10-Q

                           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    September 30, 2014

      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), except for a Report on Form 8-K required to
be filed in February 2014 with respect to an acquisition and (2) has been
subject to such filing requirements for the past 90 days.  Yes X   No      .

Indicate by check mark whether the registrant is a large accelerated filer,
an accelerated filer, a non-accelerated filer, or a small reporting company.
See the definitions of "large accelerated filer," "accelerated filer" and
"small 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 October 3, 2014 was 1,479,112 shares.






                                 TABLE OF CONTENTS



PART I  - FINANCIAL INFORMATION


ITEM 1	CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:


								  Page


             Condensed Consolidated Balance Sheets                   1


             Condensed Consolidated Statements of Operations         2

             Condensed Consolidated Statements of Comprehensive
             Income (Loss)                                           3


             Condensed Consolidated Statements of Cash Flows         4


             Notes to Unaudited Condensed Consolidated Financial
             Statements					             6

ITEM 2	MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS  14

ITEM 4	CONTROLS AND PROCEDURES				 	    16

PART II - OTHER INFORMATION

ITEM 6	EXHIBITS AND REPORTS ON FORM 8-K                            17

SIGNATURE                                                           18

EXHIBITS                                                            19








                    PART I-FINANCIAL INFORMATION


Item 1.  Financial Statements

            SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES
                    CONDENSED CONSOLIDATED BALANCE SHEETS

                              ASSETS
                                               September 30,   June 30,
                                           	   2014          2014
                                               _____________ __________
Current Assets:		                        (Unaudited)
  Cash and cash equivalents			$  388,100   $  493,700
  Investment securities				   338,000	415,400
  Trade accounts receivable, net		   795,300	756,700
  Inventories					 2,282,900    2,309,200
  Prepaid expenses and other current assets	   184,800	123,100
  Deferred taxes				    86,700	 86,000
                                                __________   __________
      Total current assets			 4,075,800    4,184,100

Property and equipment at cost, net		   249,800	252,100

Intangible assets, net  			 1,708,900    1,795,900

Goodwill					   705,300	705,300

Other assets            			    53,600	 28,200

Deferred taxes					   150,300	146,200
                                                __________   __________
      Total assets                              $6,943,700   $7,111,800
                                                ==========   ==========

	    LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities:
  Accounts payable				$  342,100   $  373,700
  Customer advances				    92,800	 89,500
  Bank line of credit				   200,000	   -
  Notes payable, current portion		     6,900	 26,700
  Accrued expenses and taxes			   358,900	442,800
  Contingent consideration, current portion	   120,000	109,000
                                                __________   __________
      Total current liabilities			 1,120,700    1,041,700

Contingent consideration payable, less
  current portion	                           281,100	391,000
                                                __________   __________
      Total liabilities				 1,401,800    1,432,700
                                                __________   __________
Shareholders' equity:
  Common stock, $.05 par value; authorized 7,000,000 shares;
    1,498,914 and 1,488,914 issued and outstanding at
    September 30, 2014 and June 30, 2014   	    74,900	 74,400
  Additional paid-in capital                     2,445,000    2,420,700
  Accumulated other comprehensive gain, unrealized
     holding gain on investments		       400	  1,100
  Retained earnings                              3,074,000    3,235,300
                                                __________   __________
                                                 5,594,300    5,731,500
  Less common stock held in treasury, at cost,
   19,802 shares                                    52,400	 52,400
                                                __________   __________
      Total shareholders' equity                 5,541,900    5,679,100
                                                __________   __________
      Total liabilities and
        shareholders' equity                    $6,943,700   $7,111,800
                                                ==========   ==========


  See notes to unaudited condensed consolidated financial statements

                                1



      SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(UNAUDITED)




		 			       For the Three Month
					          Periods Ended
					           September 30,
                                             __________________________
					       2014          	  2013
                                             __________________________
Revenues                		     $1,662,100      $1,436,100
Cost of sales		     		      1,161,900         841,900
                                             __________      __________
Gross profit              			500,200         594,200
                                             __________      __________
Operating Expenses:
 General and administrative			326,500         303,000
 Selling					295,300         197,000
 Research and development			107,100          97,200
                                             __________     ___________
 	Total operating expenses		728,900         597,200
                                             __________     ___________
Loss from operations			    (   228,700)    (     3,000)
                                             __________     ___________
Other income (expense):
 Investment income				    800           3,100
 Other income					  6,200		  3,700
 Interest expense			    (     1,200)    (       800)
                                             __________     ___________
	Total other income, net			  5,800 	  6,000
                                             __________     ___________
Income (loss) before income tax expense
 (benefit)				    (   222,900)	  3,000
                                             __________     ___________
Income tax expense (benefit):
	Current		  		    (    57,200)    (     3,100)
	Deferred		            (     4,400)          4,000
                                             __________     ___________
       Total income tax expense
        (benefit)			    (    61,600)            900
                                             __________     ___________
Net income (loss)		   	    ($  161,300)    $     2,100
                                             ==========     ===========
Basic earnings (loss) per common share   	($  .11)         $  .00
                                                 =======         ======
Diluted earnings (loss) per common share	($  .11)         $  .00
                                                 =======         ======
Cash dividends declared
 per common share		  	         $  -            $  .08
                                                 =======         ======



See notes to unaudited condensed consolidated financial statements

                               2



       SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)



						For the Three Month
						   Periods Ended
						   September 30,
                                                ______________________
						   2014	       2013
                                                __________  __________
Net income (loss)				($161,300)   $   2,100

Other comprehensive loss:
  Unrealized holding loss
  arising during period,
  net of tax					(     700)  (    1,800)
                                                __________  ___________
Comprehensive income (loss)			($162,000)   $     300
                                                ==========  ===========








See notes to unaudited condensed consolidated financial statements



                               3


        SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES
  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

                                      For the Three Month Periods Ended
					Sept. 30, 2014  Sept. 30, 2013
                                      ________________  ______________
Operating activities:
  Net income (loss)                        ($ 161,300)     $   2,100
                                           ___________    ___________
  Adjustments to reconcile net income (loss)
   to net cash used in operating activities:
      Loss on sale of investments	        1,300		-
      Depreciation and amortization           110,100         44,200
      Deferred income taxes		    (   4,400)	       4,000
	 Stock-based compensation	        1,000		 800
	 Income tax benefit of stock options
	    exercised			        4,900		-
	 Changes in operating assets and liabilities:
         Accounts receivable                (  38,500)	         100
         Inventories                           26,300     (   77,800)
         Prepaid expenses and other
          current assets                    (  61,600)    (   46,900)
	 Other assets		            (  25,400)		-
         Accounts payable                   (  31,500)         5,000
         Customer advances	 	        3,300         27,500
         Accrued expenses and taxes         (  83,900)    (  118,100)
                                            __________    ___________
       Total adjustments		    (  98,400)    (  161,200)
                                            __________    ___________
       Net cash used in
        operating activities	            ( 259,700)    (  159,100)
                                            __________    ___________
Investing activities:
  Redemption of investment securities,
    available-for-sale		               75,000	        -
  Purchase of investment securities,
    available-for-sale                           -        (    5,700)
  Capital expenditures                      (  19,700)    (    8,500)
  Purchases of intangible assets            (   1,100)    (    1,900)
                                            __________   ____________
       Net cash provided by (used in)
	   investing activities		       54,200	  (   16,100)
                                            __________    ___________
Financing activities:
  Line of credit proceeds		      200,000		-
  Payment of contingent consideration	    (  98,900)		-
  Proceeds from exercise of stock options      18,800		-
  Principal payments on note payable	    (  20,000)	  (   19,400)
                                            __________    ___________
       Net cash provided by (used in)
         financing activities		       99,900     (   19,400)
                                            __________    ___________






See notes to unaudited condensed consolidated financial statements


                                4




        SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES
   CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)


                                     For the Three Month Periods Ended
					Sept. 30, 2014  Sept. 30, 2013
                                      ________________  ______________

Net decrease in cash and
  cash equivalents	 	           ( 105,600)     ( 194,600)

Cash and cash equivalents,
  beginning of year`		             493,700        927,300
                                           __________     __________
Cash and cash equivalents, end of period   $ 388,100	  $ 732,700
                                           __________     __________
Supplemental disclosures:

Cash paid during the period for:
  Income Taxes		                    $  3,500	 $  100,000
  Interest			               1,200            800

Non-cash investing and financing activities (Note 3)




 See notes to unaudited condensed consolidated financial statements



                               5






      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, 2014.  The results for the three months ended
September 30, 2014, are not necessarily an indication of
the results for the full fiscal year ending June 30, 2015.

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 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 May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with
Customers amending revenue recognition requirements for multiple-
deliverable revenue arrangements. This update provides guidance on how
revenue is recognized to depict the transfer of promised goods or
services to customers in an amount that reflects the consideration
to which the entity expects to be entitled in exchange for the goods
or services. This determination is made in five steps: (i) identify
the contract with the customer: (ii) identify the performance
obligations in the contract; (iii) determine the transaction price;
(iv) allocate the transaction price to the performance obligations
in the contract; and (v) recognize revenue when (or as) the entity
satisfies a performance obligation. The update is effective for the
Company beginning July 1, 2017. Early adoption is not permitted.
The Company is currently evaluating the impact this guidance may
have on its financial condition and results of operations.

In June 2014, the FASB issued ASU 2014-12, Compensation - Stock
Compensation (Topic 718): Accounting for Share-Based Payments When the
Terms of an Award Provide that a Performance Target Could be Achieved After
the Requisite Service Period. This update affects reporting entities that
grant their employee's targets that affects vesting could be achieved after
the requisite service period. The new standard requires that a performance
target that affects vesting and that could be achieved after the requisite

                                 6



services period be treated as a performance condition. The new standard
will be effective for the Company beginning July 1, 2015, and early
adoption is permitted. The Company expects the adoption will not have a
material impact on its financial condition, results of operations or cash
flows.

3.  	Acquisition:

On February 26, 2014, the Company acquired substantially all the
assets of a privately owned company consisting principally of inventory,
fixed assets, and intangible assets related to the production and sale
of a variety of laboratory and pharmacy balances and scales. The
acquisition was pursuant to an asset purchase agreement whereby the
Company paid the sellers $700,000 in cash, 126,449 shares of Common
Stock valued at $427,500 (of which 31,612 are held in escrow for one
year) and agreed to make additional cash payments based on a percentage
of net sales of the business acquired equal to 8% for the period ending
June 30, 2014 annualized, 9% for the year ending June 30, 2015, 10%
for the year ending June 30, 2016 and 11% for the year ending June
30, 2017, estimated at a present value of $460,000 on the date of
acquisition. Payments related to this contingent consideration for
each period are due in September following the fiscal year.

The products, which are similar to the Company's other Benchtop
Laboratory Equipment, and in many cases used by the same customers,
are marketed under the Torbal(R) brand. The principal customers are
pharmacies, pharmacy schools, universities, government laboratories,
and industries utilizing a precision scale. The products are sold
primarily on a direct basis, including through the Company's
e-commerce site.

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

Current assets                  $   144,000
Property and equipment              118,100
Goodwill*                           115,400
Other intangible assets           1,210,000
                                ___________
Total Purchase Price            $ 1,587,500
                                ===========

          *See Note 8, "Goodwill and Other Intangible Assets".

Of the $1,210,000 of the acquired other intangible assets, $570,000 was
assigned to technology and websites with a useful life of 5 years,
$120,000 was assigned to customer relationships with an estimated useful
life of 9 years, $140,000 was assigned to the trade name with an
estimated useful life of 6 years, $110,000 was assigned to the IPR&D
with an estimated useful life of 3 years, and $270,000 was assigned to
non-compete agreements with an estimated useful life of 5 years.
In connection with the acquisition, the Company entered into a three-year
employment agreement with the previous Chief Operating Officer of the
acquired business as President of the Company's new Torbal Division and
Director of Marketing for the Company. The agreement may be extended by
mutual consent for an additional two years.


                                 7



The Company was unable to obtain audited financial statements of the
business acquired 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 Report on Form 8-K
filing resulted in the inability of the Company to register under the
Securities Act of 1933, as amended, offerings of the Company's securities
during the one year period ending February 2015.

Pro forma results

The unaudited pro forma condensed consolidated financial information
in the table below summarizes the consolidated results of operations
of the Company including its new Torbal Division, on a pro forma basis,
as though the companies had been consolidated as of the beginning of
the fiscal year ended June 30, 2014. 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
fiscal year presented. In addition, the Company was unable to obtain
audited historical information and, therefore the information
presented is based on management's best judgment.

					For the Three Month
					Period Ended
					September 30, 2013
                                        ___________________

   		Net Revenues               $1,692,100

		Net Loss		  ($   32,700)

    		Net loss per share
		- basic		    	  ($  .02)

    		Net loss per share
		- diluted		  ($  .02)

4. 	Segment Information and Concentrations:

The Company views its operations as three segments:  the manufacture and
marketing of standard benchtop laboratory equipment including the balances
and scales by its Torbal Scales Division for research in university,
hospital and industrial laboratories sold primarily through laboratory
equipment distributors and on a direct basis ("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").





                                         8




	Segment information is reported as follows:


               Benchtop    Catalyst     Bio-       Corporate
               Laboratory  Research     processing and       Conso-
               Equipment   Instruments  Systems    Other     lidated
               __________  ___________  __________ _________ ___________

Three months ended September 30, 2014:

 Revenues	$1,086,400 $  551,100   $   24,600 $   -     $1,662,100
 Foreign Sales	   411,100    443,500	      -	       -	854,600
 Loss from
    Operations (   118,100 (   70,200)  (   40,400)    -     (  228,700)
 Assets     	 4,074,800  1,507,400      786,600  574,900   6,943,700
 Long-Lived Asset
    Expenditures    18,300        900        1,600     -         20,800
 Depreciation and
    Amortization    76,000      9,800       24,300     -        110,100


               Benchtop    Catalyst     Bio-       Corporate
               Laboratory  Research     processing and       Conso-
               Equipment   Instruments  Systems    Other     lidated
               __________  ___________  __________ _________ ___________

Three months ended September 30, 2013:

 Revenues       $1,069,700 $  339,700   $   26,700 $     -   $1,436,100
 Foreign Sales	   620,800     73,500        2,000	 -      696,300
 Income(Loss) from
    Operations     117,800 (  104,000)  (   16,800)      -   (    3,000)
 Assets          2,470,200  1,587,200      890,600  1,101,100 6,049,100
 Long-Lived Asset
    Expenditures     9,900       -             500       -       10,400
 Depreciation and
    Amortization    11,000      9,100       24,100       -       44,200


Approximately 46% and 68% of net sales of benchtop laboratory equipment
for the three month periods ended September 30, 2014 and 2013,
respectively, were derived from the Company?s main product, the Vortex-
Genie 2(R) mixer, excluding accessories.

Approximately 19% of total benchtop laboratory equipment sales were
derived from the new Torbal Scales Division for the three months ended
September 30, 2014.

For the three months ended September 30, 2014, and 2013, respectively,
two customers accounted in the aggregate for approximately 13% and 15%
of the net sales of the Benchtop Laboratory Equipment Operations and 9%
and 11% of the Company's revenues.  Sales of catalyst research instruments
generally comprise a few very large orders averaging at least $100,000 per
order to a limited number of customers, who differ from order to order.
Sales to five and three customers during the three months ended September
30, 2014 and 2013, respectively, accounted for approximately 99% and 94%
of the Catalyst Research Instrument Operations' revenues and 33% and 22%
of the Company's total revenues.

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



                                9




5.	Fair Value of Financial Instruments:

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

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

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

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

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

The following tables set forth by level within the fair value hierarchy
the Company's financial assets that were accounted for at fair value on a
recurring basis at September 30, 2014 and June 30, 2014 according to the
valuation techniques the Company used to determine their fair values:

                                       Fair Value Measurements Using Inputs
                                                    Considered as
Assets:
                              Fair Value at
                           September 30, 2014  Level 1     Level 2   Level 3
                              ______________  __________  ________  ________
Cash and cash equivalents	$  388,100    $  388,100  $  -      $  -
Available for sale securities  	   338,000	 338,000     -         -
                                __________    __________  ________  ________
Total				$  726,100    $  726,100  $  -      $  -
                                ==========    ==========  ========  ========
Liabilities:

Contingent consideration        $  401,100    $     -     $  -      $401,100
                                ==========    ==========  ========  ========


                                       Fair Value Measurements Using Inputs
                                                    Considered as
Assets:
                              Fair Value at
                              June 30, 2014   Level 1     Level 2   Level 3
                              ______________  __________  ________  ________
Cash and cash equivalents	$  493,700    $  493,700  $  -      $  -
Available for sale securities  	   415,400	 415,400     -         -
                                __________    __________  ________  ________
Total				$  909,100    $  909,100  $  -      $  -
                                ==========    ==========  ========  ========
Liabilities:

Contingent consideration        $  500,000    $     -     $  -      $500,000
                                ==========    ==========  ========  ========

                                             10



Investments in marketable securities classified as available-for-sale by
security type at September 30, 2014 and June 30, 2014 consisted of the
following:

                                                            Unrealized
                                               	    Fair   Holding Gain
                                        Cost        Value     (Loss)
	                           ____________  _________ ____________
At September 30, 2014:
   Available for sale:
   Equity securities		   $  29,300	 $  38,300  $    9,000
   Mutual funds			     303,300	   299,700 (     8,600)
                                   _________     _________  ___________
                                   $ 337,600	 $ 338,000  $      400
                                   =========     =========  ===========


                                                            Unrealized
                                               	    Fair   Holding Gain
                                        Cost        Value     (Loss)
	                           ____________  _________ ____________
At June 30, 2014:
   Available for sale:
   Equity securities		   $  29,300	 $  38,500  $    9,200
   Mutual funds			     385,000	   376,900     ( 8,100)
                                   _________     _________  ___________
                                   $ 414,300	 $ 415,400  $    1,100
                                   =========     =========  ===========

6.	Inventories:

Inventories for financial statement purposes are based on perpetual
inventory records at September 30, 2014 and based on a physical count as
of June 30, 2014.  Components of inventory are as follows:

			    September 30,  	  June 30,
				2014   		    2014
                            _____________       __________
	Raw materials         $1,580,500	$1,617,100
	Work in process          345,100    	   366,200
	Finished goods           357,300	   325,900
                              __________        __________
			      $2,282,900	$2,309,200
                              ==========        ==========

7.   Earnings (Loss) per common share:

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






                                          11




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


                           	    For the Three Month
                           	    Periods Ended
                             	    September 30,
                                    __________________________
       					2014          2013
                                    ___________  _____________

	Net income (loss)	    ($ 161,300)  $      2,100
                                    ===========  =============
	Weighted average common
 	  shares outstanding	      1,469,112     1,337,663
	Dilutive  securities	           -            7,408
                                    ___________  _____________
	Weighted average dilutive
	  common shares outstanding   1,469,112     1,345,071
                                    ___________  _____________
	Basic earnings (loss) per
	  common share		     ($  .11) 	  $   .00
                                     ========     =======
	Diluted earnings (loss) per
	   common share		     ($  .11)	  $   .00
                                     ========     =======

Approximately 51,000 shares of the Company's Common Stock issuable
upon the exercise of outstanding options were excluded from the
calculation of diluted loss per common share, for the three months
ended September 30, 2014, because the effect would be anti-dilutive
due to the loss for the period.

Approximately 28,500 shares of the Company?s Common Stock issuable
upon the exercise of outstanding stock options were excluded from
the calculation of diluted earnings per common share for the three
months ended September 30, 2013 because the effect would be
anti-dilutive.

8.   Goodwill and Other Intangible Assets:

Goodwill represents the excess of the purchase price over the
fair value of the net assets acquired in connection with the Company's
acquisition of Altamira and SBI?s acquisition of assets.  Goodwill
amounted to $705,300 as of September 30, 2014 and June 30, 2014,
all of which is expected to be deductible for tax purposes.

 The components of other intangible assets are as follows:

			  Useful                Accumulated
			  Lives       Cost      Amortization    Net
                         ________   __________  ____________  ________
 At September 30, 2014:

 Technology, trademarks  5/10 yrs.  $1,226,800  $   522,900 $  703,900
 Trade names                6 yrs.     140,000 	     13,600    126,400
 Websites                   5 yrs.     210,000       24,500    185,500
 Customer relationships  9/10 yrs.     357,000      221,500    135,500
 Sublicense agreements     10 yrs.     294,000       84,500    209,500
 Non-compete agreements     5 yrs.     384,000      140,400    243,600
 IPR&D                      3 yrs.     110,000       21,400     88,600
 Other intangible assets    5 yrs.     158,500      142,600     15,900
                                    __________   __________ __________
	  			    $2,880,300   $1,171,400 $1,708,900
                                    ==========   ========== ==========



                                     12




			  Useful                Accumulated
			  Lives       Cost      Amortization    Net
                         ________   __________  ____________  ________
 At June 30, 2014:

 Technology, trademarks  5/10 yrs.  $1,226,800  $   489,100 $  737,700
 Trade names                6 yrs.     140,000 	      7,800    132,200
 Websites                   5 yrs.     210,000       14,000    196,000
 Customer relationships  9/10 yrs.     357,000      215,800    141,200
 Sublicense agreements     10 yrs.     294,000       77,200    216,800
 Non-compete agreements     5 yrs.     384,000      126,300    257,700
 IPR&D                      3 yrs.     110,000       12,200     97,800
 Other intangible assets    5 yrs.     157,400      140,900     16,500
                                    __________   __________ __________
	  			    $2,879,200   $1,083,300 $1,795,900
                                    ==========   ========== ==========

Total amortization expense was $88,100 and $28,100 for the three months
ended September 30, 2014 and 2013, respectively.  As of September 30,
2014, estimated future amortization expense related to intangible assets
is $260,200 for the remainder of the fiscal year ending June 30, 2015,
$352,400 for fiscal 2016, $337,100 for fiscal 2017, $323,300 for fiscal
2018, $244,800 for fiscal 2019, and $191,100 thereafter.




                                    13





      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 to customers' specifications catalyst research
instruments, and to develop marketable bioprocessing systems, 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 $105,600 to $388,100 as of
September 30, 2014 from $493,700 as of June 30, 2014.

Net cash used in operating activities was $259,700 for the three months
ended September 30, 2014 as compared to $159,100 for the comparable
three month period in 2013, primarily due to the loss for the current
period.  Cash provided by investing activities was $54,200 for the
three month period ended September 30, 2014 compared to cash used of
$16,100 for the three month period ended September 30, 2013 due
primarily to the redemptions of investments.  Cash provided by
financing activities was $99,900 for the three months ended September
30, 2014 compared to $19,400 used for the prior year period due
primarily to the cash borrowed under the line of credit.

The Company's working capital decreased by $187,300 to $2,955,100 at
September 30, 2014 from $3,142,400 at June 30, 2014, mainly due to
the loss during the period.

The Company has a line of credit with Bank of America Merrill Lynch
which provides for maximum borrowings of up to $700,000, bearing
interest at 3.00 percentage points above the LIBOR Index, 3.16% as
of October 31, 2014 and is secured by a pledge of collateral
consisting of the inventory, accounts, chattel paper, equipment and
fixtures of the Company.  Outstanding amounts are due and payable
by November 30, 2015 with a requirement that the Company is to
reduce the outstanding principal balance to zero during the 30 day
period ending on the expiration date of the promissory note.  As of
September 30, 2014, $200,000 was due under this line.



Management believes that the Company will be able to meet its cash
flow needs during the next 12 months from its available financial
resources which include its cash and investment securities, and
line of credit.



			    14

Results of Operations

Financial Overview

The Company recorded a loss of $222,900 before income tax benefit
for the three months ended September 30, 2014 compared to income
of $3,000 before income tax expense for the comparable period last
year, primarily the result of the loss incurred by the Benchtop
Laboratory Equipment Operations due to the lower sales of Genie(TM)
brand products to overseas customers, and lower than expected Torbal(R)
brand product sales, and amortization costs related to the new Torbal
division.

The Three Months Ended September 30, 2014 Compared With the Three
Months Ended September 30, 2013

Revenues for the three months ended September 30, 2014 increased by
$226,000 (15.7%) to $1,662,100 from $1,436,100 for the three months
ended September 30, 2013, primarily as a result of a $211,400 increase
in catalyst research instrument sales. Sales of benchtop laboratory
products increased by $16,700 compared to the same period last year
as a result of sales of Torbal brand products of $211,500 while Genie
brand product sales for overseas customers were lower. 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 Operations'
revenues ($24,600) consist primarily of earned royalties.  The
backlog of orders for catalyst research instruments was $439,500
as of September 30, 2014, substantially all of which is expected
to be delivered by fiscal year end, as compared to the backlog
as of September 30, 2013 of $513,400.

The gross profit percentage for the three months ended September
30, 2014 decreased to 30.1% compared to 41.4% for the three months
ended September 30, 2013, primarily due to product mix of the
Benchtop Laboratory Equipment Operations which include in the
current year Torbal brand products at lower gross margins and
comparatively lower gross margins for Genie brand products.

General and administrative expenses for the three months ended
September 30, 2014 increased by $23,500 (7.8%) to $326,500 from
$303,000 for the three months ended September 30, 2013, primarily
due to the addition of such expenses incurred by the Torbal
division of the Benchtop Laboratory Equipment Operations.

Selling expenses for the three months ended September 30, 2014
increased $98,300 (49.9%) to $295,300 from $197,000 for the three
months ended September 30, 2013, primarily the result of increased
sales commissions for the Catalyst Research Instruments Operations
and higher expenses incurred by the Torbal division of the
Benchtop Laboratory Equipment Operations.

Research and development expenses for the three months ended
September 30, 2014 increased by $9,900 (10.2%) to $107,100 from
$97,200 for the three months ended September 30, 2013, primarily
the result of increased product development activities by the
Bioprocessing Systems Operations.





                                15




For the three months ended September 30, 2014, the income tax
benefit was $61,600 compared to income tax expense of $900 for
the three months ended September 30, 2013 due to the loss for
the period.

As a result, the net loss for the three months ended September
30, 2014 was $161,300 compared to a net income of $2,100 for the
three months ended September 30, 2013.



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.








                                  16





Part II - 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:

                 None












                             17






	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: November 13, 2014








                                  18

EX-31

						Exhibit 31.1
                       CERTIFICATION

   I, Helena R. Santos, certify that:

1.	I have reviewed this report on Form 10-Q for the
quarter ended September 30, 2014 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.

November 13, 2014


Helena R. Santos
_________________
Helena R. Santos
Chief Executive Officer and Chief Financial Officer

EX-32

			                   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 "Company"),
on Form 10-Q for the period ended September 30,
2014:

	(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.





November 13, 2014


/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.

XML

4. Segment Information and Concentrations (Details Narrative)	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
TwoCustomers [Member] | Benchtop Laboratory Equipment [Member]
Net sales	13.00%	15.00%
Consolidated sales	9.00%	11.00%
Three Different Customers [Member] | Catalyst Research Instruments [Member]
Net sales		94.00%
Consolidated sales		22.00%
Five Customers [Member] | Catalyst Research Instruments [Member]
Net sales	99.00%
Consolidated sales	33.00%

XML

3. Acquisition

3 Months Ended

Sep. 30, 2014

Text Block [Abstract]

Acquisition

On February 26, 2014, the Company acquired substantially all the assets of a privately owned company consisting principally of inventory, fixed assets, and intangible assets related to the production and sale of a variety of laboratory and pharmacy balances and scales. The acquisition was pursuant to an asset purchase agreement whereby the Company paid the sellers $700,000 in cash, 126,449 shares of Common Stock valued at $427,500 (of which 31,612 are held in escrow for one year) and agreed to make additional cash payments based on a percentage of net sales of the business acquired equal to 8% for the period ending June 30, 2014 annualized, 9% for the year ending June 30, 2015, 10% for the year ending June 30, 2016 and 11% for the year ending June 30, 2017, estimated at a present value of $460,000 on the date of acquisition. Payments related to this contingent consideration for each period are due in September following the fiscal year.

The products, which are similar to the Company’s other Benchtop Laboratory Equipment, and in many cases used by the same customers, are marketed under the Torbal® brand. The principal customers are pharmacies, pharmacy schools, universities, government laboratories, and industries utilizing a precision scale. The products are sold primarily on a direct basis, including through the Company’s e-commerce site.

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

Current assets	$ 144,000
Property and equipment	118,100
Goodwill*	115,400
Other intangible assets	1,210,000
Total Purchase Price	$ 1,587,500

*See Note 8, “Goodwill and Other Intangible Assets”.

Of the $1,210,000 of the acquired other intangible assets, $570,000 was assigned to technology and websites with a useful life of 5 years, $120,000 was assigned to customer relationships with an estimated useful life of 9 years, $140,000 was assigned to the trade name with an estimated useful life of 6 years, $110,000 was assigned to the IPR&D with an estimated useful life of 3 years, and $270,000 was assigned to non-compete agreements with an estimated useful life of 5 years.

In connection with the acquisition, the Company entered into a three-year employment agreement with the previous Chief Operating Officer of the acquired business as President of the Company’s new Torbal Division and Director of Marketing for the Company. The agreement may be extended by mutual consent for an additional two years.

The Company was unable to obtain audited financial statements of the business acquired 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 Report on Form 8-K filing resulted in the inability of the Company to register under the Securities Act of 1933, as amended, offerings of the Company’s securities during the one year period ending February 2015.

Pro forma results

The unaudited pro forma condensed consolidated financial information in the table below summarizes the consolidated results of operations of the Company including its new Torbal Division, on a pro forma basis, as though the companies had been consolidated as of the beginning of the fiscal year ended June 30, 2014. 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 fiscal year presented. In addition, the Company was unable to obtain audited historical information and, therefore the information presented is based on management’s best judgment:

	For the Three Month
	Periods Ended
	September 30, 2013
Net Revenues	$      1,692,100
Net income loss	$          (32,700)
Net loss per share - basic	$              (0.02)
Net loss per share - diluted	$              (0.02)

XML

7. Earnings (Loss) per common share (Details) (USD $)	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Earnings Loss Per Common Share Details
Net income (loss)	$ (161,300)	$ 2,100
Weighted average common shares outstanding	1,469,112	1,337,663
Effect of dilutive securities	0	7,408
Weighted average dilutive common shares outstanding	1,469,112	1,345,071
Basic earnings/(loss) per common share	$ (0.11)	$ 0.00
Diluted earnings/(loss) per common share	$ (0.11)	$ 0.00

XML

6. Inventories (Details) (USD $)	Sep. 30, 2014	Jun. 30, 2014
Inventories Details
Raw materials	$ 1,580,500	$ 1,617,100
Work-in-process	345,100	366,200
Finished goods	357,300	325,900
Inventory	$ 2,282,900	$ 2,309,200

XML

7. Earnings (Loss) per common share (Details Narrative)	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Equity [Abstract]
Common stock issuable upon the exercise of outstanding options	51,000	28,500

XML

8. Goodwill and Other Intangible Assets (Details) (USD $)	3 Months Ended	12 Months Ended
	Sep. 30, 2014	Jun. 30, 2014
Cost	$ 2,880,300	$ 2,879,200
Accumulated Amortization	1,171,400	1,083,300
Net	1,708,900	1,795,900
Technology, trademarks
Useful Lives Minimum	5 years	5 years
Useful Lives Maximum	10 years	10 years
Cost	1,226,800	1,226,800
Accumulated Amortization	522,900	489,100
Net	703,900	737,700
Trade names [Member]
Useful Lives	6 years	6 years
Cost	140,000	140,000
Accumulated Amortization	13,600	7,800
Net	126,400	132,200
Websites [Member]
Useful Lives	5 years	5 years
Cost	210,000	210,000
Accumulated Amortization	24,500	14,000
Net	185,500	196,000
Customer relationships
Useful Lives		10 years
Useful Lives Minimum	9 years
Useful Lives Maximum	10 years
Cost	357,000	357,000
Accumulated Amortization	221,500	215,800
Net	135,500	141,200
Sublicense agreements
Useful Lives	10 years	10 years
Cost	294,000	294,000
Accumulated Amortization	84,500	77,200
Net	209,500	216,800
Non-compete agreements
Useful Lives	5 years	5 years
Cost	384,000	384,000
Accumulated Amortization	140,400	126,300
Net	243,600	257,700
IPR and D [Member]
Useful Lives	3 years	3 years
Cost	110,000	110,000
Accumulated Amortization	21,400	12,200
Net	88,600	97,800
Other intangible assets
Useful Lives	5 years	5 years
Cost	158,500	157,400
Accumulated Amortization	142,600	140,900
Net	$ 15,900	$ 16,500

XML

2. New Accounting Pronouncements

3 Months Ended

Sep. 30, 2014

Notes to Financial Statements

New Accounting Pronouncements

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers amending revenue recognition requirements for multiple-deliverable revenue arrangements. This update provides guidance on how revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for the goods or services. This determination is made in five steps: (i) identify the contract with the customer: (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The update is effective for the Company beginning July 1, 2017. Early adoption is not permitted.

The Company is currently evaluating the impact this guidance may have on its financial condition and results of operations.

In June 2014, the FASB issued ASU 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved After the Requisite Service Period. This update affects reporting entities that grant their employee’s targets that affects vesting could be achieved after the requisite service period. The new standard requires that a performance target that affects vesting and that could be achieved after the requisite services period be treated as a performance condition. The new standard will be effective for the Company beginning July 1, 2015, and early adoption is permitted. The Company expects the adoption will not have a material impact on its financial condition, results of operations or cash flows.

XML

8. Goodwill and Other Intangible Assets (Details Narrative) (USD $)	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Jun. 30, 2014
Goodwill And Other Intangible Assets Details Narrative
Estimated future amortization expense 2015	$ 260,200
Estimated future amortization expense 2016	352,400
Estimated future amortization expense 2017	337,100
Estimated future amortization expense 2018	323,300
Estimated future amortization expense 2019	244,800
Estimated future amortization expense thereafter	191,100
Total amortization expense	88,100	28,100
Goodwill	$ 705,300		$ 705,300

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014	Jun. 30, 2014
Current Assets:
Cash and cash equivalents	$ 388,100	$ 493,700
Investment securities	338,000	415,400
Trade accounts receivable, net	795,300	756,700
Inventories	2,282,900	2,309,200
Prepaid expenses and other current assets	184,800	123,100
Deferred taxes	86,700	86,000
Total current assets	4,075,800	4,184,100
Property and equipment, net	249,800	252,100
Intangible assets, net	1,708,900	1,795,900
Goodwill	705,300	705,300
Other assets	53,600	28,200
Deferred taxes	150,300	146,200
Total assets	6,943,700	7,111,800
Current Liabilities:
Accounts payable	342,100	373,700
Customer advances	92,800	89,500
Bank line of credit	200,000	0
Notes payable, current portion	6,900	26,700
Accrued expenses and taxes	358,900	442,800
Contingent consideration payable, current portion	120,000	109,000
Total current liabilities	1,120,700	1,041,700
Contingent consideration payable, less current portion	281,100	391,000
Total liabilities	1,401,800	1,432,700
Shareholders' equity:
Common stock, $.05 par value; authorized 7,000,000 shares; 1,498,914 and 1,488,914 issued and outstanding at September 30, 2014 and 1,357,465 at June 30, 2014	74,900	74,400
Additional paid-in capital	2,445,000	2,420,700
Accumulated other comprehensive gain	400	1,100
Retained earnings	3,074,000	3,235,300
Total	5,594,300	5,731,500
Less common stock held in treasury, at cost, 19,802 shares	52,400	52,400
Total shareholders' equity	5,541,900	5,679,100
Total liabilities and shareholders' equity	$ 6,943,700	$ 7,111,800

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Operating activities:
Net income (loss)	$ (161,300)	$ 2,100
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Loss on sale of investments	1,300	0
Depreciation and amortization	110,100	44,200
Deferred income taxes	(4,400)	4,000
Stock-based compensation	1,000	800
Income tax benefit of stock options exercised	4,900	0
Changes in operating assets and liabilities
Accounts receivable	(38,500)	100
Inventories	26,300	(77,800)
Prepaid expenses and other current assets	(61,600)	(46,900)
Other assets	(25,400)	0
Accounts payable	(31,500)	5,000
Customer advances	3,300	27,500
Accrued expenses and taxes	(83,900)	(118,100)
Total adjustments	(98,400)	(161,200)
Net cash used in operating activities	(259,700)	(159,100)
Investing activities:
Redemption of investment securities, available-for-sale	75,000	0
Purchase of investment securities, available for sale	0	(5,700)
Capital expenditures	(19,700)	(8,500)
Purchase of other intangible assets	(1,100)	(1,900)
Net cash provided by (used in) investing activities	54,200	(16,100)
Financing activities:
Line of credit proceeds	200,000	0
Payments of contingent consideration	(98,900)	0
Proceeds from exercise of stock options	18,800	0
Principal payments on note payable	(20,000)	(19,400)
Net cash provided by (used in) financing activities	99,900	(19,400)
Net decrease in cash and cash equivalents	(105,600)	(194,600)
Cash and cash equivalents, beginning of year	493,700	927,300
Cash and cash equivalents, end of period	388,100	732,700
Cash paid during the period for:
Income Taxes	3,500	100,000
Interest	$ 1,200	$ 800

XML

3. Acquisition (Details) (USD $)	Sep. 30, 2014
Acquisition Details
Current Assets	$ 144,000
Property, Plant & Equipment	118,100
Goodwill	115,400
Other Intangible Assets	1,210,000
Total Purchase Price	$ 1,587,500

XML

4. Segment Information and Concentrations (Details) (USD $)	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Depreciation and Amortization	$ 110,100	$ 44,200
Benchtop Laboratory Equipment [Member]
Revenues	1,086,400	1,069,700
Foreign Sales	411,100	620,800
Loss Operations	(118,100)	117,800
Assets	4,074,800	2,470,200
Long-lived Asset Expenditures	18,300	9,900
Depreciation and Amortization	76,000	11,000
Catalyst Research Instruments [Member]
Revenues	551,100	339,700
Foreign Sales	443,500	73,500
Loss Operations	(70,200)	(104,000)
Assets	1,507,400	1,587,200
Long-lived Asset Expenditures	900	0
Depreciation and Amortization	9,800	9,100
Bioprocessing Systems [Member]
Revenues	24,600	26,700
Foreign Sales	0	2,000
Loss Operations	(40,400)	(16,800)
Assets	786,600	890,600
Long-lived Asset Expenditures	1,600	500
Depreciation and Amortization	24,300	24,100
Corporate and Other [Member]
Revenues	0	0
Foreign Sales	0	0
Loss Operations	0	0
Assets	574,900	1,101,100
Long-lived Asset Expenditures	0	0
Depreciation and Amortization	0	0
Consolidated [Member]
Revenues	1,662,100	1,436,100
Foreign Sales	854,600	696,300
Loss Operations	(228,700)	(3,000)
Assets	6,943,700	6,049,100
Long-lived Asset Expenditures	20,800	10,400
Depreciation and Amortization	$ 110,100	$ 44,200

XML

1. Summary of significant accounting policies

3 Months Ended

Sep. 30, 2014

Notes to Financial Statements

Summary of significant accounting policies

Principles of consolidation:

The accompanying consolidated financial statements include the

accounts of Scientific Industries, Inc. (“Scientific”, a Delaware

corporation), Altamira Instruments, Inc.(“Altamira”, a wholly owned

subsidiary and Delaware corporation), Scientific Packaging

Industries, Inc. (an inactive wholly owned subsidiary and New York

corporation) and Scientific Bioprocessing, Inc., (“SBI”, a wholly

owned subsidiary and Delaware corporation). All are collectively

referred to as the “Company”. All material intercompany balances and

transactions have been eliminated.

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2014	Jun. 30, 2014
Shareholders' equity:
Common stock,par value	$ 0.05	$ 0.05
Common stock, authorized shares	7,000,000	7,000,000
Common stock, issued shares	1,498,914	1,488,914
Common stock, outstanding shares	1,498,914	1,488,914
Stock held in treasury, shares	19,802	19,802

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4. Segment Information and Concentrations (Tables)

3 Months Ended

Sep. 30, 2014

Segment Reporting [Abstract]

Segment Information

	Benchtop Laboratory Equipment	Catalyst Research Instruments	Bioprocessing Systems	Corporate and Other	Consolidated
Three months ended September 30, 2014
Revenues	$ 1,086,400	$   551,100	$       24,600	$             -	$ 1,662,100
Foreign Sales	411,100	443,500	-	-	854,600
Loss from Operations	(118,100)	(70,200)	(40,400)	-	(228,700)
Assets	4,074,800	1,507,400	786,600	574,900	6,943,700
Long-Lived Asset Expenditures	18,300	900	1,600	-	20,800
Depreciation and Amortization	76,000	9,800	24,300	-	110,100

	Benchtop Laboratory Equipment	Catalyst Research Instruments	Bioprocessing Systems	Corporate and Other	Consolidated
Three months ended September 30, 2013
Revenues	$ 1,069,700	$   339,700	$       26,700	$             -	$ 1,436,100
Foreign Sales	620,800	73,500	2,000	-	696,300
Income (Loss) from Operations	117,800	(104,000)	(16,800)	-	(3,000)
Assets	2,470,200	1,587,200	890,600	1,101,100	6,049,100
Long-Lived Asset Expenditures	9,900	-	500	-	10,400
Depreciation and Amortization	11,000	9,100	24,100	-	44,200

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Document and Entity Information	3 Months Ended
	Sep. 30, 2014	Oct. 03, 2014
Document And Entity Information
Entity Registrant Name	SCIENTIFIC INDUSTRIES INC
Entity Central Index Key	0000087802
Document Type	10-Q
Document Period End Date	Sep. 30, 2014
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		1,479,112
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2015

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5. Fair Value of Financial Instruments (Tables)

3 Months Ended

Sep. 30, 2014

Investments, All Other Investments [Abstract]

Fair Value Inputs

	Fair Value Measurements Using Inputs Considered as
Assets:
	Fair Value at September 30, 2014	Level 1	Level 2	Level 3
Cash and cash equivalents	$                     388,100	$   388,100	$             -	$            -
Available for sale securities	338,000	338,000	-	-
Total	$                     726,100	$   726,100	$             -	$            -
Liabilities:
Contingent consideration	$                     401,100	$            -	$             -	$   401,100
	Fair Value Measurements Using Inputs Considered as
Assets:
	Fair Value at June 30, 2014	Level 1	Level 2	Level 3
Cash and cash equivalents	$                     493,700	$   493,700	$             -	$            -
Available for sale securities	415,400	415,400	-	-
Total	$                     909,100	$   909,100	$             -	$            -
Liabilities:
Contingent consideration	$                     500,000	$            -	$             -	$   500,000

Investments in Marketable Securitites

	Cost	Fair Value	Unrealized Holding Gain (Loss)
At September 30, 2014:
Available for sale:
Equity securities	$                       29,300	$     38,300	$        9,000
Mutual funds	308,300	299,700	(8,600)
	$                     337,600	$   338,000	$           400
	Cost	Fair Value	Unrealized Holding Gain (Loss)
At June 30, 2014:
Available for sale:
Equity securities	$                       29,300	$     38,500	$        9,200
Mutual funds	385,000	376,900	(8,100)
	$                     414,300	$   415,400	$        1,100

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Income Statement [Abstract]
Revenues	$ 1,662,100	$ 1,436,100
Cost of sales	1,161,900	841,900
Gross profit	500,200	594,200
Operating expenses:
General & administrative	326,500	303,000
Selling	295,300	197,000
Research & development	107,100	97,200
Total operating expenses	728,900	597,200
Loss from operations	(228,700)	(3,000)
Other income (expense):
Investment income	800	3,100
Other income	6,200	3,700
Interest expense	(1,200)	(800)
Total other income expense, net	5,800	6,000
Income (loss) before income taxes (benefit)	(222,900)	3,000
Income tax expense (benefit): Current	(57,200)	(3,100)
Income tax expense (benefit): Deferred	(4,400)	4,000
Total income tax expense (benefit)	(61,600)	900
Net income (loss)	$ (161,300)	$ 2,100
Basic earnings (loss) per common share	$ (0.11)	$ 0.00
Diluted earnings (loss) per common share	$ (0.11)	$ 0.00
Cash dividends declared per common share	$ 0	$ 0.08

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6. Inventories

3 Months Ended

Sep. 30, 2014

Inventory Disclosure [Abstract]

Inventories

Inventories for financial statement purposes are based on perpetual inventory records at September 30, 2014 and based on a physical count as of June 30, 2014. Components of inventory are as follows:

	September 30, 2014	June 30, 2014
Raw materials	$     1,580,500	$  1,617,100
Work in process	345,100	366,200
Finished goods	357,300	325,900
	$     2,282,900	$  2,309,200

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5. Fair Value of Financial Instruments

3 Months Ended

Sep. 30, 2014

Investments, All Other Investments [Abstract]

Fair Value of Financial Instruments

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

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

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

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

Level 3 Prices or valuation that require inputs that are both significant

to the fair value measurement and unobservable.

The following tables set forth by level within the fair value hierarchy the Company’s financial assets that were accounted for at fair value on a recurring basis at September 30, 2014 and June 30, 2014 according to the valuation techniques the Company used to determine their fair values:

	Fair Value Measurements Using Inputs Considered as
Assets:
	Fair Value at September 30, 2014	Level 1	Level 2	Level 3
Cash and cash equivalents	$                     388,100	$   388,100	$             -	$            -
Available for sale securities	338,000	338,000	-	-
Total	$                     726,100	$   726,100	$             -	$            -
Liabilities:
Contingent consideration	$                     401,100	$            -	$             -	$   401,100
	Fair Value Measurements Using Inputs Considered as
Assets:
	Fair Value at June 30, 2014	Level 1	Level 2	Level 3
Cash and cash equivalents	$                     493,700	$   493,700	$             -	$            -
Available for sale securities	415,400	415,400	-	-
Total	$                     909,100	$   909,100	$             -	$            -
Liabilities:
Contingent consideration	$                     500,000	$            -	$             -	$   500,000

Investments in marketable securities classified as available-for-sale by security type at September 30, 2014 and June 30, 2014 consisted of the following:

	Cost	Fair Value	Unrealized Holding Gain (Loss)
At September 30, 2014:
Available for sale:
Equity securities	$                       29,300	$     38,300	$        9,000
Mutual funds	308,300	299,700	(8,600)
	$                     337,600	$   338,000	$           400
	Cost	Fair Value	Unrealized Holding Gain (Loss)
At June 30, 2014:
Available for sale:
Equity securities	$                       29,300	$     38,500	$        9,200
Mutual funds	385,000	376,900	(8,100)
	$                     414,300	$   415,400	$        1,100

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3. Acquisition (Details 1) (USD $)	3 Months Ended
	Sep. 30, 2013
Text Block [Abstract]
Net Sales	$ 1,692,100
Net Income loss	$ (32,700)
Net loss per share - basic	$ (0.02)
Net loss per share - diluted	$ (0.02)

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6. Inventories (Tables)

3 Months Ended

Sep. 30, 2014

Inventory Disclosure [Abstract]

Inventories

	September 30, 2014	June 30, 2014
Raw materials	$     1,580,500	$  1,617,100
Work in process	345,100	366,200
Finished goods	357,300	325,900
	$     2,282,900	$  2,309,200

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1. Summary of significant accounting policies (Policies)

3 Months Ended

Sep. 30, 2014

Notes to Financial Statements

Principles of consolidation

The accompanying consolidated financial statements include the accounts of Scientific Industries, Inc. (“Scientific”, a Delaware corporation), Altamira Instruments, Inc.(“Altamira”, a wholly owned subsidiary and Delaware corporation), Scientific Packaging Industries, Inc. (an inactive wholly owned subsidiary and New York corporation) and Scientific Bioprocessing, Inc., (“SBI”, a wholly owned subsidiary and Delaware corporation). All are collectively referred to as the “Company”. All material intercompany balances and transactions have been eliminated.

New Accounting Pronouncements

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers amending revenue recognition requirements for multiple-deliverable revenue arrangements. This update provides guidance on how revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for the goods or services. This determination is made in five steps: (i) identify the contract with the customer: (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The update is effective for the Company beginning July 1, 2017. Early adoption is not permitted.

The Company is currently evaluating the impact this guidance may have on its financial condition and results of operations.

In June 2014, the FASB issued ASU 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved After the Requisite Service Period. This update affects reporting entities that grant their employee’s targets that affects vesting could be achieved after the requisite service period. The new standard requires that a performance target that affects vesting and that could be achieved after the requisite services period be treated as a performance condition. The new standard will be effective for the Company beginning July 1, 2015, and early adoption is permitted. The Company expects the adoption will not have a material impact on its financial condition, results of operations or cash flows.

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7. Earnings (Loss) per common share

3 Months Ended

Sep. 30, 2014

Equity [Abstract]

Earnings (Loss) per common share

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

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

	For the Three Month
	Periods Ended
	September 30,
	2014	2013
Net income (loss)	$    (161,300)	$         2,100
Weighted average common shares outstanding	1,469,112	1,337,663
Dilutive securities	-	7,408
Weighted average dilutive common shares outstanding	1,469,112	1,345,071
Basic earnings (loss) per common share	$          (0.11)	$              -
Diluted earnings (loss) per common share	$          (0.11)	$              -

Approximately 51,000 shares of the Company's Common Stock issuable upon the exercise of outstanding options were excluded from the calculation of diluted loss per common share, for the three months ended September 30, 2014, because the effect would be anti-dilutive due to the loss for the period.

Approximately 28,500 shares of the Company’s Common Stock issuable upon the exercise of outstanding stock options were excluded from the calculation of diluted earnings per common share for the three months ended September 30, 2013 because the effect would be anti-dilutive.

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8. Goodwill and Other Intangible Assets

3 Months Ended

Sep. 30, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in connection with the Company's acquisition of Altamira and SBI’s acquisition of assets. Goodwill amounted to $705,300 as of September 30, 2014 and June 30, 2014, all of which is expected to be deductible for tax purposes.

The components of other intangible assets are as follows:

	Useful Lives	Cost	Accumulated Amortization	Net
At September 30, 2014:
Technology, trademarks	5/10 yrs.	$  1,226,800	$     522,900	$     703,900
Trade names	6 yrs.	140,000	13,600	126,400
Websites	5 yrs.	210,000	24,500	185,500
Customer relationships	9/10 yrs.	357,000	221,500	135,500
Sublicense agreements	10 yrs.	294,000	84,500	209,500
Non-compete agreements	5 yrs.	384,000	140,400	243,600
IPR&D	3 yrs.	110,000	21,400	88,600
Other intangible assets	5 yrs.	158,500	142,600	15,900
		$  2,880,300	$   1,171,400	$  1,708,900
	Useful Lives	Cost	Accumulated Amortization	Net
At June 30, 2014:
Technology,  trademarks	5/10 yrs.	$  1,226,800	$     489,100	$     737,700
Trade names	6 yrs.	140,000	7,800	132,200
Websites	5 yrs.	210,000	14,000	196,000
Customer relationships	10 yrs.	357,000	215,800	141,200
Sublicense agreements	10 yrs.	294,000	77,200	216,800
Non-compete agreements	5 yrs.	384,000	126,300	257,700
IPR&D	3 yrs.	110,000	12,200	97,800
Other intangible assets	5 yrs.	157,400	140,900	16,500
		$  2,879,200	$   1,083,300	$  1,795,900

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3. Acquisition (Tables)

3 Months Ended

Sep. 30, 2014

Text Block [Abstract]

Purchase Price Allocation

Curent Assets	$        144,000
Property, Plant & Equipment	118,100
Goodwill	115,400
Other Intangible Assets	1,210,000
Total Purchase Price	$      1,587,500

Pro Forma Results

	For the Three Month
	Periods Ended
	September 30, 2013
Net Revenues	$      1,692,100
Net income loss	$          (32,700)
Net loss per share - basic	$              (0.02)
Net loss per share - diluted	$              (0.02)

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8. Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Sep. 30, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

The components of other intangible assets are as follows:

	Useful Lives	Cost	Accumulated Amortization	Net
At September 30, 2014:
Technology, trademarks	5/10 yrs.	$  1,226,800	$     522,900	$     703,900
Trade names	6 yrs.	140,000	13,600	126,400
Websites	5 yrs.	210,000	24,500	185,500
Customer relationships	9/10 yrs.	357,000	221,500	135,500
Sublicense agreements	10 yrs.	294,000	84,500	209,500
Non-compete agreements	5 yrs.	384,000	140,400	243,600
IPR&D	3 yrs.	110,000	21,400	88,600
Other intangible assets	5 yrs.	158,500	142,600	15,900
		$  2,880,300	$   1,171,400	$  1,708,900
	Useful Lives	Cost	Accumulated Amortization	Net
At June 30, 2014:
Technology,  trademarks	5/10 yrs.	$  1,226,800	$     489,100	$     737,700
Trade names	6 yrs.	140,000	7,800	132,200
Websites	5 yrs.	210,000	14,000	196,000
Customer relationships	10 yrs.	357,000	215,800	141,200
Sublicense agreements	10 yrs.	294,000	77,200	216,800
Non-compete agreements	5 yrs.	384,000	126,300	257,700
IPR&D	3 yrs.	110,000	12,200	97,800
Other intangible assets	5 yrs.	157,400	140,900	16,500
		$  2,879,200	$   1,083,300	$  1,795,900

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5. Fair Value of Financial Instruments (Details) (USD $)	Sep. 30, 2014	Jun. 30, 2014	Sep. 30, 2013	Jun. 30, 2013
Cash and cash equivalents	$ 388,100	$ 493,700	$ 732,700	$ 927,300
Available for sale securities	338,000	415,400
Total	726,100	909,100
Liabilities:
Contingent consideration	401,100	500,000
Level 1
Cash and cash equivalents	388,100	493,700
Available for sale securities	338,000	415,400
Total	726,100	909,100
Liabilities:
Contingent consideration	0	0
Level 2
Cash and cash equivalents	0	0
Available for sale securities	0	0
Total	0	0
Liabilities:
Contingent consideration	0	0
Level 3
Cash and cash equivalents	0	0
Available for sale securities	0	0
Total	0	0
Liabilities:
Contingent consideration	$ 401,100	$ 500,000

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Condensed Consolidated Statements Of Comprehensive Income Loss
Net income (loss)	$ (161,300)	$ 2,100
Other comprehensive income (loss):
Unrealized holding loss arising during period, net of tax	(700)	(1,800)
Comprehensive income (loss)	$ (162,000)	$ 300

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4. Segment Information and Concentrations

3 Months Ended

Sep. 30, 2014

Segment Reporting [Abstract]

Segment Information and Concentrations

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

Segment information is reported as follows:

	Benchtop Laboratory Equipment	Catalyst Research Instruments	Bioprocessing Systems	Corporate and Other	Consolidated
Three months ended September 30, 2014
Revenues	$ 1,086,400	$   551,100	$       24,600	$             -	$ 1,662,100
Foreign Sales	411,100	443,500	-	-	854,600
Loss from Operations	(118,100)	(70,200)	(40,400)	-	(228,700)
Assets	4,074,800	1,507,400	786,600	574,900	6,943,700
Long-Lived Asset Expenditures	18,300	900	1,600	-	20,800
Depreciation and Amortization	76,000	9,800	24,300	-	110,100

	Benchtop Laboratory Equipment	Catalyst Research Instruments	Bioprocessing Systems	Corporate and Other	Consolidated
Three months ended September 30, 2013
Revenues	$ 1,069,700	$   339,700	$       26,700	$             -	$ 1,436,100
Foreign Sales	620,800	73,500	2,000	-	696,300
Income (Loss) from Operations	117,800	(104,000)	(16,800)	-	(3,000)
Assets	2,470,200	1,587,200	890,600	1,101,100	6,049,100
Long-Lived Asset Expenditures	9,900	-	500	-	10,400
Depreciation and Amortization	11,000	9,100	24,100	-	44,200

Approximately 46% and 68% of net sales of benchtop laboratory equipment for the three month periods ended September 30, 2014 and 2013, respectively, were derived from the Company’s main product, the Vortex-Genie 2® mixer, excluding accessories.

Approximately 19% of total benchtop laboratory equipment sales were derived from the new Torbal Scales Division for the three months ended September 30, 2014.

For the three months ended September 30, 2014, and 2013, respectively, two customers accounted in the aggregate for approximately 13% and 15% of the net sales of the Benchtop Laboratory Equipment Operations and 9% and 11% of the Company’s revenues. Sales of catalyst research instruments generally comprise a few very large orders averaging at least $100,000 per order to a limited number of customers, who differ from order to order. Sales to five and three customers during the three months ended September 30, 2014 and 2013, respectively, accounted for approximately 99% and 94% of the Catalyst Research Instrument Operations’ revenues and 33% and 22% of the Company’s total revenues.

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

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5. Fair Value of Financial Instruments (Details 1) (USD $)	Sep. 30, 2014	Jun. 30, 2014
Cost	$ 337,600	$ 414,300
Fair Value	338,000	415,400
Unrealized Holding Gain (Loss)	400	1,100
Equity Securities
Cost	29,300	29,300
Fair Value	38,300	38,500
Unrealized Holding Gain (Loss)	9,000	9,200
Mutual Funds
Cost	308,300	385,000
Fair Value	299,700	376,900
Unrealized Holding Gain (Loss)	$ (8,600)	$ (8,100)

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7. Earnings (Loss) per common share (Tables)

3 Months Ended

Sep. 30, 2014

Equity [Abstract]

Earnings per common share

	For the Three Month
	Periods Ended
	September 30,
	2014	2013
Net income (loss)	$    (161,300)	$         2,100
Weighted average common shares outstanding	1,469,112	1,337,663
Dilutive securities	-	7,408
Weighted average dilutive common shares outstanding	1,469,112	1,345,071
Basic earnings (loss) per common share	$          (0.11)	$              -
Diluted earnings (loss) per common share	$          (0.11)	$              -