0000087802-12-000004.txt : 20120214 0000087802-12-000004.hdr.sgml : 20120214 20120214135923 ACCESSION NUMBER: 0000087802-12-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120214 DATE AS OF CHANGE: 20120214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCIENTIFIC INDUSTRIES INC CENTRAL INDEX KEY: 0000087802 STANDARD INDUSTRIAL CLASSIFICATION: LABORATORY ANALYTICAL INSTRUMENTS [3826] IRS NUMBER: 042217279 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-06658 FILM NUMBER: 12607503 BUSINESS ADDRESS: STREET 1: 70 ORVILLE DR STREET 2: AIRPORT INTERNATIONAL PLZ CITY: BOHEMIA STATE: NY ZIP: 11716 BUSINESS PHONE: 6315674700 MAIL ADDRESS: STREET 1: 70 ORVILLE DR CITY: BOHEMIA STATE: NY ZIP: 11716 10-Q 1 qdec11.txt FORM 10-Q FOR DECEMBER 31, 2011 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) X QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For quarterly period ended December 31, 2011 TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_____________to_____________ Commission File Number: 0-6658 SCIENTIFIC INDUSTRIES, INC. _______________________________________________________________ (Exact name of registrant as specified in its charter) Delaware 04-2217279 ____________________________ _________________________________ (State or other jurisdiction (IRS Employer Identification No.) of incorporation or organization) 70 Orville Drive, Bohemia, New York 11716 ________________________________________ __________ (Address of principal executive offices) (Zip Code) (631)567-4700 ____________________________________________________ (Registrant's telephone number, including area code) Not Applicable _____________________________________________________________________ (Former name, former address and former fiscal year, if changed since last report) Indicate by check whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), other than Form 8-K Reports, and (2) has been subject to such filing requirements for the past 90 days. Yes X No ,except for a Form 8-K Report related to a recent acquisition. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of Alarge accelerated filer,@ "Accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. Large accelerated filer____________ Accelerated Filer____________ Non-accelerated filer______________ Smaller reporting company X (Do not check if a smaller reporting company) Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes X No _______ _______ The number of shares outstanding of the issuer's common stock par value, $0.05 per share, as of February 6, 2012 was 1,335,712 shares. TABLE OF CONTENTS PART I B FINANCIAL INFORMATION ITEM 1 CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED): Page ____ Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Cash Flows 3 Notes to Condensed Consolidated Financial Statements 4 ITEM 2 MANAGEMENT=S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS 13 ITEM 4 CONTROLS AND PROCEDURES 16 PART II - OTHER INFORMATION ITEM 6 EXHIBITS AND REPORTS ON FORM 8-K 16 SIGNATURE 17 PART I-FINANCIAL INFORMATION Item 1. Financial Statements SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS ASSETS December 31, June 30, 2011 2011 ____________ __________ Current Assets: (Unaudited) ____________ __________ Cash and cash equivalents $ 763,500 $ 907,800 Investment securities 700,900 693,400 Trade accounts receivable, net 660,100 620,000 Inventories 1,955,400 1,639,800 Prepaid expenses and other current assets 177,700 197,700 Deferred taxes 78,000 77,700 __________ __________ Total current assets 4,335,600 4,136,400 Property and equipment at cost, net 199,000 175,100 Intangible assets, net 928,600 112,300 Goodwill 589,900 447,900 Other assets 25,700 25,700 Deferred taxes 112,900 115,800 __________ __________ Total assets $6,191,700 $5,013,200 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $ 241,000 $ 128,100 Customer advances 326,900 - Loan payable, bank 60,000 - Notes payable, current 74,600 - Accrued expenses and taxes 261,100 284,300 __________ _________ Total current liabilities 963,600 412,400 Contingent consideration payable 128,000 - Notes payable, long-term 143,200 - __________ _________ Total liabilities 1,234,800 412,400 __________ _________ Shareholders' equity: Common stock, $.05 par value; authorized 7,000,000 shares; 1,355,514 and 1,216,379 issued and outstanding at December 31, 2011 and June 30, 2011 67,800 60,800 Additional paid-in capital 1,962,100 1,558,500 Accumulated other comprehensive loss ( 20,100) ( 21,500) Retained earnings 2,999,500 3,055,400 ___________ __________ 5,009,300 4,653,200 Less common stock held in treasury, at cost, 19,802 shares 52,400 52,400 ___________ __________ Total shareholders' equity 4,956,900 4,600,800 Total liabilities and ___________ __________ Shareholders= equity $6,191,700 $5,013,200 =========== ========== See notes to unaudited condensed consolidated financial statements 1 SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Month For the Six Month Periods Ended Periods Ended December 31, December 31, _____________________ ______________________ 2011 2010 2011 2010 __________ __________ __________ __________ Net sales $1,197,600 $2,031,500 $2,738,500 $3,286,900 Cost of goods sold 707,200 1,162,200 1,644,200 1,909,000 __________ __________ __________ __________ Gross profit 490,400 869,300 1,094,300 1,377,900 __________ __________ __________ __________ Operating Expenses: General & administrative 335,100 310,300 626,100 597,000 Selling 160,100 202,900 349,000 343,300 Research & development 78,700 89,900 125,500 177,400 __________ __________ __________ __________ 573,900 603,100 1,100,600 1,117,700 __________ __________ __________ __________ Income (loss) from operations ( 83,500) 266,200 ( 6,300) 260,200 Interest & other income, net 5,000 6,400 11,800 15,600 __________ __________ __________ __________ Income (loss) before income taxes ( 78,500) 272,600 5,500 275,800 __________ __________ __________ __________ Income tax expense (benefit): Current ( 21,800) 87,300 ( 500) 93,900 Deferred ( 1,400) ( 4,300) 2,000 ( 9,900) __________ __________ __________ __________ ( 23,200) 83,000 1,500 84,000 __________ __________ __________ __________ Net income (loss) ($ 55,300) $ 189,600 $ 4,000 $ 191,800 ========== ========== ========== ========== Basic earnings (loss) per common share $ (.04) $ .16 $ - $ .16 Diluted earnings (loss) per common share $ (.04) $ .16 $ - $ .16 Cash dividends declared per common share $ - $ - $ .05 $ .09 See notes to unaudited condensed consolidated financial statements 2 SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Six Month Periods Ended December 31, 2011 December 31, 2010 _________________ _________________ Operating activities Net income $ 4,000 $ 191,800 _________ __________ Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 99,300 95,600 Deferred income tax (benefit) 2,000 ( 9,900) Stock-based compensation 1,000 4,900 Changes in operating assets and liabilities: Accounts receivable ( 40,100) 614,400 Inventories ( 315,600) ( 105,300) Prepaid expenses and other current assets 20,000 12,500 Accounts payable 112,900 ( 113,300) Customer advances 326,900 190,000 Accrued expenses and taxes ( 23,200) ( 12,400) __________ __________ Total adjustments 183,200 676,500 __________ __________ Net cash provided by operating activities 187,200 868,300 __________ __________ Investing activities: Additional consideration for acquisition of Altamira Instruments, Inc. - ( 139,900) Intangible assets acquired in acquisition (Note 3) ( 260,000) - Purchase of investment securities, available-for-sale ( 5,500) ( 6,700) Capital expenditures ( 61,900) ( 54,900) Purchase of intangible assets, other ( 1,600) ( 8,600) ___________ __________ Net cash used in investing activities ( 329,000) ( 210,100) ___________ __________ Financing activities: Line of credit proceeds 60,000 - Proceeds from exercise of stock options 9,600 - Cash dividend declared and paid ( 59,900) ( 107,700) Principal payments on note payable ( 12,200) - ___________ __________ Net cash used in financing activities ( 2,500) ( 107,700) ___________ __________ Net increase (decrease) in cash and cash equivalents ( 144,300) 550,500 Cash and cash equivalents, beginning of year 907,800 632,700 ___________ __________ Cash and cash equivalents, end of period $ 763,500 $1,183,200 =========== ========== Supplemental disclosures: Cash paid during the period for: Income taxes $ 3,300 $ 164,000 Non-cash investing and financing activities (Note 3): Fair value of stock issued for acquisition $ 400,000 $ - Fair value of note payable issued for acquisition 230,000 - Fair value of contingent consideration payable in connection with acquisition 128,000 - See notes to unaudited condensed consolidated financial statements 3 SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS General: The accompanying unaudited interim condensed consolidated financial statements are prepared pursuant to the Securities and Exchange Commission's rules and regulations for reporting on Form 10-Q. Accordingly, certain information and footnotes required by accounting principles generally accepted in the United States for complete financial statements are not included herein. The Company believes all adjustments necessary for a fair presentation of these interim statements have been included and that they are of a normal and recurring nature. These interim statements should be read in conjunction with the Company's financial statements and notes thereto, included in its Annual Report on Form 10-K, for the fiscal year ended June 30, 2011. The results for the three and six months ended December 31, 2011, are not necessarily an indication of the results for the full fiscal year ending June 30, 2012. 1. Summary of significant accounting policies: Principles of consolidation: The accompanying consolidated financial statements include the accounts of Scientific Industries, Inc. ("Scientific", a Delaware corporation), Altamira Instruments, Inc.("Altamira", a wholly owned subsidiary and Delaware corporation), Scientific Packaging Industries, Inc. (an inactive wholly owned subsidiary and New York corporation) and since October 4, 2011, Scientific Bioprocessing, Inc., ("SBI", a wholly owned subsidiary and Delaware corporation). All are collectively referred to as the "Company". All material intercompany balances and transactions have been eliminated. 2. New Accounting Pronouncements: In September 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2011-08, Intangibles- Goodwill and Other (Topic 350)-Testing Goodwill for Impairment (ASU 2011-08), to allow entities to use a qualitative approach to test goodwill for impairment. ASU 2011-08 permits an entity to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is concluded that this is the case, it is necessary to perform the currently prescribed two-step goodwill impairment test. Otherwise, the two-step goodwill impairment test is not required. ASU 2011-08 is effective for the Company in fiscal 2013 and earlier adoption is permitted. The Company is currently evaluating the impact of the future adoption of ASU 2011-08 on its consolidated financial statements. In June 2011, the FASB "ASU" No. 2011-05, "Comprehensive Income (ASC Topic 220): Presentation of Comprehensive Income," ("ASU No. 2011-05") which amends current comprehensive income guidance. This accounting update eliminates the option to present the components of other comprehensive income as part of the statement of stockholders' equity and requires the Company report comprehensive income in either a single continuous statement of comprehensive income which contains two sections, net income and other comprehensive income, or in two separate but consecutive statements. ASU 2011-05 will be effective for public companies during the interim and annual periods beginning after December 15, 2011 with early 4 adoption permitted. The Company has not adopted the standard yet and does not expect that the adoption of ASU 2011-05 will have an impact on its consolidated results of operations, financial condition or cash flows as it only requires a change in the format of our current presentation. 3. Acquisition: On November 14, 2011, the Company through SBI acquired substantially all of the assets of a privately owned company consisting principally of a license and sublicenses under patents held by the University of Maryland, Baltimore County ("UMBC") with respect to the design, development and production of bioprocessing methods, systems and products. The acquisition was pursuant to an asset purchase agreement ("APA") whereby the Company paid to the seller $260,000 in cash, issued 135,135 shares of Common Stock valued at $400,000, issued to UMBC a $230,000 36-month note payable, and agreed to make additional cash payments equal to 30% of net royalties received under the acquired license and sublicenses, estimated at a present value of $128,000 on the date of acquisition. The seller maintained that audited financial statements could not be provided in connection with the acquisition. The inability to include the related audited financial statements as required by the Securities Exchange Act of 1934 in the related Current Report on Form 8-K filing will result in the inability of the Company to register securities offerings with respect to the Company's securities during the one year period ending November 2012. SBI's revenues and profits, if any, are be derived from royalties received by SBI under the various sublicense agreements, and revenues from sales of certain new products being developed under its existing license. University, government, and industrial laboratories working primarily in the biotechnology industry worldwide are its targeted customers. Management of the Company allocated the purchase price based on its valuation of the assets acquired, all of which are intangible, as follows: Technology, trademarks, and in-process research & development ("IPR&D") $ 500,000 Sublicense agreements 294,000 Engineering drawings and software 64,000 Non-competition agreements 18,000 Goodwill* 142,000 __________ Total Purchase Price $1,018,000 ========== *See Note 9, "Goodwill and Other Intangible Assets". The amounts allocated to Technology, Trademarks, and IPR&D and Sublicense Agreements are deemed to have a useful life of 10 years, to the remaining intangible assets of 5 years, all of which are being amortized on a straight-line basis, except for goodwill. In connection with the acquisition, SBI entered into a research and development agreement providing for the seller to perform services with respect to the research and development of bioprocessing methods, systems, and products pursuant to programs set forth in the Agreement. The services are to be performed under the supervision of the designated officer of seller or a qualified replacement. The developer is to receive a fee of $14,000 per month with SBI to bear all related expenses. The agreement is for a two year term with SBI having three one-year extension options. SBI has the right to terminate the agreement in the event of a failure to achieve the designated product development terms set forth in the agreement. The Company reflected the financial results of SBI in its consolidated financial statements from the date of acquisition which consisted primarily of research and development expenses and amortization expenses. 5 Pro forma results _________________ The unaudited pro forma condensed financial information in the table below summarizes the combined results of operations of Scientific, Altamira and SBI on a pro forma basis, as though the companies had been combined as of the beginning of each of the periods presented, giving effect to SBI's acquisition of assets in November 2011. The unaudited pro forma condensed financial information presented below is for informational purposes only and is not intended to represent or be indicative of the consolidated results of the operations that would have been achieved if the acquisition had been completed as of the commencement of the period presented. In addition, the seller was unable to provide audited historical financial statements and therefore the information presented is based on management's best judgment using the unaudited financial information provided and the effects of the acquisition including amortization and interest expenses excluding acquisition related costs incurred of $38,600 and $70,000 for the three and six month periods ended December 31, 2011: For the Three Month For the Six Month Periods Ended Periods Ended December 31, December 31, ______________________ ______________________ 2011 2010 2011 2010 __________ __________ __________ __________ Net sales $1,235,100 $2,069,000 $2,813,500 $3,361,900 Net income (loss) ($ 40,700) $ 157,900 $ 6,300 $ 122,800 Net income (loss) per share - basic ($.03) $.12 $.00 $.09 Net income (loss) per share - diluted ($.03) $.12 $.00 $.09 4. Segment Information and Concentrations: The Company views its operations as three segments: the manufacture and marketing of standard benchtop laboratory equipment for research in university, hospital and industrial laboratories sold primarily through laboratory equipment distributors ("Benchtop Laboratory Equipment"), the manufacture and marketing of custom-made catalyst research instruments for universities, government laboratories, and chemical and petrochemical companies sold on a direct basis ("Catalyst Research Instruments") and the marketing and production of bioprocessing systems for laboratory research in the biotechnology industry sold directly to customers and through distributors ("Bioprocessing Systems"). Segment information is reported as follows: Benchtop Catalyst Bio- Corporate Laboratory Research processing and Conso- Equipment Instruments Systems Other lidated __________ ___________ __________ _________ ___________ Three months ended December 31, 2011: Net Sales $1,108,500 $ 89,100 $ - $ - $1,197,600 Foreign Sales 755,100 112,000 - - 867,100 Profit(Loss) 105,200 ( 117,800) ( 32,300) ( 33,600) ( 78,500) Assets 2,467,600 1,375,700 866,600 1,481,800 6,191,700 Long-Lived Asset Expenditures 4,500 2,800 876,000 - 883,300 Depreciation and Amortization 12,300 27,800 12,000 - 52,100 6 Benchtop Catalyst Bio- Corporate Laboratory Research processing and Conso- Equipment Instruments Systems Other lidated __________ ___________ __________ _________ __________ Three months ended December 31, 2010: Net Sales $1,244,900 $ 786,600 $ - $ - $2,031,500 Foreign Sales 705,600 518,600 - - 1,224,200 Profit (Loss) 247,400 43,300 - ( 18,100) 272,600 Assets 2,305,400 1,611,700 - 1,306,800 5,223,900 Long-Lived Asset Expenditures 34,300 20,700 - - 55,000 Depreciation and Amortization 14,800 33,500 - - 48,300 Approximately 63% and 70% of net sales of benchtop laboratory equipment (59% and 61% of total net sales) for the three month periods ended December 31, 2011 and 2010, respectively, were derived from that segment's main product, the Vortex-Genie 2(r) mixer, excluding accessories. Two benchtop laboratory equipment customers, accounted in the aggregate for approximately 26% and 36% of the segment's net sales (24% and 22% of total net sales) for the three month periods ended December 31, 2011 and 2010, respectively. Sales of catalyst research instruments are generally pursuant to large orders averaging more than $100,000 per order to a limited numbers of customers. Sales to one customer during the three month period ended December 31, 2011 and to four other customers during the three month period ended December 31, 2010 accounted respectively for 73% and 67% of the segment's net sales (25% and 26% of total net sales). Benchtop Catalyst Bio- Corporate Laboratory Research processing and Conso- Equipment Instruments Systems Other lidated __________ ___________ __________ _________ __________ Six months ended December 31, 2011: Net Sales $2,183,600 $ 554,900 $ - $ - $2,738,500 Foreign Sales 1,363,700 121,100 - - 1,484,800 Profit(Loss) 272,400 ( 176,400) ( 32,300) ( 58,200) 5,500 Assets 2,467,600 1,375,700 866,600 1,481,800 6,191,700 Long-Lived Asset Expenditures 14,000 49,500 876,000 - 939,500 Depreciation and Amortization 24,300 63,000 12,000 - 99,300 Benchtop Catalyst Bio- Corporate Laboratory Research processing and Conso- Equipment Instruments Systems Other lidated __________ ___________ __________ _________ __________ Six months ended December 31, 2010: Net Sales $2,267,000 $1,019,900 $ - $ - $3,286,900 Foreign Sales 1,226,100 544,600 - - 1,770,700 Profit (Loss) 379,600 ( 87,700) - ( 16,100) 275,800 Assets 2,305,400 1,611,700 - 1,306,800 5,223,900 Long-Lived Asset Expenditures 41,000 22,500 - - 63,500 Depreciation and Amortization 28,600 67,000 - - 95,600 7 Approximately 63% and 68% of net sales of benchtop laboratory equipment (50% and 47% of total net sales) for the six month periods ended December 31, 2011 and 2010, respectively, were derived from that segment's main product, the Vortex-Genie 2(r) mixer, excluding accessories. Two benchtop laboratory equipment customers, accounted in the aggregate for approximately 23% and 32% of the segment's net sales respectively, and 19% and 22% of total net sales for the six month periods ended December 31, 2011 and 2010, respectively. Sales of catalyst research instruments to four different customers, accounted respectively for approximately 88% and 43% of that segment=s net sales (18% and 13% of total net sales) for the six month period ended December 31, 2011 and 2010, respectively. The Company's foreign sales are principally made to customers in Europe and Asia. 5. Fair Value of Financial Instruments: The Financial Accounting Standards Board (AFASB@) defines the fair value of financial instruments as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements do not include transaction costs. The accounting guidance also expands the disclosure requirements around fair value and establishes a fair value hierarchy of valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels, which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are described below: Level 1 Inputs that are based upon unadjusted quoted prices for identical instruments traded in active markets. Level 2 Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly. Level 3 Prices or valuation that require inputs that are both significant to the fair value measurement and unobservable. The following tables set forth by level within the fair value hierarchy the Company=s financial assets that were accounted for at fair value on a recurring basis at December 31, 2011 and June 30, 2011 according to the valuation techniques the Company used to determine their fair values: Fair Value Measurements Using Inputs Considered as Fair Value at December 31, 2011 Level 1 Level 2 Level 3 _________________ __________ _______ _______ Cash and cash equivalent $ 763,500 $ 763,500 $ - $ - Available for sale securities 700,900 700,900 - - __________ __________ _______ ______ Total $1,464,400 $1,464,400 $ - $ - ========== ========== ======= ====== 8 Fair Value Measurements Using Inputs Considered as Fair Value at June 30, 2011 Level 1 Level 2 Level 3 _______________ __________ _______ _______ Cash and cash equivalents $ 907,800 $ 907,800 $ - $ - Available for sale securities 693,400 693,400 - - __________ __________ _______ ______ Total $1,601,200 $1,601,200 $ - $ - =========== ========== ======= ====== Investments in marketable securities classified as available-for-sale by security type at December 31, 2011 and June 30, 2011 consisted of the following: Unrealized Fair Holding Gain Cost Value (Loss) _________ _________ _____________ At December 31, 2011 Available for sale: Equity securities $ 7,800 $ 15,300 $ 7,500 Mutual funds 713,200 685,600 (27,600) _________ _________ ____________ $ 721,000 $ 700,900 $ (20,100) ========= ========= ============ Unrealized Fair Holding Gain Cost Value (Loss) _________ _________ _____________ At June 30, 2011: Available for sale: Equity securities $ 7,800 $ 13,300 $ 5,500 Mutual funds 707,100 680,100 (27,000) _________ _________ ____________ $ 714,900 $ 693,400 $ (21,500) ========= ========= ============ 6. Inventories: Inventories for financial statement purposes are based on perpetual inventory records at December 31, 2011 and based on a physical count as of June 30, 2011. Components of inventory are as follows: December 31, June 30, 2011 2011 __________ __________ Raw Materials $1,139,900 $1,051,300 Work in process 613,900 408,200 Finished Goods 201,600 180,300 __________ __________ $1,955,400 $1,639,800 ========== ========== 7. Earnings (loss) per common share: Basic earnings (loss) per common share are computed by dividing net income (loss)) by the weighted-average number of shares outstanding. Diluted earnings per common share include the dilutive effect of stock options, if any. 9 Earnings (loss) per common share was computed as follows: For the Three Month For the Six Month Periods Ended Periods Ended December 31, December 31, ______________________ ______________________ 2011 2010 2011 2010 ___________ __________ __________ __________ Net income (loss) ($ 55,300) $ 189,600 $ 4,000 $ 191,800 =========== ========== ========== ========== Weighted average common shares outstanding 1,265,613 1,196,577 1,231,095 1,196,577 Effect of dilutive securities - 17,308 14,873 16,360 _________ _________ _________ _________ Weighted average dilutive common shares outstanding 1,265,613 1,213,885 1,245,968 1,212,937 ========= ========= ========= ========= Basic earnings (loss) per common share ($ .04) $ .16 $ .00 $ .16 ======== ======= ======== ======= Diluted earnings (loss) per common share ($ .04) $ .16 $ .00 $ .16 ======== ======= ======== ======= Approximately 2,000 and 1,500 shares of the Company=s Common Stock issuable upon the exercise of outstanding options were excluded from the calculation of diluted earnings per common share for the six month periods ended December 31, 2011 and 2010, respectively, and 1,500 were excluded from the computation for the three month period ended December 31, 2010 because the effect would be anti-dilutive. Approximately 57,000 shares were excluded from the computation for the three month period ended December 31, 2011 because it would be anti-dilutive due to the loss for the period. 8. Comprehensive Income (Loss): The FASB established standards for disclosure of comprehensive income or loss, which includes net income and any changes in equity from non-owner sources that are not recorded in the income statement (such as changes in the net unrealized gains or losses on securities.) The Company=s only source of other comprehensive income is the net unrealized gain or loss on investment securities. The components of comprehensive income (loss) were as follows: For the Three Month For the Six Month Periods Ended Periods Ended December 31, December 31, 2011 2010 2011 2010 __________ ________ _______ ________ Net Income (Loss) ($ 55,300) $189,600 $ 4,000 $191,800 __________ ________ _______ ________ Other comprehensive income(loss): Unrealized holding gain (loss) arising during period, net of tax 2,300 ( 7,700) 1,400 2,700 __________ _________ _______ ________ Comprehensive income (loss) ($ 53,000) $181,900 $ 5,400 $194,500 ========== ========= ======= ======== 10 9. Goodwill and Other Intangible Assets: Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in connection with the Company's acquisition of Altamira and SBI's acquisition of assets. Goodwill amounted to $589,900 and $447,900 as of December 31, 2011 and June 30, 2011, respectively, of which $142,000 relates to the newly acquired assets of SBI as of December 31, 2011 and $447,900 relates to the acquisition of Altamira as of the end of both periods. The components of other intangible assets are as follows: Useful Accumulated Lives Cost Amortization Net _________ _________ ____________ _________ At December 31, 2011: Technology, trademarks 5/10 yrs. $ 864,000 $ 307,800 $ 556,200 Customer relationships 10 yrs. 237,000 188,600 48,400 Sublicense agreements 10 yrs. 294,000 3,700 290,300 Non-compete agreements 5 yrs. 120,000 102,500 17,500 Other intangible assets 5 yrs. 140,600 124,400 16,200 __________ __________ _________ $1,655,600 $ 727,000 $ 928,600 ========== ========== ========= Useful Accumulated Lives Cost Amortization Net _________ _________ ____________ _________ At June 30, 2011: Technology, trademarks 5 yrs. $ 300,000 $ 275,000 $ 25,000 Customer relationships 10 yrs. 237,000 177,200 59,800 Non-compete agreement 5 yrs. 102,000 93,500 8,500 Other intangible assets 5 yrs. 139,000 120,000 19,000 __________ __________ __ ______ $ 778,000 $ 665,700 $ 112,300 ========== ========== ========= Total amortization expense was $33,000 and $29,000 for the three months ended December 31, 2011 and 2010, respectively and $61,300 and $58,400 for the six months ended December 31, 2011 and 2010, respectively. As of December 31, 2011, estimated future amortization expense related to intangible assets is $57,100 for the remainder of the fiscal year ending June 30, 2012, $111,600 for fiscal 2013, $107,800 for fiscal 2014, $104,200 for fiscal 2015, $108,900 for fiscal 2016, and $439,000 thereafter. 10. Loan Payable, Bank The Company has a line of credit with its bank, JPMorgan Chase Bank, N.A.(the "Bank"), providing for maximum borrowings of up to $700,000, bearing interest at 3.08 percentage points above a defined LIBOR Index, (3.36% at December 31, 2011) and secured by a pledge of collateral consisting of the inventory, accounts, chattel paper, equipment and general intangibles of the Company. Outstanding amounts are due and payable by June 13, 2013 with a requirement that the Company is to reduce the outstanding principal balance to zero during the 30 day period ending on the anniversary date of the related note evidencing the borrowing. As of December 31, 2011, $60,000 was outstanding under the line. No amounts were outstanding at June 30, 2011. 11 11. Notes Payable In conjunction with the acquisition described in footnote number 3, the Company issued a $230,000 promissory note bearing interest at 3.25% payable in 36 equal monthly installments of $6,700 with the last payment due October 2014. As of December 31, 2011 the current and long-term portions of the note were $74,600 and $143,200, respectively. 12 SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES Item 2. Management=s Discussion and Analysis or Plan of Operations Certain statements contained in this report are not based on historical facts, but are forward-looking statements that are based upon various assumptions about future conditions. Actual events in the future could differ materially from those described in the forward-looking information. Numerous unknown factors and future events could cause such differences, including but not limited to, product demand, market acceptance, impact of competition, the ability to reach final agreements, the ability to finance and produce catalyst research instruments to customers' satisfaction, the ability to develop, protect and market technological improvements in bioprocessing, adverse economic conditions, and other factors affecting the Company's business that are beyond the Company's control. Consequently, no forward-looking statement can be guaranteed. We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. Liquidity and Capital Resources _______________________________ Cash and cash equivalents decreased by $144,300 to $763,500 as of December 31, 2011 from $907,800 as of June 30, 2011. Net cash provided by operating activities was $187,200 for the six months ended December 31, 2011 as compared to $868,300 for the comparable six month period in 2010, due mainly to higher inventory balances, and lower income generated during the current six month period, partially offset by advances from customers of Altamira with respect to their orders and an increase in accounts payable. Cash used in investing activities was $329,000 for the six month period ended December 31, 2011 compared to $210,100 for the six month period ended December 31, 2010, the increase primarily due to the acquisition by SBI of intangible assets. Cash used in financing activities was $2,500 for the six month period ended December 31, 2011 compared to $107,700 for the six month period ended December 31, 2010 due to a $.04 per share lower dividend declared and paid this year and borrowings under the bank's line of credit. On September 13, 2011, the Board of Directors of the Company declared a cash dividend of $.05 per share of Common Stock which was paid on November 18, 2011 to holders of record as of the close of business on September 26, 2011 as compared to $.09 per share paid in the prior fiscal year period. The Company's working capital decreased by $352,000 to $3,372,000 as of December 31, 2011 from working capital of $3,724,000 at June 30, 2011, mainly due to the asset purchase acquisition by SBI. Management believes that the Company will be able to meet its cash flow needs for the next 12 months from its available financial resources, including its cash and cash equivalents, the line of credit and investment securities. 13 Results of Operations _____________________ Financial Overview __________________ The Company recorded a loss before income tax benefit of $78,500 for the three month period ended December 31, 2011 compared to income before income taxes of $272,600 for the comparative period last year, primarily as a result of lower income for the Benchtop Laboratory Equipment and the losses for the Catalyst Research Instruments operations and the new Bioprocessing Systems Operations. For the comparable six month period ended December 31, 2011 and December 31, 2010, income before income taxes was significantly lower - $5,500 compared to $275,800, also primarily due to lower income for the Benchtop Laboratory Equipment Operations, increased loss for the Catalyst Research Instruments Operations and the loss for the new Bioprocessing Systems Operations. As previously reported, during the three month period ended December 31, 2011, the Company acquired substantially all the assets, consisting principally of licenses and sublicenses of a privately held company with respect to bioprocessing products and systems under patents held by UMBC, and consequently, the results for the quarter reflect the expenses incurred to complete the acquisition and expenses related to that business segment, mostly in the form of research and development and amortization related to the newly acquired intangible assets. No representation can be made that the new operation will produce material revenues to at least offset the related expenses to be incurred. The Three Months Ended December 31, 2011 Compared With the Three Months Ended December 31, 2010 _______________________________________________________________________ Net sales for the three months ended December 31, 2011 decreased by $833,900 (41.0%) to $1,197,600 from $2,031,500 for the three months ended December 31, 2010 as a result of decreases of $697,500 in catalyst research instrument sales and $136,400 in laboratory equipment sales, the latter principally from decreased orders from U.S. customers. Sales of the benchtop laboratory equipment products generally are pursuant to many small purchase orders from distributors, while catalyst research instruments are sold pursuant to a small number of larger orders, typically averaging over $100,000 each, resulting in significant swings in revenues. The bioprocessing systems operation did not generate any sales revenue during the period. The backlog of orders for catalyst research instruments was $995,000 as of December 31, 2011, all of which are anticipated to be delivered by fiscal year end; the back log as of December 31, 2010 was $283,000. The gross profit percentage for the three months ended December 31, 2011 decreased to 40.9% compared to 42.8% due to higher material costs and engineering costs incurred for benchtop laboratory equipment product improvements. General and administrative ("G&A") expenses for the three month comparative periods ended December 31, 2011 and December 31, 2010 increased by $24,800 (8.0%) to $335,100 from $310,300 primarily as a result of expenses related to the asset acquisition. Selling expenses for the three months ended December 31, 2011 decreased $42,800 (21.1%) to $160,100 from $202,900 for the three months ended December 31, 2010, primarily the result of lower commissions for the Catalyst Research Instruments Operations due to lower sales. 14 Research and development expenses for the three months ended December 31, 2011 decreased $11,200 (12.5%) to $78,700 from $89,900 for the three months ended December 31, 2010, primarily the result of a reduction in new product development activity by the both Company's Benchtop Laboratory Equipment and Catalyst Research Instrument Operations. Interest and other income net for the three months ended December 31, 2011 decreased $1,400 to $5,000 from $6,400 for the three months ended December 31, 2010 due to lower cash balances and interest rates. As a result of the loss for the three months ended December 31, 2011, the Company recorded an income tax benefit of $23,200 compared to income tax expense of $83,000 for the three months ended December 31, 2010. As a result of the foregoing, the net loss for the three months ended December 31, 2011 was $55,300, compared to net income of $189,600 for the three months ended December 31, 2010. The Six Months Ended December 31, 2011 Compared With the Six Months Ended December 31, 2010 ___________________________________________________________________ Net sales for the six months ended December 31, 2011 decreased by $548,400 (16.7%) to $2,738,500 compared to $3,286,900 for the six months ended December 31, 2010, due to decreases of $465,000 in catalyst research instrument sales and $83,400 in benchtop laboratory equipment sales, the latter reflecting for the segment a decrease in orders from U.S. customers, which were partially offset by an increase in foreign sales. Sales of benchtop laboratory equipment products generally are comprised of many small purchase orders from distributors, while sales of catalyst research instruments are comprised of a small number of large orders, typically averaging over $100,000 each, resulting in significant swings in revenues. The backlog of orders for catalyst research instruments was $995,000 as of December 31, 2011, all of which are anticipated to be delivered by fiscal year end; the backlog as of December 31, 2010 was $283,000. The gross profit percentage for the six months ended December 31, 2011 decreased to 40.0% compared to 41.9% due to higher material costs and engineering costs incurred for benchtop laboratory equipment product improvements. G&A expenses increased by $29,100 (4.9%) to $626,100 for the six months ended December 31, 2011 from $597,000 for the comparable period last year, primarily the result of expenses related to the asset acquisition by SBI. Selling expenses for the six months ended December 31, 2011 increased slightly by $5,700 (1.7%) to $349,000 from $343,300 for the six months ended December 31, 2010. The Benchtop Laboratory Equipment Operations incurred higher selling expenses due to its new European sales consultant, which was partially offset by the reduction in sales commissions incurred by the Catalyst Research Instruments Operations. Research and development expenses for the six months ended December 31, 2011 decreased $51,900 (29.3%) to $125,500 compared to $177,400 for the six months ended December 31, 2010, due to reduced new product development activity by the Company's Benchtop Laboratory Equipment and Catalyst Research Instruments Operations. Interest and other income, net for the six month period ended December 31, 2011 decreased by $3,800 to $11,800 from $15,600 for the six month period ended December 31, 2010, mainly due to lower cash balances and lower interest rates. 15 Income tax expense for the six month period ended December 31, 2011 of $1,500 compared to $84,000 for the comparable period of the prior fiscal year reflects the substantially lower income. As a result of the foregoing, net income for the six months ended December 31, 2011 was $4,000 compared to $191,800 for the six months ended December 31, 2010. Item 4. Controls and Procedures Evaluation of Disclosure Controls and Procedures. As of the end of the period covered by this report, based on an evaluation of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934), the Chief Executive and Chief Financial Officer of the Company has concluded that the Company's disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in its Exchange Act reports is recorded, processed, summarized and reported within the applicable time periods specified by the SEC's rules and forms. The Company also concluded that information required to be disclosed in such reports is accumulated and communicated to the Company's management, including its principal executive and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. Changes in Internal Control Over Financial Reporting. There was no change in the Company's internal controls over financial reporting that occurred during the most recently completed fiscal quarter that materially affected or is reasonably likely to materially affect the Company's internal controls over financial reporting. Part II B OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibit Number: Description 31.1 Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32.1 Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (b) Reports on Form 8-K: Report dated August 9, 2011, related to the death of a member of the Board of Directors. Report dated September 14, 2011, related to cash dividend declaration. Reports dated November 17, 2011, and November 21, 2011 related to the recent asset acquisition by Scientific Bioprocessing, Inc. 16 SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES SIGNATURE In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Scientific Industries, Inc. Registrant /s/ Helena R. Santos ____________________ Helena R. Santos President, Chief Executive Officer and Treasurer Principal Executive, Financial and Accounting Officer Date: February 14, 2012 17 EX-31 2 ex311211.txt CERTIFICATION Exhibit 31.1 CERTIFICATION I, Helena R. Santos, certify that: 1. I have reviewed this report on Form 10-Q for the quarter ended December 31, 2011 of Scientific Industries, Inc., a smaller reporting company (the "Registrant"); 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. I am 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 15d-15(f) for the Registrant and have: a) Designed such internal disclosure and procedures, or caused such controls and procedures to be designed under my supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to me 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 my 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 my 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 that has materially affected, or is reasonably likely to affect, the Registrant's internal control over financial reporting; and 5. I have disclosed, based on my most recent evaluation of internal controls 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 controls 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 controls over financial reporting. February 14, 2012 /s/ Helena R. Santos ____________________ Helena R. Santos Chief Executive Officer and Chief Financial Officer EX-32 3 ex312211.txt CERTIFICATION Exhibit 32.1 CERTIFICATION The undersigned as Chief Executive Officer and Chief Financial Officer of the Company, does hereby certify that the foregoing Quarterly Report of SCIENTIFIC INDUSTRIES, INC. (the ACompany@), on Form 10-Q for the period ended December 31, 2011: (1) Fully complies with the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934; and (2) Fairly presents, in all material respects, the financial condition and results of operations of the Company. February 14, 2012 /s/ Helena R. Santos ____________________ Helena R. Santos Chief Executive Officer and Chief Financial Officer A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request. 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Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? 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Intangible assets acquired in acquisition (note 3) Purchase of investment securities, available for sale Capital expenditures Purchase of intangible assets, other Net cash used in investing activities Financing activities: Line of credit proceeds Proceeds from exercise of stock options Cash dividend declared and paid Principal payments on note payable Net cash used in financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year Supplemental disclosures of cash flow information: Cash paid for income taxes Non-cash investing and financing activities: Fair value of stock issued for acquisition Fair value of note payable issued for acquisition Fair value of contingent consideration payable in connection with acquisition Notes to Financial Statements Summary of significant accounting policies New Accounting Pronouncements Acquisition Segment Information and Concentrations Fair Value of Financial Instruments Inventories Earnings (loss) per common share Comprehensive Income (Loss) Goodwill and Other Intangible Assets Loan Payable, Bank Notes Payable Assets, Current Deferred Tax Assets, Net, Noncurrent Assets Liabilities, Current Liabilities Stockholders' Equity before Treasury Stock Stockholders' Equity Attributable to Parent Liabilities and Equity Gross Profit Operating Expenses Operating Income (Loss) Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest Income Tax Expense (Benefit) Increase (Decrease) in Accounts Receivable Increase (Decrease) in Inventories Increase (Decrease) in Prepaid Expense and Other Assets Increase (Decrease) in Accounts Payable Increase (Decrease) in Customer Advances Increase (Decrease) in Accrued Liabilities Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities Net Cash Provided by (Used in) Operating Activities Payments to Acquire Businesses, Net of Cash Acquired Payments to Acquire Available-for-sale Securities Payments to Acquire Property, Plant, and Equipment Payments to Acquire Intangible Assets Net Cash Provided by (Used in) Investing Activities Payments of Dividends, Common Stock Repayments of Notes Payable Net Cash Provided by (Used in) Financing Activities Inventory Disclosure [Text Block] XML 10 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 11 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Segment Information and Concentrations
 6 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Segment Information and Concentrations

 The Company views its operations as three segments: the manufacture and marketing of standard benchtop laboratory equipment for research in university, hospital and industrial laboratories sold primarily through laboratory equipment distributors (ABenchtop Laboratory Equipment@), the manufacture and marketing of custom-made catalyst research instruments for universities, government laboratories, and chemical and petrochemical companies sold on a direct basis (ACatalyst Research Instruments@) and the marketing and production of bioprocessing systems for laboratory research in the biotechnology industry sold directly to customers and through distributors (“Bioprocessing Systems”).

 

Segment information is reported as follows:

 

   Benchtop Laboratory Equipment  Catalyst Research Instruments  Bioprocessing Systems  Corporate and Other  Consolidated
                
Three months ended December 31, 2011            
                
Net Sales  $1,108,500   $89,100   $—     $—     $1,197,600 
Foreign Sales   755,100    112,000    —      —      867,100 
Profit (Loss)   105,200    (117,800)   (32,300)   (33,600)   (78,500)
Assets   2,467,600    1,375,700    866,600    1,481,800    6,191,700 
Long-Lived Asset Expenditures   4,500    2,800    876,000    —      883,300 
Depreciation and Amortization   12,300    27,800    12,000    —      52,100 

 

   Benchtop Laboratory Equipment  Catalyst Research Instruments  Bioprocessing Systems  Corporate and Other  Consolidated
                
Three months ended December 31, 2010            
                
Net Sales  $1,244,900   $786,600   $—     $—     $2,031,500 
Foreign Sales   705,600    518,600    —      —      1,224,200 
Profit (Loss)   247,400    43,300    —      (18,100)   272,600 
Assets   2,305,400    1,611,700    —      1,306,800    5,223,900 
Long-Lived Asset Expenditures   34,300    20,700    —      —      55,000 
Depreciation and Amortization   14,800    33,500    —      —      48,300 

 

Approximately 63% and 70% of net sales of benchtop laboratory equipment (59% and 61% of total net sales) for the three month periods ended December 31, 2011 and 2010, respectively, were derived from that segment’s main product, the Vortex-Genie 2® mixer, excluding accessories.

 

Two benchtop laboratory equipment customers, accounted in the aggregate for approximately 26% and 36% of the segment's net sales (24% and 22% of total net sales) for the three month periods ended December 31, 2011 and 2010, respectively.

 

Sales of catalyst research instruments are generally pursuant to large orders averaging more than $100,000 per order to a limited numbers of customers. Sales to one customer during the three month period ended December 31, 2011 and to four other customers during the three month period ended December 31, 2010 accounted respectively for 73% and 67% of the segments net sales (25% and 26% of total net sales).

 

Six months ended December 31, 2011            
    Benchtop Laboratory Equipment    Catalyst Research Instruments    Bioprocessing Systems    Corporate and Other    Consolidated 
Net Sales  $2,183,600   $554,900   $—     $—     $2,738,500 
Foreign Sales   1,363,700    121,100    —      —      1,484,800 
Profit (Loss)   272,400    (176,400)   (32,300)   (58,200)   5,500 
Assets   2,467,600    1,375,700    866,600    1,481,800    6,191,700 
Long-Lived Asset Expenditures   14,000    49,500    876,000    —      939,500 
Depreciation and Amortization   24,300    63,000    12,000    —      99,300 
                          
    Benchtop Laboratory Equipment    Catalyst Research Instruments    Bioprocessing Systems    Corporate and Other    Consolidated 
                          
Six months ended December 31, 2010            
                          
Net Sales  $2,267,000   $1,019,900   $—     $—     $3,286,900 
Foreign Sales   1,226,100    544,600    —      —      1,770,700 
Profit (Loss)   379,600    (87,700)   —      (16,100)   275,800 
Assets   2,305,400    1,611,700    —      1,306,800    5,223,900 
Long-Lived Asset Expenditures   41,000    22,500    —      —      63,500 
Depreciation and Amortization   28,600    67,000    —      —      95,600 

 

Approximately 63% and 68% of net sales of benchtop laboratory equipment (50% and 47% of total net sales) for the six month periods ended December 31, 2011 and 2010, respectively, were derived from that segment’s main product, the Vortex-Genie 2® mixer, excluding accessories.

 

Two benchtop laboratory equipment customers, accounted in the aggregate for approximately 23% and 32% of the segment=s net sales respectively, and 19% and 22% of total net sales for the six month periods ended December 31, 2011 and 2010, respectively.

 

Sales of catalyst research instruments to four different customers, accounted respectively for approximately 88% and 43% of that segment’s net sales (18% and 13% of total net sales) for the six month period ended December 31, 2011 and 2010, respectively.

 

The Company’s foreign sales are principally made to customers in Europe and Asia.

 
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Acquisition
 6 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Acquisition

 

On November 14, 2011, the Company through SBI acquired substantially all of the assets of a privately owned company consisting principally of a license and sublicenses under patents held by the University of Maryland, Baltimore County (“UMBC”) with respect to the design, development and production of bioprocessing methods, systems and products. The acquisition was pursuant to an asset purchase agreement (“APA”) whereby the Company paid to the seller $260,000 in cash, issued 135,135 shares of Common Stock valued at $400,000, issued to UMBC a $230,000 36-month note payable, and agreed to make additional cash payments equal to 30% of net royalties received under the acquired license and sublicenses, estimated at a present value of $128,000 on the date of acquisition. The seller maintained that audited financial statements could not be provided in connection with the acquisition. The inability to include the related audited financial statements as required by the Securities Exchange Act of 1934 in the related Current Report on Form 8-K filing will result in the inability of the Company to register securities offerings with respect to the Company's securities during the one year period ending November 2012.

 

SBI’s revenues and profits, if any, are be derived from royalties received by SBI under the various sublicense agreements, and revenues from sales of certain new products being developed under its existing license. University, government, and industrial laboratories working primarily in the biotechnology industry worldwide are its targeted customers.

 

Management of the Company allocated the purchase price based on its valuation of the assets acquired, all of which are intangible, as follows:

 

Technology, trademarks, and in-process     
  research & development ("IPR&D")  $500,000 
Sublicense agreements   294,000 
Engineering drawings and software   64,000 
Non-competition agreements   18,000 
Goodwill   142,000 
Total Purchase Price  $1,018,000 

 *See Note 9, “Goodwill and Other Intangible Assets”.

 

The amounts allocated to Technology, Trademarks, and IPRD and Sublicense Agreements are deemed to have a useful life of 10 years, to the remaining intangible assets of 5 years, all of which are being amortized on a straight-line basis, except for goodwill.

 

In connection with the acquisition, SBI entered into a research and development agreement providing for the seller to perform services with respect to the research and development of bioprocessing methods, systems, and products pursuant to programs set forth in the Agreement. The services are to be performed under the supervision of the designated officer of seller or a qualified replacement. The developer is to receive a fee of $14,000 per month with SBI to bear all related expenses. The agreement is for a two year term with SBI having three one-year extension options. SBI has the right to terminate the agreement in the event of a failure to achieve the designated product development terms set forth in the agreement.

 

The Company reflected the financial results of SBI in its consolidated financial statements from the date of acquisition which consisted primarily of research and development expenses and amortization expenses.

 

Pro forma results

 

The unaudited pro forma condensed financial information in the table below summarizes the combined results of operations of Scientific, Altamira and SBI on a pro forma basis, as though the companies had been combined as of the beginning of each of the periods presented, giving effect to SBI’s acquisition of assets in November 2011. The unaudited pro forma condensed financial information presented below is for informational purposes only and is not intended to represent or be indicative of the consolidated results of the operations that would have been achieved if the acquisition had been completed as of the commencement of the period presented. In addition, the seller was unable to provide audited historical financial statements and therefore the information presented is based on management’s best judgment using the unaudited financial information provided and the effects of the acquisition including amortization and interest expenses excluding acquisition related costs incurred of $38,600 and $70,000 for the three and six month periods ended December 31, 2011:

 

   For the Three Month  For the Six Month
   Periods Ended  Periods Ended
   December 31,  December 31,
   2011  2010  2011  2010
Net sales  $1,235,100   $2,069,000   $2,813,500   $3,361,900 
                     
Net income (loss)  $(40,700)  $157,900   $6,300   $122,800 
                   
Net income (loss)                    
  per share - basic  $(0.03)  $0.12   $—     $0.09 
                     
Net income (loss)                    
  per share - diluted  $(0.03)  $0.12   $—     $0.09 
XML 14 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Balance Sheets (USD $)
Dec. 31, 2011
Jun. 30, 2011
ASSETS    
Cash and cash equivalents $ 763,500 $ 907,800
Investment securities 700,900 693,400
Trade accounts receivable, net 660,100 620,000
Inventories 1,955,400 1,639,800
Prepaid and other current assets 177,700 197,700
Deferred taxes 78,000 77,700
Total current assets 4,335,600 4,136,400
Property and equipment, net 199,000 175,100
Intangible assets, net 928,600 112,300
Goodwill 589,900 447,900
Other assets 25,700 25,700
Deferred taxes 112,900 115,800
Total assets 6,191,700 5,013,200
LIABILITIES AND SHAREHOLDERS' EQUITY    
Accounts payable 241,000 128,100
Customer advances 326,900 0
Loan payable, bank 60,000 0
Notes payable, current 74,600 0
Accrued expenses and taxes 261,100 284,300
Total current liabilities 963,600 412,400
Contingent consideration payable 128,000 0
Notes payable, long-term 143,200 0
Total liabilities 1,234,800 412,400
Shareholders' equity:    
Common stock, $.05 par value; authorized 7,000,000 shares; 1,355,514 and 1,216,379 issued and outstanding at December 31, 2011 and June 30, 2011 67,800 60,800
Additional paid-in capital 1,962,100 1,558,500
Accumulated other comprehensive loss (20,100) (21,500)
Retained earnings 2,999,500 3,055,400
Total 5,009,300 4,653,200
Less common stock held in treasury at cost, 19,802 shares 52,400 52,400
Total shareholders' equity 4,956,900 4,600,800
Total liabilities and shareholders' equity $ 6,191,700 $ 5,013,200
XML 15 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary of significant accounting policies
 6 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Summary of significant accounting policies

 Principles of consolidation:

 

The accompanying consolidated financial statements include the accounts of Scientific Industries, Inc. (“Scientific”, a Delaware corporation), Altamira Instruments, Inc.(“Altamira”, a wholly owned subsidiary and Delaware corporation), Scientific Packaging Industries, Inc. (an inactive wholly owned subsidiary and New York corporation) and since October 4, 2011, Scientific Bioprocessing, Inc., (“SBI”, a wholly owned subsidiary and Delaware corporation). All are collectively referred to as the “Company”. All material intercompany balances and transactions have been eliminated.
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New Accounting Pronouncements
 6 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
New Accounting Pronouncements

 In September 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-08, Intangibles—Goodwill and Other (Topic 350)—Testing Goodwill for Impairment (ASU 2011-08), to allow entities to use a qualitative approach to test goodwill for impairment. ASU 2011-08 permits an entity to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is concluded that this is the case, it is necessary to perform the currently prescribed two-step goodwill impairment test. Otherwise, the two-step goodwill impairment test is not required. ASU 2011-08 is effective for the Company in fiscal 2013 and earlier adoption is permitted. The Company is currently evaluating the impact of the future adoption of ASU 2011-08 on its consolidated financial statements.

 

In June 2011, the FASB "ASU" No. 2011-05, "Comprehensive Income (ASC Topic 220): Presentation of Comprehensive Income," ("ASU No. 2011-05") which amends current comprehensive income guidance. This accounting update eliminates the option to present the components of other comprehensive income as part of the statement of stockholders' equity and requires the Company report comprehensive income in either a single continuous statement of comprehensive income which contains two sections, net income and other comprehensive income, or in two separate but consecutive statements. ASU 2011-05 will be effective for public companies during the interim and annual periods beginning after December 15, 2011 with early adoption permitted. The Company has not adopted the standard yet and does not expect that the adoption of ASU 2011-05 will have an impact on its consolidated results of operations, financial condition or cash flows as it only requires a change in the format of our current presentation.

XML 19 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Balance Sheets (Parenthetical) (USD $)
Dec. 31, 2011
Jun. 30, 2011
Shareholders' equity:    
Common stock,par value $ 0.05 $ 0.05
Common stock, authorized shares 7,000,000 7,000,000
Common stock, issued shares 1,355,514 1,216,379
Stock held in treasury, shares 19,802 19,802
XML 20 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information (USD $)
 6 Months Ended
Dec. 31, 2011
Feb. 14, 2012
Document And Entity Information    
Entity Registrant Name SCIENTIFIC INDUSTRIES INC  
Entity Central Index Key 0000087802  
Document Type 10-Q  
Document Period End Date Dec. 31, 2011  
Amendment Flag false  
Current Fiscal Year End Date --06-30  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Public Float   $ 3,703,400
Entity Common Stock, Shares Outstanding   1,355,514
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2012  
XML 21 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Income (Unaudited) (USD $)
 3 Months Ended 6 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2011
Dec. 31, 2010
Income Statement [Abstract]        
Net sales $ 1,197,600 $ 2,031,500 $ 2,738,500 $ 3,286,900
Cost of goods sold 707,200 1,162,200 1,644,200 1,909,000
Gross profit 490,400 869,300 1,094,300 1,377,900
Operating expenses:        
General and administrative 335,100 310,300 626,100 597,000
Selling 160,100 202,900 349,000 343,300
Research and development 78,700 89,900 125,500 177,400
Total operating expenses 573,900 603,100 1,100,600 1,117,700
Income (loss) from operations (83,500) 266,200 (6,300) 260,200
Other income:        
Interest & other income, net 5,000 6,400 11,800 15,600
Income before income taxes (78,500) 272,600 5,500 275,800
Income tax expense (benefit):        
Current (21,800) 87,300 (500) 93,900
Deferred (1,400) (4,300) 2,000 (9,900)
Total (23,200) 83,000 1,500 84,000
Net income $ (55,300) $ 189,600 $ 4,000 $ 191,800
Basic earnings per common share $ (0.04) $ 0.16 $ 0 $ 0.16
Diluted earnings per common share $ (0.04) $ 0.16 $ 0 $ 0.16
Cash dividends declared per common share $ 0 $ 0 $ 0.05 $ 0.09
XML 22 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Earnings (loss) per common share
 6 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Earnings (loss) per common share

 

Basic earnings (loss) per common share are computed by dividing net income (loss)) by the weighted-average number of shares outstanding. Diluted earnings per common share include the dilutive effect of stock options, if any.

 

Earnings (loss) per common share was computed as follows:

 

   For the Three Month  For the Six Month
   Periods Ended  Periods Ended
   December 31,  December 31,
   2011  2010  2011  2010
             
Net income (loss)  $(55,300)  $189,600   $4,000   $191,800 
                     
Weighted average common shares outstanding   1,265,613    1,196,577    1,231,095    1,196,577 
Dilutive securities   —      17,308    14,873    16,360 
Weighted average dilutive common shares outstanding   1,265,613    1,213,885    1,245,968    1,212,937 
                     
Basic earnings (loss) per common share  $(0.04)  $0.16   $—     $0.16 
                     
Diluted earnings (loss) per common share  $(0.04)  $0.16   $—     $0.16 

 

Approximately 2,000 and 1,500 shares of the Company’s Common Stock issuable upon the exercise of outstanding options were excluded from the calculation of diluted earnings per common share for the six month periods ended December 31, 2011 and 2010, respectively, and 1,500 were excluded from the computation for the three month period ended December 31, 2010 because the effect would be anti-dilutive. Approximately 57,000 shares were excluded from the computation for the three month period ended December 31, 2011 because it would be anti-dilutive due to the loss for the period.
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Inventories
 6 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Inventories

 

Inventories for financial statement purposes are based on perpetual inventory records at December 31, 2011 and based on a physical count as of June 30, 2011. Components of inventory are as follows:

 

   December 31, 2011  June 30, 2011
Raw Materials  $1,139,900   $1,051,300 
Work in process   613,900    408,200 
Finished Goods   201,600    180,300 
   $1,955,400   $1,639,800 
XML 24 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Loan Payable, Bank
 6 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Loan Payable, Bank

 

The Company has a line of credit with its bank, JPMorgan Chase Bank, N.A.(the “Bank”), providing for maximum borrowings of up to $700,000, bearing interest at 3.08 percentage points above a defined LIBOR Index, (3.36% at December 31, 2011) and secured by a pledge of collateral consisting of the inventory, accounts, chattel paper, equipment and general intangibles of the Company. Outstanding amounts are due and payable by June 13, 2013 with a requirement that the Company is to reduce the outstanding principal balance to zero during the 30 day period ending on the anniversary date of the related note evidencing the borrowing. As of December 31, 2011, $60,000 was outstanding under the line. No amounts were outstanding at June 30, 2011.
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Comprehensive Income (Loss)
 6 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Comprehensive Income (Loss)

 

The FASB established standards for disclosure of comprehensive income or loss, which includes net income and any changes in equity from non-owner sources that are not recorded in the income statement (such as changes in the net unrealized gains or losses on securities.) The Company’s only source of other comprehensive income is the net unrealized gain or loss on investment securities. The components of comprehensive income (loss) were as follows:

 

 

 

   For the Three Month  For the Six Month
   Periods Ended  Periods Ended
   December 31,  December 31,
   2011  2010  2011  2010
Net Income (Loss)  $(55,300)  $189,600   $4,000   $191,800 
                     
Other comprehensive income (loss):               
 Unrealized holidng gain                    
 (loss) arising during                    
 period, net of tax   2,300    (7,700)   1,400    2,700 
Comprehensive income (loss)  $(53,000)  $181,900   $5,400   $194,500 

 
XML 26 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Goodwill and Other Intangible Assets
 6 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Goodwill and Other Intangible Assets

Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in connection with the Company's acquisition of Altamira and SBI’s acquisition of assets. Goodwill amounted to $589,900 and $447,900 as of December 31, 2011 and June 30, 2011, respectively, of which $142,000 relates to the newly acquired assets of SBI as of December 31, 2011 and $447,900 relates to the acquisition of Altamira as of the end of both periods.

 

The components of other intangible assets are as follows:

 

  Useful Lives Cost Accumulated Amortization Net
At December 31, 2011:        
         
Technology, trademarks 5/10 yrs  $     864,000  $     307,800  $   556,200
Customer relationships 10 yrs        237,000         188,600        48,400
Sublicense agreements 10 yrs        294,000             3,700       290,300
Non-compete agreements 5 yrs        120,000         102,500        17,500
Other intangible assets 5 yrs        140,600         124,400        16,200
     $  1,655,600  $     727,000  $   928,600
         
  Useful Lives Cost Accumulated Amortization Net
At June 30, 2011:        
         
Technology, trademarks 5 yrs  $     300,000  $     275,000  $     25,000
Customer relationships 10 yrs        237,000         177,200        59,800
Non-compete agreement 5 yrs        102,000           93,500          8,500
Other intangible assets 5 yrs        139,000         120,000        19,000
     $     778,000  $     665,700  $   112,300

 

Total amortization expense was $33,000 and $29,000 for the three months ended December 31, 2011 and 2010, respectively and $61,300 and $58,400 for the six months ended December 31, 2011 and 2010, respectively. As of December 31, 2011, estimated future amortization expense related to intangible assets is $57,100 for the remainder of the fiscal year ending June 30, 2012, $111,600 for fiscal 2013, $107,800 for fiscal 2014, $104,200 for fiscal 2015, $108,900 for fiscal 2016, and $439,000 thereafter.

 
XML 27 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Notes Payable
 6 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Notes Payable

In conjunction with the acquisition described in footnote number 3, the Company issued a $230,000 promissory note bearing interest at 3.25% payable in 36 equal monthly installments of $6,700 with the last payment due October 2014. As of December 31, 2011 the current and long-term portions of the note were $74,600 and $143,200, respectively.
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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
 6 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Operating activities:    
Net income $ 4,000 $ 191,800
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 99,300 95,600
Deferred income taxe (benefit) 2,000 (9,900)
Stock-based compensation 1,000 4,900
Changes in operating assets and liabilities:    
Accounts receivable (40,100) 614,400
Inventories (315,600) (105,300)
Prepaid expenses and other current assets 20,000 12,500
Accounts payable 112,900 (113,300)
Customer advances 326,900 190,000
Accrued expenses and taxes (23,200) (12,400)
Total adjustments 183,200 676,500
Net cash provided by operating activities 187,200 868,300
Investing activities:    
Additional consideration for acquisition of Altamira Instruments, Inc. 0 (139,900)
Intangible assets acquired in acquisition (note 3) (260,000) 0
Purchase of investment securities, available for sale (5,500) (6,700)
Capital expenditures (61,900) (54,900)
Purchase of intangible assets, other (1,600) (8,600)
Net cash used in investing activities (329,000) (210,100)
Financing activities:    
Line of credit proceeds 60,000 0
Proceeds from exercise of stock options 9,600 0
Cash dividend declared and paid (59,900) (107,700)
Principal payments on note payable (12,200) 0
Net cash used in financing activities (2,500) (107,700)
Net increase (decrease) in cash and cash equivalents (144,300) 550,500
Cash and cash equivalents, beginning of year 907,800 632,700
Cash and cash equivalents, end of year 763,500 1,183,200
Supplemental disclosures of cash flow information:    
Cash paid for income taxes 3,300 164,000
Non-cash investing and financing activities:    
Fair value of stock issued for acquisition 400,000 0
Fair value of note payable issued for acquisition 230,000 0
Fair value of contingent consideration payable in connection with acquisition $ 128,000 $ 0
XML 29 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair Value of Financial Instruments
 6 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Fair Value of Financial Instruments

 The Financial Accounting Standards Board (AFASB@) defines the fair value of financial instruments as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements do not include transaction costs.

 

The accounting guidance also expands the disclosure requirements around fair value and establishes a fair value hierarchy of valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels, which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are described below:

 

Level 1 Inputs that are based upon unadjusted quoted prices for identical instruments traded in active markets.

 

Level 2 Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly.

 

Level 3 Prices or valuation that require inputs that are both significant to the fair value measurement and unobservable.

 

The following tables set forth by level within the fair value hierarchy the Company=s financial assets that were accounted for at fair value on a recurring basis at December 31, 2011 and June 30, 2011 according to the valuation techniques the Company used to determine their fair values:

 

 

   Fair Value Measurements Using Inputs Considered as
   Fair Value at December 31, 2011  Level 1  Level 2  Level 3
Cash and cash equivalents  $763,500   $763,500   $—     $—   
Available for sale securities   700,900    700,900    —      —   
Total  $1,464,400   $1,464,400   $—     $—   
                     
    Fair Value Measurements Using Inputs Considered as
    Fair Value at June 30, 2011    Level 1    Level 2    Level 3 
Cash and cash equivalents  $907,800   $907,800   $—     $—   
Available for sale securities   693,400    693,400    —      —   
Total  $1,601,200   $1,601,200   $—     $—   

 

Investments in marketable securities classified as available-for-sale by security type at December 31, 2011 and June 30, 2011 consisted of the following:

 

   Cost  Fair Value  Unrealized Holding Gain (Loss)
At December 31, 2011:               
 Available for sale:               
 Equity securities  $7,800   $15,300   $7,500 
 Mutual funds   713,200    685,600    (27,600)
   $721,000   $700,900   $(20,100)
                
    Cost    Fair Value    Unrealized Holding Gain (Loss) 
At June 30, 2011:               
 Available for sale:               
 Equity securities  $7,800   $13,300   $5,500 
 Mutual funds   707,100    680,100    (27,000)
   $714,900   $693,400   $(21,500)

 
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