutual funds   259,900    249,400    (10,500)
   $289,200   $290,100   $900 
XML 20 R11.htm IDEA: XBRL DOCUMENT v3.6.0.2
5. Inventories
 6 Months Ended
Dec. 31, 2016
Inventory Disclosure [Abstract]  
Inventories

Inventories for financial statement purposes are based on perpetual inventory records at December 31, 2016 and based on a physical count as of June 30, 2016. Components of inventory are as follows:

 

   December 31, 2016  June 30, 2016
Raw materials  $1,365,900   $1,529,800 
Work in process   392,600    425,300 
Finished goods   366,500    457,000 
   $2,125,000   $2,412,100 
XML 21 R12.htm IDEA: XBRL DOCUMENT v3.6.0.2
6. Earnings (Loss) per common share
 6 Months Ended
Dec. 31, 2016
Earnings Per Share [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,   
   2016  2015  2016  2015
             
Net income (loss)  $45,300   $94,400   $(3,400)  $34,300 
                     
Weighted average common shares outstanding   1,489,112    1,489,112    1,489,112    1,489,112 
Dilutive securities   —      —      —      —   
Weighted average dilutive common shares outstanding   1,489,112    1,489,112    1,489,112    1,489,112 
                     
Basic and diluted earnings (loss) per common share  $0.03   $0.06   ($.00)  $0.02 

  

Approximately 43,500 and 38,500 shares of the Company’s Common Stock issuable upon the exercise of outstanding stock options were excluded from the calculation of diluted earnings per common share for the three and six month periods ended December 31, 2016 and 2015, respectively, because the effect would be anti-dilutive.
XML 22 R13.htm IDEA: XBRL DOCUMENT v3.6.0.2
7. Goodwill and Other Intangible Assets
 6 Months Ended
Dec. 31, 2016
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 acquisitions. Goodwill amounted to $705,300 as of December 31, 2016 and June 30, 2016, all of which is expected to be deductible for tax purposes.

 

The components of other intangible assets are as follows:

 

   Useful Lives  Cost  Accumulated Amortization  Net
At December 31, 2016:                  
                   
Technology, trademarks  5/10 yrs.  $722,800   $510,900   $211,900 
Trade names  6 yrs.   140,000    66,100    73,900 
Websites  5 yrs.   210,000    119,000    91,000 
Customer relationships  9/10 yrs.   357,000    274,800    82,200 
Sublicense agreements  10 yrs.   294,000    150,700    143,300 
Non-compete agreements  5 yrs.   384,000    267,300    116,700 
Intellectual property,Reasearch & Development (IPR&D)  3 yrs.   110,000    103,900    6,100 
Other intangible assets  5 yrs.   192,700    159,500    33,200 
      $2,410,500   $1,652,200   $758,300 

 

   Useful Lives  Cost  Accumulated Amortization  Net
At June 30, 2016:                  
                   
Technology,  trademarks  5/10 yrs.  $722,800   $468,800   $254,000 
Trade names  6 yrs.   140,000    54,400    85,600 
Websites  5 yrs.   210,000    98,000    112,000 
Customer relationships  9/10 yrs.   357,000    261,600    95,400 
Sublicense agreements  10 yrs.   294,000    136,000    158,000 
Non-compete agreements  5 yrs.   384,000    239,100    144,900 
Intellectual property,Reasearch & Development (IPR&D)  3 yrs.   110,000    85,500    24,500 
Other intangible assets  5 yrs.   177,900    154,700    23,200 
      $2,395,700   $1,498,100   $897,600 

 

Total amortization expense was $76,200 and $87,500 for the three months ended December 31, 2016 and 2015, respectively and $154,100 and $173,800 for the six months ended December 31, 2016 and 2015, respectively. As of December 31, 2016, estimated future amortization expense related to intangible assets is $143,300 for the remainder of the fiscal year ending June 30, 2017, $288,500 for fiscal 2018, $210,600 for fiscal 2019, $45,100 for fiscal 2020, $43,500 for fiscal 2021 and $27,300 thereafter.
XML 23 R14.htm IDEA: XBRL DOCUMENT v3.6.0.2
1. Summary of significant accounting policies (Policies)
 6 Months Ended
Dec. 31, 2016
Accounting Policies [Abstract]  
Principles of consolidation

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

In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, "Compensation - Stock Compensation(Topic 718): Improvements to Employee Share-Based Payment Accounting" (ASU 2016-09). Areas for simplification in this update involve several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for interim and annual reporting periods beginning after December 15, 2016, with early application permitted. The Company is currently evaluating the timing, impact and method of applying this guidance on its consolidated financial statements.

 

In February 2016, the FASB issued authoritative guidance that requires lessees to account for most leases on their balance sheets with the liability being equal to the present value of the lease payments. The right- of-use asset will be based on the lease liability adjusted for certain costs such as direct costs. Lease expense will be recognized similar to current accounting guidance with operating leases resulting in a straight-line expense and financing leases resulting in a front-loaded expense similar to the current accounting for capital leases. This guidance become effective for the Company's fiscal 2020 first quarter, with early adoption permitted.

 

This guidance must be adopted using a modified retrospective transition approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements, and provides for certain practical expedients. The Company is currently evaluating the timing, impact and method of applying this guidance 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 does not expect the adoption to 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 does not expect the adoption to have a material impact on its financial condition, results of operations or cash flows.

 

In May 2014, the FASB issued ASU No. 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 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.
XML 24 R15.htm IDEA: XBRL DOCUMENT v3.6.0.2
3. Segment Information and Concentrations (Tables)
 6 Months Ended
Dec. 31, 2016
Segment Reporting [Abstract]  
Segment Information

   Benchtop Laboratory Equipment  Catalyst Research Instruments  Bioprocessing Systems  Corporate and Other  Consolidated
                
Three months ended December 31, 2016:                         
                          
Revenues  $1,466,800   $1,192,100   $24,900   $—     $2,683,800 
Foreign Sales   751,800    10,300    —      —      762,100 
Income (Loss) from Operations   62,600    26,600    (32,700)   —      56,500 
Assets   4,131,400    1,982,800    434,700    695,900    7,244,800 
Long-Lived Asset Expenditures   5,200    —      5,800    —      11,000 
Depreciation and Amortization   76,700    4,500    12,600    —      93,800 

 

   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
                
Six months ended December 31, 2016:                         
                          
Revenues  $2,923,600   $1,269,600   $49,700   $—     $4,242,900 
Foreign Sales   1,313,000    15,100    —      —      1,328,100 
Income (Loss) from Operations   164,000    (115,000)   (67,400)   —      (18,400)
Assets   4,131,400    1,982,800    434,700    695,900    7,244,800 
Long-Lived Asset Expenditures   13,600    —      5,800    —      19,400 
Depreciation and Amortization   153,400    11,100    25,000    —      189,500 

 

   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 

 
XML 25 R16.htm IDEA: XBRL DOCUMENT v3.6.0.2
4. Fair Value of Financial Instruments (Tables)
 6 Months Ended
Dec. 31, 2016
Fair Value Disclosures [Abstract]  
Fair Value Inputs

   Fair Value Measurements Using Inputs Considered as      
Assets:            
   Fair Value at December 31, 2016  Level 1  Level 2  Level 3
Cash and cash equivalents  $897,100   $897,100   $—     $—   
Available for sale securities   290,900    290,900    —      —   
Total  $1,188,000   $1,188,000   $—     $—   
                     
Liabilities:                    
 Contingent consideration  $228,900   $—     $—     $228,900 

 

   Fair Value Measurements Using Inputs Considered as      
Assets:            
   Fair Value at June 30, 2016  Level 1  Level 2  Level 3
Cash and cash equivalents  $1,245,000   $1,245,000   $—     $—   
Available for sale securities   290,100    290,100    —      —   
Total  $1,535,100   $1,535,100   $—     $—   
                     
Liabilities:                    
 Contingent consideration  $346,300   $—     $—     $346,300 

 
Changes to Level 3 Financial Liabilities
 Beginning balance, June 30, 2016   $346,300 
 Payments     (117,400)
 Ending Balance, December 31, 2016   $228,900 
Investments in Marketable Securitites

   Cost  Fair Value  Unrealized Holding Gain (Loss)
At December 31, 2016:               
  Available for sale:               
  Equity securities  $36,500   $48,500   $12,000 
  Mutual funds   260,400    242,400    (18,000)
   $296,900   $290,900   $(6,000)

 

   Cost  Fair Value  Unrealized Holding Gain (Loss)
At June 30, 2016:               
  Available for sale:               
  Equity securities  $29,300   $40,700   $11,400 
  Mutual funds   259,900    249,400    (10,500)
   $289,200   $290,100   $900 
XML 26 R17.htm IDEA: XBRL DOCUMENT v3.6.0.2
5. Inventories (Tables)
 6 Months Ended
Dec. 31, 2016
Inventory Disclosure [Abstract]  
Inventories
   December 31, 2016  June 30, 2016
Raw materials  $1,365,900   $1,529,800 
Work in process   392,600    425,300 
Finished goods   366,500    457,000 
   $2,125,000   $2,412,100 
XML 27 R18.htm IDEA: XBRL DOCUMENT v3.6.0.2
6. Earnings (Loss) per common share (Tables)
 6 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
Earnings per common share
   For the Three Month     For the Six Month   
   Periods Ended     Periods Ended   
   December 31,     December 31,   
   2016  2015  2016  2015
             
Net income (loss)  $45,300   $94,400   $(3,400)  $34,300 
                     
Weighted average common shares outstanding   1,489,112    1,489,112    1,489,112    1,489,112 
Dilutive securities   —      —      —      —   
Weighted average dilutive common shares outstanding   1,489,112    1,489,112    1,489,112    1,489,112 
                     
Basic and diluted earnings (loss) per common share  $0.03   $0.06   ($.00)  $0.02 
XML 28 R19.htm IDEA: XBRL DOCUMENT v3.6.0.2
7. Goodwill and Other Intangible Assets (Tables)
 6 Months Ended
Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

   Useful Lives  Cost  Accumulated Amortization  Net
At December 31, 2016:                  
                   
Technology, trademarks  5/10 yrs.  $722,800   $510,900   $211,900 
Trade names  6 yrs.   140,000    66,100    73,900 
Websites  5 yrs.   210,000    119,000    91,000 
Customer relationships  9/10 yrs.   357,000    274,800    82,200 
Sublicense agreements  10 yrs.   294,000    150,700    143,300 
Non-compete agreements  5 yrs.   384,000    267,300    116,700 
Intellectual property,Reasearch & Development (IPR&D)  3 yrs.   110,000    103,900    6,100 
Other intangible assets  5 yrs.   192,700    159,500    33,200 
      $2,410,500   $1,652,200   $758,300 

 

   Useful Lives  Cost  Accumulated Amortization  Net
At June 30, 2016:                  
                   
Technology,  trademarks  5/10 yrs.  $722,800   $468,800   $254,000 
Trade names  6 yrs.   140,000    54,400    85,600 
Websites  5 yrs.   210,000    98,000    112,000 
Customer relationships  9/10 yrs.   357,000    261,600    95,400 
Sublicense agreements  10 yrs.   294,000    136,000    158,000 
Non-compete agreements  5 yrs.   384,000    239,100    144,900 
Intellectual property,Reasearch & Development (IPR&D)  3 yrs.   110,000    85,500    24,500 
Other intangible assets  5 yrs.   177,900    154,700    23,200 
      $2,395,700   $1,498,100   $897,600 

 
XML 29 R20.htm IDEA: XBRL DOCUMENT v3.6.0.2
3. Segment Information and Concentrations (Details) - USD ($)
 3 Months Ended 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Depreciation and Amortization     $ 189,500 $ 210,800
Benchtop Laboratory Equipment [Member]        
Revenues $ 1,466,800 $ 1,583,500 2,923,600 2,846,500
Foreign Sales 751,800 764,400 1,313,000 1,363,400
Income (Loss) from Operations 62,600 187,700 164,000 242,400
Assets 4,131,400 4,352,600 4,131,400 4,352,600
Long-lived Asset Expenditures 5,200 1,900 13,600 8,400
Depreciation and Amortization 76,700 74,200 153,400 148,000
Catalyst Research Instruments [Member]        
Revenues 1,192,100 414,500 1,269,600 567,500
Foreign Sales 10,300 105,500 15,100 113,300
Income (Loss) from Operations 26,600 (10,100) (115,000) (92,200)
Assets 1,982,800 2,319,200 1,982,800 2,319,200
Long-lived Asset Expenditures 0 0 0 0
Depreciation and Amortization 4,500 7,000 11,100 13,900
Bioprocessing Systems [Member]        
Revenues 24,900 30,200 49,700 58,600
Foreign Sales 0 0 0 0
Income (Loss) from Operations (32,700) (32,900) (67,400) (62,900)
Assets 434,700 728,800 434,700 728,800
Long-lived Asset Expenditures 5,800 5,700 5,800 5,700
Depreciation and Amortization 12,600 24,400 25,000 48,900
Corporate and Other [Member]        
Revenues 0 0 0 0
Foreign Sales 0 0 0 0
Income (Loss) from Operations 0 (14,000) 0 (22,100)
Assets 695,900 578,300 695,900 578,300
Long-lived Asset Expenditures 0 0 0 0
Depreciation and Amortization 0 0 0 0
Consolidated [Member]        
Revenues 2,683,800 2,028,200 4,242,900 3,472,600
Foreign Sales 762,100 869,900 1,328,100 1,476,700
Income (Loss) from Operations 56,500 130,700 (18,400) 65,200
Assets 7,244,800 7,978,900 7,244,800 7,978,900
Long-lived Asset Expenditures 11,000 7,600 19,400 14,100
Depreciation and Amortization $ 93,800 $ 105,600 $ 189,500 $ 210,800
XML 30 R21.htm IDEA: XBRL DOCUMENT v3.6.0.2
3. Segment Information and Concentrations (Details Narrative)
 3 Months Ended 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Benchtop Laboratory Equipment [Member]        
Net sales 55.00% 53.00% 52.00% 50.00%
Total sales 30.00% 41.00% 36.00% 41.00%
Benchtop Laboratory Equipment [Member] | TwoCustomers [Member]        
Net sales 17.00% 14.00% 16.00% 13.00%
Total sales 9.00% 11.00% 11.00% 11.00%
Benchtop Laboratory Equipment [Member] | Torbal Brand Products        
Net sales 21.00% 19.00% 23.00% 20.00%
Total sales 15.00% 11.00% 16.00% 16.00%
Catalyst Research Instruments [Member]        
Net sales 99.00% 92.00% 97.00% 88.00%
Total sales 44.00% 19.00% 29.00% 14.00%
XML 31 R22.htm IDEA: XBRL DOCUMENT v3.6.0.2
4. Fair Value of Financial Instruments (Details) - USD ($)
Dec. 31, 2016
Jun. 30, 2016
Dec. 31, 2015
Jun. 30, 2015
Assets:        
Cash and cash equivalents $ 897,100 $ 1,245,000 $ 666,900 $ 482,000
Available for sale securities 290,900 290,100    
Total 1,188,000 1,535,100    
Liabilities:        
Contingent consideration 228,900 346,300    
Level 1        
Assets:        
Cash and cash equivalents 897,100 1,245,000    
Available for sale securities 290,900 290,100    
Total 1,188,000 1,535,100    
Liabilities:        
Contingent consideration 0 0    
Level 2        
Assets:        
Cash and cash equivalents 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    
Available for sale securities 0 0    
Total 0 0    
Liabilities:        
Contingent consideration $ 228,900 $ 346,300    
XML 32 R23.htm IDEA: XBRL DOCUMENT v3.6.0.2
4. Fair Value of Financial Instruments (Details 1)
Dec. 31, 2016
USD ($)
Fair Value Of Financial Instruments Details 1  
Beginning balance $ 346,300
Payments (117,400)
Ending balance $ 228,900
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4. Fair Value of Financial Instruments (Details 2) - USD ($)
Dec. 31, 2016
Jun. 30, 2016
Cost $ 296,900 $ 289,200
Fair Value 290,900 290,100
Unrealized Holding Gain (Loss) (6,000) 900
Equity Securities    
Cost 36,500 29,300
Fair Value 48,500 40,700
Unrealized Holding Gain (Loss) 12,000 11,400
Mutual Funds    
Cost 260,400 259,900
Fair Value 242,400 249,400
Unrealized Holding Gain (Loss) $ (18,000) $ (10,500)
XML 34 R25.htm IDEA: XBRL DOCUMENT v3.6.0.2
5. Inventories (Details) - USD ($)
Dec. 31, 2016
Jun. 30, 2016
Inventory Disclosure [Abstract]    
Raw Materials $ 1,365,900 $ 1,529,800
Work in process 392,600 425,300
Finished Goods 366,500 457,000
Inventory $ 2,125,000 $ 2,412,100
XML 35 R26.htm IDEA: XBRL DOCUMENT v3.6.0.2
6. Earnings (Loss) per common share (Details) - USD ($)
 3 Months Ended 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Earnings Per Share [Abstract]        
Net income (loss) $ 45,300 $ 94,400 $ (3,400) $ 34,300
Weighted average common shares outstanding 1,489,112 1,489,112 1,489,112 1,489,112
Dilutive securities 0 0 0 0
Weighted average dilutive common shares outstanding 1,489,112 1,489,112 1,489,112 1,489,112
Basic and diluted earnings (loss) per common share $ .03 $ .06 $ .00 $ .02
XML 36 R27.htm IDEA: XBRL DOCUMENT v3.6.0.2
6. Earnings (Loss) per common share (Details Narrative) - shares
 3 Months Ended 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Earnings Per Share [Abstract]        
Common stock issuable upon the exercise of outstanding stock options 43,500 43,500 38,500 38,500
XML 37 R28.htm IDEA: XBRL DOCUMENT v3.6.0.2
7. Goodwill and Other Intangible Assets (Details) - USD ($)
 6 Months Ended 12 Months Ended
Dec. 31, 2016
Jun. 30, 2016
Cost $ 2,410,500 $ 2,395,700
Accumulated Amortization 1,652,200 1,498,100
Net $ 758,300 $ 897,600
Technology, trademarks [Member]    
Useful Lives Minimum 5 years 5 years
Useful Lives Maximum 10 years 10 years
Cost $ 722,800 $ 722,800
Accumulated Amortization 510,900 468,800
Net $ 211,900 $ 254,000
Trade names [Member]    
Useful Lives 6 years 6 years
Cost $ 140,000 $ 140,000
Accumulated Amortization 66,100 54,400
Net $ 73,900 $ 85,600
Websites [Member]    
Useful Lives 5 years 5 years
Cost $ 210,000 $ 210,000
Accumulated Amortization 119,000 98,000
Net $ 91,000 $ 112,000
Customer relationships [Member]    
Useful Lives Minimum 9 years 9 years
Useful Lives Maximum 10 years 10 years
Cost $ 357,000 $ 357,000
Accumulated Amortization 274,800 261,600
Net $ 82,200 $ 95,400
Sublicense agreements [Member]    
Useful Lives 10 years 10 years
Cost $ 294,000 $ 294,000
Accumulated Amortization 150,700 136,000
Net $ 143,300 $ 158,000
Non-compete agreements [Member]    
Useful Lives 5 years 5 years
Cost $ 384,000 $ 384,000
Accumulated Amortization 267,300 239,100
Net $ 116,700 $ 144,900
Intellectual property, research & development (IPR&D) [Member]    
Useful Lives 3 years 3 years
Cost $ 110,000 $ 110,000
Accumulated Amortization 103,900 85,500
Net $ 6,100 $ 24,500
Other intangible assets [Member]    
Useful Lives 5 years 5 years
Cost $ 192,700 $ 177,900
Accumulated Amortization 159,500 154,700
Net $ 33,200 $ 23,200
XML 38 R29.htm IDEA: XBRL DOCUMENT v3.6.0.2
7. Goodwill and Other Intangible Assets (Details Narrative) - USD ($)
 3 Months Ended 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]          
Estimated future amortization expense 2017 $ 143,300   $ 143,300    
Estimated future amortization expense 2018 288,500   288,500    
Estimated future amortization expense 2019 210,600   210,600    
Estimated future amortization expense 2020 45,100   45,100    
Estimated future amortization expense 2021 43,500   43,500    
Estimated future amortization expense thereafter 27,300   27,300    
Total amortization expense 76,200 $ 87,500 154,100 $ 173,800  
Goodwill $ 705,300   $ 705,300   $ 705,300
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