Segment Information and Concentration

3 Months Ended

6 Months Ended

Mar. 31, 2023

Dec. 31, 2022

Segment Information and Concentration

Segment Information and Concentration

9. Segment Information and Concentration

The Company views its operations as two operating segments: the manufacture and marketing of standard benchtop laboratory equipment for research in university, hospital and industrial laboratories sold primarily through laboratory equipment distributors and laboratory and pharmacy balances and scales (“Benchtop Laboratory Equipment Operations”), and the manufacture, design, and marketing of bioprocessing systems and products (“Bioprocessing Systems”). The Company also has included a Non-operating Corporate segment. All inter-segment revenues are eliminated.

Segment information is reported as follows.

Three Months Ended March 31, 2023:	Benchtop Laboratory Equipment		Bioprocessing Systems			Corporate And Other			Consolidated
Revenues	$	2,582,200	$	223,200		$	-		$	2,805,400
Foreign Sales		856,600		95,900						952,500
Income (Loss) From Operations		266,200		(2,072,500	)		(661,300	)		(2,467,600	)
Assets		7,810,900		5,174,100			3,379,000			16,364,000
Long-Lived Asset Expenditures		8,200		37,600			-			45,800
Depreciation and Amortization		23,300		164,600			-			187,900
Three Months Ended March 31, 2022:	Benchtop Laboratory Equipment		Bioprocessing Systems			Corporate And Other			Consolidated
Revenues	$	2,434,600	$	430,300		$	-		$	2,864,900
Foreign Sales		783,600		269,700						1,053,300
Income (Loss) From Operations		247,300		(1,651,700	)		(337,900	)		(1,742,300	)
Assets		10,231,100		10,024,261			10,271,439			30,526,800
Long-Lived Asset Expenditures		16,500		158,000			-			174,500
Depreciation and Amortization		24,600		229,900			-			254,500

For the three months ended March 31, 2023 one customer accounted for approximately 10% or more of the Company’s total revenue. For the three months ended March 31, 2022 no individual customer accounted for 10% or more of the Company’s total revenue.

A reconciliation of the Company’s consolidated segment income (loss) from operations to consolidated loss from operations before income taxes and net loss for the three months ended March 31, 2023 and 2022, respectively are as follows:

For the three months ended March 31, 2023	Benchtop Laboratory Equipment			Bioprocessing Systems			Corporate			Consolidated
Income (Loss) from Operations	$	266,200		$	(2,072,500	)	$	(661,300	)	$	(2,467,600	)
Other income (expense), net		(1,800	)		11,000			77,100			86,300
Interest income		-			-			9,400			9,400
Total other (expense) income, net		(1,800	)		11,000			86,500			95,700
Income (Loss) from operations before discontinued operations and income taxes	$	264,400		$	(2,061,500	)	$	(574,800	)	$	(2,371,900	)
For the three months ended March 31, 2022	Benchtop Laboratory Equipment			Bioprocessing Systems			Corporate			Consolidated
Income (Loss) from Operations	$	247,300		$	(1,651,700	)	$	(337,900	)	$	(1,742,300	)
Other (expense) income, net		1,300			(18,400	)		(85,600	)		(102,700	)
Interest income		-			-			400			400
Total other (expense) income, net		1,300			(18,400	)		(85,200	)		(102,300	)
Income (Loss) from operations before discontinued operations and income taxes	$	248,600		$	(1,670,100	)	$	(423,100	)	$	(1,844,600	)

16. Segment Information

Segment and geographical information is reported as follows:

Six Months Ended December 31, 2022	Benchtop Laboratory Equipment		Bioprocessing Systems			Corporate			Consolidated
Revenues	$	4,608,900	$	628,900		$	-		$	5,237,800
Foreign Sales		1,322,500		478,200			-			1,800,700
Income (Loss) From Operations		203,500		(3,483,200	)		(902,300	)		(4,137,000	)
Assets		8,622,500		5,174,600			4,272,100			18,069,200
Long-Lived Asset Expenditures		34,300		220,200			-			254,500
Depreciation and Amortization		50,100		330,700			-			380,800

Six Months Ended December 31, 2021 (Unaudited)	Benchtop Laboratory Equipment		Bioprocessing Systems			Corporate			Consolidated
Revenues	$	5,031,100	$	727,500		$	-		$	5,758,600
Foreign Sales		2,031,100		521,500			-			2,552,600
Income (Loss) From Operations		851,700		(3,712,700	)		(508,200	)		(3,369,200	)
Assets		9,715,400		10,064,500			9,072,600			28,852,500
Long-Lived Asset Expenditures		66,600		163,300			-			229,900
Depreciation and Amortization		46,600		280,700			-			327,300

Year Ended June 30, 2022 (As Restated)	Benchtop Laboratory Equipment		Bioprocessing Systems			Corporate			Consolidated
Revenues	$	9,981,100	$	1,419,400		$	-		$	11,400,500
Foreign Sales		3,702,400		1,101,400			-			4,803,800
Income (Loss) From Operations		1,475,800		(11,369,500	)		(1,650,400	)		(11,544,100	)
Assets		9,538,600		5,077,500			6,391,800			21,007,900
Long-Lived Asset Expenditures		92,500		732,100			-			824,600
Depreciation and Amortization		96,300		591,900			-			688,200

Year Ended June 30, 2021	Benchtop Laboratory Equipment		Bioprocessing Systems			Corporate			Consolidated
Revenues	$	9,043,600	$	731,600		$	-		$	9,775,200
Foreign Sales		3,483,700		684,600			-			4,168,300
Income (Loss) From Operations		1,461,300		(4,828,600	)		(1,341,400	)		(4,708,700	)
Assets		14,783,000		8,735,100			5,488,300			29,006,400
Long-Lived Asset Expenditures		60,500		196,900			-			257,400
Depreciation and Amortization		103,100		148,400			-			251,500

Geographical Information

	Six Months Ended
	December 31, 2022				December 31, 2021 (unaudited)
	Revenue (a)		Long-Lived Assets		Revenue (a)		Long-Lived Assets
United States	$	3,437,000	$	1,710,000	$	3,206,000	$	5,181,300
All Other Foreign Countries		1,454,700		-		2,276,100		-
Germany		346,100		885,000		276,500		138,000
Total	$	5,237,800	$	2,595,000	$	5,758,600	$	5,319,300

(a) Revenues are attributed to countries based on location of customer

For the six months ended December 31, 2022, one customer accounted for approximately $545,300 revenue from the Benchtop Laboratory Equipment Segment, of which the revenue is 10% or more of the Company’s total revenue. For the six months ended December 31, 2021 (unaudited) and for the year ended June 30, 2022 and 2021, respectively, there are no individual customer accounted for approximately 10% or more of the Company’s total revenue.

A reconciliation of the Company's consolidated segment income/loss from operations to consolidated income (loss) from operations before discontinued operations and income taxes for the six months ended December 31, 2022 and 2021 (unaudited), respectively and for the year ended June 30, 2022 and 2021, respectively are as follows:

Six Months ended December 31, 2022	Benchtop Laboratory Equipment			Bioprocessing Systems			Corporate			Consolidated
Income (Loss) from Operations	$	203,500		$	(3,438,200	)	$	(902,300	)	$	(4,137,000	)
Other (expense) income, net		(28,200	)		3,600			88,500			63,900
Income (Loss) from operations before discontinued operations and income taxes	$	175,300		$	(3,434,600	)	$	(813,800	)	$	(4,073,100	)

Six Months ended December 31, 2021 (unaudited)	Benchtop Laboratory Equipment		Bioprocessing Systems			Corporate			Consolidated
Income (Loss) from Operations	$	851,700	$	(3,712,700	)	$	(508,200	)	$	(3,369,200	)
Other (expense) income, net		415,500		52,500			47,600			515,600
Income (Loss) from operations before discontinued operations and income taxes	$	1,267,200	$	(3,660,200	)	$	(460,600	)	$	(2,853,600	)

Year ended June 30, 2022 (As Restated)	Benchtop Laboratory Equipment		Bioprocessing Systems			Corporate			Consolidated
Income (Loss) from Operations	$	1,475,800	$	(11,369,500	)	$	(1,650,400	)	$	(11,544,100	)
Other (expense) income, net		194,000		(3,100	)		71,500			262,400
Income (Loss) from operations before discontinued operations and income taxes	$	1,669,800	$	(11,372,600	)	$	(1,578,900	)	$	(11,281,700	)

Year ended June 30, 2021	Benchtop Laboratory Equipment		Bioprocessing Systems			Corporate			Consolidated
Income (Loss) from Operations	$	1,461,300	$	(4,828,600	)	$	(1,341,500	)	$	(4,708,800	)
Other (expense) income, net		571,000		600			82,200			653,800
Income (Loss) from operations before discontinued operations and income taxes	$	2,032,300	$	(4,828,000	)	$	(1,259,300	)	$	(4,055,000	)