Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Mar. 31, 2014 | Apr. 25, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'SCIENTIFIC INDUSTRIES INC | ' |
Entity Central Index Key | '0000087802 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
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 | ' | 1,469,112 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Current Assets: | ' | ' |
Cash and cash equivalents | $343,000 | $927,300 |
Investment securities | 474,000 | 908,400 |
Trade accounts receivable, net | 1,135,300 | 815,900 |
Inventories | 2,249,300 | 1,705,600 |
Prepaid expenses and other current assets | 125,900 | 59,000 |
Deferred taxes | 89,000 | 86,600 |
Total current assets | 4,416,500 | 4,502,800 |
Property and equipment, net | 272,400 | 156,500 |
Intangible assets, net | 1,883,000 | 773,500 |
Goodwill | 705,300 | 589,900 |
Other assets | 24,100 | 24,100 |
Deferred taxes | 111,800 | 106,200 |
Total assets | 7,413,100 | 6,153,000 |
Current Liabilities: | ' | ' |
Accounts payable | 234,700 | 156,800 |
Customer advances | 271,900 | 15,900 |
Bank line of credit | 80,000 | ' |
Notes payable, current | 46,500 | 78,300 |
Accrued expenses and taxes | 427,600 | 407,700 |
Contingent consideration payable, current portion | 120,000 | 19,000 |
Total current liabilities | 1,180,700 | 677,700 |
Contingent consideration payable, less current portion | 408,700 | 51,600 |
Notes payable, less current portion | ' | 26,700 |
Total liabilities | 1,589,400 | 756,000 |
Shareholders' equity: | ' | ' |
Common stock, $.05 par value; authorized 7,000,000 shares; 1,488,914 issued and outstanding at March 31, 2014 and 1,357,465 at June 30, 2013 | 74,400 | 67,900 |
Additional paid-in capital | 2,419,700 | 1,977,100 |
Accumulated other comprehensive loss | -6,100 | -13,600 |
Retained earnings | 3,388,100 | 3,418,000 |
Total | 5,876,100 | 5,449,400 |
Less common stock held in treasury, at cost, 19,802 shares | 52,400 | 52,400 |
Total shareholders' equity | 5,823,700 | 5,397,000 |
Total liabilities and shareholders' equity | $7,413,100 | $6,153,000 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | 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 | 1,488,914 | 1,357,465 |
Common stock, outstanding shares | 1,488,914 | 1,357,465 |
Stock held in treasury, shares | 19,802 | 19,802 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenues | $1,786,300 | $1,626,100 | $4,970,200 | $4,854,700 |
Cost of sales | 1,088,900 | 810,700 | 2,860,500 | 2,744,700 |
Gross profit | 697,400 | 815,400 | 2,109,700 | 2,110,000 |
Operating expenses: | ' | ' | ' | ' |
General & administrative | 461,800 | 320,800 | 1,108,100 | 910,000 |
Selling | 198,000 | 188,600 | 602,800 | 536,000 |
Research & development | 113,800 | 100,800 | 301,900 | 356,000 |
Total operating expenses | 773,600 | 610,200 | 2,012,800 | 1,802,000 |
Income (loss) from operations | -76,200 | 205,200 | 96,900 | 308,000 |
Other income (expense): | ' | ' | ' | ' |
Investment income | 1,000 | 5,700 | 19,500 | 11,600 |
Other | -3,700 | 600 | -7,700 | 1,500 |
Interest expense | -900 | -1,100 | -2,400 | -3,800 |
Total other income, (expense) net | -3,600 | 5,200 | 9,400 | 9,300 |
Income (loss) before income taxes (benefit) | -79,800 | 210,400 | 106,300 | 317,300 |
Income tax expense (benefit): Current | -1,400 | 53,600 | 40,200 | 74,800 |
Income tax expense (benefit): Deferred | -18,700 | 6,700 | -11,400 | 16,200 |
Total income (loss) tax expense (benefit) | -20,100 | 60,300 | 28,800 | 91,000 |
Net income (loss) | ($59,700) | $150,100 | $77,500 | $226,300 |
Basic earnings (loss) per common share | ($0.04) | $0.11 | $0.06 | $0.17 |
Diluted earnings (loss) per common share | ($0.04) | $0.11 | $0.06 | $0.17 |
Cash dividends declared per common share | $0 | $0 | $0.08 | $0.03 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Condensed Consolidated Statements Of Comprehensive Income Loss | ' | ' | ' | ' |
Net income (loss) | ($59,700) | $150,100 | $77,500 | $226,300 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized holding gain arising during period, net of tax | 10,100 | 3,900 | 7,500 | 16,800 |
Comprehensive income (loss) | ($49,600) | $154,000 | $85,000 | $243,100 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Operating activities: | ' | ' |
Net income | $77,500 | $226,300 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Loss on sale of investments | 17,300 | 7,400 |
Depreciation and amortization | 154,000 | 132,400 |
Deferred income tax (benefit) | -11,400 | 16,200 |
Stock-based compensation | 14,900 | 7,600 |
Changes in operating assets and liabilities, net of effect of acquisition: | ' | ' |
Accounts receivable | -319,400 | -108,200 |
Inventories | -399,700 | -631,500 |
Prepaid expenses and other current assets | -66,900 | 104,200 |
Accounts payable | 77,900 | 24,800 |
Customer advances | 256,000 | 404,700 |
Accrued expenses and taxes | 19,900 | 143,700 |
Other assets | ' | 1,600 |
Total adjustments | -257,400 | 102,900 |
Net cash provided by (used in) operating activities | -179,900 | 329,200 |
Investing activities: | ' | ' |
Cash paid for asset acquisition | -700,000 | ' |
Redemption of investment securities, available-for-sale | 450,900 | 717,600 |
Purchase of investment securities, available for sale | -25,000 | -716,900 |
Capital expenditures | -47,100 | -28,100 |
Purchase of other intangible assets | -2,900 | -2,100 |
Net cash used in investing activities | -324,100 | -29,500 |
Financing activities: | ' | ' |
Line of credit proceeds | 150,000 | ' |
Line of credit repayments | -70,000 | ' |
Payments of contingent consideration | -1,100 | -25,900 |
Proceeds from exercise of stock options | 6,700 | ' |
Cash dividend declared and paid | -107,400 | -40,100 |
Principal payments on note payable | -58,500 | -56,600 |
Net cash used in financing activities | -80,300 | -122,600 |
Net increase (decrease) in cash and cash equivalents | -584,300 | 177,100 |
Cash and cash equivalents, beginning of year | 927,300 | 769,300 |
Cash and cash equivalents, end of period | 343,000 | 946,400 |
Cash paid during the period for: | ' | ' |
Income Taxes | 152,100 | ' |
Interest | $2,400 | $3,800 |
1_Summary_of_significant_accou
1. Summary of significant accounting policies | 9 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Summary of significant accounting policies | ' |
1. Summary of significant accounting policies: | |
Principles of consolidation: | |
The accompanying consolidated financial statements include the accounts of Scientific Industries, Inc. (“Scientific”, a Delaware corporation), and its wholly-owned subsidiaries, Altamira Instruments, Inc.(“Altamira”, a Delaware corporation), Scientific Packaging Industries, Inc. (an inactive New York corporation) and Scientific Bioprocessing, Inc., (“SBI”, a 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 | 9 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
New Accounting Pronouncements | ' |
2. 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 carries 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 did not have a material impact to the Company’s consolidated financial statements. |
3_Acquisition
3. Acquisition | 9 Months Ended | ||||
Mar. 31, 2014 | |||||
Text Block [Abstract] | ' | ||||
Acquisition | ' | ||||
3. Acquisition: | |||||
On February 26, 2014, the Company acquired substantially all the assets of a privately held company (the “Seller”) engaged in the production and sale of a variety of laboratory and pharmacy balances and scales from its facility in Clifton, New Jersey. The acquisition was pursuant to an asset purchase agreement (the "Agreement") between the Company and the Seller and the principal stockholders of the Seller whereby the Company paid the Seller $700,000 in cash, 126,449 shares of Common Stock valued at $427,500 (of which 31,612 are held in escrow for one year) and agreed to make additional cash payments based on a percentage of net sales of the business acquired equal to 8% for the period ending June 30, 2014 annualized, 9% for the year ending June 30, 2015, 10% for the year ending June 30, 2016, and 11% for the year ending June 30, 2017, estimated at a present value of $460,000 on the date of acquisition. | |||||
The products which are similar to the Company’s other Benchtop Laboratory Equipment, and in many cases used by the same customers, are marketed under the Torbal® brand. The principal customers are pharmacies, pharmacy schools, universities, government laboratories, and industries utilizing a precision scale. The products are sold primarily on a direct basis, including through the Company’s e-commerce site. | |||||
Management of the Company allocated the purchase price based on its valuation of the assets acquired, as follows: | |||||
Current Assets | $144,000 | ||||
Property and Equipment | 118,100 | ||||
Goodwill* | 115,400 | ||||
Other Intangible Assets | 1,210,000 | ||||
Net Assets Acquired | $1,587,500 | ||||
*See Note 8, “Goodwill and Other Intangible Assets”. | |||||
Of the $1,210,000 of the acquired other intangible assets, $570,000 was assigned to technology and websites with a useful life of 5 years, $120,000 was assigned to customer relationships with a estimated useful life of 9 years, $140,000 was assigned to the trade name with a useful life of 5 years, $110,000 was assigned to the IPR&D (intellectual property, and research and development) with a useful life of 3 years, and $270,000 was assigned to non- compete agreements with a useful life of 5 years. | |||||
In connection with the acquisition, the Company entered into a three-year employment agreement with the Chief Operating Officer of the seller as President of the Company’s new Torbal Scales Division and Director of Marketing for the Company. The agreement may be extended by mutual consent for an additional two years. | |||||
Pro forma results | |||||
The unaudited pro forma condensed consolidated financial information in the table below summarizes the consolidated results of operations of the Company and its new Torbal Scales Division, as though the companies had been combined as of the beginning of each of the periods presented. The Company’s results of operations for the three and nine months ended March 31, 2014 include the results of the Torbal Scales Division since February 26, 2014, the date of acquisition. The unaudited pro forma financial information presented below is for informational purposes only and is not intended to represent or be indicative of the consolidated results of the operations that would have been achieved if the acquisition had been completed as of the commencement of the periods presented. In addition, the Company was unable to obtain audited historical financial statements and, therefore, information presented is based on management’s best judgment using the unaudited financial information provided and management’s expectations. | |||||
For the Three Month | For the Nine Month | ||||
Periods Ended | Periods Ended | ||||
March 31, | March 31, | ||||
2014 | 2013 | 2014 | 2013 | ||
Net Sales | $2,006,300 | $1,956,100 | $5,900,200 | $5,934,700 | |
Net Income (loss) | ($73,100) | $136,200 | $59,600 | $213,100 | |
Net income (loss per share - basic | ($0.05) | $0.09 | $0.04 | $0.15 | |
Net income (loss) per share - diluted | ($0.05) | $0.09 | $0.04 | $0.15 |
4_Segment_Information_and_Conc
4. Segment Information and Concentrations | 9 Months Ended | |||||
Mar. 31, 2014 | ||||||
Segment Reporting [Abstract] | ' | |||||
Segment Information and Concentrations | ' | |||||
4. Segment Information and Concentrations: | ||||||
The Company views its operations as three segments: the manufacture and marketing of standard benchtop laboratory equipment including the balances and scales by its Torbal Scales Division for research in university, hospital and industrial laboratories sold primarily through laboratory equipment distributors and on a direct basis (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 | Catalyst | Corporate | ||||
Laboratory | Research | Bioprocessing | and | |||
Equipment | Instruments | Systems | Other | Consolidated | ||
Three months ended March 31, 2014: | ||||||
Revenues | $1,177,400 | $603,900 | $5,000 | $ - | $1,786,300 | |
Foreign Sales | 604,900 | 198,800 | - | - | 803,700 | |
Income(Loss)from Operations | 61,400 | -10,600 | -58,000 | -69,000 | -76,200 | |
Assets | 4,017,100 | 1,847,900 | 873,300 | 674,800 | 7,413,100 | |
Long-Lived Asset Expenditures | 1,454,700 | 11,300 | 1,000 | - | 1,467,000 | |
Depreciation and Amortization | 32,700 | 8,500 | 24,300 | - | 65,500 | |
Three months ended March 31, 2013: | ||||||
Benchtop | Catalyst | Corporate | ||||
Laboratory | Research | Bioprocessing | and | |||
Equipment | Instruments | Systems | Other | Consolidated | ||
Three months ended March 31, 2013: | ||||||
Revenues | $1,229,800 | $360,600 | $35,700 | $ - | $1,626,100 | |
Foreign Sales | 645,300 | 107,300 | - | - | 752,600 | |
Income(Loss) from Operations | 243,300 | 3,600 | -41,700 | - | 205,200 | |
Assets | 2,719,500 | 1,932,600 | 904,600 | 916,800 | 6,473,500 | |
Long-Lived Asset Expenditures | 1,700 | 1,200 | - | - | 2,900 | |
Depreciation and Amortization | 10,700 | 8,700 | 24,000 | - | 43,400 | |
Approximately 57% and 71% of net sales of benchtop laboratory equipment for the three month periods ended March 31, 2014 and 2013, respectively, were derived from the Company=font>s main product, the Vortex-Genie 2 mixer, excluding accessories. | ||||||
Approximately 13% of total benchtop laboratory equipment sales were derived from the new Torbal Scales Division for the three months ended March 31, 2014. | ||||||
Two benchtop laboratory equipment customers accounted for approximately 22% and 27% of the segment=font>s net sales for the three month periods ended March 31, 2014 and 2013 (15% and 20% of total net sales, respectively, for the periods). | ||||||
Sales of catalyst research instruments are generally pursuant to large orders averaging more than $100,000 per order to a limited numbers of customers. Sales to two customers in the three months ended March 31, 2014 and three different customers in the three months ended March 31, 2013, accounted respectively for 94% and 92% of the segment=font>s net sales for each of the periods (32% and 20% of total net sales for the respective periods). | ||||||
Benchtop | Catalyst | Corporate | ||||
Laboratory | Research | Bioprocessing | and | |||
Equipment | Instruments | Systems | Other | Consolidated | ||
Nine months ended March 31, 2014: | ||||||
Revenues | $3,401,200 | $1,406,900 | $162,100 | $ - | $4,970,200 | |
Foreign Sales | 2,049,100 | 367,100 | 2,000 | - | 2,418,200 | |
Income(Loss) from Operations | 299,100 | -112,500 | -10,200 | -79,500 | 96,900 | |
Assets | 4,017,100 | 1,847,900 | 873,300 | 674,800 | 7,413,100 | |
Long-Lived Asset Expenditures | 1,474,700 | 11,300 | 7,500 | - | 1,493,500 | |
Depreciation and Amortization | 55,300 | 26,100 | 72,600 | - | 154,000 | |
Benchtop | Catalyst | Corporate | ||||
Laboratory | Research | Bioprocessing | and | |||
Equipment | Instruments | Systems | Other | Consolidated | ||
Nine months ended March 31, 2013: | ||||||
Revenues | $3,459,500 | $1,309,700 | $85,500 | $ - | $4,854,700 | |
Foreign Sales | 2,014,900 | 626,400 | - | - | 2,641,300 | |
Income(Loss) from Operations | 518,100 | -62,500 | -147,600 | - | 308,000 | |
Assets | 2,719,500 | 1,932,600 | 904,600 | 916,800 | 6,473,500 | |
Long-Lived Asset Expenditures | 10,900 | 19,300 | - | - | 30,200 | |
Depreciation and Amortization | 33,300 | 27,200 | 71,900 | - | 132,400 | |
Approximately 63% and 69% of net sales of benchtop laboratory equipment for the nine month periods ended March 31, 2014 and 2013, respectively, were derived from sales by the Company=font>s main product, the Vortex-Genie 2 mixer, excluding accessories. | ||||||
Approximately 4% of total benchtop laboratory equipment sales for the nine months ended March 31, 2014 were derived from sales since acquisition in February 2014 of the new Torbal Scales Division. | ||||||
Two benchtop laboratory equipment customers, accounted for approximately 21% and 24% of the segment=font>s net sales (14% and 17% of total net sales) for the nine month periods ended March 31, 2014 and 2013, respectively. | ||||||
Sales of catalyst research instruments to three customers in the nine months ended March 31, 2014 and to three other customers in the nine months ended March 31, 2013 accounted for approximately 59% and 49% of that segment=font>s net sales (17% and 13% of total net sales) for the respective nine month periods. | ||||||
The Company=font>s foreign sales are principally made to customers in Europe and Asia. The Company also has an arrangement with a supplier for annual minimum purchase commitments through February 2020 which the Company has already met for the current year. |
5_Fair_Value_of_Financial_Inst
5. Fair Value of Financial Instruments | 9 Months Ended | ||||
Mar. 31, 2014 | |||||
Investments, All Other Investments [Abstract] | ' | ||||
Fair Value of Financial Instruments | ' | ||||
5. 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 concerning 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 valuations 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=font>s financial assets and liabilities that were accounted for at fair value on a recurring basis at March 31, 2014 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 | |||||
31-Mar-14 | Level 1 | Level 2 | Level 3 | ||
Cash and cash equivalents | $343,000 | $343,000 | $ - | $ - | |
Available for sale securities | 474,000 | 474,000 | - | - | |
Total | $817,000 | $817,000 | $ - | $ - | |
Liabilities: | |||||
Contingent consideration | $ 528,700 | $ - | $ - | $528,700 | |
Fair Value Measurements Using Inputs | |||||
Considered as | |||||
Assets: | |||||
Fair Value at | |||||
30-Jun-13 | 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 March 31, 2014 and June 30, 2013 consisted of the following: | |||||
Unrealized | |||||
Fair | Holding Gain | ||||
Cost | Value | (Loss) | |||
At March 31, 2014: | |||||
Available for sale: | |||||
Equity securities | $29,300 | $37,400 | $8,100 | ||
Mutual funds | 450,800 | 436,600 | -14,200 | ||
$480,100 | $474,000 | ($6,100) | |||
Unrealized | |||||
Fair | Holding Gain | ||||
Cost | Value | (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 | 9 Months Ended | ||
Mar. 31, 2014 | |||
Inventory Disclosure [Abstract] | ' | ||
Inventories | ' | ||
6. Inventories: | |||
At interim reporting periods, inventories for financial statement purposes are based on perpetual inventory records. Components of inventory are as follows: | |||
March 31, | June 30, | ||
2014 | 2013 | ||
Raw Materials | $1,507,700 | $1,336,800 | |
Work in process | 504,600 | 254,000 | |
Finished Goods | 237,000 | 114,800 | |
$2,249,300 | $1,705,600 |
7_Earnings_Loss_per_common_sha
7. Earnings (Loss) per common share | 9 Months Ended | ||||
Mar. 31, 2014 | |||||
Equity [Abstract] | ' | ||||
Earnings (Loss) per common share | ' | ||||
7. Earnings (Loss) per common share: | |||||
Basic earnings (loss) per common share are computed by dividing net income (loss) by the weighted-average number of shares outstanding. Diluted earnings (loss) 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 | For the Nine Month | ||||
Periods Ended | Periods Ended | ||||
March 31, | March 31, | ||||
2014 | 2013 | 2014 | 2013 | ||
Net income (loss) | ($59,700) | $150,100 | $77,500 | $226,300 | |
Weighted average common | |||||
shares outstanding | 1,390,433 | 1,337,663 | 1,382,519 | 1,336,844 | |
Effect of dilutive | |||||
securities | - | 4,701 | 9,741 | 4,543 | |
Weighted average dilutive | |||||
common shares outstanding | 1,390,433 | 1,342,364 | 1,392,260 | 1,341,387 | |
Basic earnings (loss) per | |||||
common share | ($0.04) | $0.11 | $0.06 | $0.17 | |
Diluted earnings (loss) per | |||||
common share | ($0.04) | $0.11 | $0.06 | $0.17 | |
Approximately 61,000 shares of the Company’s common stock issuable upon the exercise of outstanding options were excluded from the calculation of diluted loss per common share, for the three month period ended March 31, 2014, because the effect would be anti-dilutive due to the loss for the period. | |||||
Approximately 40,000 shares of the Company's common stock issuable upon the exercise of outstanding options were excluded from the calculation of diluted earnings per common share for each of the three and nine month periods ended March 31, 2013, because the effect would be anti-dilutive. |
8_Goodwill_and_Other_Intangibl
8. Goodwill and Other Intangible Assets | 9 Months Ended | ||||
Mar. 31, 2014 | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||
Goodwill and Other Intangible Assets | ' | ||||
8. 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 acquisitions. Goodwill amounted to $705,300 and $589,900 as of March 31, 2014 and June 30, 2013, respectively, all of which is deductible for tax purposes. | |||||
The components of other intangible assets are as follows: | |||||
Useful | Accumulated | ||||
Lives | Cost | Amortization | Net | ||
At March 31, 2014: | |||||
Technology, trademarks | 5/10 yrs. | $1,226,800 $ | 455,300 | $771,500 | |
Trade names | 6 yrs. | 140,000 | 1,900 | 138,100 | |
Websites | 5 yrs. | 210,000 | 3,500 | 206,500 | |
Customer relationships | 9/10 yrs. | 357,000 | 210,700 | 146,300 | |
Sublicense agreements | 10 yrs. | 294,000 | 69,800 | 224,200 | |
Non-compete agreements | 5 yrs. | 384,000 | 112,200 | 271,800 | |
IPR&D | 3 yrs. | 110,000 | 3,100 | 106,900 | |
Other intangible assets | 5 yrs. | 157,400 | 139,700 | 17,700 | |
$2,879,200 | $996,200 | $1,883,000 | |||
Useful | Accumulated | ||||
Lives | Cost | 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 $47,500 and $27,900 for the three months ended March 31, 2014 and 2013, respectively and $103,400 and $85,200 for the nine months ended March 31, 2014 and 2013, respectively. As of March 31, 2014, estimated future amortization expense related to intangible assets is $87,500 for the remainder of the fiscal year ending June 30, 2014, $347,600 for fiscal 2015, $351,800 for fiscal 2016, $336,600 for fiscal 2017, $322,100 for fiscal 2018, and $437,400 thereafter. |
1_Summary_of_significant_accou1
1. Summary of significant accounting policies (Policies) | 9 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Principles of consolidation | ' |
The accompanying consolidated financial statements include the accounts of Scientific Industries, Inc. (“Scientific”, a Delaware corporation), and its wholly-owned subsidiaries, Altamira Instruments, Inc.(“Altamira”, a Delaware corporation), Scientific Packaging Industries, Inc. (an inactive New York corporation) and Scientific Bioprocessing, Inc., (“SBI”, a Delaware corporation). All are collectively referred to as the “Company”. All material intercompany balances and transactions have been eliminated. | |
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 carries 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 did not have a material impact to the Company’s consolidated financial statements. |
3_Acquisition_Tables
3. Acquisition (Tables) | 9 Months Ended | ||||
Mar. 31, 2014 | |||||
Text Block [Abstract] | ' | ||||
Purchase Price Allocation | ' | ||||
Management of the Company allocated the purchase price based on its valuation of the assets acquired, as follows: | |||||
Current Assets | $144,000 | ||||
Property and Equipment | 118,100 | ||||
Goodwill* | 115,400 | ||||
Other Intangible Assets | 1,210,000 | ||||
Net Assets Acquired | $1,587,500 | ||||
Pro Forma Results | ' | ||||
For the Three Month | For the Nine Month | ||||
Periods Ended | Periods Ended | ||||
March 31, | March 31, | ||||
2014 | 2013 | 2014 | 2013 | ||
Net Sales | $2,006,300 | $1,956,100 | $5,900,200 | $5,934,700 | |
Net Income (loss) | ($73,100) | $136,200 | $59,600 | $213,100 | |
Net income (loss per share - basic | ($0.05) | $0.09 | $0.04 | $0.15 | |
Net income (loss) per share - diluted | ($0.05) | $0.09 | $0.04 | $0.15 |
4_Segment_Information_and_Conc1
4. Segment Information and Concentrations (Tables) | 9 Months Ended | |||||
Mar. 31, 2014 | ||||||
Segment Reporting [Abstract] | ' | |||||
Segment Information | ' | |||||
Benchtop | Catalyst | Corporate | ||||
Laboratory | Research | Bioprocessing | and | |||
Equipment | Instruments | Systems | Other | Consolidated | ||
Three months ended March 31, 2014: | ||||||
Revenues | $1,177,400 | $603,900 | $5,000 | $ - | $1,786,300 | |
Foreign Sales | 604,900 | 198,800 | - | - | 803,700 | |
Income(Loss)from Operations | 61,400 | -10,600 | -58,000 | -69,000 | -76,200 | |
Assets | 4,017,100 | 1,847,900 | 873,300 | 674,800 | 7,413,100 | |
Long-Lived Asset Expenditures | 1,454,700 | 11,300 | 1,000 | - | 1,467,000 | |
Depreciation and Amortization | 32,700 | 8,500 | 24,300 | - | 65,500 | |
Three months ended March 31, 2013: | ||||||
Benchtop | Catalyst | Corporate | ||||
Laboratory | Research | Bioprocessing | and | |||
Equipment | Instruments | Systems | Other | Consolidated | ||
Three months ended March 31, 2013: | ||||||
Revenues | $1,229,800 | $360,600 | $35,700 | $ - | $1,626,100 | |
Foreign Sales | 645,300 | 107,300 | - | - | 752,600 | |
Income(Loss) from Operations | 243,300 | 3,600 | -41,700 | - | 205,200 | |
Assets | 2,719,500 | 1,932,600 | 904,600 | 916,800 | 6,473,500 | |
Long-Lived Asset Expenditures | 1,700 | 1,200 | - | - | 2,900 | |
Depreciation and Amortization | 10,700 | 8,700 | 24,000 | - | 43,400 | |
Benchtop | Catalyst | Corporate | ||||
Laboratory | Research | Bioprocessing | and | |||
Equipment | Instruments | Systems | Other | Consolidated | ||
Nine months ended March 31, 2014: | ||||||
Revenues | $3,401,200 | $1,406,900 | $162,100 | $ - | $4,970,200 | |
Foreign Sales | 2,049,100 | 367,100 | 2,000 | - | 2,418,200 | |
Income(Loss) from Operations | 299,100 | -112,500 | -10,200 | -79,500 | 96,900 | |
Assets | 4,017,100 | 1,847,900 | 873,300 | 674,800 | 7,413,100 | |
Long-Lived Asset Expenditures | 1,474,700 | 11,300 | 7,500 | - | 1,493,500 | |
Depreciation and Amortization | 55,300 | 26,100 | 72,600 | - | 154,000 | |
Benchtop | Catalyst | Corporate | ||||
Laboratory | Research | Bioprocessing | and | |||
Equipment | Instruments | Systems | Other | Consolidated | ||
Nine months ended March 31, 2013: | ||||||
Revenues | $3,459,500 | $1,309,700 | $85,500 | $ - | $4,854,700 | |
Foreign Sales | 2,014,900 | 626,400 | - | - | 2,641,300 | |
Income(Loss) from Operations | 518,100 | -62,500 | -147,600 | - | 308,000 | |
Assets | 2,719,500 | 1,932,600 | 904,600 | 916,800 | 6,473,500 | |
Long-Lived Asset Expenditures | 10,900 | 19,300 | - | - | 30,200 | |
Depreciation and Amortization | 33,300 | 27,200 | 71,900 | - | 132,400 |
5_Fair_Value_of_Financial_Inst1
5. Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||
Mar. 31, 2014 | |||||
Investments, All Other Investments [Abstract] | ' | ||||
Fair Value Inputs | ' | ||||
Fair Value Measurements Using Inputs Considered as Assets: | |||||
Fair Value at | |||||
31-Mar-14 | Level 1 | Level 2 | Level 3 | ||
Cash and cash equivalents | $343,000 | $343,000 | $ - | $ - | |
Available for sale securities | 474,000 | 474,000 | - | - | |
Total | $817,000 | $817,000 | $ - | $ - | |
Liabilities: | |||||
Contingent consideration | $ 528,700 | $ - | $ - | $528,700 | |
Fair Value at | |||||
30-Jun-13 | 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 | ' | ||||
Investments in marketable securities classified as available-for-sale by security type at March 31, 2014 and June 30, 2013 consisted of the following: | |||||
Unrealized | |||||
Fair | Holding Gain | ||||
Cost | Value | (Loss) | |||
At March 31, 2014: | |||||
Available for sale: | |||||
Equity securities | $29,300 | $37,400 | $8,100 | ||
Mutual funds | 450,800 | 436,600 | -14,200 | ||
$480,100 | $474,000 | ($6,100) | |||
Unrealized | |||||
Fair | Holding Gain | ||||
Cost | Value | (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) | 9 Months Ended | ||
Mar. 31, 2014 | |||
Inventory Disclosure [Abstract] | ' | ||
Inventories | ' | ||
At interim reporting periods, inventories for financial statement purposes are based on perpetual inventory records. Components of inventory are as follows: | |||
March 31, | June 30, | ||
2014 | 2013 | ||
Raw Materials | $1,507,700 | $1,336,800 | |
Work in process | 504,600 | 254,000 | |
Finished Goods | 237,000 | 114,800 | |
$2,249,300 | $1,705,600 |
7_Earnings_Loss_per_common_sha1
7. Earnings (Loss) per common share (Tables) | 9 Months Ended | ||||
Mar. 31, 2014 | |||||
Equity [Abstract] | ' | ||||
Earnings per common share | ' | ||||
Earnings (Loss) per common share was computed as follows: | |||||
For the Three Month | For the Nine Month | ||||
Periods Ended | Periods Ended | ||||
March 31, | March 31, | ||||
2014 | 2013 | 2014 | 2013 | ||
Net income (loss) | ($59,700) | $150,100 | $77,500 | $226,300 | |
Weighted average common | |||||
shares outstanding | 1,390,433 | 1,337,663 | 1,382,519 | 1,336,844 | |
Effect of dilutive | |||||
securities | - | 4,701 | 9,741 | 4,543 | |
Weighted average dilutive | |||||
common shares outstanding | 1,390,433 | 1,342,364 | 1,392,260 | 1,341,387 | |
Basic earnings (loss) per | |||||
common share | ($0.04) | $0.11 | $0.06 | $0.17 | |
Diluted earnings (loss) per | |||||
common share | ($0.04) | $0.11 | $0.06 | $0.17 |
8_Goodwill_and_Other_Intangibl1
8. Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | ||||
Mar. 31, 2014 | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||
Intangible Assets | ' | ||||
Useful | Accumulated | ||||
Lives | Cost | Amortization | Net | ||
At March 31, 2014: | |||||
Technology, trademarks | 5/10 yrs. | $1,226,800 $ | 455,300 | $771,500 | |
Trade names | 6 yrs. | 140,000 | 1,900 | 138,100 | |
Websites | 5 yrs. | 210,000 | 3,500 | 206,500 | |
Customer relationships | 9/10 yrs. | 357,000 | 210,700 | 146,300 | |
Sublicense agreements | 10 yrs. | 294,000 | 69,800 | 224,200 | |
Non-compete agreements | 5 yrs. | 384,000 | 112,200 | 271,800 | |
IPR&D | 3 yrs. | 110,000 | 3,100 | 106,900 | |
Other intangible assets | 5 yrs. | 157,400 | 139,700 | 17,700 | |
$2,879,200 | $996,200 | $1,883,000 | |||
Useful | Accumulated | ||||
Lives | Cost | 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 $) | Mar. 31, 2014 |
Acquisition Details | ' |
Current Assets | $144,000 |
Property and Equipment | 118,100 |
Goodwill | 115,400 |
Other Intangible Assets | 1,210,000 |
Net Assets Acquired | $1,587,500 |
3_Acquisition_Details_1
3. Acquisition (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Text Block [Abstract] | ' | ' | ' | ' |
Net Sales | $2,006,300 | $1,956,100 | $5,900,200 | $5,934,700 |
Net Income (loss) | ($73,100) | $136,200 | $59,600 | $213,100 |
Net income (loss per share - basic | ($0.05) | $0.09 | $0.04 | $0.15 |
Net income (loss per share - diluted | ($0.05) | $0.09 | $0.04 | $0.15 |
4_Segment_Information_and_Conc2
4. Segment Information and Concentrations (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Depreciation and Amortization | ' | ' | $154,000 | $132,400 |
Benchtop Laboratory Equipment [Member] | ' | ' | ' | ' |
Revenues | 1,177,400 | 1,229,800 | 3,401,200 | 3,459,500 |
Foreign Sales | 604,900 | 645,300 | 2,049,100 | 2,014,900 |
Income (Loss) from Operations | 61,400 | 243,300 | 299,100 | 518,100 |
Assets | 4,017,100 | 2,719,500 | 4,017,100 | 2,719,500 |
Long-lived Asset Expenditures | 1,454,700 | 1,700 | 1,474,700 | 10,900 |
Depreciation and Amortization | 32,700 | 10,700 | 55,300 | 33,300 |
Catalyst Research Instruments [Member] | ' | ' | ' | ' |
Revenues | 603,900 | 360,600 | 1,406,900 | 1,309,700 |
Foreign Sales | 198,800 | 107,300 | 367,100 | 626,400 |
Income (Loss) from Operations | -10,600 | 3,600 | -112,500 | -62,500 |
Assets | 1,847,900 | 1,932,600 | 1,847,900 | 1,932,600 |
Long-lived Asset Expenditures | 11,300 | 1,200 | 11,300 | 19,300 |
Depreciation and Amortization | 8,500 | 8,700 | 26,100 | 27,200 |
Bioprocessing Systems [Member] | ' | ' | ' | ' |
Revenues | 5,000 | 35,700 | 162,100 | 85,500 |
Foreign Sales | ' | ' | 2,000 | ' |
Income (Loss) from Operations | -58,000 | -41,700 | -10,200 | -147,600 |
Assets | 873,300 | 904,600 | 873,300 | 904,600 |
Long-lived Asset Expenditures | 1,000 | ' | 7,500 | ' |
Depreciation and Amortization | 24,300 | 24,000 | 72,600 | 71,900 |
Corporate and Other [Member] | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Foreign Sales | ' | ' | ' | ' |
Income (Loss) from Operations | -69,000 | ' | -79,500 | ' |
Assets | 674,800 | 916,800 | 674,800 | 916,800 |
Long-lived Asset Expenditures | ' | ' | ' | ' |
Depreciation and Amortization | ' | ' | ' | ' |
Consolidated [Member] | ' | ' | ' | ' |
Revenues | 1,786,300 | 1,626,100 | 4,970,200 | 4,854,700 |
Foreign Sales | 803,700 | 752,600 | 2,418,200 | 2,641,300 |
Income (Loss) from Operations | -76,200 | 205,200 | 96,900 | 308,000 |
Assets | 7,413,100 | 6,473,500 | 7,413,100 | 6,473,500 |
Long-lived Asset Expenditures | 1,467,000 | 2,900 | 1,493,500 | 30,200 |
Depreciation and Amortization | $65,500 | $43,400 | $154,000 | $132,400 |
4_Segment_Information_and_Conc3
4. Segment Information and Concentrations (Details Narrative) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Benchtop Laboratory Equipment [Member] | ' | ' | ' | ' |
Net sales | 57.00% | 71.00% | 63.00% | 69.00% |
Consolidated sales | 37.00% | 54.00% | 43.00% | 49.00% |
TwoCustomers [Member] | Benchtop Laboratory Equipment [Member] | ' | ' | ' | ' |
Net sales | 22.00% | 27.00% | 21.00% | 24.00% |
Consolidated sales | 15.00% | 20.00% | 14.00% | 17.00% |
CustomerTwoMember | Catalyst Research Instruments [Member] | ' | ' | ' | ' |
Net sales | 94.00% | ' | ' | ' |
Consolidated sales | 32.00% | ' | ' | ' |
Three Different Customers [Member] | Catalyst Research Instruments [Member] | ' | ' | ' | ' |
Net sales | ' | 92.00% | ' | 49.00% |
Consolidated sales | ' | 20.00% | ' | 13.00% |
Three Customers [Member] | Catalyst Research Instruments [Member] | ' | ' | ' | ' |
Net sales | ' | ' | 59.00% | ' |
Consolidated sales | ' | ' | 17.00% | ' |
5_Fair_Value_of_Financial_Inst2
5. Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 |
Cash and cash equivalents | $343,000 | $927,300 | $946,400 | $769,300 |
Available for sale securities | 474,000 | 908,400 | ' | ' |
Total | 817,000 | 1,835,700 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Contingent consideration | 528,700 | 70,600 | ' | ' |
Level 1 | ' | ' | ' | ' |
Cash and cash equivalents | 343,000 | 927,300 | ' | ' |
Available for sale securities | 474,000 | 908,400 | ' | ' |
Total | 817,000 | 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 | $528,700 | $70,600 | ' | ' |
5_Fair_Value_of_Financial_Inst3
5. Fair Value of Financial Instruments (Details 1) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Cost | $480,100 | $922,000 |
Fair Value | 474,000 | 908,400 |
Unrealized Holding Gain (Loss) | -6,100 | -13,600 |
Equity Securities | ' | ' |
Cost | 29,300 | 29,300 |
Fair Value | 37,400 | 33,200 |
Unrealized Holding Gain (Loss) | 8,100 | 3,900 |
Mutual Funds | ' | ' |
Cost | 450,800 | 892,700 |
Fair Value | 436,600 | 875,200 |
Unrealized Holding Gain (Loss) | ($14,200) | ($17,500) |
6_Inventories_Details
6. Inventories (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Inventories Details | ' | ' |
Raw materials | $1,507,700 | $1,336,800 |
Work-in-process | 504,600 | 254,000 |
Finished goods | 237,000 | 114,800 |
Inventory | $2,249,300 | $1,705,600 |
7_Earnings_Loss_per_common_sha2
7. Earnings (Loss) per common share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Loss Per Common Share Details | ' | ' | ' | ' |
Net income (loss) | ($59,700) | $150,100 | $77,500 | $226,300 |
Weighted average common shares outstanding | 1,390,433 | 1,337,663 | 1,382,519 | 1,336,844 |
Effect of dilutive securities | ' | 4,701 | 9,741 | 4,543 |
Weighted average dilutive common shares outstanding | 1,390,433 | 1,342,364 | 1,392,260 | 1,341,387 |
Basic earnings/(loss) per common share | ($0.04) | $0.11 | $0.06 | $0.17 |
Diluted earnings/(loss) per common share | ($0.04) | $0.11 | $0.06 | $0.17 |
7_Earnings_Loss_per_common_sha3
7. Earnings (Loss) per common share (Details Narrative) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Equity [Abstract] | ' | ' |
Common stock issuable upon the exercise of outstanding options | 61,000 | 40,000 |
8_Goodwill_and_Other_Intangibl2
8. Goodwill and Other Intangible Assets (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 |
Technology, trademarks | Technology, trademarks | Trade names [Member] | Websites [Member] | Customer relationships | Customer relationships | Sublicense agreements | Sublicense agreements | Non-compete agreements | Non-compete agreements | IPR&D [Member] | Other intangible assets | Other intangible assets | |||
Useful Lives Minimum | ' | ' | '5 years | '5 years | '6 years | '5 years | '9 years | '10 years | '10 years | '10 years | '5 years | '5 years | '3 years | '5 years | '5 years |
Useful Lives Maximum | ' | ' | '10 years | '10 years | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' |
Cost | $2,879,200 | $1,666,400 | $1,226,800 | $865,400 | $140,000 | $210,000 | $357,000 | $237,000 | $294,000 | $294,000 | $384,000 | $114,000 | $110,000 | $157,400 | $156,000 |
Accumulated Amortization | 996,200 | 892,900 | 455,300 | 402,100 | 1,900 | 3,500 | 210,700 | 203,200 | 69,800 | 47,800 | 112,200 | 105,900 | 3,100 | 139,700 | 133,900 |
Net | $1,883,000 | $773,500 | $771,500 | $463,300 | $138,100 | $206,500 | $146,300 | $33,800 | $224,200 | $246,200 | $271,800 | $8,100 | $106,900 | $17,700 | $22,100 |
8_Goodwill_and_Other_Intangibl3
8. Goodwill and Other Intangible Assets (Details Narrative) (USD $) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | |
Goodwill And Other Intangible Assets Details Narrative | ' | ' | ' | ' | ' |
Estimated future amortization expense 2014 | $87,500 | ' | $87,500 | ' | ' |
Estimated future amortization expense 2015 | 347,600 | ' | 347,600 | ' | ' |
Estimated future amortization expense 2016 | 351,800 | ' | 351,800 | ' | ' |
Estimated future amortization expense 2017 | 336,600 | ' | 336,600 | ' | ' |
Estimated future amortization expense 2018 | 322,100 | ' | 322,100 | ' | ' |
Estimated future amortization expense 2019 | 437,400 | ' | 437,400 | ' | ' |
Total amortization expense | 47,500 | 27,900 | 103,400 | 85,200 | ' |
Goodwill | $705,300 | ' | $705,300 | ' | $589,900 |