Segment Information and Concentration

6 Months Ended

Jun. 30, 2024

Segment Information and Concentration

Segment Information and Concentration

10. 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 June 30, 2024:	Benchtop Laboratory Equipment		Bioprocessing Systems			Corporate And Other			Consolidated
Revenues	$	2,281,900	$	365,400		$	-		$	2,647,300
Foreign Sales		629,800		205,700						835,500
Income (Loss) From Operations		214,500		(1,292,900	)		(257,800	)		(1,336,200	)
Assets		6,224,600		4,754,300			3,295,100			14,274,000
Long-Lived Asset Expenditures		24,100		600			-			24,700
Depreciation and Amortization		21,400		167,800			-			189,200

Three Months Ended June 30, 2023:	Benchtop Laboratory Equipment		Bioprocessing Systems			Corporate And Other			Consolidated
Revenues	$	2,614,300	$	368,200		$	-		$	2,982,500
Foreign Sales		723,200		139,900						863,100
Income (Loss) From Operations		215,400		(1,794,600	)		(647,000	)		(2,226,200	)
Assets		7,023,400		5,332,400			1,844,100			14,199,900
Long-Lived Asset Expenditures		17,000		43,400			-			60,400
Depreciation and Amortization		20,400		170,200			-			190,600

For the three months ended June 30, 2024 no customers accounted for approximately 10% or more of the Company’s total revenue. For the three months ended June 30, 2023 one customer accounted for approximately 10% or more of the Company’s total revenue.

Six Months Ended June 30, 2024:	Benchtop Laboratory Equipment		Bioprocessing Systems			Corporate And Other			Consolidated
Revenues	$	4,449,300	$	681,500		$	-		$	5,130,800
Foreign Sales		1,284,900		406,200						1,691,100
Income (Loss) From Operations		287,300		(2,894,700	)		(818,300	)		(3,425,700	)
Assets		6,224,600		4,754,300			3,295,100			14,274,000
Long-Lived Asset Expenditures		69,900		2,300			-			72,200
Depreciation and Amortization		42,800		334,500			-			377,300

Six Months Ended June 30, 2023:	Benchtop Laboratory Equipment		Bioprocessing Systems			Corporate And Other			Consolidated
Revenues	$	5,196,500	$	591,400		$	-		$	5,787,900
Foreign Sales		1,579,800		235,800						1,815,600
Income (Loss) From Operations		481,600		(3,867,100	)		(1,308,300	)		(4,693,800	)
Assets		7,023,400		5,332,400			1,844,100			14,199,900
Long-Lived Asset Expenditures		25,200		81,000			-			106,200
Depreciation and Amortization		43,700		334,800			-			378,500

For the six months ended June 30, 2024 no customers accounted for approximately 10% or more of the Company’s total revenue. For the six months ended June 30, 2023 no customers 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 loss from operations before income taxes and net loss for the three and six months ended June 30, 2024 and 2023, respectively are as follows:

For the three months ended June 30, 2024	Benchtop Laboratory Equipment			Bioprocessing Systems			Corporate			Consolidated
Income (Loss) from Operations	$	214,500		$	(1,292,900	)	$	(257,800	)	$	(1,336,200	)
Other income(expense), net		(3,700	)		5,600			(3,900	)		(2,000	)
Interest income		-						54,600			54,600
Total other income(expense), net		(3,700	)		5,600			50,700			52,600
Income (Loss) from operations before discontinued operations and income taxes	$	210,800		$	(1,287,300	)	$	(207,100	)	$	(1,283,600	)
For the three months ended June 30, 2023	Benchtop Laboratory Equipment			Bioprocessing Systems			Corporate			Consolidated
Income (Loss) from Operations	$	215,400		$	(1,794,600	)	$	(647,000	)	$	(2,226,200	)
Other income (expense), net		4,200			100			(200	)		4,100
Interest income		-			-			37,000			37,000
Total other income, net		4,200			100			36,800			41,100
Income (Loss) from operations before discontinued operations and income taxes	$	219,600		$	(1,794,500	)	$	(610,200	)	$	(2,185,100	)

For the six months ended June 30, 2024	Benchtop Laboratory Equipment			Bioprocessing Systems			Corporate			Consolidated
Income (Loss) from Operations	$	287,300		$	(2,894,700	)	$	(818,300	)	$	(3,425,700	)
Other income(expense), net		(7,200	)		11,100			(10,200	)		(6,300	)
Interest income		-			-			96,800			96,800
Total other income(expense), net		(7,200	)		11,100			86,600			90,500
Income (Loss) from operations before discontinued operations and income taxes	$	280,100		$	(2,883,600	)	$	(731,700	)	$	(3,335,200	)
For the six months ended June 30, 2023	Benchtop Laboratory Equipment			Bioprocessing Systems			Corporate			Consolidated
Income (Loss) from Operations	$	481,600		$	(3,867,100	)	$	(1,308,300	)	$	(4,693,800	)
Other income (expense), net		2,400			11,100			76,900			90,400
Interest income		-			-			46,400			46,400
Total other income, net		2,400			11,100			123,300			136,800
Income (Loss) from operations before discontinued operations and income taxes	$	484,000		$	(3,856,000	)	$	(1,185,000	)	$	(4,557,000	)