Segment Information and Concentration

9 Months Ended

Sep. 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 September 30, 2024:	Benchtop Laboratory Equipment		Bioprocessing Systems			Corporate And Other			Consolidated
Revenues	$	2,316,600	$	452,500		$	-		$	2,769,100
Foreign Sales		562,000		241,900						803,900
Income (Loss) From Operations		258,700		(1,200,000	)		(317,300	)		(1,258,600	)
Assets		6,114,600		4,697,900			2,464,300			13,306,800
Long-Lived Asset Expenditures		2,900		900			-			3,800
Depreciation and Amortization		21,900		166,200			-			188,100

Three Months Ended September 30, 2023:	Benchtop Laboratory Equipment		Bioprocessing Systems			Corporate And Other			Consolidated
Revenues	$	2,161,300	$	424,200		$	-		$	2,585,500
Foreign Sales		625,000		242,900						867,900
Income (Loss) From Operations		73,600		(2,105,500	)		(193,500	)		(2,225,400	)
Assets		7,137,200		5,101,300			809,600			13,048,100
Long-Lived Asset Expenditures		-		11,700			-			11,700
Depreciation and Amortization		20,700		167,500			-			188,200

For the three months ended September 30, 2024 one customer accounted for 10% or more of the Company’s total revenue. For the three months ended September 30, 2023 one customer accounted for 10% or more of the Company’s total revenue.

Nine Months Ended September 30, 2024:	Benchtop Laboratory Equipment		Bioprocessing Systems			Corporate And Other			Consolidated
Revenues	$	6,765,900	$	1,134,000		$	-		$	7,899,900
Foreign Sales		1,779,100		648,100						2,427,200
Income (Loss) From Operations		546,000		(4,094,700	)		(1,135,600	)		(4,684,300	)
Assets		6,144,600		4,697,900			2,464,300			13,306,800
Long-Lived Asset Expenditures		72,800		3,200			-			76,000
Depreciation and Amortization		64,700		500,700			-			565,400

Nine Months Ended September 30, 2023:	Benchtop Laboratory Equipment		Bioprocessing Systems			Corporate And Other			Consolidated
Revenues	$	7,357,800	$	1,015,600		$	-		$	8,373,400
Foreign Sales		2,204,800		478,700						2,683,500
Income (Loss) From Operations		555,200		(5,972,600	)		(1,501,800	)		(6,919,200	)
Assets		7,137,200		5,101,300			809,600			13,048,100
Long-Lived Asset Expenditures		25,200		92,700			-			117,900
Depreciation and Amortization		64,400		502,300			-			566,700

For the nine months ended September 30, 2024 no customers accounted for approximately 10% or more of the Company’s total revenue. For the nine months ended September 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 nine months ended September 30, 2024 and 2023, respectively are as follows:

For the three months ended September 30, 2024	Benchtop Laboratory Equipment		Bioprocessing Systems			Corporate			Consolidated
Income (Loss) from Operations	$	258,700	$	(1,200,000	)	$	(317,300	)	$	(1,258,600	)
Other income, net		2,100		11,400			24,900			38,400
Interest income		-					40,100			40,100
Total other income, net		2,100		11,400			65,000			78,500
Income (Loss) from operations before discontinued operations and income taxes	$	260,800	$	(1,188,600	)	$	(252,300	)	$	(1,180,100	)
For the three months ended September 30, 2023	Benchtop Laboratory Equipment		Bioprocessing Systems			Corporate			Consolidated
Income (Loss) from Operations	$	73,600	$	(2,105,500	)	$	(193,500	)	$	(2,225,400	)
Other income (expense), net		5,300		(1,800	)		1,800			5,300
Interest income		-		-			19,000			19,000
Total other income (expense), net		5,300		(1,800	)		20,800			24,300
Income (Loss) from operations before discontinued operations and income taxes	$	78,900	$	(2,107,300	)	$	(172,700	)	$	(2,201,100	)

For the nine months ended September 30, 2024	Benchtop Laboratory Equipment			Bioprocessing Systems			Corporate			Consolidated
Income (Loss) from Operations	$	546,000		$	(4,094,700	)	$	(1,135,600	)	$	(4,684,300	)
Other income (expense), net		(5,100	)		22,500			14,700			32,100
Interest income		-			-			136,900			136,900
Total other income (expense), net		(5,100	)		22,500			151,600			169,000
Income (Loss) from operations before discontinued operations and income taxes	$	540,900		$	(4,072,200	)	$	(984,000	)	$	(4,515,300	)
For the nine months ended September 30, 2023	Benchtop Laboratory Equipment			Bioprocessing Systems			Corporate			Consolidated
Income (Loss) from Operations	$	555,200		$	(5,972,600	)	$	(1,501,800	)	$	(6,919,200	)
Other income, net		7,700			9,300			78,700			95,700
Interest income		-			-			65,400			65,400
Total other income, net		7,700			9,300			144,100			161,100
Income (Loss) from operations before discontinued operations and income taxes	$	562,900		$	(5,963,300	)	$	(1,357,700	)	$	(6,758,100	)