0001144204-12-045696.txt : 20120814 0001144204-12-045696.hdr.sgml : 20120814 20120814161324 ACCESSION NUMBER: 0001144204-12-045696 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20120630 FILED AS OF DATE: 20120814 DATE AS OF CHANGE: 20120814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DYNASIL CORP OF AMERICA CENTRAL INDEX KEY: 0000030831 STANDARD INDUSTRIAL CLASSIFICATION: GLASS, GLASSWARE, PRESSED OR BLOWN [3220] IRS NUMBER: 221734088 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-35011 FILM NUMBER: 121033007 BUSINESS ADDRESS: STREET 1: 385 COOPER RD CITY: WEST BERLIN STATE: NJ ZIP: 08091 BUSINESS PHONE: 8567674600 MAIL ADDRESS: STREET 1: 385 COOPER RD CITY: WEST BERLIN STATE: NJ ZIP: 08091 10-Q 1 v320539_10q.htm FORM 10-Q

U. S. SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE

ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2012

TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE

ACT OF 1934 FOR THE TRANSITION PERIOD FROM _______ TO ______.

Commission file number: 000-27503

DYNASIL CORPORATION OF AMERICA

(Exact name of registrant as specified in its charter)

Delaware	22-1734088
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

44 Hunt Street, Watertown, MA	02472
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (617) 668-6855

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer ¨	Accelerated filer ¨
Non-accelerated filer ¨	Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ¨ No x

As of August 8, 2012 there were 14,789,152 shares of common stock, par value $.0005 per share, outstanding.

DYNASIL CORPORATION OF AMERICA AND SUBSIDIARIES

INDEX

	Page
PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements

DYNASIL CORPORATION OF AMERICA AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2012 AND SEPTEMBER 30, 2011	3

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) FOR THE THREE AND NINE MONTHS ENDED JUNE 30, 2012 AND 2011	5

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY FOR THE NINE MONTHS ENDED JUNE 30, 2012	6

CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED JUNE 30, 2012 AND 2011	7

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS	8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	18

Item 3. Quantitative and Qualitative Disclosures About Market Risk	31

Item 4. Controls and Procedures	31

PART II. OTHER INFORMATION	31

Item 6. Exhibits	31

Signatures	32

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

DYNASIL CORPORATION OF AMERICA AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

	June 30,		September 30,
	2012		2011
	(unaudited)
ASSETS
Current Assets
Cash and cash equivalents	$	2,986,312	$	4,479,840
Accounts receivable, net of allowance for doubtful accounts of $141,707 and $182,634 and sales returns allowance of $34,059 and $18,356 for June 30, 2012 and September 30, 2011, respectively.		7,643,129		5,837,139
Inventories, net of reserves		3,151,255		3,250,539
Costs in excess of billings		-0-		408,240
Deferred tax asset		1,225,446		1,119,800
Prepaid expenses and other current assets		1,151,428		771,564
Total current assets		16,157,570		15,867,122

Property, Plant and Equipment, net		5,020,442		4,860,328

Other Assets
Intangibles, net		5,885,922		6,374,329
Goodwill		13,287,807		13,330,182
Deferred financing costs, net		120,722		150,656
Total other assets		19,294,451		19,855,167

Total Assets	$	40,472,463	$	40,582,617

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Current portion of long-term debt	$	1,857,143	$	1,859,728
Obligation to repurchase stock		1,857,546		-0-
Accounts payable		3,186,198		2,088,395
Accrued expenses and other liabilities		1,977,990		2,298,460
Contingent consideration		141,337		183,713
Total current liabilities		9,020,214		6,430,296

Long-term Liabilities
Long-term debt, net of current portion		7,555,446		8,985,442
Deferred tax liability		811,705		924,837
Total long-term liabilities		8,367,151		9,910,279

The accompanying notes are an integral part of these unaudited consolidated financial statements.

DYNASIL CORPORATION OF AMERICA AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(UNAUDITED) (Continued)

LIABILITIES AND STOCKHOLDERS' EQUITY (Continued)

	June 30,			September 30,
	2012			2011
	(unaudited)
Temporary Equity
Redeemable common stock, at redemption value of $2 per share; put option on 0 shares and 1,000,000 issued and outstanding at June 30, 2012 and September 30, 2011, respectively.	$	0		$	2,000,000

Stockholders' Equity
Preferred stock, $.001 par value, 15,000,000 shares authorized, 0 shares issued and outstanding at June 30, 2012 and September 30, 2011, respectively, 10% cumulative, convertible.		-0-			-0-

Common stock, $0.0005 par value, 40,000,000 shares authorized, 15,628,868 and 15,393,053 shares issued, 14,818,708 and and 14,582,893 shares outstanding at June 30, 2012 and September 30, 2011, respectively.		7,815			7,696
Additional paid in capital		16,911,280			15,896,755
Accumulated other comprehensive income		268,428			297,566
Retained earnings		6,883,917			7,026,367
		24,071,440			23,228,384
Less 810,160 and 810,160 shares of treasury stock - at cost at June 30, 2012 and September 30, 2011, respectively		(986,342	)		(986,342	)
Total stockholders' equity		23,085,098			22,242,042

Total Liabilities and Stockholders' Equity	$	40,472,463		$	40,582,617

The accompanying notes are an integral part of these unaudited consolidated financial statements.

DYNASIL CORPORATION OF AMERICA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

	Three Months Ended						Nine Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
Net revenue	$	12,415,772		$	12,153,175		$	37,279,808		$	35,896,030
Cost of revenue		7,259,466			7,012,611			21,733,906			21,136,257
Gross profit		5,156,306			5,140,564			15,545,902			14,759,773
Selling, general and administrative expenses		5,180,292			4,911,288			15,679,544			12,978,126
Income (loss) from operations		(23,986	)		229,276			(133,642	)		1,781,647
Interest expense, net		140,246			148,563			375,855			461,916
Income (loss) before income tax benefit		(164,232	)		80,713			(509,497	)		1,319,731
Income tax benefit		(116,102	)		(946,165	)		(367,047	)		(478,342	)
Net income (loss)	$	(48,130	)	$	1,026,878		$	(142,450	)	$	1,798,073

Net income (loss)	$	(48,130	)	$	1,026,878		$	(142,450	)	$	1,798,073
Other comprehensive income (loss):
Foreign currency translation		31,222			47,118			(29,138	)		185,712
Total comprehensive income (loss)	$	(16,908	)	$	1,073,996		$	(171,588	)	$	1,983,785

Net income (loss)	$	(48,130	)	$	1,026,878		$	(142,450	)	$	1,798,073
Dividends on preferred stock		-0-			-0-			-0-			116,646
Net income (loss) attributable to common stockholders		(48,130	)		1,026,878			(142,450	)		1,681,427
Dividend add back due to preferred stock conversion		-0-			-0-			-0-			116,646
Net income (loss) for diluted income per common share	$	(48,130	)	$	1,026,878		$	(142,450	)	$	1,798,073

Basic net income (loss) per common share	$	(0.00	)	$	0.07		$	(0.01	)	$	0.12
Diluted net income (loss) per common share	$	(0.00	)	$	0.07		$	(0.01	)	$	0.12

Weighted average shares outstanding
Basic		14,275,293			15,394,811			14,878,360			14,448,875
Diluted		14,275,293			15,748,591			14,878,360			14,802,655

The accompanying notes are an integral part of these unaudited consolidated financial statements.

DYNASIL CORPORATION OF AMERICA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(UNAUDITED)

												Accumulated
									Additional			Other												Total
	Preferred		Preferred		Common		Common		Paid-in			Comprehensive			Retained			Treasury Stock						Stockholders'
	Shares		Amount		Shares		Amount		Capital			Income			Earnings			Shares			Amount			Equity
Balance, September 30, 2011		-0-	$	0		15,393,053	$	7,696	$	15,896,755		$	297,566		$	7,026,367			(810,160	)	$	(986,342	)	$	22,242,042
Issuance of shares of common stock under employee stock purchase plan		-0-		-0-		38,235		19		50,585			-0-			-0-			-0-			-0-			50,604

Stock-based compensation costs		-0-		-0-		85,148		43		821,543			-0-			-0-			-0-			-0-			821,586
Exercise of options by director to purchase common stock		-0-		-0-		41,205		21		(21	)		-0-			-0-			-0-			-0-			(0	)

Expiration of put shares		-0-		-0-		71,227		36		142,418			-0-			-0-			-0-			-0-			142,454

Foreign currency translation adjustment		-0-		-0-		-0-		-0-		-0-			(29,138	)		-0-			-0-			-0-			(29,138	)

Net loss		-0-		-0-		-0-		-0-		-0-			-0-			(142,450	)		-0-			-0-			(142,450	)
Balance, June 30, 2012		-0-	$	-		15,628,868	$	7,815	$	16,911,280		$	268,428		$	6,883,917			(810,160	)	$	(986,342	)	$	23,085,098

The accompanying notes are an integral part of these unaudited consolidated financial statements.

DYNASIL CORPORATION OF AMERICA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Nine Months Ended
	June 30,
	2012			2011
Cash flows from operating activities:
Net income (loss)	$	(142,450	)	$	1,798,073
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock compensation expense		821,586			497,055
Foreign exchange loss		1,621			-0-
Contingent consideration adjustment		(18,395	)		-0-
Depreciation and amortization		1,085,691			990,743
Noncash interest expense		29,934			29,934
Provision for doubtful accounts and sales returns		52,358			9,976
Inventory reserves		59,353			-0-
Deferred income taxes		(218,778	)		(500,704	)
(Increase) decrease in:
Accounts receivable, net		(1,858,509	)		537,891
Inventories		37,312			22,459
Costs in excess of billings		408,240			135,157
Prepaid expenses and other current assets		(355,323	)		(67,338	)
Increase (decrease) in:
Accounts payable		1,072,689			151,238
Accrued expenses and other liabilities		(344,271	)		(384,455	)
Net cash provided by operating activities		631,058			3,220,029

Cash flows from investing activities:
Purchases of property, plant and equipment		(764,028	)		(1,294,343	)
Acquisition of Biomedical Technologies		-0-			(300,000	)
Net cash used in investing activities		(764,028	)		(1,594,343	)

Cash flows from financing activities:
Proceeds from issuance of common stock		50,604			123,489
Repayment of long-term debt		(1,432,581	)		(1,395,105	)
Preferred stock dividends paid		-0-			(79,770	)
Net cash used in financing activities		(1,381,977	)		(1,351,386	)

Effect of exchange rates on cash and cash equivalents		21,419			258,131

Net change in cash and cash equivalents		(1,493,528	)		532,431

Cash and cash equivalents, beginning		4,479,840			4,111,966
Cash and cash equivalents, ending	$	2,986,312		$	4,644,397

The accompanying notes are an integral part of these unaudited consolidated financial statements.

DYNASIL CORPORATION OF AMERICA

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 1 - Basis of Presentation and Liquidity

The accompanying consolidated balance sheet as of June 30, 2012, the consolidated statements of operations and comprehensive income (loss) for the three and nine months ended June 30, 2012 and 2011, changes in stockholders’ equity for the nine months ended June 30, 2012 and cash flows for the nine months ended June 30, 2012 and 2011 of Dynasil Corporation of America and subsidiaries (the “Company”), and the related information contained in these notes have been prepared by management and are unaudited. In the opinion of management, all adjustments (which include normal recurring and nonrecurring items) necessary to present fairly the financial position, results of operations and cash flows in conformity with generally accepted accounting principles for the periods presented have been made. Interim operating results are not necessarily indicative of operating results for a full year.

The preparation of our unaudited consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Certain information and note disclosures normally included in the Company's annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. These consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's September 30, 2011 Annual Report on Form 10-K previously filed by the Company with the Securities and Exchange Commission.

As disclosed in the Company’s quarterly report on Form 10-Q for the period ended March 31, 2012, the Company had experienced an increase in accounts receivable due to delayed collections and a decrease in borrowing capacity due to high selling, general and administrative (“SG&A”) expenses for commercialization and research and development (“R&D”) activities for product improvements. This, added with an obligation to repurchase stock from a former owner of RMD Investments, LLC (see Note 11 for additional information) caused the Company to believe that it would not satisfy its financial covenants under the Sovereign Bank Loan Agreement as of June 30, 2012. Accordingly, the Company had reclassified the $8,028,688 of debt to Sovereign Bank as a short-term liability.

The Company has completed certain transactions to improve its liquidity position. First, on June 7, 2012 the Company satisfied the obligation to repurchase stock by issuing three separate promissory notes in the aggregate principal amount of $1,857,546. This preserved cash and removed uncertainty regarding the ability to satisfy the obligation. The three year promissory notes were issued with a 10% interest rate.

Second, on June 29, 2012, the Company entered into a letter agreement (the “Waiver Letter”) as well as Amendment No. 3 to the Original Loan Agreement with Sovereign Bank, N.A. (“Sovereign” or “Sovereign Bank”). Under the Waiver Letter, the Lender agreed to waive non-compliance by the Company with certain financial covenants under the Original Loan Agreement as of June 30, 2012, subject to the Company’s compliance with the terms of the Amendment, which includes, among other things, the requirement of the Company to raise, on or before September 30, 2012, at least $2,000,000 in gross proceeds from the sale of its capital stock and/or the incurrence of new indebtedness which is subordinated to the indebtedness in favor of Sovereign and repaying the obligation to repurchase stock by September 30, 2012. The Amendment also made certain other changes to the Original Loan Agreement, including certain financial covenants to be maintained commencing on September 30, 2012, limitations on capital expenditures and the termination of the Company’s acquisition line of credit. The Amendment did not change the interest rates on outstanding indebtedness under the Original Loan Agreement.

Third, on July 31, 2012, the Company entered into a Note Purchase Agreement with Massachusetts Capital Resource Company (“MCRC”) in the amount of $3,000,000. The note with MCRC has a five year term with an interest rate of 10% per annum with interest-only payments to be made for the first three years. The MCRC note is subordinated to the existing debt of Sovereign. The $3,000,000 proceeds from the MCRC note were used on August 1, 2012 to pay off the $1,857,546 in promissory notes which arose from the obligation to repurchase stock from a former owner of RMD Instruments, LLC. The remaining $1.1 million will be used for working capital purposes.

Fourth, Days Sales Outstanding (“DSO”) improved by 3.5 days during the three months ended June 30, 2012 to 57.0 days compared with March 31, 2012 and selling, general and administrative costs (“SG&A”) declined by $350,951 from March 31, 2012 to June 30, 2012 improving operating results and borrowing capacity.

As a result of the actions, the Company expects to be in compliance with its various debt financial covenants and has classified $7,555,446 of debt to Sovereign as a long-term liability. This reclassified amount is debt to Sovereign in excess of amounts required to be repaid in the next twelve months.

We consider events or transactions that have occurred after the unaudited consolidated balance sheet date of June 30, 2012, but prior to the filing of the unaudited consolidated financial statements with the SEC on this Form 10-Q, to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure, as applicable. Subsequent events have been evaluated through the date of the filing of this Quarterly Report on Form 10-Q with the SEC.

Note 2 - Inventories

Inventories are stated at the lower of average cost or market. Cost is determined using the first-in, first-out (FIFO) method. Inventories consist of raw materials, work-in-process and finished goods. The Company evaluates inventory levels and expected usage on a periodic basis and records, as a charge to cost of revenue, any amounts required to reduce the carrying value to net realizable value.

Inventories, net of reserves, consisted of the following:

	June 30,		September 30,
	2012		2011
Raw Materials	$	1,991,047	$	2,149,401
Work-in-Process		550,366		757,709
Finished Goods		609,842		343,429
	$	3,151,255	$	3,250,539

Note 3 – Costs in Excess of Billings

Costs in excess of billings relates to research and development contracts and consists of actual costs incurred plus fees in excess of billings at provisional contract rates.

Note 4 – Intangible Assets

Intangible assets at June 30, 2012 and September 30, 2011 consist of the following:

	Useful		Gross		Accumulated
June 30, 2012	Life (years)		Amount		Amortization
Acquired Customer Base		5-15	$	7,063,962	$	1,969,107
Know How		15		513,217		136,533
Trade Names		15		219,000		59,617
Backlog		4		182,000		182,000
Biomedical Technologies		5		300,000		45,000
			$	8,278,179	$	2,392,257

	Useful		Gross		Accumulated
September 30, 2011	Life (years)		Amount		Amortization
Acquired Customer Base		5-15	$	7,063,962	$	1,617,550
Know How		15		513,217		112,150
Trade Names		15		219,000		47,450
Backlog		4		182,000		126,700
Biomedical Technologies		5		300,000		-0-
			$	8,278,179	$	1,903,850

Amortization expense for the three months ended June 30, 2012 and 2011 was $162,802 and $149,205 respectively. Amortization expense for the nine months ended June 30, 2012 and 2011 was $488,407 and $447,615, respectively. Estimated amortization expense for each of the next five fiscal years is as follows:

	2012 (3 Months)		2013		2014		2015		2016		Thereafter		Total
Acquired Customer Base	$	117,027	$	463,134	$	463,134	$	463,134	$	463,134	$	3,125,291	$	5,094,855
Know How		18,433		73,733		73,733		73,733		73,733		63,319		376,684
Trade Names		3,650		14,600		14,600		14,600		14,600		97,333		159,383
Backlog		-0-		-0-		-0-		-0-		-0-		-0-		-0-
Biomedical Technologies		15,000		60,000		60,000		60,000		60,000		-0-		255,000
	$	154,110	$	611,467	$	611,467	$	611,467	$	611,467	$	3,285,943	$	5,885,922

Note 5 – Goodwill

Goodwill is subject to an annual impairment test. We consider many factors which may indicate the requirement to perform additional, interim impairment tests. These include:

A significant adverse long term outlook for any of our industries;

An adverse finding or rejection from a regulatory body involved in new product regulatory approvals;

Failure of an anticipated commercialization product line;

Unanticipated competition or a disruptive technology introduction;

The testing for recoverability under the Impairment or Disposal of Long-Lived Assets Subsections of Subtopic 360-10 of a significant asset group within a reporting unit;

A loss of key personnel; and

An expectation that a reporting unit carrying goodwill, or a significant portion of a reporting unit, will be sold or otherwise disposed of.

There were no changes, aside from foreign exchange rate fluctuations, in the carrying value of goodwill during the nine months ended June 30, 2012.

Note 6 – Earnings (Loss) Per Common Share

Basic earnings (loss) per common share is computed by dividing the net income applicable or loss attributable to common shares after preferred dividends paid, if applicable, by the weighted average number of common shares outstanding during each period. Diluted earnings per common share adjusts basic earnings per share for the effects of common stock options, common stock warrants, convertible preferred stock and other potential dilutive common shares outstanding during the periods.

For purposes of computing diluted earnings per share, 353,780 common share equivalents related to stock options were assumed to be outstanding for the three and nine months ended June 30, 2011. For the three and nine months ended June 30, 2012, the Company excluded no shares of potential common stock related to stock options from the calculation of dilutive shares since there was a loss from continuing operations and the inclusion of potential shares would be anti-dilutive. In addition, as of June 30, 2012 and 2011, common stock options for 1,059,584 and 1,104,406 shares, respectively, with exercise prices above current quarterly average market price per share have been excluded from the calculation of earnings per share since their effect is anti-dilutive.

The computation of the weighted shares outstanding for the three months ended June 30 is as follows:

	Three Months Ended
	June 30,
	2012		2011
Weighted average shares outstanding
Common stock		14,275,293		15,394,811
Effect of dilutive securities Stock Options		-0-		353,780
Dilutive Average Shares Outstanding		14,275,293		15,748,591

The computation of the weighted shares outstanding for the nine months ended June 30 is as follows:

	Nine Months Ended
	June 30,
	2012		2011
Weighted average shares outstanding
Common stock		14,878,360		14,448,875
Effect of dilutive securities Stock Options		-0-		353,780
Dilutive Average Shares Outstanding		14,878,360		14,802,655

Note 7 - Stock Based Compensation

The fair value of the stock options granted is estimated at the date of grant using the Black-Scholes option pricing model. The weighted average assumptions for grants during the nine months ended June 30, 2012 and 2011 used in the Black-Scholes option pricing model were as follows:

	Nine Months Ended			Nine Months Ended
	June 30, 2012			June 30, 2011
Expected term in years		5 years			3 years
Risk-free interest rate		2.64	%		3.95	%
Expected volatility		93.62	%		85.21	%
Expected dividend yield		0.00	%		0.00	%

The expected volatility was determined with reference to the historical volatility of the Company's stock. The Company uses historical data to estimate option exercise and employee termination within the valuation model. The expected term of options granted represents the period of time that the options granted are expected to be outstanding. This estimate was increased form three to five years in 2012. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury rate in effect at the time of grant. The dividend yield is expected to be 0.00% because historically the Company has not paid dividends on common stock.

During the three months ended June 30, 2012, no stock options were granted or exercised. During the three months ended June 30, 2012, 121,980 options were cancelled or expired with a weighted average exercise price of $1.76.

During the three months ended June 30, 2012 and 2011, 6,666 and 25,000 shares of restricted stock vested with the value of $26,131 and $100,500, respectively. During the nine months ended June 30, 2012 and 2011, 44,666 and 25,000 shares of restricted stock vested with the value of $178,636 and $100,500, respectively.

Stock Compensation Expense for the three months ended June 30, 2012 and 2011 is as follows:

	Three Months Ended		Three Months Ended
Stock Compensation Expense	June 30, 2012		June 30, 2011
Stock Grants		43,000		-0-
Restricted Stock Grants		159,552		100,500
Option Grants		37,206		21,948
Employee Stock Purchase Plan		3,300		-0-
Total	$	243,058	$	122,448

During the nine months ended June 30, 2012, 43,960 stock options were granted at an exercise price of $3.03 per share. These options were granted as Directors’ Compensation for the twelve months ending January 31, 2013, were fully exercisable when granted and expire five years from the grant date. During the nine months ended June 30, 2012, 138,373 options were exercised at an exercise price of $1.58 per share in a cashless exercise, resulting in 41,205 common shares issued. During the nine months ended June 30, 2012, 151,980 stock options were cancelled with an weighted average exercise price of $2.83.

Stock Compensation Expense for the nine months ended June 30, 2012 and 2011 is as follows:

	Nine Months Ended		Nine Months Ended
Stock Compensation Expense	June 30, 2012		June 30, 2011
Stock Grants		152,041		189,892
Restricted Stock Grants		465,303		108,125
Option Grants		168,675		199,038
Employee Stock Purchase Plan		35,568		-0-
Total	$	821,586	$	497,055

At June 30, 2012, there was $1,252,861 in unrecognized stock compensation expense based on unvested options and unvested restricted stock. At June 30, 2011, there was $1,725,677 in unrecognized stock compensation expense based on unvested options and unvested restricted stock.

A summary of restricted stock activity for the nine months ended June 30, 2012 and 2011 is presented below:

Restricted Stock Activity for the Nine Months ended June 30, 2012	Shares		Weighted-Average Grant-Date Fair Value
Nonvested at September 30, 2011		403,000	$	4.02

Granted		-0-		-0-
Vested		44,666	$	4.00
Cancelled		-0-		-0-
Nonvested at June 30, 2012		358,334	$	4.02

Restricted Stock Activity for the Nine Months ended June 30, 2011	Shares		Weighted-Average Grant-Date Fair Value
Nonvested at September 30, 2010		7,500	$	3.75

Granted		423,000	$	4.02
Vested		27,500	$	4.00
Cancelled		-0-		-0-
Nonvested at June 30, 2012		403,000	$	4.02

Note 8 – Segment, Customer and Geographical Reporting

Segment Financial Information

Dynasil’s business is comprised of two segments: products and technology (“Products and Technology”) and contract research (“Contract Research”). Within these segments, there is a segregation of reportable units based upon the organizational structure used to evaluate performance and make decisions on resource allocation, as well as availability and materiality of separate financial results consistent with that structure. The Products and Technology segment manufactures optical materials, components, coatings and specialized instruments used in various applications in the medical, industrial, and homeland security/defense sectors. The Company’s most recent new business venture, Dynasil Biomedical Corp. (“Dynasil Biomedical”) is reported within this segment. It has been determined that this new business venture will primarily pursue product commercialization of technologies and technology licensing opportunities, though there can be no assurances that any of these opportunities will become successfully commercialized. Dynasil’s Contract Research segment is one of the largest small business participants in U.S. government-funded research.

The Company’s segment information for the three months ended June 30, 2012 and 2011 is summarized below:

	Three Months Ended
	June 30,
Segment	2012			2011
Contract Research
Revenue	$	6,552,211		$	6,273,104
Income from Operations		(28,435	)		134,132
Income as a percent of revenue		-0.4	%		2.1	%
Products and Technology
Revenue	$	5,863,561		$	5,880,071
Income (loss) from Operations		4,449			95,144
Income (loss) as a percent of revenue		0.1	%		1.6	%
Total
Revenue	$	12,415,772		$	12,153,175
Income (loss) from Operations		(23,986	)		229,276
Income (loss) as a percent of revenue		-0.2	%		1.9	%

The Company’s segment information for the nine months ended June 30, 2012 and 2011 is summarized below:

	Nine Months Ended
	June 30,
Segment	2012			2011
Contract Research
Revenue	$	19,716,645		$	18,729,027
Income from Operations		418,949			561,240
Income as a percent of revenue		2.1	%		3.0	%
Products and Technology
Revenue	$	17,563,163		$	17,167,003
Income (loss) from Operations		(552,591	)		1,220,407
Income (loss) as a percent of revenue		-3.1	%		7.1	%
Total
Revenue	$	37,279,808		$	35,896,030
Income (loss) from Operations		(133,642	)	$	1,781,647
Income (loss) as a percent of revenue		-0.4	%		5.0	%

Customer Financial Information

For the three and nine months ended June 30, 2012 and 2011, the top three customers for the Contract Research segment were various agencies of the U.S. Government. For the three months ended June 30, 2012 and 2011, these customers made up 56% and 78%, respectively, of Contract Research revenue. For the nine months ended June 30, 2012 and 2011, these customers made up 70% and 80%, respectively, of Contract Research revenue.

For the Products and Technology segment, there was no customer whose revenue represented more than 10% of the total segment revenue for the three months or the nine months ended June 30, 2012 and 2011.

Geographic Financial Information

Revenue by geographic location in total and as a percentage of total revenue, for the three months ended June 30, 2012 and 2011 are as follows:

	Three Months Ended					Three Months Ended
	June 30, 2012					June 30, 2011
Geographic Location	Revenue		% of Total			Revenue		% of Total
United States		10,464,672		84.3	%	$	10,022,392		82.5	%
Europe		981,147		7.9	%		1,288,494		10.6	%
Other		969,954		7.8	%		842,289		6.9	%
	$	12,415,772		100.0	%	$	12,153,175		100.0	%

Revenue by geographic location in total and as a percentage of total revenue, for the nine months ended June 30, 2012 and 2011 are as follows:

	Nine Months Ended					Nine Months Ended
	June 30, 2012					June 30, 2011
Geographic Location	Revenue		% of Total			Revenue		% of Total
United States		30,947,319		83.0	%	$	29,580,144		82.4	%
Europe		3,476,479		9.3	%		3,917,052		10.9	%
Other		2,856,011		7.7	%		2,398,834		6.7	%
	$	37,279,808		100.0	%	$	35,896,030		100.0	%

Note 9 – Business Acquisition – Dynasil Biomedical

On April 14, 2011, Dynasil announced the incorporation of Dynasil Biomedical Corp. as a new business unit to pursue opportunities in the medical field. Through a purchase of assets, Dynasil Biomedical completed the purchase of specific rights to six biomedical technologies invented or co-invented by Dr. Daniel Ericson for $300,000 in cash. Dr. Ericson has joined Dynasil Biomedical as Scientific Lead for research and development. The asset purchase had no impact on the comparative unaudited financial information as reported.

Note 10 - Income Taxes

Dynasil Corporation of America and its wholly-owned subsidiaries file a consolidated federal income tax return.

The Company uses the asset and liability approach to account for income taxes. Under this approach, deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and net operating loss and tax credit carryforwards. The amount of deferred taxes on these temporary differences is determined using the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, as applicable, based on tax rates, and tax laws, in the respective tax jurisdiction then in effect. Valuation allowances are provided if it is more likely than not that some or all of the deferred tax assets will not be realized. The provision for income taxes includes taxes currently payable, if any, plus the net change during the year in deferred tax assets and liabilities recorded by the Company.

The Company applies the authoritative provisions related to accounting for uncertainty in income taxes. As required by these provisions, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company has applied these provisions to all tax positions for which the statute of limitations remained open. There was no impact on the Company’s unaudited consolidated financial position, results of operations, or cash flows as of June 30, 2012 and 2011. As of June 30, 2012 and 2011, the Company had no unrecognized tax benefits. The Company’s practice is to recognize interest and/or penalties related to income tax matters in interest and income tax expense. The Company currently has no federal or state tax examinations in progress.

The Company has Research and Experimentation tax credits available at both the state and local levels designed to encourage and reward companies for efforts in the areas of research and experimentation. As of June 30, 2012, the Company has federal and state tax credit carryovers totaling approximately $1,300,000, expiring through 2031. The Company’s income tax provision includes a tax benefit of an estimated $178,000 and $331,000 for Research and Experimentation credits attributable to the three and nine months ended June 30, 2012, respectively.

The Company has approximately $490,000 in net operating loss carryforwards to offset certain future state income taxes expiring through 2026.

The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. The Company’s tax filings for federal and state jurisdictions for the tax years from 2009 to 2011 are still subject to examination.

Note 11 – Obligation to Repurchase Stock

As previously disclosed, on February 27, 2012, Dr. Gerald Entine, a former owner of RMD Instruments, LLC and RMD Instruments Corp. (collectively, "RMD"), exercised a put right to require the repurchase of a total of 928,773 shares of Company common stock held by certain entities affiliated with Dr. Entine (collectively, “Entine”) for an aggregate purchase price of $1,857,546, payable on the ninetieth business day with cash or by issuing three-year promissory notes from the date of the notice of the exercise of the put. This put right originated from the Company's acquisition of RMD in July 2008 and is set forth in the Asset Purchase Agreement dated July 1, 2008 by and among the Company, RMD Instruments Corp., RMD Instruments, LLC and Gerald Entine 1988 Family Trust and the other parties named therein (the "Put Right").

There were an additional 71,227 shares of common stock outstanding that were subject to the Put Right. The notice period for these shares expired on April 2, 2012 and the amount of $142,454 previously recorded as temporary equity associated with these shares was reclassified to equity.

Note 12 – Financial Instruments

The fair value of financial instruments is determined by reference to observable market data and other valuation techniques as appropriate. The Company has established a fair value hierarchy that priorities the inputs to valuation techniques used to measure fair value. Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values identified by Level 2 inputs utilize observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. Fair values identified by Level 3 inputs are unobservable data points and are used to measure fair value to the extent that observable inputs are not available. Unobservable inputs reflect the Company’s own assumptions about the assumptions that market participants would use at pricing the asset or liability.

The carrying amount reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximates fair value because of the immediate or short-term maturity of these financial instruments. The fair value of long-term debt is determined using Level 2 inputs. At June 30, 2012 and September 30, 2011, the carrying value of long-term debt approximates fair value because the underlying instruments are primarily at current market rates.

Note 13 – Debt

On June 7, 2012, the Company issued the Entine entities three separate promissory notes (the “Entine Promissory Notes”) for $1,857,546 which satisfied the put obligation. The Entine Promissory Notes had a three-year term with an interest rate of 10% per annum. On August 1, 2012, the Company used the proceeds from the Note Purchase Agreement with MCRC (see below) to repay the Entine Promissory Notes in full.

On June 29, 2012, the Company entered into Amendment No. 3 to the Original Loan Agreement with Sovereign Bank. Under the Amendment, the Company agreed with Sovereign that the Company would raise, on or before September 30, 2012, at least $2,000,000 in gross proceeds from the sale of its capital stock and/or the incurrence of new indebtedness which is subordinated to the indebtedness in favor of Sovereign, on terms and conditions acceptable to Sovereign in its sole discretion (the “Required Capital Raise”). The Amendment also required the proceeds of the Required Capital Raise be first used to repay all amounts outstanding under the Entine Promissory Notes by September 30, 2012. The Company will use the remaining proceeds for general working capital needs. Therefore, the full amount of the Entine Promissory Notes is classified as a short-term liability.

On July 31, 2012, the Company entered into a Note Purchase Agreement (the “Agreement”) with MCRC. Pursuant to the terms of the Agreement, the Company issued and sold to the Purchaser a $3,000,000 subordinated note (the “Subordinated Note”) for a purchase price of $3,000,000.

The Subordinated Note matures on July 31, 2017, unless accelerated pursuant to an event of default, as described below. The Subordinated Note bears interest at the rate of ten percent (10%) per annum, with interest to be payable monthly on the last day of each calendar month in each year, the first such payment to be due and payable on August 31, 2012. Under the terms of the Agreement, beginning on and with September 30, 2015, and on the last day of each calendar month thereafter through and including July 31, 2017, the Company will redeem, without premium, $130,434 in principal amount of the Subordinated Note together with all accrued and unpaid interest then due on the amount redeemed.

The Company has used a portion of the proceeds from the sale of the Subordinated Note to repay the Entine Promissory Notes in the aggregate principal amount of $1,857,546 and has agreed to use the balance of the proceeds for working capital.

Note 14 – Separation Costs

On June 27, 2012, the Company’s Chief Executive Officer and President resigned, effective July 6, 2012. As a result, $91,180 in separation costs were recorded in the three and nine months ended June 30, 2012.

Note 15 – Subsequent Events

On July 31, 2012, the Company received $3 million in subordinated financing as part of a Note Purchase Agreement signed with Massachusetts Capital Resource Company (MCRC). See the Liquidity Section of Item 2: Management’s Discussion and Analysis for further details.

On August 1, 2012, the Company satisfied three promissory notes, each dated as of June 7, 2012, issued by the Company in favor of certain entities affiliated with Dr. Gerald Entine (together, “Entine”) in the aggregate principal amount of $1,857,546. The Company incurred the Entine indebtedness in satisfaction of its obligation to repurchase certain shares of Dynasil common stock from Entine pursuant to a put right exercised by Dr. Entine on February 12, 2012. The Entine Promissory Notes were satisfied on August 1, 2012.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following management's discussion and analysis should be read in conjunction with our financial statements and the notes thereto in the Dynasil Corporation of America ("Dynasil", the "Company" or "we") Form 10-K for the fiscal year ended September 30, 2011.

General Business Overview

Revenue for the third quarter of fiscal year 2012, which ended June 30, 2012, was $12.4 million, an increase of 2.2% compared with revenue of $12.2 million for the quarter ended June 30, 2011. Loss from Operations for the quarter was ($23,986) compared with Income from Operations of $229,276 for the quarter ended June 30, 2011. Loss before Taxes for the quarter was ($164,232) compared with Income before Taxes of $80,713 for the quarter ended June 30, 2011. Net Loss was ($48,130) or $0.00 per share for the quarter ended June 30, 2012, compared with Net Income of $1,026,878, or $0.07 per share, for the quarter ended June 30, 2011. Selling, general and administrative (SG&A) costs increased $2,701,418 from the nine month period ended June 30, 2011. These increased costs were virtually all within the Products and Technology segment. However, SG&A costs declined by $349,350 for the quarter ended June 30, 2012 as compared to the previous quarter ended March 31, 2012. We continue to invest in efforts to support our growth initiatives with organic development of specific product lines within Dynasil Products (previously referred to as RMD Instruments), our dual mode detector commercialization effort and development of Dynasil Biomedical Corp (“Dynasil Biomedical”) technologies, all within our Products and Technology segment. These investments include technology development activities, capital equipment depreciation, development of intellectual property, and staff additions in support of organic products, dual mode detector technology and our longer term product/technology pipeline which includes our biomedical portfolio.

The dual mode detector technology is producing revenue while still under development. The timing of this development has not proceeded along the track that was originally expected; however, we are delivering limited quantities of commercial grade crystals now and are working to improve the size and quality of this product. Commercialization of technology from our extensive research and development portfolio and strategic acquisitions are expected to be the key drivers of our future growth and we plan to continue to invest in these growth opportunities, depending upon the availability of capital to fund these endeavors. At the current time, the Company is actively exploring commercialization opportunities in thin film digital x-rays, sensors for nondestructive testing and radiation dosimeters based on technologies developed at Radiation Monitoring Devices, Inc. (“RMD”). We are also developing three specific technologies within Dynasil Biomedical with the goal to monetize the most promising opportunities. Provisional patents have been filed for certain technologies. We recently entered into a technology collaboration agreement with Mayo Clinic, a not-for-profit worldwide leader in medical care, research and education for people from all walks of life. The first project under the collaborative agreement will focus on the development of a therapeutic hypothermia core cooling technology designed to protect the brain during cardiac arrest and traumatic brain injury. Separately, Dynasil and Mayo Clinic are working together on a blood storage technology designed to extend the shelf life of blood products. Dynasil is in preparation of separate business and financing plans for two of our biomedical technologies. Our intention is that, over the next six to twelve months, at least one of these will be spun out into an independent entity in which Dynasil will retain a substantial interest. This will accomplish both the elimination of some of the G&A support for these technologies as well as enable us to bring expertise to help us advance these technologies. It is too early in the process to tell if these will be commercial or investment successes; therefore, no determination has been made as to the Company’s entry into these market segments.

Results of Operations

	Results of Operations for the Three Months Ended June 30,
	2012									2011
	Contract Research			Products & Technology			Total			Contract Research			Products & Technology			Total
Revenue		6,552,211			5,863,561			12,415,772			6,273,104			5,880,071			12,153,175
Gross Profit		2,377,608			2,778,698			5,156,306			2,797,767			2,342,797			5,140,564
SG&A		2,406,042			2,774,250			5,180,292			2,663,635			2,247,653			4,911,288
Operating Income (Loss)		(28,435	)		4,449			(23,986	)		134,132			95,144			229,276
GM %		36	%		47	%					45	%		40	%

Revenue for the three months ended June 30, 2012 was $12,415,772, a 2.2% increase from $12,153,175 for the three months ended June 30, 2011. Revenue from our Contract Research segment (“Contract Research”) increased by 4.4%. Revenue from our Products and Technology segment (“Products and Technology”) decreased 0.3%. The Contract Research segment revenue growth was significant in light of current pressures on government research funding. The research backlog remains consistent at nearly 18 months. The Products and Technology segment revenue was essentially unchanged.

Gross Profit for the three months ended June 30, 2012 was $5,156,306, or 41.5% of sales, a 0.3% increase from $5,140,564, or 42.3% of sales, for the three months ended June 30, 2011. Gross profit as a percent of sales declined for the Contract Research segment to 36.3% at June 30, 2012 from 44.6% at June 30, 2011, as a result of higher direct costs associated with subcontractors and material costs necessary to perform on contracts. Gross profit for the Products and Technology segment improved to 47.4% as a percent of sales at June 30, 2012 from 39.8% as a percent of sales for the quarter ended June 30, 2011 as a result of favorable sales mix.

Selling, general, and administrative (“SG&A”) expenses for the three months ended June 30, 2012 were $5,180,292, or 41.7% of sales. This was an increase from SG&A expenses of $4,911,288, or 40.4% of sales, for the three months ended June 30, 2011. Included in the three months ended June 30, 2012, was approximately $91,000 associated with the separation of our former President and CEO. The Contract Research segment had a 9.7% decline in SG&A expenses of $257,593, partially offsetting the decline in gross margin. The Products & Technology SG&A grew to 47.3% of sales for the three months ended June 30, 2012 compared to 38.2% for the three months ended June 30, 2011. Included in these costs is Dynasil Products’ initiative to revitalize all product lines with the goal of gaining market share through new product launches. Dynasil Products spent approximately $362,500 on research and development efforts in the three months ended June 30, 2012 for new product development and approximately $176,500 on sales and marketing efforts. There were costs of approximately $116,500 associated with the continuing development of the dual mode technology. Finally, there was approximately $236,100 in SG&A expenses during the three months ended June 30, 2012 for continuing development of the Dynasil Biomedical technologies that were acquired in April 2011.

Loss from Operations for the three months ended June 30, 2012 was ($23,986), a decrease of $253,262 from the prior year comparable period. As a percent of sales, the current period was (0.2%) compared with 1.9% in 2011. The Contract Research segment had lower gross margin, partially offset by lower SG&A costs resulting in Loss from Operations of 0.4% of sales for the three months ended June 30, 2012 compared to 2.1% of sales for the period ended June 30, 2011. The Products and Technology segment had Income from Operations of $4,449 or 0.1% of sales for the three months ended June 30, 2012, compared with Income from Operations of $95,144 or 1.6% of sales for the three months ended June 30, 2011.

Net interest expense for the three months ended June 30, 2012 was $140,246, compared with $148,563 for the three months ended June 30, 2011. Interest-bearing debt outstanding at June 30, 2012 was $11,270,135, slightly lower than the outstanding $11,309,008 at June 30, 2011. Debt at June 30, 2012 includes $1,857,564 of promissory notes associated with the obligation to repurchase stock. The addition of the promissory notes offsets the reduction in bank debt of $1,896,419 from June 30, 2011 to June 30, 2012. The promissory notes had an interest rate of 10% per annum.

The Company recognized a net tax benefit of $116,102, net of accrued interest and penalties of approximately $94,000 for the three months ended June 30, 2012 in recognition of federal and state tax losses and current period Research and Experimentation tax credits. The net tax benefit of $946,165 recorded for the next three months ended June 30, 2011 included approximately $1.0 million in Research and Experimentation tax credits.

Net Loss for the three months ended June 30, 2012 was ($48,130), or $0.00 in basic earnings per share, compared with Net Income of $1,026,878, or $0.07 in basic earnings per share, for the quarter ended June 30, 2011. The net tax benefit included approximately $178,000 in U.K. Research and Development tax credits partially offset by approximately $94,000 in estimated interest and penalties related to amended tax returns filed for 2008, 2009 and 2010.

Results of Operations – Year to Date

	Results of Operations for the Nine Months Ended June 30,
	2012									2011
	Contract Research			Products & Technology			Total			Contract Research			Products & Technology			Total
Revenue	$	19,716,645		$	17,563,163		$	37,279,808		$	18,729,027		$	17,167,003		$	35,896,030
Gross Profit	$	7,434,062		$	8,111,840		$	15,545,902		$	7,621,912		$	7,137,861		$	14,759,773
SG&A	$	7,015,114		$	8,664,430		$	15,679,544		$	7,060,672		$	5,917,454		$	12,978,126
Operating Income (Loss)	$	418,949		$	(552,591	)	$	(133,642	)	$	561,240		$	1,220,407		$	1,781,647
GM %		38	%		46	%					41	%		42	%

Revenue for the nine months ended June 30, 2012 was $37,279,808, a 3.9% increase from $35,896,030 for the nine months ended June 30, 2011. Revenue from our Contract Research segment increased by 5.3% with continued high interest in our research capabilities from our largest governmental agency customers. Our Products and Technology segment had a revenue increase of 2.3%.

Gross Profit for the nine months ended June 30, 2012 was $15,545,902, or 41.7% of sales, a 5.3% increase from $14,759,773, or 41.1% of sales, for the nine months ended June 30, 2011.

SG&A expenses for the nine months ended June 30, 2012 were $15,679,544, or 42.1% of sales. This was an increase from SG&A expenses of $12,978,126, or 36.2% of sales, for the nine months ended June 30, 2011. Included in SG&A for the period, was $819,526 in stock compensation compared with $497,055 for the nine months ended June 30, 2011, and approximately $91,000 associated with the separation of our former President and CEO. The Contract Research segment had a 0.6% decrease in SG&A. The Products & Technology SG&A grew to 49.3% of sales for the nine months ended June 30, 2012 compared to 34.5% for the nine months ended June 30, 2011. Included in these costs is Dynasil Products’ initiative to revitalize all product lines with the goal of gaining market share through new product launches. Dynasil Products spent $1,075,000 on research and development efforts and $419,000 on sales and marketing in the nine months ended June 30, 2012. Finally, included in SG&A expenses during the nine months ended June 30, 2012 was $671,800 for continuing development of the Dynasil Biomedical technologies purchased in April 2011.

Loss from Operations for the nine months ended June 30, 2012 was ($133,642), a decrease of $1,915,289 from the prior year comparable period. As a percent of sales, the Loss from Operations for the nine months ending June 30, 2012 was (0.4%) compared with Operating Income of 5.0% in 2011. The Contract Research segment had Income from Operations of 2.1% of sales for the nine months ended June 30, 2012, compared with the period ended June 30, 2011, which was 3.0% of sales. The Products and Technology segment had Loss from Operations of ($552,591) or (3.1%) of sales for the nine months ended June 30, 2012, compared with Income from Operations of $1,220,407 or 7.1% of sales for the nine months ended June 30, 2011. The change was primarily caused by higher SG&A costs for revitalization of our product lines and commercialization of new technologies.

Net interest expense for the nine months ended June 30, 2012 was $375,855 compared with $461,916 for the nine months ended June 30, 2011, primarily due to the continued reduction in debt during the year partially offset by the interest expense associated with the promissory notes created on June 7, 2012.

The Company recognized a tax benefit of $367,047 for the nine months ended June 30, 2012 in recognition of federal and state tax losses and current period Research and Experimentation tax credits.

Net Loss for the nine months ended June 30, 2012 was ($142,450) or ($0.01) in basic earnings per share, compared with Net Income of $1,798,073, or $0.12 in basic earnings per share, for the nine months ended June 30, 2011.

Liquidity and Capital Resources

Cash decreased by $1,493,528 for the nine months ended June 30, 2012 to $2,986,312. There were non-cash expenses including stock compensation expense of $821,586 and depreciation and amortization of $1,085,691. These items totaled $1,907,277. There was an increase in accounts receivable of $1,780,946 during the nine months ended June 30, 2012. However, accounts receivable declined during the quarter ended June 30, 2012 by $632,750 and Days Sales Outstanding (DSO) improved to 57.0 days from 60.5 days at March 31, 2012. The Contract Research segment had DSO of 55.4 days at June 30, 2012 compared with 54.6 days at March 31, 2012. Although we are still experiencing delays in some of the required submissions of our technical reports, resulting in delayed payments, our process has improved and collection improvement is expected. In addition, certain governmental agencies have adopted practices requiring more stringent paperwork in order for payment to be made. Once the processes are streamlined with the governmental agencies, there should be no further delays in receipt of payments. We believe that these paperwork submission difficulties are temporary and due in part to management transitions at RMD occurring earlier in the year. We do not believe that these procedural matters will ultimately affect the collectability of these receivables and accordingly, we have not made any increase in allowance for doubtful accounts for these receivables. The Products and Technology segment had DSO of 59.2 days at June 30, 2012 compared with 68.5 days at March 31, 2012. Despite the improvement, collections have generally been slower in this segment. Inventories increased a modest $37,312 and inventory turns were unchanged from 4.0 turns at September 30, 2011. Inventory reserves were increased by $59,353. The net increase in accounts payable and accrued expenses provided $728,418 in cash from operating activities. There has been greater emphasis on aligning payment practices with collection activities.

Cash Provided by Operating Activities

In total, including the increased accounts receivable and the source from accounts payable and accrued expenses, operating activities provided cash of $631,059 for the nine months ended June 30, 2012.

Cash Used in Investing and Financing Activities

Cash used for the purchase of property, plant and equipment for the nine months ended June 30, 2012 was $764,028. Payments of long term debt for the nine months ended June 30, 2012 were $1,432,581 primarily as part of regularly schedule payments to Sovereign Bank, N.A. (“Sovereign” or the “Lender”) under the five year Term Debt and Acquisition Line of Credit. Net cash used in financing activities was $1,379,917 for the nine months ended June 30, 2012.

Expenses and Operating Income

The Company has heavily invested in strategic initiatives for the future. These expenses have primarily been recognized in SG&A expenses and have reduced operating income. These expenses include organic product development within Dynasil Products, increased spending on intellectual property creation, staff additions in support of organic products, continued costs to commercialize the dual mode detector technology and spending to support our longer term product/technology pipeline which includes our biomedical portfolio. These expenses, without corresponding revenue, have reduced operating income, cash flow and the Company’s borrowing capacity. SG&A expenses associated with Dynasil Product’s activities for the nine months ended June 30, 2012 was $1,075,000 in research & development and an additional $419,000 for the nine months ended June 30, 2012 in sales & marketing efforts. There was $671,800 spent in the nine months ended June 30, 2012 for continuing development of the Dynasil Biomedical technologies purchased in April, 2011. In total, however, SG&A declined in the quarter ended June 30, 2012 from the prior quarter ended March 31, 2012.

Sovereign Bank Loan Agreement

Due in part to the factors described above, on June 29, 2012, the Company entered into a letter agreement (the “Waiver Letter”) with Sovereign as well as Amendment No. 3 (the “Amendment”) to the Loan and Security Agreement, dated July 7, 2010, as amended on April 1, 2011 and April 12, 2012 (the “Original Loan Agreement”). Under the Waiver Letter, the Lender agreed to waive non-compliance by the Company with certain financial covenants under the Original Loan Agreement as of June 30, 2012, subject to the Company’s compliance with the terms of the Amendment, including the requirement that the Company would raise, on or before September 30, 2012, at least $2,000,000 in gross proceeds from the sale of its capital stock and/or the incurrence of new indebtedness which is subordinated to the indebtedness in favor of the Lender, on terms and conditions acceptable to the Lender in its sole discretion (the “Required Capital Raise”) and applying the proceeds as described below, all of which the Company has successfully completed.

The Amendment also made certain other changes to the Original Loan Agreement, including certain financial covenants, limitations on capital expenditures and the termination of the Company’s acquisition line of credit, in each case as described in more detail below. The Amendment did not change the interest rates on outstanding indebtedness under the Original Loan Agreement.

The terms of the Amendment are described below:

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The Required Capital Raise on or before September 30, 2012

Under the Amendment, the Company agreed with the Lender that the Company would raise, on or before September 30, 2012, at least $2,000,000 in gross proceeds from the sale of its capital stock and/or the incurrence of new indebtedness which is subordinated to the indebtedness in favor of the Lender, on terms and conditions acceptable to the Lender in its sole discretion. As disclosed in the Company’s Form 8-K filed on June 8, 2012, the Company has incurred indebtedness in favor of certain entities affiliated with Dr. Gerald Entine (together, “Entine”) in the aggregate principal amount of $1,857,546 (the “Entine Indebtedness”). The Company incurred the Entine Indebtedness in satisfaction of its obligation to repurchase certain shares of Dynasil common stock from Entine pursuant to a put right exercised by Entine on February 12, 2012. The proceeds of the Required Capital Raise must first be used to repay all amounts outstanding under the Entine Indebtedness by September 30, 2012, and thereafter for general working capital needs. The Required Capital Raise has been completed as of July 31, 2012 pursuant to the Note Purchase Agreement (“the Agreement”) with Massachusetts Capital Resource Company (“MCRC”) described below. Pursuant to the terms of the Agreement, the Company issued and sold to MCRC a $3,000,000 subordinated note (the “Subordinated Note”) for proceeds of $3,000,000.

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Amendment to Leverage Ratio Covenants

For the Consolidated Maximum Leverage Ratio (Consolidated Total Funded Debt to Consolidated EBITDA, as defined in the Amendment), the Amendment (i) revised the required ratio for September 30, 2012 from 3.25x to 4.5x; (ii) revised the required ratio for December 31, 2012 from 3.0x to 4.5x; and (iii) revised the required ratio for March 31, 2013 and for each rolling four quarters thereafter from 3.0x to 4.0x.

The Amendment also includes a new Consolidated Maximum Adjusted Leverage Ratio covenant, which is Consolidated Total Funded Debt (excluding subordinated debt) to Consolidated EBITDA, as defined in the Amendment. The Amendment requires the Company to maintain a Consolidated Maximum Adjusted Leverage Ratio equal to or less than (i) 3.25x to 1.00x for each of the rolling four quarter periods ending on September 30, 2012 and December 31, 2012, and (ii) 3.0x to 1.0x for each rolling four quarter period ending on or after March 31, 2013.

For the purposes of calculating both the Consolidated Maximum Leverage Ratio and the Consolidated Maximum Adjusted Leverage Ratio, Consolidated EBITDA (as defined in the Amendment) will be (i) at September 30, 2012, the actual Consolidated EBITDA for the 3 months then ended times 4; (ii) at December 31, 2012, the actual Consolidated EBITDA for the 6 months then ended times 2; and (iii) at March 31, 2013, the actual Consolidated EBITDA for the 9 months then ended times 4/3 (provided that the add-backs for costs are not annualized).

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Amendment to Fixed Charge Coverage Ratio Covenants

For the Consolidated Fixed Charge Coverage Ratio, the Amendment (i) revised the required ratio for September 30, 2012 from 1.10x to 1.00x; (ii) revised the required ratio for December 31, 2012 from 1.20x to 1.00x; (iii) revised the required ratio for March 31, 2013 from 1.20x to 1.05x; (iv) revised the required ratio at 6/30/13 from 1.20x to 1.10x; and (v) did not change the required ratio at September 30, 2013 (remained at 1.20x).

The Consolidated Fixed Charge Coverage Ratio is defined as Consolidated EBITDA (as defined in the Amendment) for the applicable period divided by the sum of (a) the Company’s consolidated interest expense for such period, plus (b) the aggregate principal amount of scheduled payments on the Company’s indebtedness made during such period (excluding any repayment of the Entine Indebtedness), plus (c) the sum of all cash dividends and other cash distributions to the Company’s shareholders during such period, plus (d) the sum of all taxes paid in cash by the Company during such period, less (e) up to $75,000 paid to the IRS, to the extent characterized as interest expense, in connection with certain historical tax filings (the “IRS Payments”).

For the purposes of calculating the Consolidated Fixed Charge Coverage Ratio, Consolidated EBITDA will be (i) at September 30, 2012, the actual Consolidated EBITDA for the 3 months then ended times 4; (ii) at December 31, 2012, the actual Consolidated EBITDA for the 6 months then ended times 2; and (iii) at March 31, 2013, the actual Consolidated EBITDA for the 9 months then ended times 4/3 (provided that the add-backs for Entine Indebtedness repayment and the IRS Payments are not annualized).

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Restriction on Capital Expenditures

For the fiscal year ending September 30, 2012, the Amendment reduced the limitation on the Company’s capital expenditures from $3.25 million to $2.25 million and for fiscal years ending September 30, 2013 and for each fiscal year thereafter, the Amendment raised the limitation on the Company’s capital expenditures from $2.00 million to $2.25 million.

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Termination of Acquisition Line of Credit

The Amendment also accelerated the termination date of the Company’s $5 million acquisition line of credit to June 29, 2012, which will prohibit the Company from drawing down the approximately $1 million of previously available undrawn funds.

Obligation to Repurchase Stock

As previously disclosed, on February 27, 2012, Dr. Gerald Entine, a former owner of RMD Instruments, LLC and RMD Instruments Corp. (collectively, "RMD"), exercised a put right to require the repurchase of a total of 928,773 shares of Company common stock held by certain entities affiliated with Dr. Entine (collectively, “Entine”) for an aggregate purchase price of $1,857,546, payable on the ninetieth business day from the date of the notice of the exercise of the put. This put right originated from the Company's acquisition of RMD in July 2008 and is set forth in the Asset Purchase Agreement dated July 1, 2008 by and among the Company, RMD Instruments Corp., RMD Instruments, LLC and Gerald Entine 1988 Family Trust and the other parties named therein (the "Put Right").

The Company determined to pay the entire aggregate purchase price by issuing the Entine entities three separate promissory notes (the “Entine Promissory Notes”) in the aggregate principal amount of $1,857,546. The closing of the transaction occurred on June 7, 2012.

On July 31, 2012, the Company entered into a Note Purchase Agreement with MCRC as described below, in the amount of $3,000,000. The proceeds were used to pay the Entine Promissory Notes in full on August 1, 2012.

There were an additional 71,227 shares of common stock outstanding that were subject to the Put Right. The notice period for these shares has expired and the temporary equity of $142,454 associated with these shares has been reclassified to permanent equity.

Note Purchase Agreement – Massachusetts Capital Resource Company

On July 31, 2012, the Company entered into the Agreement with MCRC. Pursuant to the terms of the Agreement, the Company issued and sold to MCRC the $3,000,000 Subordinated Note for proceeds of $3,000,000. The Company has used a portion of the proceeds from the sale of the Subordinated Note to repay the Entine Indebtedness in the aggregate principal amount of $1,857,546 and has agreed to use the balance of the proceeds for working capital purposes.

Under the terms of the Agreement and a Subordination Agreement dated July 31, 2012, among the Company, the Guarantor Subsidiaries, the Lender and MCRC, MCRC and any successor holder of the Subordinated Note have agreed that the payment of the principal of and interest on the Subordinated Note shall be subordinated in right of payment, to the prior payment in full of all indebtedness of the Company for money borrowed from banks or other institutional lenders at any time outstanding, including money borrowed from the Lender under the Original Loan Agreement.

The Agreement contains customary representations, warranties and covenants, including covenants by the Company limiting additional indebtedness, liens, guaranties, mergers and consolidations, substantial asset sales, investments and loans, sale and leasebacks, transactions with affiliates and fundamental changes. In addition, the Agreement contains financial covenants by the Company (as further defined in the Agreement) that (i) impose a Consolidated Maximum Leverage Ratio (consolidated total funded debt to consolidated EBITDA) equal to or less than (a) 5.0 to 1.0 for each of the rolling four quarter periods ending on September 30, 2012 and December 31, 2012, and (b) 4.5 to 1.0 for each rolling four quarter period ending on or after March 31, 2013, and (ii) require a Consolidated Fixed Charge Coverage Ratio (consolidated EBITDA to consolidated fixed charges) of not less than (a) .75 to 1.00 for each of the rolling four quarter periods ending on September 30, 2012 and December 31, 2012, (b) .8 to 1.0 for each of the rolling four quarter period ending on March 31, 2013 and June 30, 2013, and (c) .95 to 1.00 for each rolling four quarter period ending on or after September 30, 2013.

The Agreement also provides for events of default customary for agreements of this type, including, but not limited to, non-payment, breach of covenants, insolvency and defaults on other debt. Upon an event of default, MCRC may elect to declare all obligations (including principal, interest and all others amounts payable) immediately due and payable, which shall occur automatically if the Company becomes insolvent.

Liquidity Outlook

On June 29, 2012, the Company entered into the "Waiver Letter" with Sovereign Bank as well as Amendment No. 3 to the Original Loan Agreement with the Lender. Under the Waiver Letter, the Lender agreed to waive non-compliance by the Company with certain financial covenants under the Original Loan Agreement as of June 30, 2012, subject to the Company's compliance with the terms of the Amendment, including completing a financing raising of at least $2 million in gross proceeds on or before September 30, 2012 and applying the proceeds to first repay the Entine Indebtedness with the balance (if any) to be used for general working capital purposes.

On July 31, 2012, the Company entered into a Note Purchase Agreement with MCRC. Pursuant to the terms of the Agreement, the Company issued and sold to MCRC the Subordinated Note for a purchase price of $3,000,000. The Company has used a portion of the proceeds from the sale of the Subordinated Note to repay the Entine Indebtedness in the aggregate principal amount of $1,857,546. The balance of approximately $1.1 million is immediately available to the Company and will be used for general working capital purposes.

Management believes that its current cash and cash equivalent balances, along with net cash generated by operation and access to its working capital line of credit (subject to covenant compliance), are sufficient to meet its anticipated cash needs for at least the next twelve months. As of June 30, 2012, the Company had cash of $2,986,312 with an additional amount of approximately $1,100,000 available cash from the MCRC Note Purchase after satisfying the Entine Indebtedness. The Company believes that it will stay in compliance with debt covenants and over time be able to access in full its $3 million working capital line of credit with Sovereign Bank. However, there is no assurance that the Company will be successful in its plans. The belief is also based upon many assumptions, including the general business climate. A reoccurring worldwide economic slow-down could significantly impact the Company’s revenues and profits so that a returning recession could cause a cash shortage.

Strategy to Commercialize our Advanced Technology

Our principal business strategy is to employ our contract research, product development and technological capabilities to establish leading positions in markets including homeland security, industrial and medical. We believe that we can achieve this strategy by: 1) developing and expanding our research portfolio; 2) commercializing the technologies coming from our Contract Research segment; 3) growing organically through investment in existing products; 4) acquiring new technologies or pathways to market to help accelerate commercialization of our technologies into our primary security and medical markets; and 5) identifying and investing in those technologies with the greatest revenue and growth potential in the market.

To achieve our strategy we are focusing on:

Building a strong team of business and marketing leadership;

Increasing our effectiveness across the organization through a series of operational initiatives, enabling us to expand into new product lines and penetrate new markets;

Further strengthening our technology pipeline by expanding business development and by enhancing our intellectual property estate; and

Executing a focused acquisition strategy that leverages our research and technology expertise and aligns acquisition dollars with projects closest to field readiness.

Contract Research – the Science Behind our Technology

Our Contract Research business unit, RMD, is among the largest small business participants in U.S. government-funded research, performing research and development activities for government agencies including Department of Energy, Department of Defense, Department of Homeland Security, Domestic Nuclear Detection Office, National Institutes of Health, and NASA.

RMD develops advanced technology in materials, sensors and prototype instruments that detect, use or measure radiation, light, magnetism or sound for use in security, medical and industrial applications. RMD has technology practices in material science, radiation detection, digital imaging technology, magnetic imaging, laser optics and photonics.

For more than 25 years, RMD has successfully conducted government research under the auspices of the Small Business Innovation Research (“SBIR”) program. In recent years, RMD has augmented its SBIR research with larger, competitively bid government research and development contracts. To grow our research portfolio within the federal government, we are broadening our relationships within key federal funding agencies and the U.S. military. Our research initiatives are aligned with our focus on the homeland security, medical and industrial markets. As of June 30, 2012, RMD had a contract backlog of approximately 18 months.

We believe that research projects provide an important source for new commercial products in areas such as medical imaging, industrial sensors, critical care and point of care diagnostics and homeland security. For example, precision instrumentation in our Products & Technology segment, including our lead paint analyzer and a medical probe for cancer surgery, emanated from the RMD portfolio. Our government-funded research work also has spawned programs such as our dual-mode radiation detection technology.

Intellectual Property

The Company’s intellectual property portfolio has expanded from 40 issued, 3 provisional and 18 pending U.S. Patents as of June 30, 2011 to 43 issued, 25 provisional and 37 pending U.S. Patents as of June 30, 2012. We believe that intellectual property represents an important strategic advantage for us. As a result, we recently established a patent committee to help broaden the value of our intellectual property estate. The committee is strengthening the identification of intellectual property within the Company by implementing a broad based vetting process to specifically understand product definition, technical maturity, the value proposition, competition, and market size to ensure that we develop IP that maximizes the market value of our research. This is consistent with our strategy and will allow us to protect selected technologies that we believe have commercial potential – either through product offerings or licensing agreements.

Products & Technology – Bringing Technology to Market

Our Products & Technology segment includes six business units that manufacture specialized precision instruments, optical materials, components, and coatings for various applications in the medical, industrial, and homeland security/defense sectors.

The largest business unit within our Products & Technology segment manufactures precision instruments such as handheld lead paint analyzers, medical probes that help surgeons detect cancer tracers, thereby enabling more effective surgical procedures, and a radiation imaging camera system. Previously referred to as RMD Instruments, this business unit has been renamed Dynasil Products.

We have continued investments in our pipeline of commercial product opportunities in homeland security and medical technology. Our Products & Technology businesses are helping to fund the commercial launch of our dual mode detector as well as evaluation, development and testing of certain assets within our biomedical technology portfolio.

We have begun to implement a Product Realization Process designed to support the evaluation, assessment, development and commercialization of our technologies. Concurrently, we will be screening technologies with this tool to develop Dynasil’s pipeline of commercial technology opportunities. This process also will serve to identify licensing or acquisition opportunities to help speed our offerings to market.

In conjunction with our Product Realization Process, we are building the foundation for an enhanced product development, engineering and management capability within Dynasil for those technologies that we choose to commercialize. This process also effectively provides a single resource to evaluate our design for manufacturability, contract manufacturing pathways, cost of goods and pricing, as well as our launch and distribution strategies.

These initiatives will be managed within our Dynasil Products business unit as it will be the commercial engine for the company generating income through organic programs and technology licensing opportunities.

Dynasil is also investing in organic product development in 2012. Guided by our product realization process, our product development team is undertaking simultaneous and extensive product line updates to improve features and functionality on our lead paint analyzer, medical probe and radiation imaging camera. In April, we announced the launch of our LPXpro Lead Paint Analyzer. This product will be available for sale upon receipt of our final regulatory approval. We expect this to happen in the first half of fiscal year 2013.

Product Pipeline

One of our current commercialization programs is our dual mode radiation detection technology. Our dual mode technology was developed by RMD under a program for the Department of Homeland Security for use in locating nuclear bombs or nuclear materials at our nation’s ports and borders. This technology is of critical importance to our national security, as well as other radiation detection applications, such as nuclear power plant safety.

Our dual mode detector technology is designed to be a single detector that replaces two detector subsystems – the gamma radiation detector and also the helium-3 detectors for neutrons. Increasing our value proposition is the fact that the stockpile of the chemical element helium-3, a byproduct of nuclear weapons production, is in critically short supply. The stockpile of helium-3 has been drawn down over the past ten years, as the federal government has increased its use in neutron detectors to help prevent nuclear and radiological material from being smuggled into the U.S. Potential applications for our synthetic crystals include homeland security, baggage scanning, medical imaging, oil exploration and military.

In order to accelerate the pace of this technology to market, and to establish manufacturing capacity, in July 2010 we acquired Hilger Crystals, a leading manufacturer of scintillation crystals based in Margate, Kent, U.K. During the 2011 fiscal year, our specialized furnaces began pilot production of our proprietary scintillation crystals. Additional furnaces were fabricated and tested, installed, and commissioned during the first half of Fiscal Year 2012. Although our crystal development has not proceeded along the track that was originally intended, we are delivering limited quantities of commercial grade crystals now and are focused on improving the size and quality of this product.

As part of our product pipeline review, we are continuing our efforts to evaluate additional promising technologies with commercial potential in the security, medical and industrial markets as we put our product realization process in place. Early stage opportunities currently under evaluation include dosimeters, thin film digital x-rays, sensors for non-destructive testing and certain biomedical technologies.

Dosimeters: We are developing compact, low cost radiation badges (dosimeters) for potential military, industrial, medical and consumer applications. The project is being funded by the DOD’s Defense Threat Reduction Agency. We have partially completed shipments of 150 prototypes for field evaluation. The Company is researching the potential customer base and marketability of this potential product. According to Introductory Profile 2010 on dosimetryimaging.com, the total dosimeter market size is currently about $500 million.

Thin film digital X-rays: RMD is developing a family of thin film scintillators that – as a component – make possible digital X-ray detectors with higher image resolution and faster rates of image capture, all at a lower effective X-ray dose to the patient. Thicker variations of these films offer promise of lower-cost, higher-performance substitutes for use in CT, SPECT and PET imaging system detectors for medical, industrial and domestic security applications. An August 2011 report by Nanomarkets LC indicated that the area of thin film scintillators used is expected to grow from 72 million cm² in 2011 to 258 million cm² in 2018. According to the PET/SPECT Report dated November 10, 2010 from the firm Markets and Markets, the market for PET/SPECT imaging systems – of which our technology is a component — is expected to grow from $6.8 billion in 2010 to $10.3 billion in 2015.

Sensors for non-destructive testing: We are developing a product with an enhanced capability to detect cracks in high value components such as aircraft wings and jet engine turbine blades at a higher rate of speed. Unlike conventional probes that use hand wound coils, our advanced technology uses solid state sensors with high sensitivity to magnetic fields and low noise characteristics. When fully developed, this emerging technology could dramatically improve the ability and speed to inspect high value components. During the fourth quarter of 2011, we reached agreement to co-develop and evaluate the advanced technology on aircraft engine applications with an early adopter customer.

Biomedical technologies: In April 2011, we acquired a biomedical technology portfolio from hematologist Dr. Daniel Ericson. The portfolio included several discoveries owned jointly by Dr. Daniel Ericson and Mayo Clinic. The six purchased technology rights include a method that could significantly extend the storage time for red blood cells as well as enhancing the quality of those cells, a tuberculosis test with the potential to provide a rapid (one hour) test, a high tensile strength tissue sealant developed for both topical and internal bleeding that could accelerate clot formation, and a set of technologies focused on point of care diagnostics for assessing hemophilia, blood coagulation and cardiovascular risk. The Dynasil Biomedical technology portfolio is being managed by and has become part of our Dynasil Products business unit which already has a presence and a proven track record in medical diagnostics. We will seek opportunities to license these technologies as well as obtain research grants to advance several of the development-stage technologies for various therapeutic applications.

All of these technologies are in early stages of development and may require significant investment to support further development, regulatory approval and commercialization. While Dynasil currently believes that these technologies represent exciting opportunities, there can be no assurances that any of these technologies will be successfully commercialized.

Strategic Acquisition Targets

We are focused on completing new acquisitions in the homeland security, medical and industrial markets, where the Company has core competencies. Future acquisition targets will include businesses that enable us to acquire advanced products or technologies to expand our product portfolio, or to gain complementary capabilities, such as manufacturing and distribution, for our current businesses and for technologies originating from the Company’s research engine.

Critical Accounting Policies and Estimates

There have been no material changes in our critical accounting policies or critical accounting estimates since September 30, 2011. We have not adopted any accounting policies since September 30, 2011 that have or will have a material impact on our consolidated financial statements. For further discussion of our accounting policies see the “Summary of Significant Accounting Policies” in the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended September 30, 2011 as well as the notes in this Form 10-Q.

The accounting policies that reflect our more significant estimates, judgments and assumptions and which we believe are the most critical to aid in fully understanding and evaluating our reported financial results include the following:

Revenue Recognition

Revenue from sales of products is recognized at the time title and the risks and rewards of ownership pass. Revenue from research and development activities is derived generally from the following types of contracts: reimbursement of costs plus fees, fixed price or time and material type contracts. Revenue is recognized when the products are shipped per customers’ instructions, the contract has been executed, the contract or sales price is fixed or determinable, delivery of services or products has occurred and the Company’s ability to collect the contract price is considered reasonably assured.

Government funded services revenues from cost plus contracts are recognized as costs are incurred on the basis of direct costs plus allowable indirect costs and an allocable portion of the contracts’ fixed fees. Revenue from fixed-type contracts is recognized under the percentage of completion method with estimated costs and profits included in contract revenue as work is performed. Revenues from time and materials contracts are recognized as costs are incurred at amounts generally commensurate with billing amounts. Recognition of losses on projects is taken as soon as the loss is reasonably determinable. The Company has no current accrual provision for potential losses on existing research projects based on Management expectations as well as historical experience.

The majority of the Company’s contract research revenue is derived from the United States government and government related contracts. Such contracts have certain risks which include dependence on future appropriations and administrative allotment of funds and changes in government policies. Costs incurred under United States government contracts are subject to audit. The Company believes that the results of such audits will not have a material adverse effect on its financial position or its results of operations.

Valuation of Long-Lived Assets, Intangible Assets and Goodwill

Goodwill

Goodwill is subject to an annual impairment test. We consider many factors which may indicate the requirement to perform additional, interim impairment tests. These include:

A significant adverse long term outlook for any of our industries;

An adverse finding or rejection from a regulatory body involved in new product regulatory approvals;

Failure of an anticipated commercialization product line;

Unanticipated competition or a disruptive technology introduction;

The testing for recoverability under the Impairment or Disposal of Long-Lived Assets Subsections of Subtopic 360-10 of a significant asset group within a reporting unit;

A loss of key personnel; and

An expectation that a reporting unit carrying goodwill, or a significant portion of a reporting unit, will be sold or otherwise disposed of.

Goodwill is tested by reviewing the carrying value compared to the fair value at the reporting unit level. Fair value for the reporting unit is derived using the income approach. Under the income approach, fair value is calculated based on the present value of estimated future cash flows. Assumptions by management are necessary to evaluate the impact of operating and economic changes and to estimate future cash flows. Management’s evaluation includes assumptions on future growth rates and cost of capital that are consistent with internal projections and operating plans.

The Company generally performs its annual impairment testing of goodwill during the fourth quarter of its fiscal year, or more frequently if events or changes in circumstances indicate that the assets might be impaired. The Company tests impairment at the reporting unit level using the two-step process. The Company’s primary reporting units tested for impairment are Radiation Monitoring Devices, which comprises our Contract Research segment, Dynasil Products (previously known as RMD Instruments), which is a component of our Products and Technology segment, and Hilger Crystals, also a component of our Products and Technology segment.

Step one of our impairment testing compares the carrying value of the reporting unit to its fair value. The carrying value represents the net book value of the net assets of the reporting unit or simply the equity of the reporting unit if the reporting unit is the entire entity. The Company estimates fair value using a discounted cash flow methodology which calculates fair value based on the present value of estimated future cash flows. Estimating future cash flows requires significant judgment and includes making assumptions about projected growth rates, industry-specific factors, working capital requirements, weighted average cost of capital, and current and anticipated operating conditions. Assumptions by management are necessary to evaluate the impact of operating and economic changes. The Company’s evaluation includes assumptions on future growth rates and cost of capital that are consistent with internal projections and operating plans. The use of different assumptions or estimates for future cash flows could produce different results. The Company regularly assesses the estimates based on the actual performance of our reporting units.

If the carrying value of a reporting unit is greater than its fair value, step two of the impairment testing process is performed to determine the amount of impairment, if any, to be recognized. Step two requires the Company to estimate an implied fair value of the reporting unit’s goodwill by allocating the fair value of the reporting unit to all of the assets and liabilities other than goodwill. An impairment then exists if the carrying value of the goodwill is greater than the goodwill’s implied fair value. With respect to the Company's annual goodwill impairment testing performed during the fourth quarter of fiscal year 2011, step one of the testing determined the estimated fair values of Radiation Monitoring Devices and Hilger Crystals substantially exceeded their carrying values by more than 20%. The estimated fair value of the Dynasil Products (formerly known as RMD Instruments) reporting unit narrowly exceeded its carrying value. Therefore, the Company undertook a step two analysis by performing essentially a new purchase price allocation as of the date of the impairment test. Values were determined of both originally recognized assets and any new assets that may have been unrecognized at the time of the original transaction, but were developed between the acquisition date and the test date. The result was confirmation that the residual value of goodwill was higher than the carrying value. Accordingly, the Company concluded that no impairment had occurred.

Intangible Assets

The Company’s intangible assets consist of an acquired customer base of Optometrics, LLC, acquired customer relationships and trade names of RMD Instruments, LLC, and acquired backlog and know how of Radiation Monitoring Devices, Inc. and purchased biomedical technologies within Dynasil Biomedical Corp. The Company amortizes its intangible assets with definitive lives over their useful lives, which range from 4 to 15 years, based on the time period the Company expects to receive the economic benefit from these assets. No impairment charge was recorded during the periods ended June 30, 2012 and 2011.

Impairment of Long-Lived Assets

The Company’s long-lived assets include property, plant and equipment and intangible assets subject to amortization. The Company evaluates long-lived assets for recoverability whenever events or changes in circumstances indicate that an asset may have been impaired. In evaluating an asset for recoverability, the Company estimates the future cash flow expected to result from the use of the asset and eventual disposition. If the expected future undiscounted cash flow is less than the carrying amount of the asset, an impairment loss, equal to the excess of the carrying amount over the fair value of the asset, is recognized.

Allowance for Doubtful Accounts Receivable

We perform ongoing credit evaluations of our customers and adjust credit limits based upon payment history and the customer's current credit worthiness, as determined by our review of their current credit information. We continuously monitor collections and payments from our customers and maintain a provision for estimated credit losses based upon our historical experience and any specific customer collection issues that we have identified. While such credit losses have historically been minimal, within our expectations and the provisions established, we cannot guarantee that we will continue to experience the same credit loss rates that we have in the past. A significant change in the liquidity or financial position of any of our significant customers could have a material adverse effect on the collectability of our accounts receivable and our future operating results.

Stock-Based Compensation

We account for stock-based compensation using fair value. Compensation costs are recognized for stock options granted to employees and directors. Options and warrants granted to employees and non-employees are recorded as an expense over the requisite service period based on the grant date estimated fair value of the grant, determined using the Black-Scholes option pricing model.

Income Taxes

As part of the process of preparing our consolidated financial statements, we are required to estimate our income tax provision (benefit) in each of the jurisdictions in which we operate. This process involves estimating our current income tax provision (benefit) together with assessing temporary differences resulting from differing treatment of items for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included within our consolidated balance sheets. We regularly evaluate our ability to recover the reported amount of our deferred income taxes considering several factors, including our estimate of the likelihood of the Company generating sufficient taxable income in future years during the period over which temporary differences reverse.

RECENTLY ISSUED ACCOUNTING STANDARDS

In May 2011, the FASB issued Accounting Standards Update No. 2011-04 (ASU 2011-04), Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. ASU 2011-04 clarifies some existing concepts, eliminates wording differences between U.S. GAAP and International Financial Reporting Standards (“IFRS”), and in some limited cases, changes some principles to achieve convergence between U.S. GAAP and IFRS. ASU 2011-04 results in a consistent definition of fair value and common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 also expands the disclosures for fair value measurements that are estimated using significant unobservable (Level 3) inputs. ASU 2011-04 is effective for interim and annual periods beginning after December 15, 2011. The adoption of this accounting standard is not expected to have a material impact on the Company’s financial position, results of operations, cash flows and disclosures.

In June 2011, the FASB issued ASU No. 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income.” ASU No. 2011-05 eliminates the option to present components of other comprehensive income as part of the statement of shareholders’ equity. All non-owner changes in shareholders’ equity instead must be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. ASU 2011-05 is to be adopted retrospectively and will be effective for annual periods beginning after December 2011. The adoption of ASU 2011-05 will not have an impact on the Company’s consolidated financial position, results of operations, or cash flows, as the guidance only changes the presentation of financial information. In December 2011, the FASB issued ASU 2011-12 deferring the effective date for implementation of ASU 2011-05 related only to reclassification out of accumulated other comprehensive income until a later date to be determined after further consideration by the FASB.

In September 2011, the FASB issued ASU No. 2011-08, “Intangibles – Goodwill and Other (Topic 350): Testing Goodwill for Impairment.” ASU No. 2011-08 provides companies an option to perform a qualitative assessment to determine whether further goodwill impairment testing is necessary. If, as a result of the qualitative assessment, it is determined that it is more likely than not that a reporting unit’s fair value is less than its carrying amount, the two-step quantitative impairment test is required. Otherwise, no further testing is required. ASU No. 2011-08 will be effective for the Company for goodwill impairment tests performed in the fiscal year ending September 30, 2013, with early adoption permitted. The adoption of this guidance is not expected to have a significant impact on the Company’s consolidated financial statements.

Forward-Looking Statements

The statements contained in this Quarterly Report on Form 10-Q which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements regarding future events and our future results are based on current expectations, estimates, forecasts, and projections and the beliefs and assumptions of our management, including, without limitation, our expectations regarding results of operations, our compliance with the financial covenants under our loan agreement with Sovereign Bank, and Massachusetts Capital Resource Company, the commercialization of our products including our dual mode detectors, our development of new technologies including at Dynasil Biomedical, the adequacy of our current financing sources to fund our current operations, our growth initiatives, our capital expenditures and the strength of our intellectual property portfolio. These forward-looking statements may be identified by the use of words such as “may,” “could,” “expect,” “estimate,” “anticipate,” “continue” or similar terms, though not all forward-looking statements contain such words. The actual results of the future events described in such forward-looking statements could differ materially from those stated in such forward-looking statements due to a number of important factors. These factors that could cause actual results to differ from those anticipated or predicted include, without limitation, our ability to develop and commercialize our products, the size and growth of the potential markets for our products and our ability to serve those markets, the rate and degree of market acceptance of any of our products, general economic conditions, costs and availability of raw materials and management information systems, our ability to obtain and maintain intellectual property protection for our products, competition, the loss of key management and technical personnel, our ability to obtain timely payment of our invoices to governmental customers, litigation, the effect of governmental regulatory developments, the availability of financing sources, our ability to identify and execute on acquisition opportunities and integrate such acquisitions into our business, and seasonality, as well as the uncertainties set forth in this Quarterly Report on Form 10-Q and from time to time in the Company's other filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

ITEM 3 Quantitative and Qualitative Disclosures About Market Risk.

Dynasil, as a smaller reporting company, is not required to complete this item.

ITEM 4 Controls and Procedures

Our Interim Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) under the Securities Exchange Act of 1934, as amended (“the Exchange Act”)) as of the end of the period covered by this report and have determined that, as of such date, such disclosure controls and procedures are effective.

There has been no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) identified in connection with this evaluation that occurred during our last fiscal quarter that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 6 Exhibits

(a) Exhibits and index of Exhibits

10.1 Amendment No. 3 to Loan and Security Agreement, dated as of June 29, 2012 by and between Sovereign Bank, N.A. and Dynasil Corporation of America, filed as Exhibit 10.1 to Form 8-K filed on July 5, 2012, and incorporated herein by reference.

10.2 Waiver of Default Letter, dated as of June 29, 2012, from Sovereign Bank, N.A. to Dynasil Corporation of America, filed as Exhibit 10.2 to Form 8-K filed on July 5, 2012, and incorporated herein by reference.

10.3 Note Purchase Agreement, dated July 31, 2012 by and between Massachusetts Capital Resource Company and Dynasil Corporation of America, filed as Exhibit 10.1 to Form 8-K filed on August 6, 2012, and incorporated herein by reference.

10.4 Subordination Agreement, dated July 31, 2012 by and between Massachusetts Capital Resource Company, Sovereign Bank, N.A., and Dynasil Corporation of America, filed as Exhibit 10.2 to Form 8-K filed on August 6, 2012 and incorporated herein by reference.

31.1(a) Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.1(b) Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1 Section 1350 Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002(furnished but not filed for purposes of the Securities Exchange Act of 1934)

99.1 Press release, dated August 14, 2012 issued by Dynasil Corporation of America announcing its financial results for the quarter ended June 30, 2012.

101** The following materials from Dynasil Corporation of America’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, formatted in XBRL (eXtensible Business Reporting Language); (i) Consolidated Balance Sheets as of June 30, 2012 and September 30, 2011, (ii) Consolidated Statements of Operations for the nine months ended June 30, 2012 and 2011, (iii) Consolidated Statements of Changes in Stockholders’ Equity for the nine months ended June 30, 2012; (iv) Consolidated Statements of Cash Flows for the nine months ended June 30, 2012 and 2011, and (v) Notes to Consolidated Financial Statements.

** Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

DYNASIL CORPORATION OF AMERICA

BY:	/s/ Peter Sulick	DATED: August 14, 2012
	Peter Sulick,
	Interim Chief Executive Officer and President

	/s/ Richard A. Johnson	DATED: August 14, 2012
	Richard A. Johnson,
	Chief Financial Officer

EX-31.1A 2 v320539_ex31-1a.htm EXHIBIT 31.1(A)

EXHIBIT 31.1 (a)

CERTIFICATION PURSUANT TO RULE 13a–14(a)/15d-14(a) and SECTION 302 OF THE SARBANES-OXLEY ACT

I, Peter Sulick, certify that:

1. I have reviewed this Form 10-Q of Dynasil Corporation of America;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15 d-15(f))for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 14, 2012		/s/ Peter Sulick
		Peter Sulick
		Interim Chief Executive Officer and President

EX-31.1B 3 v320539_ex31-1b.htm EXHIBIT 31.1(B)

EXHIBIT 31.1 (b)

CERTIFICATION PURSUANT TO RULE 13a–14(a)/15d-14(a) and SECTION 302 OF THE SARBANES-OXLEY ACT

I, Richard Johnson, certify that:

1. I have reviewed this Form 10-Q of Dynasil Corporation of America;

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

August 14, 2012		/s/ Richard A. Johnson
		Richard A. Johnson
		Chief Financial Officer

EX-32.1 4 v320539_ex32-1.htm EXHIBIT 32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C.SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of DYNASIL CORPORATION OF AMERICA (the "Company") on Form 10Q for the period ended June 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Peter Sulick, Interim Chief Executive Officer and President of the Company and Richard A. Johnson, Chief Financial Officer of the Company, each certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of his knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	/s/ Peter Sulick
	Peter Sulick
	Interim Chief Executive Officer and President

	/s/ Richard A. Johnson
	Richard A. Johnson
	Chief Financial Officer

August 14, 2012

EX-99.1 5 v320539_ex99-1.htm EXHIBIT 99.1

Contacts:

Patty Kehe

Corporate Secretary
Dynasil Corporation of America
Phone: (617) 668-6855
pkehe@dynasil.com

David Calusdian
Executive Vice President and Partner
Sharon Merrill
617.542.5300
DYSL@InvestorRelations.com

Dynasil Corporation of America Reports Third Quarter Fiscal 2012 Results
- Company Hosts Conference Call at 5:00 p.m. (ET) Today

Watertown, MA, August 14, 2012 – Dynasil Corporation of America (NASDAQ: DYSL), a leading developer of sensing, detection and analysis technology for homeland security, medical and industrial applications, today announced financial results for the fiscal 2012 third quarter ended June 30, 2012.

Net revenue for the third quarter of fiscal 2012 increased 2.2% to $12.4 million from $12.2 million for the third quarter of fiscal 2011. Contract Research segment revenue grew to $6.6 million compared with $6.3 million in the same period a year earlier. Revenue from the Company’s Products and Technology segment was $5.9 million, essentially unchanged from the third quarter of 2011.

“Our Contract Research business remained strong in the third quarter, as revenue increased 4.4% and we maintained a solid funded project backlog that extends into 2014,” said Peter Sulick, Dynasil’s Chairman and Interim CEO and President. “In addition, we are successfully broadening our Contract Research customer base by targeting new agencies and non-governmental opportunities. Our Products and Technology revenue has remained steady throughout the year as we complete our product refresh activities and continue development of our dual mode detector technology.”

Gross margin for the third quarter of 2012 totaled $5.2 million, or 41.5% of net revenue, compared with $5.1 million, or 42.3% of revenue, for the same period of fiscal 2011.

Selling, general and administrative (“SG&A”) expenses for the third quarter of fiscal 2012 totaled $5.2 million versus $4.9 million for the comparable period in fiscal 2011. This does, however, represent a decline of approximately $350,000 from the Company’s SG&A expenses in the second quarter of this year. Over the past 12 months, the Company has been incurring expense to refresh certain of its aging products within our Dynasil Products business, provide incentives to management, expand its intellectual property portfolio and invest in the biomedical initiative in Rochester, MN. The development work on the Dynasil Products refresh is largely complete and these products will be available for sale in 2013. The Company’s intellectual property portfolio has expanded from 40 issued, 3 provisional and 18 pending U.S. Patents as of June 30, 2011 to 43 issued, 25 provisional and 37 pending U.S. Patents as of June 30, 2012. There are a number of exciting activities within the biomedical initiative.

The net loss for the third quarter of 2012 was $48,130 or $0.00 per share, compared with net income of $1.0 million, or $0.07 per diluted share, for the quarter ended June 30, 2011, which included approximately $1,045,000 in Research & Experimentation tax credits.

Recent Highlights

$3 Million Financing Agreement: On July 31, 2012, Dynasil completed a $3 million subordinated note financing with Massachusetts Capital Resource Company (MCRC) pursuant to a Note Purchase Agreement. Proceeds from the Note Purchase Agreement were used to repay in full approximately $1.9 million in promissory notes issued in connection with a put right exercised by a former owner of RMD Instruments, LLC, which Dynasil acquired in 2008. The remaining $1.1 million of proceeds will be used for the Company’s working capital.

Framework for collaborations with Mayo Clinic: Dynasil signed a technology collaboration agreement with Mayo Clinic, providing the framework under which the organizations intend to advance early-stage innovations to patented products for therapeutic applications. Their first collaborative project focuses on a therapeutic hypothermia core cooling technology designed to protect the brain during cardiac arrest and traumatic brain injury.

“We believe that our biomedical technologies may have significant commercial potential, and our goal is to monetize the most promising opportunities,” Sulick said. “Toward that end, we have filed provisional patents for certain technologies and have begun exploring the possibility of spinning out at least one of these technologies into an independent entity. Our goal would be to maintain a substantial interest in the entity while bringing in complementary expertise to advance the technologies to market.”

Conference Call Information
Dynasil Corporation will host a conference call for investors and analysts at 5:00 p.m. ET today. The call will be hosted by Chairman and Interim CEO and President Peter Sulick and Chief Financial Officer Richard Johnson. Those who wish to listen to the conference call should visit the Investor Information section of the Company’s website at www.dynasil.com. The call also may be accessed by dialing (877) 407-5790 or (201) 689-8328. For interested individuals unable to join the live conference call, a webcast replay will be available on the Company’s website for one year.

About Dynasil

Dynasil Corporation of America (NASDAQ: DYSL) develops and manufactures detection and analysis technology, precision instruments and optical components for the homeland security, medical and industrial markets. Combining world-class technology with expertise in research and materials science, Dynasil is commercializing products including dual-mode radiation detection solutions for Homeland Security and commercial applications, probes for medical imaging and sensors for non-destructive testing. Dynasil has an impressive and growing portfolio of issued and pending U.S. patents. The Company is based in Watertown, Massachusetts, with additional operations in Mass., Minn., NY, NJ and the United Kingdom. More information about the Company is available at www.dynasil.com.

Forward-looking Statements

This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements regarding future events and our future results are based on current expectations, estimates, forecasts, and projections and the beliefs and assumptions of our management. These forward-looking statements may be identified by the use of words such as “may,” “could,” “expect,” “estimate,” “anticipate,” “continue” or similar terms, though not all forward-looking statements contain such words. The actual results of the future events described in such forward-looking statements could differ materially from those stated in such forward-looking statements due to a number of important factors. These factors that could cause actual results to differ from those anticipated or predicted include, without limitation, our ability to develop and commercialize our products, including our dual mode detectors and the development of new technologies including at Dynasil Biomedical, the size and growth of the potential markets for our products and our ability to serve those markets, the rate and degree of market acceptance of any of our products, general economic conditions, costs and availability of raw materials and management information systems, our ability to obtain and maintain intellectual property protection for our products, competition, the loss of key management personnel, litigation, the effect of governmental regulatory developments, the availability of financing sources, our ability to identify and execute on acquisition opportunities and integrate such acquisitions into our business, and seasonality, as well as the uncertainties set forth in the Company’s Annual Report on Form 10-K and from time to time in the Company's other filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Dynasil Corporation of America and Subsidiaries
Consolidated Balance Sheets
	30-Jun		30-Sep
	2012		2011
ASSETS	(Unaudited)
Current Assets
Cash and cash equivalents	$	2,986,312	$	4,479,840
Accounts receivable, net		7,643,129		5,837,139
Inventories		3,151,255		3,250,539
Cost in excess of billings		-0-		408,240
Deferred tax asset		1,225,446		1,119,800
Prepaid expenses and other current assets		1,151,428		771,564
Total current assets		16,157,570		15,867,122

Property, Plant and Equipment, net		5,020,442		4,860,328
Other Assets
Intangibles, net		5,885,922		6,374,329
Goodwill		13,287,807		13,330,182
Deferred financing costs, net		120,722		150,656
Total other assets		19,294,451		19,855,167

Total Assets	$	40,472,463	$	40,582,617

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Current portion of long-term debt	$	1,857,143	$	1,859,728
Obligation to repurchase stock		1,857,546		-0-
Accounts payable		3,186,198		2,088,395
Accrued expenses and other liabilities		1,977,990		2,298,460
Contingent consideration		141,337		183,713
Total current liabilities		9,020,214		6,430,296

Long-term Liabilities
Long-term debt, net of current portion		7,555,446		8,985,442
Deferred tax liability		811,705		924,837
Total long-term liabilities		8,367,151		9,910,279

Temporary Equity		-0-		2,000,000

Stockholders' Equity		23,085,098		22,242,042

Total Liabilities and Stockholders' Equity	$	40,472,463	$	40,582,617

Dynasil Corporation of America and Subsidiaries

Consolidated Statement of Operations and Comprehensive Income (Loss)

(Unaudited)

	Three Months Ended						Three Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
Net revenue	$	12,415,772		$	12,153,175		$	37,279,808		$	35,896,030
Cost of revenue		7,259,466			7,012,611			21,733,906			21,136,257
Gross profit		5,156,306			5,140,564			15,545,902			14,759,773
Selling, general and administrative expenses		5,180,292			4,911,288			15,679,544			12,978,126
Income (loss) from operations		(23,986	)		229,276			(133,642	)		1,781,647
Interest expense, net		140,246			148,563			375,855			461,916
Income (loss) before income tax benefit		(164,232	)		80,713			(509,497	)		1,319,731
Income tax benefit		(116,102	)		(946,165	)		(367,047	)		(478,342	)
Net income (loss)	$	(48,130	)	$	1,026,878		$	(142,450	)	$	1,798,073


Net Income (loss)	$	(48,130	)	$	1,026,878		$	(142,450	)	$	1,798,073
Other comprehensive income (loss):
Foreign currency translation		31,222			47,118			(29,138	)		185,712
Total comprehensive income (loss)	$	(16,908	)	$	1,073,996		$	(171,588	)	$	1,983,785


Net income (loss)	$	(48,130	)	$	1,026,878		$	(142,450	)	$	1,798,073
Dividends on preferred stock		-0-			-0-			-0-			116,646
Net income (loss) applicable to common stockholders	$	(48,130	)	$	1,026,878		$	(142,450	)		1,681,427
Dividend add back due to preferred stock conversion		-0-			-0-			-0-			116,646
Net income (loss) for diluted income per common share	$	(48,130	)	$	1,026,878		$	(142,450	)	$	1,798,073

Basic net income (loss) per common share	$	(0.00	)	$	0.07		$	(0.01	)	$	0.12
Diluted net income (loss) per common share	$	(0.00	)	$	0.07		$	(0.01	)	$	0.12

Weighted average shares outstanding
Basic		14,275,293			15,394,811			14,878,360			14,448,875
Diluted		14,275,293			15,748,591			14,878,360			14,802,655

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Note 1 - Basis of Presentation and Liquidity   The accompanying consolidated balance sheet as of June 30, 2012, the consolidated statements of operations and comprehensive income (loss) for the three and nine months ended June 30, 2012 and 2011, changes in stockholders’ equity for the nine months ended June 30, 2012 and cash flows for the nine months ended June 30, 2012 and 2011 of Dynasil Corporation of America and subsidiaries (the “Company”), and the related information contained in these notes have been prepared by management and are unaudited. In the opinion of management, all adjustments (which include normal recurring and nonrecurring items) necessary to present fairly the financial position, results of operations and cash flows in conformity with generally accepted accounting principles for the periods presented have been made. Interim operating results are not necessarily indicative of operating results for a full year.   The preparation of our unaudited consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Certain information and note disclosures normally included in the Company's annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. These consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's September 30, 2011 Annual Report on Form 10-K previously filed by the Company with the Securities and Exchange Commission.   As disclosed in the Company’s quarterly report on Form 10-Q for the period ended March 31, 2012, the Company had experienced an increase in accounts receivable due to delayed collections and a decrease in borrowing capacity due to high selling, general and administrative (“SG&A”) expenses for commercialization and research and development (“R&D”) activities for product improvements. This, added with an obligation to repurchase stock from a former owner of RMD Investments, LLC (see Note 11 for additional information) caused the Company to believe that it would not satisfy its financial covenants under the Sovereign Bank Loan Agreement as of June 30, 2012. Accordingly, the Company had reclassified the $8,028,688 of debt to Sovereign Bank as a short-term liability.   The Company has completed certain transactions to improve its liquidity position. First, on June 7, 2012 the Company satisfied the obligation to repurchase stock by issuing three separate promissory notes in the aggregate principal amount of $1,857,546. This preserved cash and removed uncertainty regarding the ability to satisfy the obligation. The three year promissory notes were issued with a 10% interest rate.   Second, on June 29, 2012, the Company entered into a letter agreement (the “Waiver Letter”) as well as Amendment No. 3 to the Original Loan Agreement with Sovereign Bank, N.A. (“Sovereign” or “Sovereign Bank”). Under the Waiver Letter, the Lender agreed to waive non-compliance by the Company with certain financial covenants under the Original Loan Agreement as of June 30, 2012, subject to the Company’s compliance with the terms of the Amendment, which includes, among other things, the requirement of the Company to raise, on or before September 30, 2012, at least $2,000,000 in gross proceeds from the sale of its capital stock and/or the incurrence of new indebtedness which is subordinated to the indebtedness in favor of Sovereign and repaying the obligation to repurchase stock by September 30, 2012. The Amendment also made certain other changes to the Original Loan Agreement, including certain financial covenants to be maintained commencing on September 30, 2012, limitations on capital expenditures and the termination of the Company’s acquisition line of credit. The Amendment did not change the interest rates on outstanding indebtedness under the Original Loan Agreement.   Third, on July 31, 2012, the Company entered into a Note Purchase Agreement with Massachusetts Capital Resource Company (“MCRC”) in the amount of $3,000,000. The note with MCRC has a five year term with an interest rate of 10% per annum with interest-only payments to be made for the first three years. The MCRC note is subordinated to the existing debt of Sovereign. The $3,000,000 proceeds from the MCRC note were used on August 1, 2012 to pay off the $1,857,546 in promissory notes which arose from the obligation to repurchase stock from a former owner of RMD Instruments, LLC. The remaining $1.1 million will be used for working capital purposes.   Fourth, Days Sales Outstanding (“DSO”) improved by 3.5 days during the three months ended June 30, 2012 to 57.0 days compared with March 31, 2012 and selling, general and administrative costs (“SG&A”) declined by $350,951 from March 31, 2012 to June 30, 2012 improving operating results and borrowing capacity.   As a result of the actions, the Company expects to be in compliance with its various debt financial covenants and has classified $7,555,446 of debt to Sovereign as a long-term liability. This reclassified amount is debt to Sovereign in excess of amounts required to be repaid in the next twelve months.   We consider events or transactions that have occurred after the unaudited consolidated balance sheet date of June 30, 2012, but prior to the filing of the unaudited consolidated financial statements with the SEC on this Form 10-Q, to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure, as applicable. Subsequent events have been evaluated through the date of the filing of this Quarterly Report on Form 10-Q with the SEC.

Note 2 - Inventories   Inventories are stated at the lower of average cost or market. Cost is determined using the first-in, first-out (FIFO) method. Inventories consist of raw materials, work-in-process and finished goods. The Company evaluates inventory levels and expected usage on a periodic basis and records, as a charge to cost of revenue, any amounts required to reduce the carrying value to net realizable value.   Inventories, net of reserves, consisted of the following:   <table style="width: 50%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">June 30,</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">September 30,</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 24%;">Raw Materials</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1,991,047</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">2,149,401</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Work-in-Process</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">550,366</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">757,709</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Finished Goods</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">609,842</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">343,429</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">3,151,255</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">3,250,539</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

Note 3 – Costs in Excess of Billings   Costs in excess of billings relates to research and development contracts and consists of actual costs incurred plus fees in excess of billings at provisional contract rates.

Note 4 – Intangible Assets   Intangible assets at June 30, 2012 and September 30, 2011 consist of the following:   <table style="width: 75%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Useful</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Gross</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Accumulated</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-weight: bold;" nowrap="nowrap">June 30, 2012</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Life (years)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Amount</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Amortization</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 36%;">Acquired Customer Base</td> <td style="width: 1%;"> </td> <td style="text-align: center; width: 1%;"> </td> <td style="text-align: center; width: 10%;">5-15</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">7,063,962</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1,969,107</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Know How</td> <td> </td> <td style="text-align: center;"> </td> <td style="text-align: center;">15</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">513,217</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">136,533</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Trade Names</td> <td> </td> <td style="text-align: center;"> </td> <td style="text-align: center;">15</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">219,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">59,617</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Backlog</td> <td> </td> <td style="text-align: center;"> </td> <td style="text-align: center;">4</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">182,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">182,000</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Biomedical Technologies</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">5</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">300,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">45,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: center; padding-bottom: 2.5pt;"> </td> <td style="text-align: center; padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">8,278,179</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">2,392,257</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   <table style="width: 75%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Useful</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Gross</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Accumulated</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-weight: bold;" nowrap="nowrap">September 30, 2011</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Life (years)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Amount</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Amortization</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 36%;">Acquired Customer Base</td> <td style="width: 1%;"> </td> <td style="text-align: center; width: 1%;"> </td> <td style="text-align: center; width: 10%;">5-15</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">7,063,962</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1,617,550</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Know How</td> <td> </td> <td style="text-align: center;"> </td> <td style="text-align: center;">15</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">513,217</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">112,150</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Trade Names</td> <td> </td> <td style="text-align: center;"> </td> <td style="text-align: center;">15</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">219,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">47,450</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Backlog</td> <td> </td> <td style="text-align: center;"> </td> <td style="text-align: center;">4</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">182,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">126,700</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Biomedical Technologies</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">5</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">300,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-0-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: center; padding-bottom: 2.5pt;"> </td> <td style="text-align: center; padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">8,278,179</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1,903,850</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   Amortization expense for the three months ended June 30, 2012 and 2011 was $162,802 and $149,205 respectively. Amortization expense for the nine months ended June 30, 2012 and 2011 was $488,407 and $447,615, respectively. Estimated amortization expense for each of the next five fiscal years is as follows:   <table style="width: 100%; border-collapse: collapse; font: 8pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2012 (3 Months)</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2013</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2014</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2015</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Thereafter</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Total</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 23%;">Acquired Customer Base</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 8%;">117,027</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 8%;">463,134</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 8%;">463,134</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 8%;">463,134</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 8%;">463,134</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 8%;">3,125,291</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 8%;">5,094,855</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Know How</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">18,433</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">73,733</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">73,733</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">73,733</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">73,733</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">63,319</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">376,684</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Trade Names</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,650</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,600</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,600</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,600</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,600</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">97,333</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">159,383</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Backlog</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-0-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-0-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-0-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-0-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-0-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-0-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-0-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Biomedical Technologies</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">15,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">60,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">60,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">60,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">60,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-0-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">255,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">154,110</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">611,467</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">611,467</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">611,467</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">611,467</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">3,285,943</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">5,885,922</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

Note 5 – Goodwill   Goodwill is subject to an annual impairment test. We consider many factors which may indicate the requirement to perform additional, interim impairment tests. These include:   <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.5in;"></td> <td style="width: 0.25in;">·</td> <td style="text-align: justify;">A significant adverse long term outlook for any of our industries;</td> </tr> </table> <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.5in;"></td> <td style="width: 0.25in;">·</td> <td style="text-align: justify;">An adverse finding or rejection from a regulatory body involved in new product regulatory approvals;</td> </tr> </table> <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.5in;"></td> <td style="width: 0.25in;">·</td> <td style="text-align: justify;">Failure of an anticipated commercialization product line;</td> </tr> </table> <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.5in;"></td> <td style="width: 0.25in;">·</td> <td style="text-align: justify;">Unanticipated competition or a disruptive technology introduction; </td> </tr> </table> <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.5in;"></td> <td style="width: 0.25in;">·</td> <td>The testing for recoverability under the Impairment or Disposal of Long-Lived Assets Subsections of Subtopic 360-10 of a significant asset group within a reporting unit;</td> </tr> </table> <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.5in;"></td> <td style="width: 0.25in;">·</td> <td>A loss of key personnel; and</td> </tr> </table> <table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0.5in;"></td> <td style="width: 0.25in;">·</td> <td>An expectation that a reporting unit carrying goodwill, or a significant portion of a reporting unit, will be sold or otherwise disposed of. </td> </tr> </table>   There were no changes, aside from foreign exchange rate fluctuations, in the carrying value of goodwill during the nine months ended June 30, 2012.

Note 6 – Earnings (Loss) Per Common Share   Basic earnings (loss) per common share is computed by dividing the net income applicable or loss attributable to common shares after preferred dividends paid, if applicable, by the weighted average number of common shares outstanding during each period. Diluted earnings per common share adjusts basic earnings per share for the effects of common stock options, common stock warrants, convertible preferred stock and other potential dilutive common shares outstanding during the periods.   For purposes of computing diluted earnings per share, 353,780 common share equivalents related to stock options were assumed to be outstanding for the three and nine months ended June 30, 2011. For the three and nine months ended June 30, 2012, the Company excluded no shares of potential common stock related to stock options from the calculation of dilutive shares since there was a loss from continuing operations and the inclusion of potential shares would be anti-dilutive. In addition, as of June 30, 2012 and 2011, common stock options for 1,059,584 and 1,104,406 shares, respectively, with exercise prices above current quarterly average market price per share have been excluded from the calculation of earnings per share since their effect is anti-dilutive.   The computation of the weighted shares outstanding for the three months ended June 30 is as follows:   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">Three Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="6">June 30,</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Weighted average shares outstanding</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt; width: 70%;">Common stock</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">14,275,293</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">15,394,811</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 16.2pt;">Effect of dilutive securities Stock Options</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-0-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">353,780</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 16.2pt;">Dilutive Average Shares Outstanding</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">14,275,293</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">15,748,591</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   The computation of the weighted shares outstanding for the nine months ended June 30 is as follows:   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="6">Nine Months Ended</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="6">June 30,</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;">Weighted average shares outstanding</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt; width: 70%;">Common stock</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">14,878,360</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">14,448,875</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 16.2pt;">Effect of dilutive securities Stock Options</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-0-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">353,780</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 16.2pt;">Dilutive Average Shares Outstanding</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">14,878,360</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">14,802,655</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

Note 7 - Stock Based Compensation   The fair value of the stock options granted is estimated at the date of grant using the Black-Scholes option pricing model. The weighted average assumptions for grants during the nine months ended June 30, 2012 and 2011 used in the Black-Scholes option pricing model were as follows:   <table style="width: 60%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Nine Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Nine Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">June 30, 2012</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">June 30, 2011</td> <td style="font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Expected term in years</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5 years</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3 years</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; width: 30%;">Risk-free interest rate</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">2.64</td> <td style="text-align: left; width: 1%;">%</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">3.95</td> <td style="text-align: left; width: 1%;">%</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Expected volatility</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">93.62</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">85.21</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Expected dividend yield</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.00</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.00</td> <td style="text-align: left;">%</td> </tr> </table>   The expected volatility was determined with reference to the historical volatility of the Company's stock. The Company uses historical data to estimate option exercise and employee termination within the valuation model. The expected term of options granted represents the period of time that the options granted are expected to be outstanding. This estimate was increased form three to five years in 2012. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury rate in effect at the time of grant. The dividend yield is expected to be 0.00% because historically the Company has not paid dividends on common stock.    During the three months ended June 30, 2012, no stock options were granted or exercised. During the three months ended June 30, 2012, 121,980 options were cancelled or expired with a weighted average exercise price of $1.76.   During the three months ended June 30, 2012 and 2011, 6,666 and 25,000 shares of restricted stock vested with the value of $26,131 and $100,500, respectively. During the nine months ended June 30, 2012 and 2011, 44,666 and 25,000 shares of restricted stock vested with the value of $178,636 and $100,500, respectively.   Stock Compensation Expense for the three months ended June 30, 2012 and 2011 is as follows:   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Three Months Ended</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Three Months Ended</td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid;">Stock Compensation Expense</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">June 30, 2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">June 30, 2011</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 70%;">Stock Grants</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">43,000</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">-0-</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Restricted Stock Grants</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">159,552</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">100,500</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Option Grants</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">37,206</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">21,948</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Employee Stock Purchase Plan</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">3,300</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-0-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">243,058</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">122,448</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   During the nine months ended June 30, 2012, 43,960 stock options were granted at an exercise price of $3.03 per share. These options were granted as Directors’ Compensation for the twelve months ending January 31, 2013, were fully exercisable when granted and expire five years from the grant date. During the nine months ended June 30, 2012, 138,373 options were exercised at an exercise price of $1.58 per share in a cashless exercise, resulting in 41,205 common shares issued. During the nine months ended June 30, 2012, 151,980 stock options were cancelled with an weighted average exercise price of $2.83.   Stock Compensation Expense for the nine months ended June 30, 2012 and 2011 is as follows:   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Nine Months Ended</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Nine Months Ended</td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid;">Stock Compensation Expense</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">June 30, 2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">June 30, 2011</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 70%;">Stock Grants</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">152,041</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">189,892</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Restricted Stock Grants</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">465,303</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">108,125</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Option Grants</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">168,675</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">199,038</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Employee Stock Purchase Plan</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">35,568</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-0-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">821,586</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">497,055</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   At June 30, 2012, there was $1,252,861 in unrecognized stock compensation expense based on unvested options and unvested restricted stock. At June 30, 2011, there was $1,725,677 in unrecognized stock compensation expense based on unvested options and unvested restricted stock.   A summary of restricted stock activity for the nine months ended June 30, 2012 and 2011 is presented below:   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap">Restricted Stock Activity for the Nine Months ended June 30, 2012</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Shares</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted-Average Grant-Date Fair Value</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 70%;">Nonvested at September 30, 2011</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">403,000</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">4.02</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Granted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-0-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-0-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Vested</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">44,666</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">4.00</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Cancelled</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-0-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;">-0-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Nonvested at June 30, 2012</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">358,334</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;">$</td> <td style="text-align: right; padding-bottom: 2.5pt;">4.02</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap">Restricted Stock Activity for the Nine Months ended June 30, 2011</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Shares</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted-Average Grant-Date Fair Value</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 70%;">Nonvested at September 30, 2010</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">7,500</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">3.75</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Granted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">423,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">4.02</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Vested</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">27,500</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">4.00</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Cancelled</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-0-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;">-0-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Nonvested at June 30, 2012</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">403,000</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;">$</td> <td style="text-align: right; padding-bottom: 2.5pt;">4.02</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

Note 8 – Segment, Customer and Geographical Reporting   Segment Financial Information   Dynasil’s business is comprised of two segments: products and technology (“Products and Technology”) and contract research (“Contract Research”). Within these segments, there is a segregation of reportable units based upon the organizational structure used to evaluate performance and make decisions on resource allocation, as well as availability and materiality of separate financial results consistent with that structure. The Products and Technology segment manufactures optical materials, components, coatings and specialized instruments used in various applications in the medical, industrial, and homeland security/defense sectors. The Company’s most recent new business venture, Dynasil Biomedical Corp. (“Dynasil Biomedical”) is reported within this segment. It has been determined that this new business venture will primarily pursue product commercialization of technologies and technology licensing opportunities, though there can be no assurances that any of these opportunities will become successfully commercialized. Dynasil’s Contract Research segment is one of the largest small business participants in U.S. government-funded research.   The Company’s segment information for the three months ended June 30, 2012 and 2011 is summarized below:   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">Three Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="6">June 30,</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-weight: bold;">Segment</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Contract Research</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 9pt; width: 70%;">Revenue</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">6,552,211</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">6,273,104</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Income from Operations</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(28,435</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">134,132</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Income as a percent of revenue</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-0.4</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2.1</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Products and Technology</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 9pt;">Revenue</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">5,863,561</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">5,880,071</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Income (loss) from Operations</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,449</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">95,144</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Income (loss) as a percent of revenue</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.1</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.6</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Total</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 9pt;">Revenue</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">12,415,772</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">12,153,175</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Income (loss) from Operations</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(23,986</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">229,276</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Income (loss) as a percent of revenue</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-0.2</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.9</td> <td style="text-align: left;">%</td> </tr> </table>   The Company’s segment information for the nine months ended June 30, 2012 and 2011 is summarized below:   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">Nine Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="6">June 30,</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-weight: bold;">Segment</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Contract Research</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 9pt; width: 70%;">Revenue</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">19,716,645</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">18,729,027</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Income from Operations</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">418,949</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">561,240</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Income as a percent of revenue</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2.1</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3.0</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Products and Technology</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 9pt;">Revenue</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">17,563,163</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">17,167,003</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Income (loss) from Operations</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(552,591</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,220,407</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Income (loss) as a percent of revenue</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-3.1</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7.1</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Total</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 9pt;">Revenue</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">37,279,808</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">35,896,030</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Income (loss) from Operations</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(133,642</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1,781,647</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Income (loss) as a percent of revenue</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-0.4</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5.0</td> <td style="text-align: left;">%</td> </tr> </table>   Customer Financial Information   For the three and nine months ended June 30, 2012 and 2011, the top three customers for the Contract Research segment were various agencies of the U.S. Government. For the three months ended June 30, 2012 and 2011, these customers made up 56% and 78%, respectively, of Contract Research revenue. For the nine months ended June 30, 2012 and 2011, these customers made up 70% and 80%, respectively, of Contract Research revenue.   For the Products and Technology segment, there was no customer whose revenue represented more than 10% of the total segment revenue for the three months or the nine months ended June 30, 2012 and 2011.   Geographic Financial Information   Revenue by geographic location in total and as a percentage of total revenue, for the three months ended June 30, 2012 and 2011 are as follows:   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">Three Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">Three Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="6">June 30, 2012</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="6">June 30, 2011</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-weight: bold;" nowrap="nowrap">Geographic Location</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Revenue</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">% of Total</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Revenue</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">% of Total</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 48%;">United States</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">10,464,672</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">84.3</td> <td style="text-align: left; width: 1%;">%</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">10,022,392</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">82.5</td> <td style="text-align: left; width: 1%;">%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Europe</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">981,147</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7.9</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,288,494</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10.6</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Other</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">969,954</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">7.8</td> <td style="text-align: left; padding-bottom: 1pt;">%</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">842,289</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">6.9</td> <td style="text-align: left; padding-bottom: 1pt;">%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">12,415,772</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">100.0</td> <td style="text-align: left; padding-bottom: 2.5pt;">%</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">12,153,175</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">100.0</td> <td style="text-align: left; padding-bottom: 2.5pt;">%</td> </tr> </table>   Revenue by geographic location in total and as a percentage of total revenue, for the nine months ended June 30, 2012 and 2011 are as follows:   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">Nine Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">Nine Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="6">June 30, 2012</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="6">June 30, 2011</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-weight: bold;" nowrap="nowrap">Geographic Location</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Revenue</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">% of Total</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Revenue</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">% of Total</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 48%;">United States</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">30,947,319</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">83.0</td> <td style="text-align: left; width: 1%;">%</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">29,580,144</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">82.4</td> <td style="text-align: left; width: 1%;">%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Europe</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,476,479</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9.3</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,917,052</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10.9</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Other</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">2,856,011</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">7.7</td> <td style="text-align: left; padding-bottom: 1pt;">%</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">2,398,834</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">6.7</td> <td style="text-align: left; padding-bottom: 1pt;">%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">37,279,808</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">100.0</td> <td style="text-align: left; padding-bottom: 2.5pt;">%</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">35,896,030</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">100.0</td> <td style="text-align: left; padding-bottom: 2.5pt;">%</td> </tr> </table>

Note 9 – Business Acquisition – Dynasil Biomedical   On April 14, 2011, Dynasil announced the incorporation of Dynasil Biomedical Corp. as a new business unit to pursue opportunities in the medical field. Through a purchase of assets, Dynasil Biomedical completed the purchase of specific rights to six biomedical technologies invented or co-invented by Dr. Daniel Ericson for $300,000 in cash. Dr. Ericson has joined Dynasil Biomedical as Scientific Lead for research and development. The asset purchase had no impact on the comparative unaudited financial information as reported.

Note 10 - Income Taxes   Dynasil Corporation of America and its wholly-owned subsidiaries file a consolidated federal income tax return.   The Company uses the asset and liability approach to account for income taxes. Under this approach, deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and net operating loss and tax credit carryforwards. The amount of deferred taxes on these temporary differences is determined using the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, as applicable, based on tax rates, and tax laws, in the respective tax jurisdiction then in effect. Valuation allowances are provided if it is more likely than not that some or all of the deferred tax assets will not be realized. The provision for income taxes includes taxes currently payable, if any, plus the net change during the year in deferred tax assets and liabilities recorded by the Company.   The Company applies the authoritative provisions related to accounting for uncertainty in income taxes. As required by these provisions, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company has applied these provisions to all tax positions for which the statute of limitations remained open. There was no impact on the Company’s unaudited consolidated financial position, results of operations, or cash flows as of June 30, 2012 and 2011. As of June 30, 2012 and 2011, the Company had no unrecognized tax benefits. The Company’s practice is to recognize interest and/or penalties related to income tax matters in interest and income tax expense. The Company currently has no federal or state tax examinations in progress.   The Company has Research and Experimentation tax credits available at both the state and local levels designed to encourage and reward companies for efforts in the areas of research and experimentation. As of June 30, 2012, the Company has federal and state tax credit carryovers totaling approximately $1,300,000, expiring through 2031. The Company’s income tax provision includes a tax benefit of an estimated $178,000 and $331,000 for Research and Experimentation credits attributable to the three and nine months ended June 30, 2012, respectively.   The Company has approximately $490,000 in net operating loss carryforwards to offset certain future state income taxes expiring through 2026.   The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. The Company’s tax filings for federal and state jurisdictions for the tax years from 2009 to 2011 are still subject to examination.

Note 11 – Obligation to Repurchase Stock   As previously disclosed, on February 27, 2012, Dr. Gerald Entine, a former owner of RMD Instruments, LLC and RMD Instruments Corp. (collectively, "RMD"), exercised a put right to require the repurchase of a total of 928,773 shares of Company common stock held by certain entities affiliated with Dr. Entine (collectively, “Entine”) for an aggregate purchase price of $1,857,546, payable on the ninetieth business day with cash or by issuing three-year promissory notes from the date of the notice of the exercise of the put. This put right originated from the Company's acquisition of RMD in July 2008 and is set forth in the Asset Purchase Agreement dated July 1, 2008 by and among the Company, RMD Instruments Corp., RMD Instruments, LLC and Gerald Entine 1988 Family Trust and the other parties named therein (the "Put Right").   On June 7, 2012, the Company issued the Entine entities three separate promissory notes (the “Entine Promissory Notes”) for $1,857,546 which satisfied the put obligation. The Entine Promissory Notes had a three-year term with an interest rate of 10% per annum.   There were an additional 71,227 shares of common stock outstanding that were subject to the Put Right. The notice period for these shares expired on April 2, 2012 and the amount of $142,454 previously recorded as temporary equity associated with these shares was reclassified to equity.

Note 12 – Financial Instruments   The fair value of financial instruments is determined by reference to observable market data and other valuation techniques as appropriate.  The Company has established a fair value hierarchy that priorities the inputs to valuation techniques used to measure fair value. Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values identified by Level 2 inputs utilize observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. Fair values identified by Level 3 inputs are unobservable data points and are used to measure fair value to the extent that observable inputs are not available. Unobservable inputs reflect the Company’s own assumptions about the assumptions that market participants would use at pricing the asset or liability.   The carrying amount reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable and accounts payable approximates fair value because of the immediate or short-term maturity of these financial instruments. The fair value of long-term debt is determined using Level 2 inputs.  At June 30, 2012 and September 30, 2011, the carrying value of long-term debt approximates fair value because the underlying instruments are primarily at current market rates.

Note 13 – Debt   On June 7, 2012, the Company issued the Entine entities three separate promissory notes (the “Entine Promissory Notes”) for $1,857,546 which satisfied the put obligation. The Entine Promissory Notes had a three-year term with an interest rate of 10% per annum. On August 1, 2012, the Company used the proceeds from the Note Purchase Agreement with MCRC (see below) to repay the Entine Promissory Notes in full.   On June 29, 2012, the Company entered into Amendment No. 3 to the Original Loan Agreement with Sovereign Bank. Under the Amendment, the Company agreed with Sovereign that the Company would raise, on or before September 30, 2012, at least $2,000,000 in gross proceeds from the sale of its capital stock and/or the incurrence of new indebtedness which is subordinated to the indebtedness in favor of Sovereign, on terms and conditions acceptable to Sovereign in its sole discretion (the “Required Capital Raise”). The Amendment also required the proceeds of the Required Capital Raise be first used to repay all amounts outstanding under the Entine Promissory Notes by September 30, 2012. The Company will use the remaining proceeds for general working capital needs. Therefore, the full amount of the Entine Promissory Notes is classified as a short-term liability.   On July 31, 2012, the Company entered into a Note Purchase Agreement (the “Agreement”) with MCRC. Pursuant to the terms of the Agreement, the Company issued and sold to the Purchaser a $3,000,000 subordinated note (the “Subordinated Note”) for a purchase price of $3,000,000.   The Subordinated Note matures on July 31, 2017, unless accelerated pursuant to an event of default, as described below. The Subordinated Note bears interest at the rate of ten percent (10%) per annum, with interest to be payable monthly on the last day of each calendar month in each year, the first such payment to be due and payable on August 31, 2012. Under the terms of the Agreement, beginning on and with September 30, 2015, and on the last day of each calendar month thereafter through and including July 31, 2017, the Company will redeem, without premium, $130,434 in principal amount of the Subordinated Note together with all accrued and unpaid interest then due on the amount redeemed.   The Company has used a portion of the proceeds from the sale of the Subordinated Note to repay the Entine Promissory Notes in the aggregate principal amount of $1,857,546 and has agreed to use the balance of the proceeds for working capital.

Note 15 – Subsequent Events   On July 31, 2012, the Company received $3 million in subordinated financing as part of a Note Purchase Agreement signed with Massachusetts Capital Resource Company (MCRC). See the Liquidity Section of Item 2: Management’s Discussion and Analysis for further details.   On August 1, 2012, the Company satisfied three promissory notes, each dated as of June 7, 2012, issued by the Company in favor of certain entities affiliated with Dr. Gerald Entine (together, “Entine”) in the aggregate principal amount of $1,857,546. The Company incurred the Entine indebtedness in satisfaction of its obligation to repurchase certain shares of Dynasil common stock from Entine pursuant to a put right exercised by Dr. Entine on February 12, 2012. The Entine Promissory Notes were satisfied on August 1, 2012.

Inventories, net of reserves, consisted of the following:   <table style="width: 50%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">June 30,</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">September 30,</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 24%;">Raw Materials</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1,991,047</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">2,149,401</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Work-in-Process</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">550,366</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">757,709</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Finished Goods</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">609,842</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">343,429</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">3,151,255</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">3,250,539</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

Intangible assets at June 30, 2012 and September 30, 2011 consist of the following:    <table style="width: 75%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Useful</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Gross</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Accumulated</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-weight: bold;" nowrap="nowrap">June 30, 2012</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Life (years)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Amount</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Amortization</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 36%;">Acquired Customer Base</td> <td style="width: 1%;"> </td> <td style="text-align: center; width: 1%;"> </td> <td style="text-align: center; width: 10%;">5-15</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">7,063,962</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1,969,107</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Know How</td> <td> </td> <td style="text-align: center;"> </td> <td style="text-align: center;">15</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">513,217</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">136,533</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Trade Names</td> <td> </td> <td style="text-align: center;"> </td> <td style="text-align: center;">15</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">219,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">59,617</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Backlog</td> <td> </td> <td style="text-align: center;"> </td> <td style="text-align: center;">4</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">182,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">182,000</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Biomedical Technologies</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">5</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">300,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">45,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: center; padding-bottom: 2.5pt;"> </td> <td style="text-align: center; padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">8,278,179</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">2,392,257</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   <table style="width: 75%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Useful</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Gross</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">Accumulated</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-weight: bold;" nowrap="nowrap">September 30, 2011</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Life (years)</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Amount</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Amortization</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 36%;">Acquired Customer Base</td> <td style="width: 1%;"> </td> <td style="text-align: center; width: 1%;"> </td> <td style="text-align: center; width: 10%;">5-15</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">7,063,962</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1,617,550</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Know How</td> <td> </td> <td style="text-align: center;"> </td> <td style="text-align: center;">15</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">513,217</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">112,150</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Trade Names</td> <td> </td> <td style="text-align: center;"> </td> <td style="text-align: center;">15</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">219,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">47,450</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Backlog</td> <td> </td> <td style="text-align: center;"> </td> <td style="text-align: center;">4</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">182,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">126,700</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Biomedical Technologies</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;"> </td> <td style="text-align: center; padding-bottom: 1pt;">5</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">300,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-0-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: center; padding-bottom: 2.5pt;"> </td> <td style="text-align: center; padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">8,278,179</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">1,903,850</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

<div>Estimated amortization expense for each of the next five fiscal years is as follows:</div>   <table style="width: 100%; border-collapse: collapse; font: 8pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2012 (3 Months)</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2013</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2014</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2015</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Thereafter</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Total</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 23%;">Acquired Customer Base</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 8%;">117,027</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 8%;">463,134</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 8%;">463,134</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 8%;">463,134</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 8%;">463,134</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 8%;">3,125,291</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 8%;">5,094,855</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Know How</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">18,433</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">73,733</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">73,733</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">73,733</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">73,733</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">63,319</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">376,684</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Trade Names</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,650</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,600</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,600</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,600</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,600</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">97,333</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">159,383</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Backlog</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-0-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-0-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-0-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-0-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-0-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-0-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-0-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Biomedical Technologies</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">15,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">60,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">60,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">60,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">60,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-0-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">255,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">154,110</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">611,467</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">611,467</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">611,467</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">611,467</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">3,285,943</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">5,885,922</td> <td style="text-align: left; padding-bottom: 2.5pt;"></td> </tr> </table>

The computation of the weighted shares outstanding for the three months ended June 30 is as follows:   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">Three Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="6">June 30,</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Weighted average shares outstanding</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt; width: 70%;">Common stock</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">14,275,293</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">15,394,811</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 16.2pt;">Effect of dilutive securities Stock Options</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-0-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">353,780</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 16.2pt;">Dilutive Average Shares Outstanding</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">14,275,293</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">15,748,591</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   The computation of the weighted shares outstanding for the nine months ended June 30 is as follows:   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="6">Nine Months Ended</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="6">June 30,</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-indent: -0.1in; padding-left: 0.1in;">Weighted average shares outstanding</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: -0.1in; padding-left: 16.2pt; width: 70%;">Common stock</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">14,878,360</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">14,448,875</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 16.2pt;">Effect of dilutive securities Stock Options</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-0-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">353,780</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 16.2pt;">Dilutive Average Shares Outstanding</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">14,878,360</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">14,802,655</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

<div>The weighted average assumptions for grants during the nine months ended June 30, 2012 and 2011 used in the Black-Scholes option pricing model were as follows:</div>   <table style="width: 60%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Nine Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Nine Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">June 30, 2012</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2">June 30, 2011</td> <td style="font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Expected term in years</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5 years</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3 years</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; width: 30%;">Risk-free interest rate</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">2.64</td> <td style="text-align: left; width: 1%;">%</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">3.95</td> <td style="text-align: left; width: 1%;">%</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Expected volatility</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">93.62</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">85.21</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Expected dividend yield</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.00</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.00</td> <td style="text-align: left;">%</td> </tr> </table>

Stock Compensation Expense for the three months ended June 30, 2012 and 2011 is as follows:   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Three Months Ended</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Three Months Ended</td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid;">Stock Compensation Expense</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">June 30, 2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">June 30, 2011</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 70%;">Stock Grants</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">43,000</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">-0-</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Restricted Stock Grants</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">159,552</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">100,500</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Option Grants</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">37,206</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">21,948</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Employee Stock Purchase Plan</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">3,300</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-0-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">243,058</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">122,448</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   Stock Compensation Expense for the nine months ended June 30, 2012 and 2011 is as follows:   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Nine Months Ended</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Nine Months Ended</td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid;">Stock Compensation Expense</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">June 30, 2012</td> <td style="padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">June 30, 2011</td> <td style="padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 70%;">Stock Grants</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">152,041</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">189,892</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Restricted Stock Grants</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">465,303</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">108,125</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Option Grants</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">168,675</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">199,038</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Employee Stock Purchase Plan</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">35,568</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-0-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">821,586</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">497,055</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

A summary of restricted stock activity for the nine months ended June 30, 2012 and 2011 is presented below:   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap">Restricted Stock Activity for the Nine Months ended June 30, 2012</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Shares</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted-Average Grant-Date Fair Value</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 70%;">Nonvested at September 30, 2011</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">403,000</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">4.02</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Granted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-0-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-0-</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Vested</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">44,666</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">4.00</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Cancelled</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-0-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;">-0-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Nonvested at June 30, 2012</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">358,334</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;">$</td> <td style="text-align: right; padding-bottom: 2.5pt;">4.02</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap">Restricted Stock Activity for the Nine Months ended June 30, 2011</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Shares</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Weighted-Average Grant-Date Fair Value</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="width: 70%;">Nonvested at September 30, 2010</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 12%;">7,500</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">3.75</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Granted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">423,000</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">4.02</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Vested</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">27,500</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">4.00</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Cancelled</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-0-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="text-align: right; padding-bottom: 1pt;">-0-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;">Nonvested at June 30, 2012</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">403,000</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="text-align: left; padding-bottom: 2.5pt;">$</td> <td style="text-align: right; padding-bottom: 2.5pt;">4.02</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>

The Company’s segment information for the three months ended June 30, 2012 and 2011 is summarized below:   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">Three Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="6">June 30,</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-weight: bold;">Segment</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Contract Research</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 9pt; width: 70%;">Revenue</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">6,552,211</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">6,273,104</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Income from Operations</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(28,435</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">134,132</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Income as a percent of revenue</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-0.4</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2.1</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Products and Technology</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 9pt;">Revenue</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">5,863,561</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">5,880,071</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Income (loss) from Operations</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,449</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">95,144</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Income (loss) as a percent of revenue</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0.1</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.6</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Total</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 9pt;">Revenue</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">12,415,772</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">12,153,175</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Income (loss) from Operations</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(23,986</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">229,276</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Income (loss) as a percent of revenue</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-0.2</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1.9</td> <td style="text-align: left;">%</td> </tr> </table>   The Company’s segment information for the nine months ended June 30, 2012 and 2011 is summarized below:   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">Nine Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="6">June 30,</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-weight: bold;">Segment</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Contract Research</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 9pt; width: 70%;">Revenue</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">19,716,645</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">18,729,027</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Income from Operations</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">418,949</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">561,240</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Income as a percent of revenue</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2.1</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3.0</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Products and Technology</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 9pt;">Revenue</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">17,563,163</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">17,167,003</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Income (loss) from Operations</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(552,591</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,220,407</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Income (loss) as a percent of revenue</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-3.1</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7.1</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Total</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 9pt;">Revenue</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">37,279,808</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">35,896,030</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Income (loss) from Operations</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(133,642</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">1,781,647</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 9pt;">Income (loss) as a percent of revenue</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-0.4</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5.0</td> <td style="text-align: left;">%</td> </tr> </table>

Revenue by geographic location in total and as a percentage of total revenue, for the three months ended June 30, 2012 and 2011 are as follows:   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">Three Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">Three Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="6">June 30, 2012</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="6">June 30, 2011</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-weight: bold;" nowrap="nowrap">Geographic Location</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Revenue</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">% of Total</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Revenue</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">% of Total</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 48%;">United States</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">10,464,672</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">84.3</td> <td style="text-align: left; width: 1%;">%</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">10,022,392</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">82.5</td> <td style="text-align: left; width: 1%;">%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Europe</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">981,147</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7.9</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,288,494</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10.6</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Other</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">969,954</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">7.8</td> <td style="text-align: left; padding-bottom: 1pt;">%</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">842,289</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">6.9</td> <td style="text-align: left; padding-bottom: 1pt;">%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">12,415,772</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">100.0</td> <td style="text-align: left; padding-bottom: 2.5pt;">%</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">12,153,175</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">100.0</td> <td style="text-align: left; padding-bottom: 2.5pt;">%</td> </tr> </table>   Revenue by geographic location in total and as a percentage of total revenue, for the nine months ended June 30, 2012 and 2011 are as follows:   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">Nine Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">Nine Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="6">June 30, 2012</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="6">June 30, 2011</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: black 1pt solid; font-weight: bold;" nowrap="nowrap">Geographic Location</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Revenue</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">% of Total</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Revenue</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">% of Total</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 48%;">United States</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">30,947,319</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">83.0</td> <td style="text-align: left; width: 1%;">%</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">29,580,144</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;"> </td> <td style="text-align: right; width: 10%;">82.4</td> <td style="text-align: left; width: 1%;">%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Europe</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,476,479</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9.3</td> <td style="text-align: left;">%</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,917,052</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10.9</td> <td style="text-align: left;">%</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 1pt;">Other</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">2,856,011</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">7.7</td> <td style="text-align: left; padding-bottom: 1pt;">%</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">2,398,834</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">6.7</td> <td style="text-align: left; padding-bottom: 1pt;">%</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">37,279,808</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">100.0</td> <td style="text-align: left; padding-bottom: 2.5pt;">%</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">35,896,030</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;"> </td> <td style="border-bottom: black 2.5pt double; text-align: right;">100.0</td> <td style="text-align: left; padding-bottom: 2.5pt;">%</td> </tr> </table>

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P5Y

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490000

income taxes expiring through 2026.

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Segment, Customer and Geographical Reporting (Details 1) (USD $)	3 Months Ended		9 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Revenue	$ 12,415,772	$ 12,153,175	$ 37,279,808	$ 35,896,030
Percentage Of Total Revenue	100.00%	100.00%	100.00%	100.00%
United States [Member]
Revenue	10,464,672	10,022,392	30,947,319	29,580,144
Percentage Of Total Revenue	84.30%	82.50%	83.00%	82.40%
Europe [Member]
Revenue	981,147	1,288,494	3,476,479	3,917,052
Percentage Of Total Revenue	7.90%	10.60%	9.30%	10.90%
Other Credit Derivatives [Member]
Revenue	$ 969,954	$ 842,289	$ 2,856,011	$ 2,398,834
Percentage Of Total Revenue	7.80%	6.90%	7.70%	6.70%

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Subsequent Events (Details) (USD $)	Jun. 30, 2012
Contractual Obligation	$ 1,857,546
Note Purchase Agreement [Member]
Contractual Obligation	$ 3,000,000

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Earnings Per Common Share (Details Textual)	3 Months Ended	9 Months Ended
Earnings Per Common Share (Details Textual)	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Effect Of Dilutive Securities Outstanding Assumed	353,780		353,780
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		1,059,584	1,104,406

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 07-4

-Paragraph 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB

-Name Accounting Standards Codification

-Glossary Diluted Earnings Per Share

-URI http://asc.fasb.org/extlink&oid=6510752

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Contingent Stock Agreement

-URI http://asc.fasb.org/extlink&oid=6508534

Reference 4: http://www.xbrl.org/2003/role/presentationRef

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-Glossary Antidilution

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-Name Statement of Financial Accounting Standard (FAS)

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-Name Statement of Financial Accounting Standard (FAS)

-Number 128

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+ Details

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Stock Based Compensation (Tables)

9 Months Ended

Jun. 30, 2012

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Table Text Block]

The weighted average assumptions for grants during the nine months ended June 30, 2012 and 2011 used in the Black-Scholes option pricing model were as follows:

	Nine Months Ended			Nine Months Ended
	June 30, 2012			June 30, 2011
Expected term in years		5 years			3 years
Risk-free interest rate		2.64	%		3.95	%
Expected volatility		93.62	%		85.21	%
Expected dividend yield		0.00	%		0.00	%

Schedule Of Stock Compensation Expense Table [Text Block]

Stock Compensation Expense for the three months ended June 30, 2012 and 2011 is as follows:

	Three Months Ended		Three Months Ended
Stock Compensation Expense	June 30, 2012		June 30, 2011
Stock Grants		43,000		-0-
Restricted Stock Grants		159,552		100,500
Option Grants		37,206		21,948
Employee Stock Purchase Plan		3,300		-0-
Total	$	243,058	$	122,448

Stock Compensation Expense for the nine months ended June 30, 2012 and 2011 is as follows:

	Nine Months Ended		Nine Months Ended
Stock Compensation Expense	June 30, 2012		June 30, 2011
Stock Grants		152,041		189,892
Restricted Stock Grants		465,303		108,125
Option Grants		168,675		199,038
Employee Stock Purchase Plan		35,568		-0-
Total	$	821,586	$	497,055

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]

A summary of restricted stock activity for the nine months ended June 30, 2012 and 2011 is presented below:

Restricted Stock Activity for the Nine Months ended June 30, 2012	Shares		Weighted-Average Grant-Date Fair Value
Nonvested at September 30, 2011		403,000	$	4.02

Granted		-0-		-0-
Vested		44,666	$	4.00
Cancelled		-0-		-0-
Nonvested at June 30, 2012		358,334	$	4.02

Restricted Stock Activity for the Nine Months ended June 30, 2011	Shares		Weighted-Average Grant-Date Fair Value
Nonvested at September 30, 2010		7,500	$	3.75

Granted		423,000	$	4.02
Vested		27,500	$	4.00
Cancelled		-0-		-0-
Nonvested at June 30, 2012		403,000	$	4.02

XML 18 R42.htm IDEA: XBRL DOCUMENT

Income Taxes (Details Textual) (USD $)	3 Months Ended		9 Months Ended
Income Taxes (Details Textual) (USD $)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Tax Credit Carryforward, Amount	$ 1,300,000		$ 1,300,000
Income Tax Expense (Benefit)	(116,102)	(946,165)	(367,047)	(478,342)
Operating Loss Carryforwards	490,000		490,000
Operating Loss Carryforwards, Expiration Dates			income taxes expiring through 2026.
Research and Experimentation [Member]
Income Tax Expense (Benefit)	$ 0		$ 153,000

- Definition

The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations.

+ References+ Details

- Definition

The amount of the tax credit carryforward, before tax effects, available to reduce future taxable income under enacted tax laws.

+ References+ Details

XML 19 R37.htm IDEA: XBRL DOCUMENT

Stock Based Compensation (Details Textual) (USD $)	3 Months Ended		9 Months Ended
Stock Based Compensation (Details Textual) (USD $)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Stock compensation expense			$ 821,586	$ 497,055
Expected dividend yield			0.00%	0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			43,960
Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Expected Term			5 years	3 years
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price			$ 3.03
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period			12 months
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			5 years
Exercise of options by director to purchase common stock (in shares)			138,373
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price			$ 1.58
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period			41,205
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period	121,980		151,980
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price	$ 1.76		$ 2.83
Shares, Vested	6,666	25,000	44,666	27,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value	26,131	100,500	178,636	100,500
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award Unvested Options Stock Compensation Expense Not Yet Recognized	1,252,861	111,566	1,252,861	111,566
Share Based Compensation Arrangement By Share Based Payment Award Unvested Options Stock		545,486		545,486
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award Unvested Options Stock Compensation Expense Not Yet Recognized		$ 1,614,111		$ 1,614,111
Share Based Compensation Arrangement By Share Based Payment Award Unvested Options Stock		403,000		403,000

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Costs in Excess of Billings

9 Months Ended

Jun. 30, 2012

Costs In Excess Of Billings [Abstract]

Costs in Excess of Billings [Text Block]

Note 3 – Costs in Excess of Billings

Costs in excess of billings relates to research and development contracts and consists of actual costs incurred plus fees in excess of billings at provisional contract rates.

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Obligation to Repurchase Stock (Details Textual) (USD $)	1 Months Ended
	Feb. 27, 2012	Jun. 30, 2012	Jun. 07, 2012 Promissory Notes [Member]	Jun. 30, 2012 Put Right [Member]
Stock Repurchase Programm Number Of Common Stock Repurchase	928,773
Contractual Obligation		$ 1,857,546
Long-term Debt, Gross			1,857,546
Debt Instrument, Interest Rate, Stated Percentage			10.00%
Common Stock Additional Shares Outstanding				71,227
Reclassifications of Temporary to Permanent Equity	$ 142,454

- Definition

Including current and noncurrent portions, aggregate carrying amount of long-term borrowings as of the balance sheet date before deducting unamortized discount or premiums (if any). May include notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, which had initial maturities beyond one year or beyond the normal operating cycle, if longer.

+ References+ Details

- Definition

The difference between the carrying amount of a financial instrument subject to a registration payment arrangement recorded as temporary equity prior to adoption of FSP EITF 00-19-2 and the carrying amount reclassified to permanent equity upon the adoption of FSP EITF 00-19-2. Recorded as a cumulative effect adjustment to the beginning balance of retained earnings. Does not apply to registration payment arrangements that are no longer outstanding upon adoption of FSP EITF 00-19-2.

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Intangible Assets (Details) (USD $)	9 Months Ended	12 Months Ended
Intangible Assets (Details) (USD $)	Jun. 30, 2012	Sep. 30, 2011
Gross Amount	8,278,179	8,278,179
Accumulated Amortization	2,392,257	1,903,850
Acquired Customer Base [Member]
Gross Amount	7,063,962	7,063,962
Accumulated Amortization	1,969,107	1,617,550
Acquired Customer Base [Member] \| Minimum [Member]
Useful Life (years)	5 years	5 years
Acquired Customer Base [Member] \| Maximum [Member]
Useful Life (years)	15 years	15 years
Know How [Member]
Useful Life (years)	15 years	15 years
Gross Amount	513,217	513,217
Accumulated Amortization	136,533	112,150
Trade Names [Member]
Useful Life (years)	15 years	15 years
Gross Amount	219,000	219,000
Accumulated Amortization	59,617	47,450
Backlog [Member]
Useful Life (years)	4 years	4 years
Gross Amount	182,000	182,000
Accumulated Amortization	182,000	126,700
Biomedical Technologies [Member]
Useful Life (years)	5 years	5 years
Gross Amount	300,000	300,000
Accumulated Amortization	45,000	0

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Inventories (Details) (USD $)	Jun. 30, 2012	Sep. 30, 2011
Raw Materials	$ 1,991,047	$ 2,149,401
Work-in-Process	550,366	757,709
Finished Goods	609,842	343,429
Inventory, Net	$ 3,151,255	$ 3,250,539

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Debt (Details Textual) (USD $)	9 Months Ended		9 Months Ended
Debt (Details Textual) (USD $)	Jun. 30, 2012	Jun. 07, 2012 Promissory Notes [Member]	Jun. 30, 2012 Note Purchase Agreement [Member]
Contractual Obligation	$ 1,857,546		$ 3,000,000
Long-term Debt, Gross		1,857,546
Debt Instrument, Interest Rate, Stated Percentage		10.00%	10.00%
Minimum Requirement To Raise In Gross Proceeds From Sale Of Capital Stock	2,000,000
Proceeds from Notes Payable			3,000,000
Future Subordinate Debt Redeem Amount	$ 130,434

- Definition

+ References+ Details

- Definition

The cash inflow from a borrowing supported by a written promise to pay an obligation.

+ References+ Details

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Intangible Assets (Details 1) (USD $)	Jun. 30, 2012
2012 (3 Months)	$ 154,110
2013	611,467
2014	611,467
2015	611,467
2016	611,467
Thereafter	3,285,943
Total	5,885,922
Acquired Customer Base [Member]
2012 (3 Months)	117,027
2013	463,134
2014	463,134
2015	463,134
2016	463,134
Thereafter	3,125,291
Total	5,094,855
Know How [Member]
2012 (3 Months)	18,433
2013	73,733
2014	73,733
2015	73,733
2016	73,733
Thereafter	63,317
Total	376,684
Trade Names [Member]
2012 (3 Months)	3,650
2013	14,600
2014	14,600
2015	14,600
2016	14,600
Thereafter	97,333
Total	159,383
Backlog [Member]
2012 (3 Months)	0
2013	0
2014	0
2015	0
2016	0
Thereafter	0
Total	0
Biomedical Technologies [Member]
2012 (3 Months)	15,000
2013	60,000
2014	60,000
2015	60,000
2016	60,000
Thereafter	0
Total	$ 255,000

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Intangible Assets (Details Textual) (USD $)	3 Months Ended		9 Months Ended
Intangible Assets (Details Textual) (USD $)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Amortization of Intangible Assets	$ 162,802	$ 149,205	$ 488,407	$ 447,615

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.

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Inventories

9 Months Ended

Jun. 30, 2012

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

Note 2 - Inventories

Inventories, net of reserves, consisted of the following:

	June 30,		September 30,
	2012		2011
Raw Materials	$	1,991,047	$	2,149,401
Work-in-Process		550,366		757,709
Finished Goods		609,842		343,429
	$	3,151,255	$	3,250,539

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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XML 29 R32.htm IDEA: XBRL DOCUMENT

Earnings Per Common Share (Details)	3 Months Ended		9 Months Ended
Earnings Per Common Share (Details)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Weighted average shares outstanding
Common stock	14,275,293	15,394,811	14,878,360	14,448,875
Effect of dilutive securities Stock Options	0	353,780	0	353,780
Dilutive Average Shares Outstanding	14,275,293	15,748,591	14,878,360	14,802,655

- Definition

The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.

+ References+ Details

- Definition

Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 40

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Number 128

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

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-Name Emerging Issues Task Force (EITF)

-Number 07-4

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Name Statement of Financial Accounting Standard (FAS)

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-Name Accounting Standards Codification

-Glossary Weighted-Average Number of Common Shares Outstanding

-URI http://asc.fasb.org/extlink&oid=6528421

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Segment, Customer and Geographical Reporting (Details Textuals)	3 Months Ended		9 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Entity-Wide Revenue, Major Customer, Percentage	56.00%	78.00%	70.00%	80.00%
Maximum [Member]
Entity-Wide Revenue, Major Customer, Percentage			10.00%	10.00%

XML 31 R2.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2012	Sep. 30, 2011
ASSETS
Cash and cash equivalents	$ 2,986,312	$ 4,479,840
Accounts receivable, net of allowance for doubtful accounts of $141,707 and $182,634 and sales returns allowance of $34,059 and $18,356 for June 30, 2012 and September 30, 2011, respectively.	7,643,129	5,837,139
Inventories, net of reserves	3,151,255	3,250,539
Costs in excess of billings	0	408,240
Deferred tax asset	1,225,446	1,119,800
Prepaid expenses and other current assets	1,151,428	771,564
Total current assets	16,157,570	15,867,122
Property, Plant and Equipment, net	5,020,442	4,860,328
Other Assets
Intangibles, net	5,885,922	6,374,329
Goodwill	13,287,807	13,330,182
Deferred financing costs, net	120,722	150,656
Total other assets	19,294,451	19,855,167
Total Assets	40,472,463	40,582,617
LIABILITIES AND STOCKHOLDERS' EQUITY
Current portion of long-term debt	1,857,143	1,859,728
Obligation to repurchase stock	1,857,546	0
Accounts payable	3,186,198	2,088,395
Accrued expenses and other liabilities	1,977,990	2,298,460
Contingent consideration	141,337	183,713
Total current liabilities	9,020,214	6,430,296
Long-term Liabilities
Long-term debt, net of current portion	7,555,446	8,985,442
Deferred tax liability	811,705	924,837
Total long-term liabilities	8,367,151	9,910,279
Temporary Equity
Redeemable common stock, at redemption value of $2 per share; put option on 0 shares and 1,000,000 issued and outstanding at June 30, 2012 and September 30, 2011, respectively.	0	2,000,000
Stockholders' Equity
Preferred stock, $.001 par value, 15,000,000 shares authorized, 0 shares issued and outstanding at June 30, 2012 and September 30, 2011, respectively, 10% cumulative, convertible.	0	0
Common stock, $0.0005 par value, 40,000,000 shares authorized, 15,628,868 and 15,393,053 shares issued, 14,818,708 and and 14,582,893 shares outstanding at June 30, 2012 and September 30, 2011, respectively.	7,815	7,696
Additional paid in capital	16,911,280	15,896,755
Accumulated other comprehensive income	268,428	297,566
Retained earnings	6,883,917	7,026,367
Stockholders Equity Before Treasury Stock	24,071,440	23,228,384
Less 810,160 and 810,160 shares of treasury stock - at cost at June 30, 2012 and September 30, 2011, respectively	(986,342)	(986,342)
Total stockholders' equity	23,085,098	22,242,042
Total Liabilities and Stockholders' Equity	$ 40,472,463	$ 40,582,617

XML 32 R45.htm IDEA: XBRL DOCUMENT

Separation Costs (Details) (USD $)	3 Months Ended	9 Months Ended
Separation Costs (Details) (USD $)	Jun. 30, 2012	Jun. 30, 2012
Severance Costs	$ 91,180	$ 91,180

- Definition

The charge against earnings in the period for known and estimated costs of termination benefits provided to current employees that are involuntarily terminated under a benefit arrangement associated with exit from or disposal of business activities or restructurings pursuant to a duly authorized plan, excluding costs or losses pertaining to an entity newly acquired in a business combination or a discontinued operation as defined by generally accepted accounting principles and costs associated with one-time termination benefits.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 715

-SubTopic 20

-Section 50

-Paragraph 1

-Subparagraph (a)(10)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Jun. 30, 2012	Jun. 30, 2011
Cash flows from operating activities:
Net income (loss)	$ (142,450)	$ 1,798,073
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock compensation expense	821,586	497,055
Foreign exchange loss	1,621	0
Contingent consideration adjustment	(18,395)	0
Depreciation and amortization	1,085,691	990,743
Noncash interest expense	29,934	29,934
Provision for doubtful accounts and sales returns	52,358	9,976
Inventory reserves	59,353	0
Deferred income taxes	(218,778)	(500,704)
(Increase) decrease in:
Accounts receivable, net	(1,858,509)	537,891
Inventories	37,312	22,459
Costs in excess of billings	408,240	135,157
Prepaid expenses and other current assets	(355,323)	(67,338)
Increase (decrease) in:
Accounts payable	1,072,689	151,238
Accrued expenses and other liabilities	(344,271)	(384,455)
Net cash provided by operating activities	631,058	3,220,029
Cash flows from investing activities:
Purchases of property, plant and equipment	(764,028)	(1,294,343)
Acquisition of Biomedical Technologies	0	(300,000)
Net cash used in investing activities	(764,028)	(1,594,343)
Cash flows from financing activities:
Proceeds from issuance of common stock	50,604	123,489
Repayment of long-term debt	(1,432,581)	(1,395,105)
Preferred stock dividends paid	0	(79,770)
Net cash used in financing activities	(1,381,977)	(1,351,386)
Effect of exchange rates on cash and cash equivalents	21,419	258,131
Net change in cash and cash equivalents	(1,493,528)	532,431
Cash and cash equivalents, beginning	4,479,840	4,111,966
Cash and cash equivalents, ending	$ 2,986,312	$ 4,644,397

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Stock Based Compensation (Details 1) (USD $)	3 Months Ended		9 Months Ended
Stock Based Compensation (Details 1) (USD $)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Stock Grants	$ 43,000	$ 0	$ 152,041	$ 132,251
Restricted Stock Grants	159,552	100,500	465,303	108,125
Option Grants	37,206	21,948	168,675	189,037
Employee Stock Purchase Plan	3,300	0	35,568	0
Total	$ 243,058	$ 122,448	$ 821,586	$ 429,413

- Definition

Value of stock (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of stock value of such awards forfeited. Stock issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.

+ References+ Details

- Definition

The noncash expense that accounts for the value of stock or unit options distributed to employees as compensation.

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Inventories (Tables)

9 Months Ended

Jun. 30, 2012

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

Inventories, net of reserves, consisted of the following:

	June 30,		September 30,
	2012		2011
Raw Materials	$	1,991,047	$	2,149,401
Work-in-Process		550,366		757,709
Finished Goods		609,842		343,429
	$	3,151,255	$	3,250,539

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Stock Based Compensation (Details 2) (USD $)	3 Months Ended		9 Months Ended
Stock Based Compensation (Details 2) (USD $)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Shares, Nonvested at September 30, 2011			403,000	7,500
Shares, Granted			0	423,000
Shares, Vested	6,666	25,000	44,666	27,500
Shares, Cancelled			0	0
Shares, Nonvested at June 30, 2012	358,334	403,000	358,334	403,000
Weighted-Average Grant-Date Fair Value, Nonvested at September 30, 2011			$ 4.02	$ 3.75
Weighted-Average Grant-Date Fair Value, Granted			$ 0	$ 4.02
Weighted-Average Grant-Date Fair Value, Vested			$ 4.00	$ 4.00
Weighted-Average Grant-Date Fair Value, Cancelled			$ 0	$ 0
Weighted-Average Grant-Date Fair Value, Nonvested at June 30, 2012	$ 4.02	$ 4.02	$ 4.02	$ 4.02

- Definition

The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).

+ References+ Details

- Definition

The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date.

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- Definition

The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units.

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- Definition

The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement.

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Earnings Per Common Share (Tables)

9 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares [Table Text Block]

The computation of the weighted shares outstanding for the three months ended June 30 is as follows:

	Three Months Ended
	June 30,
	2012		2011
Weighted average shares outstanding
Common stock		14,275,293		15,394,811
Effect of dilutive securities Stock Options		-0-		353,780
Dilutive Average Shares Outstanding		14,275,293		15,748,591

The computation of the weighted shares outstanding for the nine months ended June 30 is as follows:

	Nine Months Ended
	June 30,
	2012		2011
Weighted average shares outstanding
Common stock		14,878,360		14,448,875
Effect of dilutive securities Stock Options		-0-		353,780
Dilutive Average Shares Outstanding		14,878,360		14,802,655

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Basis of Presentation

9 Months Ended

Jun. 30, 2012

Accounting Policies [Abstract]

Business Description and Basis of Presentation [Text Block]

Note 1 - Basis of Presentation and Liquidity

XML 40 R3.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)	Jun. 30, 2012	Sep. 30, 2011
Allowance for doubtful accounts (in dollars)	$ 141,707	$ 182,634
Allowance for sales returns (in dollars)	$ 34,059	$ 18,356
Temporary equity, redemption value (in dollars per share)	$ 2	$ 2
Temporary equity, shares issued	1,000,000	1,000,000
Temporary equity, shares outstanding	1,000,000	1,000,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	15,000,000	15,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Preferred stock cumulative dividends rate	10.00%	10.00%
Common stock, par value (in dollars per share)	$ 0.0005	$ 0.0005
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	15,628,868	15,393,053
Common stock, shares outstanding	14,818,708	14,582,893
Treasury stock, shares (in shares)	810,160	810,160

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Obligation to Repurchase Stock

9 Months Ended

Jun. 30, 2012

Banking and Thrift [Abstract]

Schedule of Repurchase Agreements [Table Text Block]

Note 11 – Obligation to Repurchase Stock

- Definition

The entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions.

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DOCUMENT AND ENTITY INFORMATION	9 Months Ended
DOCUMENT AND ENTITY INFORMATION	Jun. 30, 2012	Aug. 08, 2012
Entity Registrant Name	DYNASIL CORP OF AMERICA
Entity Central Index Key	0000030831
Current Fiscal Year End Date	--09-30
Entity Filer Category	Smaller Reporting Company
Trading Symbol	dysl
Entity Common Stock, Shares Outstanding		14,789,152
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2012
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2012

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Financial Instruments

9 Months Ended

Jun. 30, 2012

Investments, All Other Investments [Abstract]

Financial Instruments Disclosure [Text Block]

Note 12 – Financial Instruments

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 9 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Net revenue $ 12,415,772 $ 12,153,175 $ 37,279,808 $ 35,896,030

Cost of revenue 7,259,466 7,012,611 21,733,906 21,136,257

Gross profit 5,156,306 5,140,564 15,545,902 14,759,773

Selling, general and administrative expenses 5,180,292 4,911,288 15,679,544 12,978,126

Income (loss) from operations (23,986) 229,276 (133,642) 1,781,647

Interest expense, net 140,246 148,563 375,855 461,916

Income (loss) before income tax benefit (164,232) 80,713 (509,497) 1,319,731

Income tax benefit (116,102) (946,165) (367,047) (478,342)

Net income (loss) (48,130) 1,026,878 (142,450) 1,798,073

Net income (loss) (48,130) 1,026,878 (142,450) 1,798,073

Other comprehensive income (loss):

Foreign currency translation 31,222 47,118 (29,138) 185,712

Total comprehensive income (loss) (16,908) 1,073,996 (171,588) 1,983,785

Net income (loss) (48,130) 1,026,878 (142,450) 1,798,073

Dividends on preferred stock 0 0 0 116,646

Net income (loss) attributable to common stockholders (48,130) 1,026,878 (142,450) 1,681,427

Dividend add back due to preferred stock conversion 0 0 0 116,646

Net income (loss) for diluted income per common share $ (48,130) $ 1,026,878 $ (142,450) $ 1,798,073

Basic net income (loss) per common share (in dollars per share) $ 0.00 $ 0.07 $ (0.01) $ 0.12

Diluted net income (loss) per common share (in dollars per share) $ 0.00 $ 0.07 $ (0.01) $ 0.12

Weighted average shares outstanding

Basic (in shares) 14,275,293 15,394,811 14,878,360 14,448,875

Diluted (in shares) 14,275,293 15,748,591 14,878,360 14,802,655

XML 46 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6

Earnings Per Common Share
9 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]
Note 6 – Earnings (Loss) Per Common Share

Basic earnings (loss) per common share is computed by dividing the net income applicable or loss attributable to common shares after preferred dividends paid, if applicable, by the weighted average number of common shares outstanding during each period. Diluted earnings per common share adjusts basic earnings per share for the effects of common stock options, common stock warrants, convertible preferred stock and other potential dilutive common shares outstanding during the periods.

For purposes of computing diluted earnings per share, 353,780 common share equivalents related to stock options were assumed to be outstanding for the three and nine months ended June 30, 2011. For the three and nine months ended June 30, 2012, the Company excluded no shares of potential common stock related to stock options from the calculation of dilutive shares since there was a loss from continuing operations and the inclusion of potential shares would be anti-dilutive. In addition, as of June 30, 2012 and 2011, common stock options for 1,059,584 and 1,104,406 shares, respectively, with exercise prices above current quarterly average market price per share have been excluded from the calculation of earnings per share since their effect is anti-dilutive.

The computation of the weighted shares outstanding for the three months ended June 30 is as follows:

Three Months Ended

June 30,

2012 2011

Weighted average shares outstanding

Common stock 14,275,293 15,394,811

Effect of dilutive securities Stock Options -0- 353,780

Dilutive Average Shares Outstanding 14,275,293 15,748,591

The computation of the weighted shares outstanding for the nine months ended June 30 is as follows:

Nine Months Ended

June 30,

2012 2011

Weighted average shares outstanding

Common stock 14,878,360 14,448,875

Effect of dilutive securities Stock Options -0- 353,780

Dilutive Average Shares Outstanding 14,878,360 14,802,655

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Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

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The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

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-Paragraph 1

-Subparagraph (a)

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Goodwill
9 Months Ended

Jun. 30, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill Disclosure [Text Block]
Note 5 – Goodwill

Goodwill is subject to an annual impairment test. We consider many factors which may indicate the requirement to perform additional, interim impairment tests. These include:

· A significant adverse long term outlook for any of our industries;

· An adverse finding or rejection from a regulatory body involved in new product regulatory approvals;

· Failure of an anticipated commercialization product line;

· Unanticipated competition or a disruptive technology introduction;

· The testing for recoverability under the Impairment or Disposal of Long-Lived Assets Subsections of Subtopic 360-10 of a significant asset group within a reporting unit;

· A loss of key personnel; and

· An expectation that a reporting unit carrying goodwill, or a significant portion of a reporting unit, will be sold or otherwise disposed of.

There were no changes, aside from foreign exchange rate fluctuations, in the carrying value of goodwill during the nine months ended June 30, 2012.

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Intangible Assets (Tables)
9 Months Ended

Jun. 30, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule Of Finite Lived Intangible Assets [Table Text Block]
Intangible assets at June 30, 2012 and September 30, 2011 consist of the following:

Useful Gross Accumulated

June 30, 2012 Life (years) Amount Amortization

Acquired Customer Base 5-15 $ 7,063,962 $ 1,969,107

Know How 15 513,217 136,533

Trade Names 15 219,000 59,617

Backlog 4 182,000 182,000

Biomedical Technologies 5 300,000 45,000

$ 8,278,179 $ 2,392,257

Useful Gross Accumulated

September 30, 2011 Life (years) Amount Amortization

Acquired Customer Base 5-15 $ 7,063,962 $ 1,617,550

Know How 15 513,217 112,150

Trade Names 15 219,000 47,450

Backlog 4 182,000 126,700

Biomedical Technologies 5 300,000 -0-

$ 8,278,179 $ 1,903,850

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]
Estimated amortization expense for each of the next five fiscal years is as follows:

2012 (3 Months) 2013 2014 2015 2016 Thereafter Total

Acquired Customer Base $ 117,027 $ 463,134 $ 463,134 $ 463,134 $ 463,134 $ 3,125,291 $ 5,094,855

Know How 18,433 73,733 73,733 73,733 73,733 63,319 376,684

Trade Names 3,650 14,600 14,600 14,600 14,600 97,333 159,383

Backlog -0- -0- -0- -0- -0- -0- -0-

Biomedical Technologies 15,000 60,000 60,000 60,000 60,000 -0- 255,000

$ 154,110 $ 611,467 $ 611,467 $ 611,467 $ 611,467 $ 3,285,943 $ 5,885,922

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 30

-Section 50

-Paragraph 2

-Subparagraph (a)

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Debt
9 Months Ended

Jun. 30, 2012

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]
Note 13 – Debt

On June 7, 2012, the Company issued the Entine entities three separate promissory notes (the “Entine Promissory Notes”) for $1,857,546 which satisfied the put obligation. The Entine Promissory Notes had a three-year term with an interest rate of 10% per annum. On August 1, 2012, the Company used the proceeds from the Note Purchase Agreement with MCRC (see below) to repay the Entine Promissory Notes in full.

On June 29, 2012, the Company entered into Amendment No. 3 to the Original Loan Agreement with Sovereign Bank. Under the Amendment, the Company agreed with Sovereign that the Company would raise, on or before September 30, 2012, at least $2,000,000 in gross proceeds from the sale of its capital stock and/or the incurrence of new indebtedness which is subordinated to the indebtedness in favor of Sovereign, on terms and conditions acceptable to Sovereign in its sole discretion (the “Required Capital Raise”). The Amendment also required the proceeds of the Required Capital Raise be first used to repay all amounts outstanding under the Entine Promissory Notes by September 30, 2012. The Company will use the remaining proceeds for general working capital needs. Therefore, the full amount of the Entine Promissory Notes is classified as a short-term liability.

On July 31, 2012, the Company entered into a Note Purchase Agreement (the “Agreement”) with MCRC. Pursuant to the terms of the Agreement, the Company issued and sold to the Purchaser a $3,000,000 subordinated note (the “Subordinated Note”) for a purchase price of $3,000,000.

The Subordinated Note matures on July 31, 2017, unless accelerated pursuant to an event of default, as described below. The Subordinated Note bears interest at the rate of ten percent (10%) per annum, with interest to be payable monthly on the last day of each calendar month in each year, the first such payment to be due and payable on August 31, 2012. Under the terms of the Agreement, beginning on and with September 30, 2015, and on the last day of each calendar month thereafter through and including July 31, 2017, the Company will redeem, without premium, $130,434 in principal amount of the Subordinated Note together with all accrued and unpaid interest then due on the amount redeemed.

The Company has used a portion of the proceeds from the sale of the Subordinated Note to repay the Entine Promissory Notes in the aggregate principal amount of $1,857,546 and has agreed to use the balance of the proceeds for working capital.

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Business Acquisition - Dynasil Biomedical
9 Months Ended

Jun. 30, 2012

Business Combinations [Abstract]

Mergers, Acquisitions and Dispositions Disclosures [Text Block]
Note 9 – Business Acquisition – Dynasil Biomedical

On April 14, 2011, Dynasil announced the incorporation of Dynasil Biomedical Corp. as a new business unit to pursue opportunities in the medical field. Through a purchase of assets, Dynasil Biomedical completed the purchase of specific rights to six biomedical technologies invented or co-invented by Dr. Daniel Ericson for $300,000 in cash. Dr. Ericson has joined Dynasil Biomedical as Scientific Lead for research and development. The asset purchase had no impact on the comparative unaudited financial information as reported.

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Stock Based Compensation
9 Months Ended

Jun. 30, 2012

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
Note 7 - Stock Based Compensation

The fair value of the stock options granted is estimated at the date of grant using the Black-Scholes option pricing model. The weighted average assumptions for grants during the nine months ended June 30, 2012 and 2011 used in the Black-Scholes option pricing model were as follows:

Nine Months Ended Nine Months Ended

June 30, 2012 June 30, 2011

Expected term in years 5 years 3 years

Risk-free interest rate 2.64 % 3.95 %

Expected volatility 93.62 % 85.21 %

Expected dividend yield 0.00 % 0.00 %

The expected volatility was determined with reference to the historical volatility of the Company's stock. The Company uses historical data to estimate option exercise and employee termination within the valuation model. The expected term of options granted represents the period of time that the options granted are expected to be outstanding. This estimate was increased form three to five years in 2012. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury rate in effect at the time of grant. The dividend yield is expected to be 0.00% because historically the Company has not paid dividends on common stock.

During the three months ended June 30, 2012, no stock options were granted or exercised. During the three months ended June 30, 2012, 121,980 options were cancelled or expired with a weighted average exercise price of $1.76.

During the three months ended June 30, 2012 and 2011, 6,666 and 25,000 shares of restricted stock vested with the value of $26,131 and $100,500, respectively. During the nine months ended June 30, 2012 and 2011, 44,666 and 25,000 shares of restricted stock vested with the value of $178,636 and $100,500, respectively.

Stock Compensation Expense for the three months ended June 30, 2012 and 2011 is as follows:

Three Months Ended Three Months Ended

Stock Compensation Expense June 30, 2012 June 30, 2011

Stock Grants 43,000 -0-

Restricted Stock Grants 159,552 100,500

Option Grants 37,206 21,948

Employee Stock Purchase Plan 3,300 -0-

Total $ 243,058 $ 122,448

During the nine months ended June 30, 2012, 43,960 stock options were granted at an exercise price of $3.03 per share. These options were granted as Directors’ Compensation for the twelve months ending January 31, 2013, were fully exercisable when granted and expire five years from the grant date. During the nine months ended June 30, 2012, 138,373 options were exercised at an exercise price of $1.58 per share in a cashless exercise, resulting in 41,205 common shares issued. During the nine months ended June 30, 2012, 151,980 stock options were cancelled with an weighted average exercise price of $2.83.

Stock Compensation Expense for the nine months ended June 30, 2012 and 2011 is as follows:

Nine Months Ended Nine Months Ended

Stock Compensation Expense June 30, 2012 June 30, 2011

Stock Grants 152,041 189,892

Restricted Stock Grants 465,303 108,125

Option Grants 168,675 199,038

Employee Stock Purchase Plan 35,568 -0-

Total $ 821,586 $ 497,055

At June 30, 2012, there was $1,252,861 in unrecognized stock compensation expense based on unvested options and unvested restricted stock. At June 30, 2011, there was $1,725,677 in unrecognized stock compensation expense based on unvested options and unvested restricted stock.

A summary of restricted stock activity for the nine months ended June 30, 2012 and 2011 is presented below:

Restricted Stock Activity for the Nine
Months ended June 30, 2012 Shares Weighted-Average
Grant-Date Fair Value

Nonvested at September 30, 2011 403,000 $ 4.02

Granted -0- -0-

Vested 44,666 $ 4.00

Cancelled -0- -0-

Nonvested at June 30, 2012 358,334 $ 4.02

Restricted Stock Activity for the Nine
Months ended June 30, 2011 Shares Weighted-Average
Grant-Date Fair Value

Nonvested at September 30, 2010 7,500 $ 3.75

Granted 423,000 $ 4.02

Vested 27,500 $ 4.00

Cancelled -0- -0-

Nonvested at June 30, 2012 403,000 $ 4.02

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Segment, Customer and Geographical Reporting
9 Months Ended

Jun. 30, 2012

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]
Note 8 – Segment, Customer and Geographical Reporting

Segment Financial Information

Dynasil’s business is comprised of two segments: products and technology (“Products and Technology”) and contract research (“Contract Research”). Within these segments, there is a segregation of reportable units based upon the organizational structure used to evaluate performance and make decisions on resource allocation, as well as availability and materiality of separate financial results consistent with that structure. The Products and Technology segment manufactures optical materials, components, coatings and specialized instruments used in various applications in the medical, industrial, and homeland security/defense sectors. The Company’s most recent new business venture, Dynasil Biomedical Corp. (“Dynasil Biomedical”) is reported within this segment. It has been determined that this new business venture will primarily pursue product commercialization of technologies and technology licensing opportunities, though there can be no assurances that any of these opportunities will become successfully commercialized. Dynasil’s Contract Research segment is one of the largest small business participants in U.S. government-funded research.

The Company’s segment information for the three months ended June 30, 2012 and 2011 is summarized below:

Three Months Ended

June 30,

Segment 2012 2011

Contract Research

Revenue $ 6,552,211 $ 6,273,104

Income from Operations (28,435 ) 134,132

Income as a percent of revenue -0.4 % 2.1 %

Products and Technology

Revenue $ 5,863,561 $ 5,880,071

Income (loss) from Operations 4,449 95,144

Income (loss) as a percent of revenue 0.1 % 1.6 %

Total

Revenue $ 12,415,772 $ 12,153,175

Income (loss) from Operations (23,986 ) 229,276

Income (loss) as a percent of revenue -0.2 % 1.9 %

The Company’s segment information for the nine months ended June 30, 2012 and 2011 is summarized below:

Nine Months Ended

June 30,

Segment 2012 2011

Contract Research

Revenue $ 19,716,645 $ 18,729,027

Income from Operations 418,949 561,240

Income as a percent of revenue 2.1 % 3.0 %

Products and Technology

Revenue $ 17,563,163 $ 17,167,003

Income (loss) from Operations (552,591 ) 1,220,407

Income (loss) as a percent of revenue -3.1 % 7.1 %

Total

Revenue $ 37,279,808 $ 35,896,030

Income (loss) from Operations (133,642 ) $ 1,781,647

Income (loss) as a percent of revenue -0.4 % 5.0 %

Customer Financial Information

For the three and nine months ended June 30, 2012 and 2011, the top three customers for the Contract Research segment were various agencies of the U.S. Government. For the three months ended June 30, 2012 and 2011, these customers made up 56% and 78%, respectively, of Contract Research revenue. For the nine months ended June 30, 2012 and 2011, these customers made up 70% and 80%, respectively, of Contract Research revenue.

For the Products and Technology segment, there was no customer whose revenue represented more than 10% of the total segment revenue for the three months or the nine months ended June 30, 2012 and 2011.

Geographic Financial Information

Revenue by geographic location in total and as a percentage of total revenue, for the three months ended June 30, 2012 and 2011 are as follows:

Three Months Ended Three Months Ended

June 30, 2012 June 30, 2011

Geographic Location Revenue % of Total Revenue % of Total

United States 10,464,672 84.3 % $ 10,022,392 82.5 %

Europe 981,147 7.9 % 1,288,494 10.6 %

Other 969,954 7.8 % 842,289 6.9 %

$ 12,415,772 100.0 % $ 12,153,175 100.0 %

Revenue by geographic location in total and as a percentage of total revenue, for the nine months ended June 30, 2012 and 2011 are as follows:

Nine Months Ended Nine Months Ended

June 30, 2012 June 30, 2011

Geographic Location Revenue % of Total Revenue % of Total

United States 30,947,319 83.0 % $ 29,580,144 82.4 %

Europe 3,476,479 9.3 % 3,917,052 10.9 %

Other 2,856,011 7.7 % 2,398,834 6.7 %

$ 37,279,808 100.0 % $ 35,896,030 100.0 %

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Income Taxes
9 Months Ended

Jun. 30, 2012

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]
Note 10 - Income Taxes

Dynasil Corporation of America and its wholly-owned subsidiaries file a consolidated federal income tax return.

The Company uses the asset and liability approach to account for income taxes. Under this approach, deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and net operating loss and tax credit carryforwards. The amount of deferred taxes on these temporary differences is determined using the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, as applicable, based on tax rates, and tax laws, in the respective tax jurisdiction then in effect. Valuation allowances are provided if it is more likely than not that some or all of the deferred tax assets will not be realized. The provision for income taxes includes taxes currently payable, if any, plus the net change during the year in deferred tax assets and liabilities recorded by the Company.

The Company applies the authoritative provisions related to accounting for uncertainty in income taxes. As required by these provisions, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company has applied these provisions to all tax positions for which the statute of limitations remained open. There was no impact on the Company’s unaudited consolidated financial position, results of operations, or cash flows as of June 30, 2012 and 2011. As of June 30, 2012 and 2011, the Company had no unrecognized tax benefits. The Company’s practice is to recognize interest and/or penalties related to income tax matters in interest and income tax expense. The Company currently has no federal or state tax examinations in progress.

The Company has Research and Experimentation tax credits available at both the state and local levels designed to encourage and reward companies for efforts in the areas of research and experimentation. As of June 30, 2012, the Company has federal and state tax credit carryovers totaling approximately $1,300,000, expiring through 2031. The Company’s income tax provision includes a tax benefit of an estimated $178,000 and $331,000 for Research and Experimentation credits attributable to the three and nine months ended June 30, 2012, respectively.

The Company has approximately $490,000 in net operating loss carryforwards to offset certain future state income taxes expiring through 2026.

The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. The Company’s tax filings for federal and state jurisdictions for the tax years from 2009 to 2011 are still subject to examination.

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Stock Based Compensation (Details)
9 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Expected term in years 5 years 3 years

Risk-free interest rate 2.64% 3.95%

Expected volatility 93.62% 85.21%

Expected dividend yield 0.00% 0.00%

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Subsequent Events
9 Months Ended

Jun. 30, 2012

Subsequent Events [Abstract]

Subsequent Events [Text Block]
Note 15 – Subsequent Events

On July 31, 2012, the Company received $3 million in subordinated financing as part of a Note Purchase Agreement signed with Massachusetts Capital Resource Company (MCRC). See the Liquidity Section of Item 2: Management’s Discussion and Analysis for further details.

On August 1, 2012, the Company satisfied three promissory notes, each dated as of June 7, 2012, issued by the Company in favor of certain entities affiliated with Dr. Gerald Entine (together, “Entine”) in the aggregate principal amount of $1,857,546. The Company incurred the Entine indebtedness in satisfaction of its obligation to repurchase certain shares of Dynasil common stock from Entine pursuant to a put right exercised by Dr. Entine on February 12, 2012. The Entine Promissory Notes were satisfied on August 1, 2012.

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Segment, Customer and Geographical Reporting (Tables)
9 Months Ended

Jun. 30, 2012

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]
The Company’s segment information for the three months ended June 30, 2012 and 2011 is summarized below:

Three Months Ended

June 30,

Segment 2012 2011

Contract Research

Revenue $ 6,552,211 $ 6,273,104

Income from Operations (28,435 ) 134,132

Income as a percent of revenue -0.4 % 2.1 %

Products and Technology

Revenue $ 5,863,561 $ 5,880,071

Income (loss) from Operations 4,449 95,144

Income (loss) as a percent of revenue 0.1 % 1.6 %

Total

Revenue $ 12,415,772 $ 12,153,175

Income (loss) from Operations (23,986 ) 229,276

Income (loss) as a percent of revenue -0.2 % 1.9 %

The Company’s segment information for the nine months ended June 30, 2012 and 2011 is summarized below:

Nine Months Ended

June 30,

Segment 2012 2011

Contract Research

Revenue $ 19,716,645 $ 18,729,027

Income from Operations 418,949 561,240

Income as a percent of revenue 2.1 % 3.0 %

Products and Technology

Revenue $ 17,563,163 $ 17,167,003

Income (loss) from Operations (552,591 ) 1,220,407

Income (loss) as a percent of revenue -3.1 % 7.1 %

Total

Revenue $ 37,279,808 $ 35,896,030

Income (loss) from Operations (133,642 ) $ 1,781,647

Income (loss) as a percent of revenue -0.4 % 5.0 %

Schedule Of Segment Revenue By Geographical Location [Table Text Block]
Revenue by geographic location in total and as a percentage of total revenue, for the three months ended June 30, 2012 and 2011 are as follows:

Three Months Ended Three Months Ended

June 30, 2012 June 30, 2011

Geographic Location Revenue % of Total Revenue % of Total

United States 10,464,672 84.3 % $ 10,022,392 82.5 %

Europe 981,147 7.9 % 1,288,494 10.6 %

Other 969,954 7.8 % 842,289 6.9 %

$ 12,415,772 100.0 % $ 12,153,175 100.0 %

Revenue by geographic location in total and as a percentage of total revenue, for the nine months ended June 30, 2012 and 2011 are as follows:

Nine Months Ended Nine Months Ended

June 30, 2012 June 30, 2011

Geographic Location Revenue % of Total Revenue % of Total

United States 30,947,319 83.0 % $ 29,580,144 82.4 %

Europe 3,476,479 9.3 % 3,917,052 10.9 %

Other 2,856,011 7.7 % 2,398,834 6.7 %

$ 37,279,808 100.0 % $ 35,896,030 100.0 %

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Business Acquisition - Dynasil Biomedical (Details Textual) (USD $)
1 Months Ended

Apr. 30, 2011

Payments To Acquire Biomedical Technological Rights $ 300,000

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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $)

Preferred Stock [Member]

Common Stock [Member]

Additional Paid-In Capital [Member]

Accumulated Other Comprehensive Income [Member]

Retained Earnings [Member]

Treasury Stock [Member]

Total

Balance at Sep. 30, 2011 $ 0 $ 7,696 $ 15,896,755 $ 297,566 $ 7,026,367 $ (986,342) $ 22,242,042

Balance (in shares) at Sep. 30, 2011 0 15,393,053 (810,160)

Issuance of shares of common stock under employee stock purchase plan 0 19 50,585 0 0 0 50,604

Issuance of shares of common stock under employee stock purchase plan (in shares) 0 38,235 0

Stock-based compensation costs 0 43 821,543 0 0 0 821,586

Stock-based compensation costs (in shares) 0 85,148 0

Exercise of options by director to purchase common stock 0 21 (21) 0 0 0 0

Exercise of options by director to purchase common stock (in shares) 0 41,205 0 138,373

Expiration of put shares 0 36 142,418 0 0 0 142,454

Expiration of put shares (in shares) 71,227

Foreign currency translation adjustment 0 0 0 (29,138) 0 0 (29,138)

Net loss 0 0 0 0 (142,450) 0 (142,450)

Balance at Jun. 30, 2012 $ 0 $ 7,815 $ 16,911,280 $ 268,428 $ 6,883,917 $ (986,342) $ 23,085,098

Balance (in shares) at Jun. 30, 2012 0 15,628,868 (810,160)

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Intangible assets at June 30, 2012 and September 30, 2011 consist of the following:

Useful Gross Accumulated

June 30, 2012 Life (years) Amount Amortization

Acquired Customer Base 5-15 $ 7,063,962 $ 1,969,107

Know How 15 513,217 136,533

Trade Names 15 219,000 59,617

Backlog 4 182,000 182,000

Biomedical Technologies 5 300,000 45,000

$ 8,278,179 $ 2,392,257

Useful Gross Accumulated

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Know How 15 513,217 112,150

Trade Names 15 219,000 47,450

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2012 (3 Months) 2013 2014 2015 2016 Thereafter Total

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Jun. 30, 2012

Sep. 30, 2011

Jun. 30, 2012

Note Purchase Agreement [Member]

Jun. 30, 2012

Promissory Notes [Member]

Jun. 07, 2012

Promissory Notes [Member]

Bank Loans $ 8,028,688

Long-term Debt, Gross 1,857,546

Debt Instrument, Interest Rate, Stated Percentage 10.00% 10.00%

Minimum Requirement To Raise In Gross Proceeds From Sale Of Capital Stock 2,000,000

Contractual Obligation 1,857,546 3,000,000

Contractual Term 5 years

Proceeds from Notes Payable 3,000,000

Repayments of Notes Payable 1,857,546

Working Capital Amount 1,100,000

Days Sales Outstanding Improved Number Of Days 4 days

Days Sales Outstanding Average Number Of Days 57 days

Increase Decrease In Selling General And Administrative Costs 350,951

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Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

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Income from Operations (23,986) 229,276 (133,642) 1,781,647

Income as a percent of revenue (0.20%) 1.90% (0.40%) 5.00%

Contract Researsch [Member]

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Income from Operations (28,435) 134,132 418,949 561,240

Income as a percent of revenue (0.40%) 2.10% 2.10% 3.00%

Products and Technology [Member]

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Separation Costs
9 Months Ended

Jun. 30, 2012

Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]

Schedule Of Director Compensation [Text Block]
Note 14 – Separation Costs

On June 27, 2012, the Company’s Chief Executive Officer and President resigned, effective July 6, 2012. As a result, $91,180 in separation costs were recorded in the three and nine months ended June 30, 2012.

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Stock Based Compensation (Details)	Jun. 30, 2012	Jun. 30, 2011
Expected term in years	5 years	3 years
Risk-free interest rate	2.64%	3.95%
Expected volatility	93.62%	85.21%
Expected dividend yield	0.00%	0.00%

Business Acquisition - Dynasil Biomedical (Details Textual) (USD $)	1 Months Ended
	Apr. 30, 2011
Payments To Acquire Biomedical Technological Rights	$ 300,000

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balance at Sep. 30, 2011	$ 0	$ 7,696	$ 15,896,755	$ 297,566	$ 7,026,367	$ (986,342)	$ 22,242,042
Balance (in shares) at Sep. 30, 2011	0	15,393,053				(810,160)
Issuance of shares of common stock under employee stock purchase plan	0	19	50,585	0	0	0	50,604
Issuance of shares of common stock under employee stock purchase plan (in shares)	0	38,235				0
Stock-based compensation costs	0	43	821,543	0	0	0	821,586
Stock-based compensation costs (in shares)	0	85,148				0
Exercise of options by director to purchase common stock	0	21	(21)	0	0	0	0
Exercise of options by director to purchase common stock (in shares)	0	41,205				0	138,373
Expiration of put shares	0	36	142,418	0	0	0	142,454
Expiration of put shares (in shares)		71,227
Foreign currency translation adjustment	0	0	0	(29,138)	0	0	(29,138)
Net loss	0	0	0	0	(142,450)	0	(142,450)
Balance at Jun. 30, 2012	$ 0	$ 7,815	$ 16,911,280	$ 268,428	$ 6,883,917	$ (986,342)	$ 23,085,098
Balance (in shares) at Jun. 30, 2012	0	15,628,868				(810,160)