Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 30, 2013 | Oct. 25, 2013 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'SCIENTIFIC INDUSTRIES INC | ' |
Entity Central Index Key | '0000087802 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
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 | ' | 1,342,663 |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
Current Assets: | ' | ' |
Cash and cash equivalents | $732,700 | $927,300 |
Investment securities | 911,500 | 908,400 |
Trade accounts receivable, net | 815,800 | 815,900 |
Inventories | 1,783,400 | 1,705,600 |
Prepaid expenses and other current assets | 105,900 | 59,000 |
Deferred taxes | 88,000 | 86,600 |
Total current assets | 4,437,300 | 4,502,800 |
Property and equipment at cost, net | 148,900 | 156,500 |
Intangible assets, net | 747,300 | 773,500 |
Goodwill | 589,900 | 589,900 |
Other assets | 24,100 | 24,100 |
Deferred taxes | 101,600 | 106,200 |
Total assets | 6,049,100 | 6,153,000 |
Current Liabilities: | ' | ' |
Accounts payable | 161,800 | 156,800 |
Customer advances | 43,300 | 15,900 |
Notes payable, current | 79,000 | 78,300 |
Accrued expenses and taxes | 289,600 | 407,700 |
Contingent consideration payable, current portion | 19,000 | 19,000 |
Dividends payable | 107,400 | ' |
Total current liabilities | 700,100 | 677,700 |
Contingent consideration payable, less current portion | 51,600 | 51,600 |
Notes payable, less current portion | 6,700 | 26,700 |
Total liabilities | 758,400 | 756,000 |
Shareholders' equity: | ' | ' |
Common stock, $.05 par value; authorized 7,000,000 shares; 1,357,465 issued and outstanding at September 30, 2013 and June 30, 2013. | 67,900 | 67,900 |
Additional paid-in capital | 1,977,900 | 1,977,100 |
Accumulated other comprehensive income (loss) | -15,400 | -13,600 |
Retained earnings | 3,312,700 | 3,418,000 |
Total | 5,343,100 | 5,449,400 |
Less common stock held in treasury at cost, 19,802 shares | 52,400 | 52,400 |
Total shareholders' equity | 5,290,700 | 5,397,000 |
Total liabilities and shareholders' equity | $6,049,100 | $6,153,000 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
Shareholders' equity: | ' | ' |
Common stock,par value | $0.05 | $0.05 |
Common stock, authorized shares | 7,000,000 | 7,000,000 |
Common stock, issued shares | 1,357,465 | 1,357,465 |
Common stock, outstanding shares | 1,357,465 | 1,357,465 |
Stock held in treasury, shares | 19,802 | 19,802 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Income Statement [Abstract] | ' | ' |
Net sales | $1,436,100 | $1,351,700 |
Cost of sales | 841,900 | 887,300 |
Gross profit | 594,200 | 464,400 |
Operating expenses: | ' | ' |
General and administrative | 303,000 | 279,600 |
Selling | 197,000 | 156,400 |
Research and development | 97,200 | 120,100 |
Total operating expenses | 597,200 | 556,100 |
Loss from operations | -3,000 | -91,700 |
Other income (expense): | ' | ' |
Investment income | 3,100 | 2,900 |
Other income | 3,700 | 2,500 |
Interest expense | -800 | -1,400 |
Total other income, net | 6,000 | 4,000 |
Income (loss) before income tax expense (benefit) | 3,000 | -87,700 |
Income tax expense (benefit): Current | -3,100 | -30,600 |
Deferred | 4,000 | 5,100 |
Total income tax expense (benefit) | 900 | -25,500 |
Net income (loss) | $2,100 | ($62,200) |
Basic earnings (loss) per common share | $0 | ($0.05) |
Diluted earnings (loss) per common share | $0 | ($0.05) |
Cash dividends declared | $0.08 | $0.03 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Condensed Consolidated Statements Of Comprehensive Income Loss | ' | ' |
Net income (loss) | $2,100 | ($62,200) |
Other comprehensive income (loss): | ' | ' |
Unrealized holding gain (loss) arising during period, net of tax | -1,800 | 9,600 |
Comprehensive income (loss) | $300 | ($52,600) |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Operating activities: | ' | ' |
Net income (loss) | $2,100 | ($62,200) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ' | ' |
Depreciation and amortization | 44,200 | 44,300 |
Deferred income taxes | 4,000 | 5,100 |
Stock-based compensation | 800 | 3,400 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 100 | -15,600 |
Inventories | -77,800 | -134,600 |
Prepaid expenses and other current assets | -46,900 | 17,400 |
Other assets | ' | 100 |
Accounts payable | 5,000 | 63,900 |
Customer advances | 27,500 | 102,400 |
Accrued expenses and taxes | -118,100 | -4,400 |
Total adjustments | -161,200 | 82,000 |
Net cash provided by (used in) operating activities | -159,100 | 19,800 |
Investing activities: | ' | ' |
Purchase of investment securities, available for sale | -5,700 | -2,300 |
Capital expenditures | -8,500 | -17,400 |
Purchases of intangible assets | -1,900 | -2,100 |
Net cash used in investing activities | -16,100 | -21,800 |
Financing activities: | ' | ' |
Principal payments on note payable | -19,400 | -18,700 |
Net decrease in cash and cash equivalents | -194,600 | -20,700 |
Cash and cash equivalents, beginning of year | 927,300 | 769,300 |
Cash and cash equivalents, end of period | 732,700 | 748,600 |
Cash paid during the period for: | ' | ' |
Income Taxes | 100,000 | ' |
Interest | $800 | $1,400 |
1_Summary_of_significant_accou
1. Summary of significant accounting policies | 3 Months Ended |
Sep. 30, 2013 | |
Notes to Financial Statements | ' |
Summary of significant accounting policies | ' |
Principles of consolidation: | |
The accompanying consolidated financial statements include the accounts of Scientific Industries, Inc. (“Scientific”, a Delaware corporation), Altamira Instruments, Inc.(“Altamira”, a wholly owned subsidiary and Delaware corporation), Scientific Packaging Industries, Inc. (an inactive wholly owned subsidiary and New York corporation) and Scientific Bioprocessing, Inc., (“SBI”, a wholly owned subsidiary and Delaware corporation). All are collectively referred to as the “Company”. All material intercompany balances and transactions have been eliminated. |
2_New_Accounting_Pronouncement
2. New Accounting Pronouncements | 3 Months Ended |
Sep. 30, 2013 | |
Notes to Financial Statements | ' |
New Accounting Pronouncements | ' |
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740), which clarifies the presentation requirements of unrecognized tax benefits when a net operating loss carry forward, a similar tax loss, or a tax credit carry forward exists at the reporting date. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 and should be applied prospectively. The adoption of this ASU is not expected to have a material impact to the Company’s consolidated financial statements. |
3_Acquisition
3. Acquisition | 3 Months Ended | ||||
Sep. 30, 2013 | |||||
Text Block [Abstract] | ' | ||||
Acquisition | ' | ||||
On November 14, 2011, the Company through SBI acquired substantially all of the assets of a privately owned company consisting principally of a license and sublicenses under patents held by the University of Maryland, Baltimore County (“UMBC”) with respect to the design, development and production of bioprocessing methods, systems and products. The acquisition was pursuant to an asset purchase agreement. The Company paid to the seller $260,000 in cash, issued 135,135 shares of Common Stock valued at $400,000, issued to UMBC a $230,000 36-month note payable, and agreed to make additional cash payments equal to 30% of net royalties received under the acquired license and sublicenses, estimated at a present value of $128,000 on the date of acquisition. | |||||
SBI’s revenues are derived from royalties received by SBI under the various sublicense agreements, net of royalty payments due to UMBC and revenues from future sales of certain products being developed under its existing license. University, government, and industrial laboratories working primarily in the biotechnology industry worldwide are its targeted customers. | |||||
Management of the Company allocated the purchase price based on its valuation of the assets acquired, all of which are intangible, as follows: | |||||
Technology, trademarks, and in-process research & development ("IPR&D") | $ | 500,000 | |||
Sublicense agreements | 294,000 | ||||
Engineering drawings and software | 64,000 | ||||
Non-competition agreements | 18,000 | ||||
Goodwill* | 142,000 | ||||
Total Purchase Price | $ | 1,018,000 | |||
*See Note 8, “Goodwill and Other Intangible Assets”. | |||||
The amounts allocated to Technology, Trademarks, and IPR&D and Sublicense Agreements are deemed to have a useful life of 10 years, and to the remaining intangible assets to have a useful life of 5 years, all of which are being amortized on a straight-line basis, except for goodwill. | |||||
In connection with the acquisition, SBI entered into a research and development agreement providing for the seller to perform services with respect to the research and development of bioprocessing methods, systems, and products pursuant to programs set forth in the Agreement at a fee of $14,000 per month plus all related expenses. The agreement was terminated in June 2013 as a result of the death of the seller’s chief operating officer. |
4_Segment_Information_and_Conc
4. Segment Information and Concentrations | 3 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
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 (ABenchtop 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 (ACatalyst 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: | |||||||||||||||||||||
Benchtop Laboratory Equipment | Catalyst Research Instruments | Bioprocessing Systems | Corporate and Other | Consolidated | |||||||||||||||||
Three months ended September 30, 2013: | |||||||||||||||||||||
Revenues | $ | 1,069,700 | $ | 339,700 | $ | 26,700 | $ | 0 | $ | 1,436,100 | |||||||||||
Foreign Sales | 620,800 | 73,500 | 2,000 | 0 | 696,300 | ||||||||||||||||
Income (Loss) from Operations | 117,800 | (104,000 | ) | (16,800 | ) | 0 | (3,000 | ) | |||||||||||||
Assets | 2,470,200 | 1,587,200 | 890,600 | 1,101,100 | 6,049,100 | ||||||||||||||||
Long-Lived Asset Expenditures | 9,900 | 0 | 500 | 0 | 10,400 | ||||||||||||||||
Depreciation and Amortization | 11,000 | 9,100 | 24,100 | 0 | 44,200 | ||||||||||||||||
Benchtop Laboratory Equipment | Catalyst Research Instruments | Bioprocessing Systems | Corporate and Other | Consolidated | |||||||||||||||||
Three months ended September 30, 2012: | |||||||||||||||||||||
Revenues | $ | 1,064,900 | $ | 284,200 | $ | 2,600 | $ | 0 | $ | 1,351,700 | |||||||||||
Foreign Sales | 621,700 | 239,200 | 0 | 0 | 860,900 | ||||||||||||||||
Income (Loss) from Operations | 117,600 | (134,300 | ) | (75,000 | ) | 0 | (91,700 | ) | |||||||||||||
Assets | 2,556,900 | 987,000 | 801,000 | 1,521,200 | 5,866,100 | ||||||||||||||||
Long-Lived Asset Expenditures | 2,100 | 17,400 | 0 | 0 | 19,500 | ||||||||||||||||
Depreciation and Amortization | 11,100 | 9,300 | 23,900 | 0 | 44,300 | ||||||||||||||||
Approximately 68% and 61% of net sales of benchtop laboratory equipment for the three month periods ended September 30, 2013 and 2012, respectively, were derived from the Company's main product, the Vortex-Genie 2(R) mixer, excluding accessories. Two customers accounted in the aggregate for approximately 15% and 22% of the net sales of the Benchtop Laboratory Equipment Operations and 11% and 17% of the Company’s revenues for the three months ended September 30, 2013, and 2012, 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 customers during the three months ended September 30, 2013 accounted for approximately 94% of the Catalyst Research Instrument Operations’ revenues and 22% of the Company’s total revenues and to five different customers for the three months ended September 30, 2012 accounted for 97% of the segment’s revenues and 17% of the Company’s total revenues. | |||||||||||||||||||||
The Company’s foreign sales are principally to customers in Europe and Asia. | |||||||||||||||||||||
5_Fair_Value_of_Financial_Inst
5. Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Investments, All Other Investments [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 of 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 September 30, 2013 and June 30, 2013 according to the valuation techniques the Company used to determine their fair values: | |||||||||||||||||
Fair Value Measurements Using Inputs Considered as | |||||||||||||||||
Assets: | |||||||||||||||||
Fair Value at September 30, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Cash and cash equivalents | $ | 732,700 | $ | 732,700 | $ | — | $ | — | |||||||||
Available for sale securities | 911,500 | 911,500 | — | — | |||||||||||||
Total | $ | 1,644,200 | $ | 1,644,200 | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Contingent consideration | $ | 70,600 | $ | — | $ | — | $ | 70,600 | |||||||||
Fair Value Measurements Using Inputs Considered as | |||||||||||||||||
Assets: | |||||||||||||||||
Fair Value at June 30, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Cash and cash equivalents | $ | 927,300 | $ | 927,300 | $ | — | $ | — | |||||||||
Available for sale securities | 908,400 | 908,400 | — | — | |||||||||||||
Total | $ | 1,835,700 | $ | 1,835,700 | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Contingent consideration | $ | 70,600 | $ | — | $ | — | $ | 70,600 | |||||||||
Investments in marketable securities classified as available-for-sale by security type at September 30, 2013 and June 30, 2013 consisted of the following: | |||||||||||||||||
Cost | Fair Value | Unrealized Holding Gain (Loss) | |||||||||||||||
At September 30, 2013: | |||||||||||||||||
Available for sale: | |||||||||||||||||
Equity securities | $ | 29,300 | $ | 32,400 | $ | 3,100 | |||||||||||
Mutual funds | 897,600 | 879,100 | (18,500 | ) | |||||||||||||
$ | 926,900 | $ | 911,500 | $ | (15,400 | ) | |||||||||||
Cost | Fair Value | Unrealized Holding Gain (Loss) | |||||||||||||||
At June 30, 2013: | |||||||||||||||||
Available for sale: | |||||||||||||||||
Equity securities | $ | 29,300 | $ | 33,200 | $ | 3,900 | |||||||||||
Mutual funds | 892,700 | 875,200 | (17,500 | ) | |||||||||||||
$ | 922,000 | $ | 908,400 | $ | (13,600 | ) | |||||||||||
6_Inventories
6. Inventories | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories for financial statement purposes are based on perpetual inventory records at September 30, 2013 and based on a physical count as of June 30, 2013. Components of inventory are as follows: | |||||||||
30-Sep-13 | 30-Jun-13 | ||||||||
Raw Materials | $ | 1,326,200 | $ | 1,336,800 | |||||
Work in process | 331,900 | 254,000 | |||||||
Finished Goods | 125,300 | 114,800 | |||||||
$ | 1,783,400 | $ | 1,705,600 | ||||||
7_Earnings_Loss_per_common_sha
7. Earnings (Loss) per common share | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Earnings (Loss) per common share | ' | ||||||||
Basic earnings (loss) per common share are computed by dividing net income or 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 | |||||||||
Periods Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Net income (loss) | $ | 2,100 | $ | (62,200 | ) | ||||
Weighted average common shares outstanding | 1,337,663 | 1,335,712 | |||||||
Dilutive securities | 7,408 | — | |||||||
Weighted average dilutive common shares outstanding | 1,345,071 | 1,335,712 | |||||||
Basic earnings (loss) per common share | $ | (0.05 | ) | ||||||
Diluted earnings (loss) per common share | $ | — | $ | (0.05 | ) | ||||
Approximately 28,500 and 60,000 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 months ended September 30, 2013 and 2012, respectively, because the effect would be anti-dilutive. | |||||||||
8_Goodwill_and_Other_Intangibl
8. Goodwill and Other Intangible Assets | 3 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
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 acquisition of Altamira and SBI’s acquisition of assets. Goodwill amounted to $589,900 as of September 30, 2013 and June 30, 2013, 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 September 30, 2013: | |||||||||||||||
Technology, trademarks | 5/10 yrs. | $ | 865,900 | $ | 417,800 | $ | 448,100 | ||||||||
Customer relationships | 10 yrs. | 237,000 | 205,600 | $ | 31,400 | ||||||||||
Sublicense agreements | 10 yrs. | 294,000 | 55,100 | $ | 238,900 | ||||||||||
Non-compete agreements | 5 yrs. | 114,000 | 106,500 | $ | 7,500 | ||||||||||
Other intangible assets | 5 yrs. | 157,400 | 136,000 | $ | 21,400 | ||||||||||
$ | 1,668,300 | $ | 921,000 | $ | 747,300 | ||||||||||
Useful Lives | Cost | Accumulated Amortization | Net | ||||||||||||
At June 30, 2013: | |||||||||||||||
Technology, trademarks | 5/10 yrs. | $ | 865,400 | $ | 402,100 | $ | 463,300 | ||||||||
Customer relationships | 10 yrs. | 237,000 | 203,200 | $ | 33,800 | ||||||||||
Sublicense agreements | 10 yrs. | 294,000 | 47,800 | $ | 246,200 | ||||||||||
Non-compete agreements | 5 yrs. | 114,000 | 105,900 | $ | 8,100 | ||||||||||
Other intangible assets | 5 yrs. | 156,000 | 133,900 | $ | 22,100 | ||||||||||
$ | 1,666,400 | $ | 892,900 | $ | 773,500 | ||||||||||
Total amortization expense was $28,100 and $28,800 for the three months ended September 30, 2013 and 2012, respectively. As of September 30, 2013, estimated future amortization expense related to intangible assets is $82,700 for the remainder of the fiscal year ending June 30, 2014, $106,600 for fiscal 2015, $110,800 for fiscal 2016, $95,600 for fiscal 2017, $81,100 for fiscal 2018, and $270,500 thereafter. | |||||||||||||||
3_Acquisition_Tables
3. Acquisition (Tables) | 3 Months Ended | ||||
Sep. 30, 2013 | |||||
Text Block [Abstract] | ' | ||||
Purchase Price Allocation | ' | ||||
Technology, trademarks, and in-process research & development ("IPR&D") | $ | 500,000 | |||
Sublicense agreements | 294,000 | ||||
Engineering drawings and software | 64,000 | ||||
Non-competition agreements | 18,000 | ||||
Goodwill* | 142,000 | ||||
Total Purchase Price | $ | 1,018,000 | |||
4_Segment_Information_and_Conc1
4. Segment Information and Concentrations (Tables) | 3 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||
Benchtop Laboratory Equipment | Catalyst Research Instruments | Bioprocessing Systems | Corporate and Other | Consolidated | |||||||||||||||||
Three months ended September 30, 2013: | |||||||||||||||||||||
Revenues | $ | 1,069,700 | $ | 339,700 | $ | 26,700 | $ | 0 | $ | 1,436,100 | |||||||||||
Foreign Sales | 620,800 | 73,500 | 2,000 | 0 | 696,300 | ||||||||||||||||
Income (Loss) from Operations | 117,800 | (104,000 | ) | (16,800 | ) | 0 | (3,000 | ) | |||||||||||||
Assets | 2,470,200 | 1,587,200 | 890,600 | 1,101,100 | 6,049,100 | ||||||||||||||||
Long-Lived Asset Expenditures | 9,900 | 0 | 500 | 0 | 10,400 | ||||||||||||||||
Depreciation and Amortization | 11,000 | 9,100 | 24,100 | 0 | 44,200 | ||||||||||||||||
Benchtop Laboratory Equipment | Catalyst Research Instruments | Bioprocessing Systems | Corporate and Other | Consolidated | |||||||||||||||||
Three months ended September 30, 2012: | |||||||||||||||||||||
Revenues | $ | 1,064,900 | $ | 284,200 | $ | 2,600 | $ | 0 | $ | 1,351,700 | |||||||||||
Foreign Sales | 621,700 | 239,200 | 0 | 0 | 860,900 | ||||||||||||||||
Income (Loss) from Operations | 117,600 | (134,300 | ) | (75,000 | ) | 0 | (91,700 | ) | |||||||||||||
Assets | 2,556,900 | 987,000 | 801,000 | 1,521,200 | 5,866,100 | ||||||||||||||||
Long-Lived Asset Expenditures | 2,100 | 17,400 | 0 | 0 | 19,500 | ||||||||||||||||
Depreciation and Amortization | 11,100 | 9,300 | 23,900 | 0 | 44,300 |
5_Fair_Value_of_Financial_Inst1
5. Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Investments, All Other Investments [Abstract] | ' | ||||||||||||||||
Fair Value Inputs | ' | ||||||||||||||||
Assets: | |||||||||||||||||
Fair Value at September 30, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Cash and cash equivalents | $ | 732,700 | $ | 732,700 | $ | — | $ | — | |||||||||
Available for sale securities | 911,500 | 911,500 | — | — | |||||||||||||
Total | $ | 1,644,200 | $ | 1,644,200 | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Contingent consideration | $ | 70,600 | $ | — | $ | — | $ | 70,600 | |||||||||
Fair Value Measurements Using Inputs Considered as | |||||||||||||||||
Assets: | |||||||||||||||||
Fair Value at June 30, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||
Cash and cash equivalents | $ | 927,300 | $ | 927,300 | $ | — | $ | — | |||||||||
Available for sale securities | 908,400 | 908,400 | — | — | |||||||||||||
Total | $ | 1,835,700 | $ | 1,835,700 | $ | — | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Contingent consideration | $ | 70,600 | $ | — | $ | — | $ | 70,600 | |||||||||
Investments in Marketable Securitites | ' | ||||||||||||||||
Cost | Fair Value | Unrealized Holding Gain (Loss) | |||||||||||||||
At September 30, 2013: | |||||||||||||||||
Available for sale: | |||||||||||||||||
Equity securities | $ | 29,300 | $ | 32,400 | $ | 3,100 | |||||||||||
Mutual funds | 897,600 | 879,100 | (18,500 | ) | |||||||||||||
$ | 926,900 | $ | 911,500 | $ | (15,400 | ) | |||||||||||
Cost | Fair Value | Unrealized Holding Gain (Loss) | |||||||||||||||
At June 30, 2013: | |||||||||||||||||
Available for sale: | |||||||||||||||||
Equity securities | $ | 29,300 | $ | 33,200 | $ | 3,900 | |||||||||||
Mutual funds | 892,700 | 875,200 | (17,500 | ) | |||||||||||||
$ | 922,000 | $ | 908,400 | $ | (13,600 | ) | |||||||||||
6_Inventories_Tables
6. Inventories (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
30-Sep-13 | 30-Jun-13 | ||||||||
Raw Materials | $ | 1,326,200 | $ | 1,336,800 | |||||
Work in process | 331,900 | 254,000 | |||||||
Finished Goods | 125,300 | 114,800 | |||||||
$ | 1,783,400 | $ | 1,705,600 | ||||||
7_Earnings_Loss_per_common_sha1
7. Earnings (Loss) per common share (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Earnings per common share | ' | ||||||||
For the Three Month | |||||||||
Periods Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Net income (loss) | $ | 2,100 | $ | (62,200 | ) | ||||
Weighted average common shares outstanding | 1,337,663 | 1,335,712 | |||||||
Dilutive securities | 7,408 | — | |||||||
Weighted average dilutive common shares outstanding | 1,345,071 | 1,335,712 | |||||||
Basic earnings (loss) per common share | $ | (0.05 | ) | ||||||
Diluted earnings (loss) per common share | $ | — | $ | (0.05 | ) | ||||
8_Goodwill_and_Other_Intangibl1
8. Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||
Intangible Assets | ' | ||||||||||||||
Useful Lives | Cost | Accumulated Amortization | Net | ||||||||||||
At September 30, 2013: | |||||||||||||||
Technology, trademarks | 5/10 yrs. | $ | 865,900 | $ | 417,800 | $ | 448,100 | ||||||||
Customer relationships | 10 yrs. | 237,000 | 205,600 | $ | 31,400 | ||||||||||
Sublicense agreements | 10 yrs. | 294,000 | 55,100 | $ | 238,900 | ||||||||||
Non-compete agreements | 5 yrs. | 114,000 | 106,500 | $ | 7,500 | ||||||||||
Other intangible assets | 5 yrs. | 157,400 | 136,000 | $ | 21,400 | ||||||||||
$ | 1,668,300 | $ | 921,000 | $ | 747,300 | ||||||||||
Useful Lives | Cost | Accumulated Amortization | Net | ||||||||||||
At June 30, 2013: | |||||||||||||||
Technology, trademarks | 5/10 yrs. | $ | 865,400 | $ | 402,100 | $ | 463,300 | ||||||||
Customer relationships | 10 yrs. | 237,000 | 203,200 | $ | 33,800 | ||||||||||
Sublicense agreements | 10 yrs. | 294,000 | 47,800 | $ | 246,200 | ||||||||||
Non-compete agreements | 5 yrs. | 114,000 | 105,900 | $ | 8,100 | ||||||||||
Other intangible assets | 5 yrs. | 156,000 | 133,900 | $ | 22,100 | ||||||||||
$ | 1,666,400 | $ | 892,900 | $ | 773,500 |
3_Acquisition_Details
3. Acquisition (Details) (USD $) | Sep. 30, 2013 |
Acquisition Details | ' |
Technology, trademarks, and in-process research & development ("IPR&D") | $500,000 |
Sublicense agreements | 294,000 |
Engineering drawings and software | 64,000 |
Non-competition agreements | 18,000 |
Goodwill | 142,000 |
Total Purchase Price | $1,018,000 |
4_Segment_Information_and_Conc2
4. Segment Information and Concentrations (Details) (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Depreciation and Amortization | $44,200 | $44,300 |
Benchtop Laboratory Equipment [Member] | ' | ' |
Revenues | 1,069,700 | 1,064,900 |
Foreign Sales | 620,800 | 621,700 |
Income (Loss) from Operations | 117,800 | 117,600 |
Assets | 2,470,200 | 2,556,900 |
Long-lived Asset Expenditures | 9,900 | 2,100 |
Depreciation and Amortization | 11,000 | 11,100 |
Catalyst Research Instruments [Member] | ' | ' |
Revenues | 339,700 | 284,200 |
Foreign Sales | 73,500 | 239,200 |
Income (Loss) from Operations | -104,000 | -134,300 |
Assets | 1,587,200 | 987,000 |
Long-lived Asset Expenditures | 0 | 17,400 |
Depreciation and Amortization | 9,100 | 9,300 |
Bioprocessing Systems [Member] | ' | ' |
Revenues | 26,700 | 2,600 |
Foreign Sales | 2,000 | 0 |
Income (Loss) from Operations | -16,800 | -75,000 |
Assets | 890,600 | 801,000 |
Long-lived Asset Expenditures | 500 | 0 |
Depreciation and Amortization | 24,100 | 23,900 |
Corporate and Other [Member] | ' | ' |
Revenues | 0 | 0 |
Foreign Sales | 0 | 0 |
Income (Loss) from Operations | 0 | 0 |
Assets | 1,101,100 | 1,521,200 |
Long-lived Asset Expenditures | 0 | 0 |
Depreciation and Amortization | 0 | 0 |
Consolidated [Member] | ' | ' |
Revenues | 1,436,100 | 1,351,700 |
Foreign Sales | 696,300 | 860,900 |
Income (Loss) from Operations | -3,000 | -91,700 |
Assets | 6,049,100 | 5,866,100 |
Long-lived Asset Expenditures | 10,400 | 19,500 |
Depreciation and Amortization | $44,200 | $44,300 |
4_Segment_Information_and_Conc3
4. Segment Information and Concentrations (Details Narrative) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Benchtop Laboratory Equipment [Member] | ' | ' |
Net sales | 68.00% | 61.00% |
TwoCustomers [Member] | Benchtop Laboratory Equipment [Member] | ' | ' |
Net sales | 15.00% | 22.00% |
Consolidated sales | 11.00% | 17.00% |
Three Customers [Member] | Catalyst Research Instruments [Member] | ' | ' |
Net sales | 94.00% | ' |
Consolidated sales | 22.00% | ' |
Five Customers [Member] | Catalyst Research Instruments [Member] | ' | ' |
Net sales | ' | 97.00% |
Consolidated sales | ' | 17.00% |
5_Fair_Value_of_Financial_Inst2
5. Fair Value of Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 |
Cash and cash equivalents | $732,700 | $927,300 | $748,600 | $769,300 |
Available for sale securities | 911,500 | 908,400 | ' | ' |
Total | 911,500 | 908,400 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Contingent consideration | 70,600 | 70,600 | ' | ' |
Level 1 | ' | ' | ' | ' |
Cash and cash equivalents | 732,700 | ' | 927,300 | ' |
Available for sale securities | 911,500 | ' | 908,400 | ' |
Total | 1,644,200 | ' | 1,835,700 | ' |
Liabilities: | ' | ' | ' | ' |
Contingent consideration | ' | ' | ' | ' |
Level 2 | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' |
Available for sale securities | ' | ' | ' | ' |
Total | ' | ' | ' | ' |
Liabilities: | ' | ' | ' | ' |
Contingent consideration | ' | ' | ' | ' |
Level 3 | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' |
Available for sale securities | ' | ' | ' | ' |
Total | ' | ' | ' | ' |
Liabilities: | ' | ' | ' | ' |
Contingent consideration | $70,600 | ' | $70,600 | ' |
5_Fair_Value_of_Financial_Inst3
5. Fair Value of Financial Instruments (Details 1) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2012 |
Equity Securities | Equity Securities | Mutual Funds | Mutual Funds | |||
Cost | $926,900 | $922,000 | $29,300 | $29,300 | $897,600 | $892,700 |
Fair Value | 911,500 | 908,400 | 32,400 | 33,200 | 879,100 | 875,200 |
Unrealized Holding Gain (Loss) | ($15,400) | ($13,600) | $3,100 | $3,900 | ($18,500) | ($17,500) |
6_Inventories_Details
6. Inventories (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
Inventories Details | ' | ' |
Raw materials | $1,326,200 | $1,336,800 |
Work-in-process | 331,900 | 254,000 |
Finished goods | 125,300 | 114,800 |
Inventory | $1,783,400 | $1,705,600 |
7_Earnings_Loss_per_common_sha2
7. Earnings (Loss) per common share (Details) (USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Loss Per Common Share Details | ' | ' |
Net income/(loss) | $2,100 | ($62,200) |
Weighted average common shares outstanding | 7,408 | ' |
Effect of dilutive securities | 7,408 | ' |
Weighted average dilutive common shares outstanding | 1,345,071 | 1,335,712 |
Basic earnings/(loss) per common share | $0 | ($0.05) |
Diluted earnings/(loss) per common share | $0 | ($0.05) |
7_Earnings_Loss_per_common_sha3
7. Earnings (Loss) per common share (Details Narrative) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Equity [Abstract] | ' | ' |
Common stock issuable upon the exercise of outstanding options | 28,500 | 60,000 |
8_Goodwill_and_Other_Intangibl2
8. Goodwill and Other Intangible Assets (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Technology, trademarks | Technology, trademarks | Customer relationships | Customer relationships | Sublicense agreements | Sublicense agreements | Non-compete agreements | Non-compete agreements | Other intangible assets | Other intangible assets | |||
Useful Lives Minimum | ' | ' | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' |
Useful Lives Maximum | ' | ' | '10 years | '10 years | '10 years | '10 years | '10 years | '10 years | '5 years | '5 years | '5 years | '5 years |
Cost | $1,668,300 | $1,666,400 | $865,900 | $865,400 | $237,000 | $237,000 | $294,000 | $294,000 | $114,000 | $114,000 | $157,400 | $156,000 |
Accumulated Amortization | 921,000 | 892,900 | 417,800 | 402,100 | 205,600 | 203,200 | 55,100 | 47,800 | 106,500 | 105,900 | 136,000 | 133,900 |
Net | $747,300 | $773,500 | $448,100 | $463,300 | $31,400 | $33,800 | $238,900 | $246,200 | $7,500 | $8,100 | $21,400 | $22,100 |
8_Goodwill_and_Other_Intangibl3
8. Goodwill and Other Intangible Assets (Details Narrative) (USD $) | 3 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | |
Goodwill And Other Intangible Assets Details Narrative | ' | ' | ' |
Estimated future amortization expense 2013 | $82,700 | ' | ' |
Estimated future amortization expense 2014 | 106,600 | ' | ' |
Estimated future amortization expense 2015 | 110,800 | ' | ' |
Estimated future amortization expense 2016 | 95,600 | ' | ' |
Estimated future amortization expense 2017 | 81,100 | ' | ' |
Estimated future amortization expense 2018 | 270,500 | ' | ' |
Total amortization expense | 28,100 | 28,800 | ' |
Goodwill | $589,900 | ' | $589,900 |