XML 16 R8.htm IDEA: XBRL DOCUMENT v3.22.1
2 Revenue
 9 Months Ended
Mar. 31, 2022
2 Revenue  
Revenue

2. Revenue

 

The Company generates revenues from the following sources: (1) Benchtop Laboratory Equipment, and (2) Bioprocessing Systems. The following table summarizes the Company’s disaggregation of revenues for the three and nine months ended March 31, 2022 and 2021.

 

 

 

Benchtop Laboratory Equipment

 

 

Bioprocessing Systems

 

 

Consolidated

 

Three Months Ended March 31, 2022:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$2,434,600

 

 

$430,300

 

 

$2,864,900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Sales

 

 

783,600

 

 

 

269,700

 

 

 

1,053,300

 

 

 

 

Benchtop Laboratory Equipment

 

 

Bioprocessing Systems

 

 

Consolidated

 

Three Months Ended March 31, 2021:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$2,365,700

 

 

$142,900

 

 

$2,508,600

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Sales

 

 

942,200

 

 

 

102,600

 

 

 

1,044,800

 

 

 

 

Benchtop Laboratory Equipment

 

 

Bioprocessing Systems

 

 

Consolidated

 

Nine Months Ended March 31, 2022:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$7,465,700

 

 

$1,157,800

 

 

$8,623,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Sales

 

 

2,814,700

 

 

 

791,200

 

 

 

3,605,900

 

 

 

 

Benchtop Laboratory Equipment

 

 

Bioprocessing Systems

 

 

Consolidated

 

Nine Months Ended March 31, 2021:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$6,803,300

 

 

$441,800

 

 

$7,245,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Sales

 

 

2,724,800

 

 

 

395,000

 

 

 

3,119,800

 

 

Benchtop Laboratory Equipment sales are comprised primarily of standard benchtop laboratory equipment sold to laboratory equipment distributors, or directly to end users primarily online via the Company’s website. The sales cycle from time of receipt of order to shipment ranges from a day to a few weeks. Customers either pay by credit card (online sales) or Net 30-90 days, depending on the customer. Once the item is shipped under the terms specified in the order, which is primarily “FOB Factory”, other than a standard warranty, there are no other obligations to the customer. The standard warranty is typically one or two years, covering parts and labor, and is deemed immaterial. Revenue is recognized at the point in time when the risks and rewards of ownership have transferred to the customer, which is generally upon shipment.

 

Bioprocessing Systems revenues consist of royalty revenues generated through SBI and product revenues generated primarily through Aquila. Royalty revenues are earned by the Company under a licensing agreement from a single licensee and its sublicenses. The license agreement included two United States patents, which expired in August 2021. The Company is obligated to pay 50% of all royalties earned to the entity that licensed the intellectual property to the Company.