Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | SCIENTIFIC INDUSTRIES INC | |
Entity Central Index Key | 87,802 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
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 | 1,489,112 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,017 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 966,000 | $ 1,245,000 |
Investment securities | 292,100 | 290,100 |
Trade accounts receivable, net | 1,151,700 | 1,231,900 |
Inventories | 2,601,100 | 2,412,100 |
Prepaid expenses and other current assets | 211,300 | 47,200 |
Deferred taxes | 125,500 | 140,600 |
Total current assets | 5,347,700 | 5,366,900 |
Property and equipment at cost, net | 233,200 | 251,100 |
Intangible assets, net | 828,100 | 897,600 |
Goodwill | 705,300 | 705,300 |
Other assets | 52,500 | 52,500 |
Deferred taxes | 274,600 | 275,900 |
Total assets | 7,441,400 | 7,549,300 |
Current Liabilities: | ||
Accounts payable | 320,400 | 342,400 |
Customer advances | 403,800 | 0 |
Notes payable | 6,500 | 6,400 |
Accrued expenses and taxes, current portion | 526,000 | 849,700 |
Contingent consideration payable, current portion | 161,800 | 136,500 |
Total current liabilities | 1,418,500 | 1,335,000 |
Notes payable, less current portion | 10,800 | 12,500 |
Contingent consideration payable, less current portion | 67,100 | 209,800 |
Accrued expenses, less current portion | 60,000 | 60,000 |
Total liabilities | 1,556,400 | 1,617,300 |
Shareholders' equity: | ||
Common stock, $.05 par value; authorized 7,000,000 shares; 1,508,914 outstanding at September 30, 2016 and June 30, 2016 | 75,400 | 75,400 |
Additional paid-in capital | 2,499,200 | 2,498,500 |
Accumulated other comprehensive income | 2,000 | 900 |
Retained earnings | 3,360,800 | 3,409,600 |
Total | 5,937,400 | 5,984,400 |
Less common stock held in treasury, at cost, 19,802 shares | 52,400 | 52,400 |
Total shareholders' equity | 5,885,000 | 5,932,000 |
Total liabilities and shareholders' equity | $ 7,441,400 | $ 7,549,300 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2016 | Jun. 30, 2016 |
Shareholders' equity: | ||
Common stock,par value | $ 0.05 | $ 0.05 |
Common stock, authorized shares | 7,000,000 | 7,000,000 |
Common stock, issued shares | 1,508,914 | 1,508,914 |
Common stock, outstanding shares | 1,508,914 | 1,508,914 |
Stock held in treasury, shares | 19,802 | 19,802 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||
Revenues | $ 1,559,100 | $ 1,444,500 |
Cost of revenues | 889,500 | 849,400 |
Gross profit | 669,600 | 595,100 |
Operating expenses: | ||
General & administrative | 412,400 | 408,200 |
Selling | 216,800 | 167,000 |
Research & development | 115,400 | 85,400 |
Total operating expenses | 744,600 | 660,600 |
Loss from operations | (75,000) | (65,500) |
Other income (expense): | ||
Investment income | 200 | 400 |
Other income (expense) | 5,400 | (4,700) |
Interest expense | (200) | (8,100) |
Total other income, (expense) net | 5,400 | (12,400) |
Loss before income tax expense (benefit) | (69,600) | (77,900) |
Income tax expense (benefit): | ||
Current | (36,300) | 0 |
Deferred | 15,500 | (17,800) |
Total income tax benefit | (20,800) | (17,800) |
Net loss | $ (48,800) | $ (60,100) |
Basic and diluted loss per common share | $ (0.03) | $ (0.04) |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)(UNAUDITED) - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Consolidated Statements Of Comprehensive Income Lossunaudited | ||
Net loss | $ (48,800) | $ (60,100) |
Other comprehensive income (loss): | ||
Unrealized holding gain (loss) arising during period, net of tax | 1,100 | (3,800) |
Comprehensive loss | $ (47,700) | $ (63,900) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating activities: | ||
Net loss | $ (48,800) | $ (60,100) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Loss on asset disposal | 0 | 2,700 |
Depreciation and amortization | 95,700 | 105,200 |
Deferred income taxes | 15,500 | (17,800) |
Stock-based compensation | 700 | 600 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 80,200 | 344,300 |
Inventories | (189,000) | (130,100) |
Prepaid expenses and other current assets | (164,100) | (76,700) |
Accounts payable | (22,000) | (26,500) |
Customer advances | 403,800 | 17,100 |
Accrued expenses and taxes | (323,700) | (203,100) |
Total adjustments | (102,900) | 15,700 |
Net cash used in operating activities | (151,700) | (44,400) |
Investing activities: | ||
Capital expenditures | 0 | (6,500) |
Purchase of intangible assets | (8,400) | 0 |
Net cash used in investing activities | (8,400) | (6,500) |
Financing activities: | ||
Line of credit proceeds | 0 | 200,000 |
Payments of contingent consideration | (117,400) | (100,900) |
Principal payments on note payable | (1,500) | 0 |
Net cash provided by (used in) financing activities | (118,900) | 99,100 |
Net increase (decrease) in cash and cash equivalents | (279,000) | 48,200 |
Cash and cash equivalents, beginning of year | 1,245,000 | 482,000 |
Cash and cash equivalents, end of period | 966,000 | 530,200 |
Cash paid during the period for: | ||
Income Taxes | 186,000 | 18,500 |
Interest | $ 200 | $ 4,400 |
1. Summary of significant accou
1. Summary of significant accounting policies | 3 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Principles of consolidation: The accompanying consolidated financial statements include the accounts of Scientific Industries, Inc., Scientific Packaging Industries, Inc., an inactive wholly-owned subsidiary, Altamira Instruments, Inc. (Altamira), a Delaware corporation and wholly-owned subsidiary, and Scientific Bioprocessing, Inc. (SBI), a Delaware corporation and wholly-owned subsidiary, (all collectively referred to as the Company). All material intercompany balances and transactions have been eliminated. |
2. Recent Accounting Pronouncem
2. Recent Accounting Pronouncements | 3 Months Ended |
Sep. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | New Accounting Pronouncements: In March 2016, the FASB issued ASU No. 2016-09, "Compensation Stock Compensation(Topic 718): Improvements to Employee Share-Based Payment Accounting" (ASU 2016-09). Areas for simplification in this update involve several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for interim and annual reporting periods beginning after December 15, 2016, with early application permitted. The Company is currently evaluating the timing, impact and method of applying this guidance on its consolidated financial statements. In February 2016, the FASB issued authoritative guidance that requires lessees to account for most leases on their balance sheets with the liability being equal to the present value of the lease payments. The right-of-use asset will be based on the lease liability adjusted for certain costs such as direct costs. Lease expense will be recognized similar to current accounting guidance with operating leases resulting in a straight-line expense and financing leases resulting in a front-loaded expense similar to the current accounting for capital leases. This guidance becomes effective for the Company's fiscal 2020 first quarter, with early adoption permitted. This guidance must be adopted using a modified retrospective transition approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements, and provides for certain practical expedients. The Company is currently evaluating the timing, impact and method of applying this guidance on its consolidated financial statements. In November 2015, the FASB issued new guidance simplifying the balance sheet classification of deferred taxes. The new guidance requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the new guidance. The guidance is effective for public companies for interim and annual reporting periods beginning after December 15, 2016, with early adoption permitted as of the beginning of an interim or annual reporting period. The new guidance may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company does not expect the adoption to have a material impact on its financial condition, results of operations or cash flows. In July 2015, the FASB issued ASU No. 2015-11, Inventory: Simplifying the Measurement of Inventory In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers amending revenue recognition requirements for multiple-deliverable revenue arrangements. This update provides guidance on how revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for the goods or services. This determination is made in five steps: (i) identify the contract with the customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. In July 2015, the FASB deferred the effective date to fiscal years beginning after December 15, 2018 and early adoption of the standard is permitted, but not before the original effective date of December 15, 2017. The Company is evaluating the effect this guidance will have on the consolidated financial statements and related disclosures. |
3. Segment Information and Conc
3. Segment Information and Concentrations | 3 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
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 (Benchtop 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 (Catalyst Research Instruments) and the design and marketing of bioprocessing systems for laboratory research in the biotechnology industry sold directly to customers and through distributors and related royalty income (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, 2016: Revenues $ 1,456,800 $77,500 $ 24,800 $ - $ 1,559,100 Foreign Sales 561,200 4,800 - - 566,000 Income (Loss) from Operations 101,400 (141,700) (34,700) (75,000) Assets 4,034,400 2,286,700 428,100 692,200 7,441,400 Long-Lived Asset Expenditures 8,400 - - - 8,400 Depreciation and Amortization 76,700 6,600 12,400 - 95,700 Benchtop Laboratory Equipment Catalyst Research Instruments Bioprocessing Systems Corporate and Other Consolidated Three months ended September 30, 2015: Revenues $1,263,000 $153,000 $28,500 $- $1,444,500 Foreign Sales 599,000 7,800 - - 606,800 Income (Loss) from Operations 54,700 (82,000) (30,100) (8,100) (65,500) Assets 4,056,400 1,613,200 730,700 564,400 6,964,700 Long-Lived Asset Expenditures 6,500 - - - 6,500 Depreciation and Amortization 73,800 6,900 24,500 - 105,200 Approximately 49% and 47% of net sales of benchtop laboratory equipment for the three month periods ended September 30, 2016 and 2015, respectively, were derived from the Companys main product, the Vortex-Genie 2® mixer, excluding accessories. Approximately 26% and 21% of total benchtop laboratory equipment sales were derived from the Torbal Scales Division for the three months ended September 30, 2016 and 2015, respectively. For the three months ended September 30, 2016, and 2015, respectively, two customers accounted in the aggregate for approximately 16% and 13% of net sales of the Benchtop Laboratory Equipment Operations (15% and 11% of the Companys total revenues). 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 one customer (who differed from period-to-period) during the three months ended September 30, 2016 and 2015, accounted respectively, for approximately 57% and 76% of the Catalyst Research Instrument Operations revenues and 3% and 8% of the Companys total revenues, respectively. |
4. Fair Value of Financial Inst
4. Fair Value of Financial Instruments | 3 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [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 for 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 Companys financial assets that were accounted for at fair value on a recurring basis at September 30, 2016 and June 30, 2016 according to the valuation techniques the Company used to determine their fair values: Fair Value at September 30, 2016 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $966,000 $966,000 $- $- Available for sale securities 292,100 292,100 - - Total $1,258,100 $ 1,258,100 $- $- Liabilities: Contingent consideration $228,900 $ $ $228,900 Fair Value at June 30, 2016 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $1,245,000 $1,245,000 $- $- Available for sale securities 290,100 290,100 - - Total $1,535,100 $1,535,100 $- $- Liabilities: Contingent consideration $ 346,300 $- $- $346,300 The following table sets forth an analysis of changes during the three months ended September 30, 2016, Level 3 financial liabilities of the Company: Beginning balance, June 30, 2016 $346,300 Payments (117,400) Ending Balance, September 30, 2016 $228,900 Investments in marketable securities classified as available-for-sale by security type at September 30, 2016 and June 30, 2016 consisted of the following: Cost Fair Value Unrealized Holding Gain (Loss) At September 30, 2016: Available for sale: Equity securities $29,300 $41,500 $12,200 Mutual funds 260,800 250,600 (10,200) $290,100 $292,100 $2,000 Cost Fair Value Unrealized Holding Gain (Loss) At June 30, 2016: Available for sale: Equity securities $29,300 $40,700 $11,400 Mutual funds 259,900 249,400 (10,500) $289,200 $290,100 $900 |
5. Inventories
5. Inventories | 3 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories for financial statement purposes are based on perpetual inventory records at September 30, 2016 and based on a physical count as of June 30, 2016. Components of inventory are as follows: September 30, 2016 June 30, 2016 Raw materials $ 1,502,800 $ 1,529,800 Work in process 774,000 425,300 Finished goods 324,300 457,000 $ 2,601,100 $ 2,412,100 |
6. Earnings (Loss) per common s
6. Earnings (Loss) per common share | 3 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per common share | Basic loss per common share is computed by dividing net loss by the weighted-average number of shares outstanding. Diluted earnings per common share include the dilutive effect of stock options, if any. Loss per common share was computed as follows: For the Three Month Periods Ended September 30, 2016 2015 Net loss $ (48,800) $ (60,100) Weighted average common shares outstanding 1,489,112 1,489,112 Weighted average dilutive common shares outstanding 1,489,112 1,489,112 Basic loss per common share $ (0.03) $(0.04) Diluted loss per common share $ (0.03) $ (0.04) Approximately 43,500 and 38,500 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 months ended September 30, 2016 and 2015, because the effect would be anti-dilutive due to the loss for each period. |
7. Goodwill and Other Intangibl
7. Goodwill and Other Intangible Assets | 3 Months Ended |
Sep. 30, 2016 | |
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 SBIs acquisition of assets. Goodwill amounted to $705,300 as of September 30, 2016 and June 30, 2016, 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, 2016: Technology, trademarks 5/10 yrs $722,800 $ 489,900 $ 232,900 Trade names 6 yrs 140,000 60,200 79,800 Websites 5 yrs 210,000 108,500 101,500 Customer relationships 9/10 yrs 357,000 269,200 87,800 Sublicense agreements 10 yrs 294,000 143,300 150,700 Non-compete agreements 5 yrs 384,000 253,200 130,800 Intellectual Property, Research and Development (IPR&D) 3 yrs 110,000 94,700 15,300 Other intangible assets 5 yrs 186,300 157,000 29,300 $2,404,100 $1,576,000 $ 828,100 Useful Lives Cost Accumulated Amortization Net At June 30, 2016: Technology, trademarks 5/10 yrs $ 722,800 $ 468,800 $ 254,000 Trade names 6 yrs 140,000 54,400 85,600 Websites 5 yrs 210,000 98,000 112,000 Customer relationships 9/10 yrs 357,000 261,600 95,400 Sublicense agreements 10 yrs 294,000 136,000 158,000 Non-compete agreements 5 yrs 384,000 239,100 144,900 Intellectual Property, Research and Development (IPR&D) 3 yrs 110,000 85,500 24,500 Other intangible assets 5 yrs 177,900 154,700 23,200 $2,395,700 $1,498,100 $897,600 Total amortization expense was $77,900 and $86,300 for the three months ended September 30, 2016 and 2015, respectively. As of September 30, 2016, estimated future amortization expense related to intangible assets is $219,400 for the remainder of the fiscal year ending June 30, 2017, $288,500 for fiscal 2018, $210,600 for fiscal 2019, $45,100 for fiscal 2020, $43,500 for fiscal 2021, and $21,000 thereafter. |
1. Summary of significant acc14
1. Summary of significant accounting policies (Policies) | 3 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Principles of consolidation | Principles of consolidation: The accompanying consolidated financial statements include the accounts of Scientific Industries, Inc., Scientific Packaging Industries, Inc., an inactive wholly-owned subsidiary, Altamira Instruments, Inc. (Altamira), a Delaware corporation and wholly-owned subsidiary, and Scientific Bioprocessing, Inc. (SBI), a Delaware corporation and wholly-owned subsidiary, (all collectively referred to as the Company). All material intercompany balances and transactions have been eliminated. |
Recent Accounting Pronouncements | Principles of consolidation: The accompanying consolidated financial statements include the accounts of Scientific Industries, Inc., Scientific Packaging Industries, Inc., an inactive wholly-owned subsidiary, Altamira Instruments, Inc. (Altamira), a Delaware corporation and wholly-owned subsidiary, and Scientific Bioprocessing, Inc. (SBI), a Delaware corporation and wholly-owned subsidiary, (all collectively referred to as the Company). All material intercompany balances and transactions have been eliminated. |
3. Segment Information and Co15
3. Segment Information and Concentrations (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Benchtop Laboratory Equipment Catalyst Research Instruments Bioprocessing Systems Corporate and Other Consolidated Three months ended September 30, 2016: Revenues $ 1,456,800 $77,500 $ 24,800 $ - $ 1,559,100 Foreign Sales 561,200 4,800 - - 566,000 Income (Loss) from Operations 101,400 (141,700) (34,700) (75,000) Assets 4,034,400 2,286,700 428,100 692,200 7,441,400 Long-Lived Asset Expenditures 8,400 - - - 8,400 Depreciation and Amortization 76,700 6,600 12,400 - 95,700 Benchtop Laboratory Equipment Catalyst Research Instruments Bioprocessing Systems Corporate and Other Consolidated Three months ended September 30, 2015: Revenues $1,263,000 $153,000 $28,500 $- $1,444,500 Foreign Sales 599,000 7,800 - - 606,800 Income (Loss) from Operations 54,700 (82,000) (30,100) (8,100) (65,500) Assets 4,056,400 1,613,200 730,700 564,400 6,964,700 Long-Lived Asset Expenditures 6,500 - - - 6,500 Depreciation and Amortization 73,800 6,900 24,500 - 105,200 |
4. Fair Value of Financial In16
4. Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Inputs | Fair Value at September 30, 2016 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $966,000 $966,000 $- $- Available for sale securities 292,100 292,100 - - Total $1,258,100 $ 1,258,100 $- $- Liabilities: Contingent consideration $228,900 $ $ $228,900 Fair Value at June 30, 2016 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $1,245,000 $1,245,000 $- $- Available for sale securities 290,100 290,100 - - Total $1,535,100 $1,535,100 $- $- Liabilities: Contingent consideration $ 346,300 $- $- $346,300 Beginning balance, June 30, 2016 $346,300 Payments (117,400) Ending Balance, September 30, 2016 $228,900 |
Investments in Marketable Securitites | Cost Fair Value Unrealized Holding Gain (Loss) At September 30, 2016: Available for sale: Equity securities $29,300 $41,500 $12,200 Mutual funds 260,800 250,600 (10,200) $290,100 $292,100 $2,000 Cost Fair Value Unrealized Holding Gain (Loss) At June 30, 2016: Available for sale: Equity securities $29,300 $40,700 $11,400 Mutual funds 259,900 249,400 (10,500) $289,200 $290,100 $900 |
5. Inventories (Tables)
5. Inventories (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | September 30, 2016 June 30, 2016 Raw materials $ 1,502,800 $ 1,529,800 Work in process 774,000 425,300 Finished goods 324,300 457,000 $ 2,601,100 $ 2,412,100 |
6. Earnings (Loss) per common18
6. Earnings (Loss) per common share (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per common share | For the Three Month Periods Ended September 30, 2016 2015 Net loss $ (48,800) $ (60,100) Weighted average common shares outstanding 1,489,112 1,489,112 Weighted average dilutive common shares outstanding 1,489,112 1,489,112 Basic loss per common share $ (0.03) $(0.04) Diluted loss per common share $ (0.03) $ (0.04) |
7. Goodwill and Other Intangi19
7. Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Useful Lives Cost Accumulated Amortization Net At September 30, 2016: Technology, trademarks 5/10 yrs $722,800 $ 489,900 $ 232,900 Trade names 6 yrs 140,000 60,200 79,800 Websites 5 yrs 210,000 108,500 101,500 Customer relationships 9/10 yrs 357,000 269,200 87,800 Sublicense agreements 10 yrs 294,000 143,300 150,700 Non-compete agreements 5 yrs 384,000 253,200 130,800 Intellectual Property, Research and Development (IPR&D) 3 yrs 110,000 94,700 15,300 Other intangible assets 5 yrs 186,300 157,000 29,300 $2,404,100 $1,576,000 $ 828,100 |
3. Segment Information and Co20
3. Segment Information and Concentrations (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Depreciation and Amortization | $ 95,700 | $ 105,200 |
Benchtop Laboratory Equipment [Member] | ||
Revenues | 1,456,800 | 1,263,000 |
Foreign Sales | 561,200 | 599,000 |
Income (Loss) from Operations | 101,400 | 54,700 |
Assets | 4,034,400 | 4,056,400 |
Long-lived Asset Expenditures | 8,400 | 6,500 |
Depreciation and Amortization | 76,700 | 73,800 |
Catalyst Research Instruments [Member] | ||
Revenues | 77,500 | 153,000 |
Foreign Sales | 4,800 | 7,800 |
Income (Loss) from Operations | (141,700) | (82,000) |
Assets | 2,286,700 | 1,613,200 |
Depreciation and Amortization | 6,600 | 6,900 |
Bioprocessing Systems [Member] | ||
Revenues | 24,800 | 28,500 |
Income (Loss) from Operations | (34,700) | (30,100) |
Assets | 428,100 | 730,700 |
Depreciation and Amortization | 12,400 | 24,500 |
Corporate and Other [Member] | ||
Income (Loss) from Operations | (8,100) | |
Assets | 692,200 | 564,400 |
Consolidated [Member] | ||
Revenues | 1,559,100 | 1,444,500 |
Foreign Sales | 566,000 | 606,800 |
Income (Loss) from Operations | (75,000) | (65,500) |
Assets | 7,441,400 | 6,964,700 |
Long-lived Asset Expenditures | 8,400 | 6,500 |
Depreciation and Amortization | $ 95,700 | $ 105,200 |
3. Segment Information and Co21
3. Segment Information and Concentrations (Details Narrative) | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Benchtop Laboratory Equipment [Member] | ||
Net sales | 49.00% | 47.00% |
Consolidated sales | 26.00% | 21.00% |
Benchtop Laboratory Equipment [Member] | TwoCustomers [Member] | ||
Net sales | 16.00% | 13.00% |
Consolidated sales | 15.00% | 11.00% |
Catalyst Research Instruments [Member] | One Customer [Member] | ||
Net sales | 57.00% | 76.00% |
Consolidated sales | 3.00% | 8.00% |
4. Fair Value of Financial In22
4. Fair Value of Financial Instruments (Details) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2015 |
Assets: | ||||
Cash and cash equivalents | $ 966,000 | $ 1,245,000 | $ 530,200 | $ 482,000 |
Available for sale securities | 292,100 | 290,100 | ||
Total | 1,258,100 | 1,535,100 | ||
Liabilities: | ||||
Contingent consideration | 228,900 | 346,300 | ||
Level 1 | ||||
Assets: | ||||
Cash and cash equivalents | 966,000 | 1,245,000 | ||
Available for sale securities | 292,100 | 290,100 | ||
Total | 1,258,100 | 1,535,100 | ||
Liabilities: | ||||
Contingent consideration | 0 | 0 | ||
Level 2 | ||||
Assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Available for sale securities | 0 | 0 | ||
Total | 0 | 0 | ||
Liabilities: | ||||
Contingent consideration | 0 | 0 | ||
Level 3 | ||||
Assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Available for sale securities | 0 | 0 | ||
Total | 0 | 0 | ||
Liabilities: | ||||
Contingent consideration | $ 228,900 | $ 346,300 |
4. Fair Value of Financial In23
4. Fair Value of Financial Instruments (Details 1) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 |
Cost | $ 290,100 | $ 289,200 |
Fair Value | 292,100 | 290,100 |
Unrealized Holding Gain (Loss) | 2,000 | 900 |
Equity Securities | ||
Cost | 29,300 | 29,300 |
Fair Value | 41,500 | 40,700 |
Unrealized Holding Gain (Loss) | 12,200 | 11,400 |
Mutual Funds | ||
Cost | 260,800 | 259,900 |
Fair Value | 250,600 | 249,400 |
Unrealized Holding Gain (Loss) | $ (10,200) | $ (10,500) |
5. Inventories (Details)
5. Inventories (Details) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 |
Inventory Disclosure [Abstract] | ||
Raw Materials | $ 1,502,800 | $ 1,529,800 |
Work in process | 774,000 | 425,300 |
Finished Goods | 324,300 | 457,000 |
Inventory | $ 2,601,100 | $ 2,412,100 |
6. Earnings (Loss) per common25
6. Earnings (Loss) per common share (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (48,800) | $ (60,100) |
Weighted average common shares outstanding | 1,489,112 | 1,489,112 |
Weighted average dilutive common shares outstanding | 1,489,112 | 1,489,112 |
Basic loss per common share | $ (0.03) | $ (0.04) |
Diluted loss per common share | $ (0.03) | $ (0.04) |
6. Earnings (Loss) per common26
6. Earnings (Loss) per common share (Details Narrative) - shares | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||
Common stock issuable upon the exercise of outstanding stock options | 43,500 | 38,500 |
7. Goodwill and Other Intangi27
7. Goodwill and Other Intangible Assets (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Jun. 30, 2016 | |
Cost | $ 2,404,100 | $ 2,395,700 |
Accumulated Amortization | 1,576,000 | 1,498,100 |
Net | $ 828,100 | $ 897,600 |
Technology, trademarks [Member] | ||
Useful Lives Minimum | 5 years | 5 years |
Useful Lives Maximum | 10 years | 10 years |
Cost | $ 722,800 | $ 722,800 |
Accumulated Amortization | 489,900 | 468,800 |
Net | $ 232,900 | $ 254,000 |
Trade names [Member] | ||
Useful Lives | 6 years | 6 years |
Cost | $ 140,000 | $ 140,000 |
Accumulated Amortization | 60,200 | 54,400 |
Net | $ 79,800 | $ 85,600 |
Websites [Member] | ||
Useful Lives | 5 years | 5 years |
Cost | $ 210,000 | $ 210,000 |
Accumulated Amortization | 108,500 | 98,000 |
Net | $ 101,500 | $ 112,000 |
Customer relationships [Member] | ||
Useful Lives Minimum | 9 years | 9 years |
Useful Lives Maximum | 10 years | 10 years |
Cost | $ 357,000 | $ 357,000 |
Accumulated Amortization | 269,200 | 261,600 |
Net | $ 87,800 | $ 95,400 |
Sublicense agreements [Member] | ||
Useful Lives | 10 years | 10 years |
Cost | $ 294,000 | $ 294,000 |
Accumulated Amortization | 143,300 | 136,000 |
Net | $ 150,700 | $ 158,000 |
Non-compete agreements [Member] | ||
Useful Lives | 5 years | 5 years |
Cost | $ 384,000 | $ 384,000 |
Accumulated Amortization | 253,200 | 239,100 |
Net | $ 130,800 | $ 144,900 |
Intellectual property, research & development (IPR&D) [Member] | ||
Useful Lives | 3 years | 3 years |
Cost | $ 110,000 | $ 110,000 |
Accumulated Amortization | 94,700 | 85,500 |
Net | $ 15,300 | $ 24,500 |
Other intangible assets [Member] | ||
Useful Lives | 5 years | 5 years |
Cost | $ 186,300 | $ 177,900 |
Accumulated Amortization | 157,000 | 154,700 |
Net | $ 29,300 | $ 23,200 |
7. Goodwill and Other Intangi28
7. Goodwill and Other Intangible Assets (Details Narrative) - USD ($) | 3 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Estimated future amortization expense 2017 | $ 219,400 | ||
Estimated future amortization expense 2018 | 288,500 | ||
Estimated future amortization expense 2019 | 210,600 | ||
Estimated future amortization expense 2020 | 45,100 | ||
Estimated future amortization expense 2021 | 43,500 | ||
Estimated future amortization expense thereafter | 21,000 | ||
Total amortization expense | 77,900 | $ 86,300 | |
Goodwill | $ 705,300 | $ 705,300 |