☒
|
QUARTERLY REPORT UNDER
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
Delaware
|
04-2217279
|
(State or other jurisdiction of incorporation or
organization)
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(I.R.S. Employer Identification No.)
|
|
|
80 Orville Drive, Suite 102, Bohemia, New York
|
11716
|
(Address of principal executive offices)
|
(Zip Code)
|
Large accelerated filer ☐
|
Accelerated filer ☐
|
Non-accelerated filer ☐(Do
not check if a smaller reporting company)
|
Smaller reporting company ☒
|
|
Emerging Growth ☐
|
Indicate
by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the
Act)
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Yes☐
No ☒
|
PART I - Financial Information
|
|
|
|
|
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CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
|
|
|
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|
|
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Condensed
Consolidated Balance Sheets
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2
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|
|
|
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Condensed Consolidated Statements of Operations
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3
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|
|
|
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Condensed
Consolidated Statements of Changes in Shareholders’
Equity
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4
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|
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Condensed
Consolidated Statements of Cash Flows
|
5
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|
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Notes
to Unaudited Condensed Consolidated Financial
Statements
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6
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
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15
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CONTROLS
AND PROCEDURES
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17
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PART
II - Other Information
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||
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EXHIBITS
AND REPORTS ON FORM 8-K
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17
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|
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18
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December 31,
2020
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June
30, 2020
|
Current
assets:
|
(Unaudited)
|
|
Cash and cash
equivalents
|
$1,111,300
|
$7,559,700
|
Investment
securities
|
5,784,800
|
331,800
|
Trade accounts
receivable, less allowance for doubtful accounts of $11,600 at
December 31, 2020 and June 30, 2020
|
1,554,500
|
1,064,000
|
Inventories
|
2,639,200
|
2,541,000
|
Income tax
receivable
|
333,600
|
334,800
|
Prepaid expenses
and other current assets
|
316,000
|
112,400
|
Assets of
discontinued operations
|
-
|
793,000
|
Total current
assets
|
11,739,400
|
12,736,700
|
|
|
|
Property and
equipment, net
|
310,700
|
278,300
|
|
|
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Intangible assets,
net
|
128,100
|
128,700
|
|
|
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Goodwill
|
257,300
|
257,300
|
|
|
|
Other
assets
|
57,900
|
56,000
|
|
|
|
Deferred
taxes
|
811,100
|
537,100
|
|
|
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Operating lease
right-of-use assets
|
765,100
|
803,300
|
|
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Total
assets
|
$14,069,600
|
$14,797,400
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Current
liabilities:
|
|
|
Accounts
payable
|
$584,000
|
$334,600
|
Accrued expenses
and taxes
|
378,400
|
679,000
|
Contract
liabilities
|
-
|
20,000
|
Contingent
consideration, current portion
|
97,600
|
111,000
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Bank
overdraft
|
225,000
|
43,100
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Liabilities of
discontinued operations
|
151,500
|
240,900
|
Operating lease
liabilities, current portion
|
128,000
|
195,800
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Payroll Protection
Program loan
|
563,800
|
563,800
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Total current
liabilities
|
2,128,300
|
2,188,200
|
|
|
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Contingent
consideration payable, less current portion
|
247,000
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247,000
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Operating lease
liabilities, less current portion
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711,300
|
640,800
|
|
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Total
liabilities
|
3,086,600
|
3,076,000
|
Shareholders’
equity:
|
|
|
Common stock, $.05
par value; 7,000,000 shares authorized; 2,881,065 shares issued; 2,861,263 shares
outstanding at December 31, 2020 and June 30,
2020
|
144,100
|
144,100
|
Additional
paid-in capital
|
8,745,700
|
8,608,300
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Retained
earnings
|
2,145,600
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3,021,400
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11,035,400
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11,773,800
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Less common stock
held in treasury at cost, 19,802 shares
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52,400
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52,400
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|
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Total
shareholders’ equity
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10,983,000
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11,721,400
|
|
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Total liabilities
and shareholders’ equity
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$14,069,600
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$14,797,400
|
|
For
the Three
Month
Period
Ended
December
31,
|
For
the Three
Month
Period
Ended
December
31,
|
For
the Six
Month
Period
Ended
December
31,
|
For
the Six
Month
Period
Ended
December
31,
|
|
2020
|
2019
|
2020
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2019
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|
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Revenues
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$2,717,400
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$2,232,800
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$4,736,500
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$4,098,300
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|
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Cost of
revenues
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1,311,300
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1,052,500
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2,273,700
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1,942,000
|
|
|
|
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Gross
profit
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1,406,100
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1,180,300
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2,462,800
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2,156,300
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|
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Operating
expenses:
|
|
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General and
administrative
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536,900
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478,400
|
1,056,100
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948,400
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Selling
|
778,900
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280,600
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1,272,800
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535,400
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Research and
development
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329,700
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260,000
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574,000
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496,400
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Total operating
expenses
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1,645,500
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1,019,000
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2,902,900
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1,980,200
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|
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Income (loss) from
operations
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(239,400)
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161,300
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(440,100)
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176,100
|
|
|
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Other
income:
|
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Other
income, net
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18,200
|
2,900
|
16,200
|
2,200
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Interest
income
|
35,300
|
9,200
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48,900
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9,700
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Total other income,
net
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53,500
|
12,100
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65,100
|
11,900
|
|
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|
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Income (loss)
before income tax expense (benefit)
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(185,900)
|
173,400
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(375,000)
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188,000
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Income tax expense
(benefit):
|
|
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Current
|
-
|
-
|
-
|
-
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Deferred
|
(47,600)
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34,100
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(94,100)
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52,000
|
|
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Total income tax
expense (benefit) from continuing operations
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(47,600)
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34,100
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(94,100)
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52,000
|
|
|
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Net income (loss)
from continuing operations
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(138,300)
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139,300
|
(280,900)
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136,000
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|
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Discontinued
operations (Note 9):
|
|
|
|
|
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Loss
from discontinued operations (including loss on
disposal
of $405,400), in 2020 periods
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(639,500)
|
(170,400)
|
(774,800)
|
(260,700)
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Income
tax benefit, deferred
|
(165,300)
|
(34,700)
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(179,900)
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(72,100)
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|
|
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Net
loss from discontinued operations
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(474,200)
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(135,700)
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(594,900)
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(188,600)
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|
|
|
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Net income
(loss)
|
$(612,500)
|
$3,600
|
$(875,800)
|
$(52,600)
|
|
|
|
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Basic and diluted
(loss) per common share
|
|
|
|
|
|
|
|
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Continuing
operations
|
$(.05)
|
$.09
|
$(.10)
|
$.09
|
|
|
|
|
|
Discontinued
operations
|
$(.17)
|
$(.09)
|
$(.21)
|
$(.13)
|
|
|
|
|
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Consolidated
operations
|
$(.22)
|
$.00
|
$(.31)
|
$(.04)
|
|
|
|
|
|
|
|
|
|
|
|
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Additional
|
|
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Total
|
||
|
Common
Stock
|
Paid-in
|
Retained
|
Treasury
Stock
|
Shareholders’
|
||
Fiscal Year
2021:
|
Shares
|
Amount
|
Capital
|
Earnings
|
Shares
|
Amount
|
Equity
|
|
|
|
|
|
|
|
|
Balance, July 1,
2020
|
2,881,065
|
$144,100
|
$8,608,300
|
$3,021,400
|
19,802
|
$52,400
|
$11,721,400
|
|
|
|
|
|
|
|
|
Net
loss
|
-
|
-
|
-
|
(263,300)
|
-
|
-
|
(263,300)
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
-
|
-
|
61,300
|
-
|
-
|
-
|
61,300
|
|
|
|
|
|
|
|
|
Balance, September
30, 2020
|
2,881,065
|
144,100
|
8,669,600
|
2,758,100
|
19,802
|
52,400
|
11,519,400
|
|
|
|
|
|
|
|
|
Net
loss
|
-
|
-
|
-
|
(612,500)
|
-
|
-
|
(612,500)
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
-
|
-
|
76,100
|
-
|
-
|
-
|
76,100
|
|
|
|
|
|
|
|
|
Balance, December
31, 2020
|
2,881,065
|
$144,100
|
$8,745,700
|
$2,145,600
|
19,802
|
$52,400
|
$10,983,000
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
Total
|
||
|
Common
Stock
|
Paid-in
|
Retained
|
Treasury
Stock
|
Shareholders’
|
||
Fiscal Year
2020:
|
Shares
|
Amount
|
Capital
|
Earnings
|
Shares
|
Amount
|
Equity
|
|
|
|
|
|
|
|
|
Balance, July 1,
2019
|
1,513,914
|
$75,700
|
$2,592,700
|
$3,724,700
|
19,802
|
$52,400
|
$6,340,700
|
|
|
|
|
|
|
|
|
Net
loss
|
-
|
-
|
-
|
(56,200)
|
-
|
-
|
(56,200)
|
|
|
|
|
|
|
|
|
Stock options
exercised
|
2,000
|
100
|
6,900
|
-
|
-
|
-
|
7,000
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
-
|
-
|
17,700
|
-
|
-
|
-
|
17,700
|
|
|
|
|
|
|
|
|
Balance, September
30, 2019
|
1,515,914
|
75,800
|
2,617,300
|
3,668,500
|
19,802
|
52,400
|
6,309,200
|
|
|
|
|
|
|
|
|
Net
income
|
-
|
-
|
-
|
3,600
|
-
|
-
|
3,600
|
|
|
|
|
|
|
|
|
Stock options
exercised
|
6,661
|
300
|
(300)
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
-
|
-
|
17,700
|
-
|
-
|
-
|
17,700
|
|
|
|
|
|
|
|
|
Balance, December
31, 2019
|
1,522,575
|
$76,100
|
$2,634,700
|
$3,672,100
|
19,802
|
$52,400
|
$6,330,500
|
|
|
|
|
|
|
|
|
|
For
the Six Month Period Ended December 31,
|
For
the Six Month Period Ended December 31,
|
|
2020
|
2019
|
Operating
activities:
|
|
|
Net
loss
|
$(875,800)
|
$(52,600)
|
Adjustments
to reconcile net loss used in operating activities:
|
|
|
Gain
(loss) on sale of investments
|
(33,300)
|
(3,100)
|
Unrealized
holding gain (loss) on investments
|
25,700
|
(1,200)
|
Depreciation
and amortization
|
83,000
|
82,400
|
Deferred
income taxes
|
(274,000)
|
(20,100)
|
Loss
on disposal of subsidiary
|
405,400
|
-
|
Stock-based
compensation
|
137,400
|
35,400
|
Changes
in operating assets and liabilities:
|
-
|
-
|
Trade accounts
receivable
|
(490,500)
|
161,700
|
Inventories
|
(53,500)
|
(411,500)
|
Right - of- use
assets
|
38,200
|
(930,700)
|
Income tax
receivable
|
1,200
|
-
|
Prepaid and other
current assets
|
(205,600)
|
27,400
|
Lease
liabilities
|
(28,400)
|
998,100
|
Accounts
payable
|
266,900
|
(94,300)
|
Contract
liabilities
|
(20,000)
|
104,000
|
Bank
overdraft
|
181,900
|
-
|
Accrued expenses
and taxes
|
(376,400)
|
(409,600)
|
|
|
|
Total
adjustments
|
(342,000)
|
(461,500)
|
|
|
|
Net used in
operating activities
|
(1,217,800)
|
(514,100)
|
|
|
|
Investing
activities:
|
|
|
Redemption
of investment securities
|
544,800
|
51,900
|
Purchase of
investment securities
|
(5,990,200)
|
(61,800)
|
Proceeds from sale
of discontinued operations
|
342,400
|
-
|
Capital
expenditures
|
(82,900)
|
(34,100)
|
Purchase of other
intangible assets
|
(31,300)
|
(7,400)
|
|
|
|
Net cash used in
investing activities
|
(5,217,200)
|
(51,400)
|
|
|
|
Financing
activities:
|
|
|
Payments
of contingent consideration
|
(13,400)
|
-
|
Proceeds
from stock options exercised
|
-
|
7,000
|
|
|
|
Net cash provided
by (used in) financing activities
|
(13,400
|
7,000
|
|
|
|
Net decrease in
cash and cash equivalents
|
(6,448,400)
|
(558,500)
|
|
|
|
Cash and cash
equivalents, beginning of year
|
7,559,700
|
1,602,500
|
|
|
|
Cash and cash
equivalents, end of period
|
$1,111,300
|
$1,044,000
|
|
|
|
Supplemental
disclosures:
|
|
|
|
|
|
Cash paid during
the period for:
|
|
|
Income
taxes
|
$2,500
|
$37,900
|
|
|
|
Non-cash financing
activities:
|
|
|
Issuance of 6,661
shares of the Company's Common Stock in cashless stock option
exercises during the three and six months ended December 31,
2019.
|
|
|
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, 2020. The results for the three and six months
ended December 31, 2020, are not necessarily an indication of the
results for the full fiscal year ending June 30, 2021.
|
|
Benchtop Laboratory
Equipment
|
Bioprocessing
Systems
|
Consolidated
|
Three Months Ended
December 31, 2020:
|
|
|
|
|
|
|
|
Revenues
|
$2,507,400
|
$210,000
|
$2,717,400
|
|
|
|
|
Foreign
Sales
|
1,150,700
|
206,100
|
1,356,800
|
|
Benchtop Laboratory
Equipment
|
Bioprocessing
Systems
|
Consolidated
|
Three Months Ended
December 31, 2019:
|
|
|
|
|
|
|
|
Revenues
|
$1,943,400
|
$289,400
|
$2,232,800
|
|
|
|
|
Foreign
Sales
|
855,800
|
289,400
|
1,145,200
|
|
Benchtop Laboratory
Equipment
|
Bioprocessing
Systems
|
Consolidated
|
Six Months Ended
December 31, 2020:
|
|
|
|
|
|
|
|
Revenues
|
$4,437,600
|
$298,900
|
$4,736,500
|
|
|
|
|
Foreign
Sales
|
1,782,600
|
292,400
|
2,075,000
|
|
Benchtop Laboratory
Equipment
|
Bioprocessing
Systems
|
Consolidated
|
Six Months Ended
December 31, 2019:
|
|
|
|
|
|
|
|
Revenues
|
$3,519,600
|
$578,700
|
$4,098,300
|
|
|
|
|
Foreign
Sales
|
1,253,400
|
578,700
|
1,832,100
|
|
●
|
Identification
of the contract, or contracts, with a customer
|
|
●
|
Identification
of the performance obligations in the contract
|
|
●
|
Determination
of the transaction price
|
|
●
|
Allocation
of the transaction price to the performance obligations in the
contract
|
|
●
|
Recognition
of revenue when, or as, a performance obligation is
satisfied
|
|
Benchtop Laboratory
Equipment
|
Bioprocessing
Systems
|
Corporate
And
Other
|
Consolidated
|
Three Months Ended
December 31, 2020:
|
|
|
|
|
|
|
|
|
|
Revenues
|
$2,507,400
|
$210,000
|
$-
|
$2,717,400
|
|
|
|
|
|
Foreign
Sales
|
1,150,700
|
206,100
|
-
|
1,356,800
|
|
|
|
|
|
Income (Loss) From
Continuing Operations
|
568,500
|
(741,800)
|
(66,100)
|
(239,400)
|
|
|
|
|
|
Assets
|
6,140,400
|
966,400
|
6,962,800
|
14,069,600
|
|
|
|
|
|
Long-Lived Asset
Expenditures
|
13,700
|
13,800
|
-
|
27,500
|
|
|
|
|
|
Depreciation and
Amortization
|
26,400
|
15,800
|
200
|
42,400
|
|
Benchtop Laboratory
Equipment
|
Bioprocessing
Systems
|
Corporate
And
Other
|
Consolidated
|
Three Months Ended
December 31, 2019:
|
|
|
|
|
|
|
|
|
|
Revenues
|
$1,943,400
|
$289,400
|
$-
|
$2,232,800
|
|
|
|
|
|
Foreign
Sales
|
855,800
|
289,400
|
-
|
1,145,200
|
|
|
|
|
|
Income (Loss) From
Continuing Operations
|
179,400
|
(18,100)
|
-
|
161,300
|
|
|
|
|
|
Assets
|
5,551,100
|
1,350,000
|
1,962,700
|
8,863,800
|
|
|
|
|
|
Long-Lived Asset
Expenditures
|
14,100
|
2,900
|
-
|
17,000
|
|
|
|
|
|
Depreciation and
Amortization
|
30,800
|
10,400
|
200
|
41,400
|
|
Benchtop Laboratory
Equipment
|
Bioprocessing
Systems
|
Corporate
And
Other
|
Consolidated
|
Six Months Ended
December 31, 2020:
|
|
|
|
|
|
|
|
|
|
Revenues
|
$4,437,600
|
$298,900
|
$-
|
$4,736,500
|
|
|
|
|
|
Foreign
Sales
|
1,782,600
|
292,400
|
-
|
2,075,000
|
|
|
|
|
|
Income (Loss) From
Continuing Operations
|
952,400
|
(1,274,100)
|
(118,300)
|
(440,100)
|
|
|
|
|
|
Assets
|
6,140,400
|
966,400
|
6,962,800
|
14,069,600
|
|
|
|
|
|
Long-Lived Asset
Expenditures
|
35,500
|
78,700
|
-
|
114,200
|
|
|
|
|
|
Depreciation and
Amortization
|
52,700
|
29,800
|
500
|
83,000
|
|
Benchtop Laboratory
Equipment
|
Bioprocessing
Systems
|
Corporate
And
Other
|
Consolidated
|
Six Months Ended
December 31, 2019:
|
|
|
|
|
|
|
|
|
|
Revenues
|
$3,519,600
|
$578,700
|
$-
|
$4,098,300
|
|
|
|
|
|
Foreign
Sales
|
1,253,400
|
578,700
|
-
|
1,832,100
|
|
|
|
|
|
Income (Loss) From
Continuing Operations
|
192,300
|
(16,200)
|
-
|
176,100
|
|
|
|
|
|
Assets
|
5,551,100
|
1,350,000
|
1,962,700
|
8,863,800
|
|
|
|
|
|
Long-Lived Asset
Expenditures
|
21,900
|
19,600
|
-
|
41,500
|
|
|
|
|
|
Depreciation and
Amortization
|
61,300
|
20,500
|
600
|
82,400
|
|
|
Fair
Value Measurements Using Inputs Considered as
|
||
|
Fair
Value at December 31, 2020
|
Level 1
|
Level 2
|
Level 3
|
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
$1,111,300
|
$1,111,300
|
$-
|
$-
|
Investment
securities
|
5,784,800
|
5,784,800
|
-
|
-
|
|
|
|
|
|
Total
|
$6,896,100
|
$6,896,100
|
$-
|
$-
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
Contingent
consideration
|
$344,600
|
$-
|
$-
|
$344,600
|
|
|
Fair
Value Measurements Using Inputs Considered as
|
||
|
Fair
Value at June 30, 2020
|
Level 1
|
Level 2
|
Level 3
|
Assets:
|
|
|
|
|
Cash and cash
equivalents
|
$7,559,700
|
$7,559,700
|
$-
|
$-
|
Investment
securities
|
331,800
|
331,800
|
-
|
-
|
|
|
|
|
|
Total
|
$7,891,500
|
$7,891,500
|
$-
|
$-
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
Contingent
consideration
|
$358,000
|
$-
|
$-
|
$358,000
|
|
Cost
|
Fair
Value
|
Unrealized Holding
Gain (Loss)
|
At December 31,
2020:
|
|
|
|
Equity
securities
|
$102,300
|
$134,100
|
$31,800
|
Mutual and bond
funds
|
5,621,300
|
5,650,700
|
29,400
|
|
|
|
|
|
$5,723,600
|
$5,784,800
|
$61,200
|
|
Cost
|
Fair
Value
|
Unrealized Holding
Gain (Loss)
|
At June 30,
2020:
|
|
|
|
Equity
securities
|
$77,600
|
$101,900
|
$24,300
|
Mutual and bond
funds
|
250,300
|
229,900
|
(20,400)
|
|
|
|
|
|
$327,900
|
$331,800
|
$3,900
|
|
December 31,
2020
|
June
30,2020
|
Raw
materials
|
$1,791,500
|
$1,726,400
|
Work-in-process
|
116,000
|
35,700
|
Finished
goods
|
731,700
|
778,900
|
|
|
|
|
$2,639,200
|
$2,541,000
|
|
Useful
Lives
|
Cost
|
Accumulated
Amortization
|
Net
|
At December 31,
2020:
|
|
|
|
|
Technology,
trademarks
|
5/10
yrs.
|
$364,700
|
$362,100
|
$2,600
|
Trade
names
|
6 yrs.
|
140,000
|
140,000
|
-
|
Websites
|
5 yrs.
|
210,000
|
210,000
|
-
|
Customer
relationships
|
9/10
yrs.
|
120,000
|
91,100
|
28,900
|
Sublicense
agreements
|
10
yrs.
|
294,000
|
268,300
|
25,700
|
Non-compete
agreements
|
5 yrs.
|
282,000
|
282,000
|
-
|
IPR&D
|
3 yrs.
|
110,000
|
110,000
|
-
|
Other intangible
assets
|
5 yrs.
|
277,900
|
207,200
|
70,900
|
|
|
|
|
|
|
$1,798,600
|
$1,670,500
|
$128,100
|
|
Useful
Lives
|
Cost
|
Accumulated
Amortization
|
Net
|
At June 30,
2020:
|
|
|
|
|
Technology,
trademarks
|
5/10
yrs.
|
$364,700
|
$362,000
|
$2,700
|
Trade
names
|
6 yrs.
|
140,000
|
140,000
|
-
|
Websites
|
5 yrs.
|
210,000
|
210,000
|
-
|
Customer
relationships
|
9/10
yrs.
|
120,000
|
84,400
|
35,600
|
Sublicense
agreements
|
10
yrs.
|
294,000
|
253,600
|
40,400
|
Non-compete
agreements
|
5 yrs.
|
282,000
|
282,000
|
-
|
IPR&D
|
3 yrs.
|
110,000
|
110,000
|
-
|
Other intangible
assets
|
5 yrs.
|
246,600
|
196,600
|
50,000
|
|
|
|
|
|
|
$1,767,300
|
$1,638,600
|
$128,700
|
|
For
the Three
Month
Period
Ended
December
31,
2020
|
For
the Three Month
Period
Ended
December 31,
2019
|
For
the Six
Month
Period
Ended
December 31,
2020
|
For
the Six
Month
Period
Ended
December
31,
2019
|
|
|
|
|
|
Weighted average
number of common shares outstanding
|
2,861,263
|
1,499,396
|
2,861,263
|
1,496,718
|
Effect of dilutive
securities
|
-
|
58,330
|
-
|
-
|
Weighted average
number of dilutive common shares outstanding
|
2,861,263
|
1,557,726
|
2,861,263
|
1,496,718
|
|
|
|
|
|
Basic and diluted
earnings (loss) per common share
|
|
|
|
|
|
|
|
|
|
Continuing
operations
|
$(.05)
|
$.09
|
$(.10)
|
$(.09)
|
Discontinued
operations
|
$(.17)
|
$(.09)
|
$(.21)
|
$(.13)
|
Consolidated
operations
|
$(.22)
|
$.00
|
$(.31)
|
$(.04)
|
Fiscal year ending June 30,
|
Amount
|
Remainder of 2021
|
$128,000
|
2022
|
260,300
|
2023
|
245,300
|
2024
|
195,900
|
2025
|
91,600
|
|
|
Total future minimum payments
|
921,100
|
Less: Imputed interest
|
81,800
|
|
|
Total Present Value of Operating Lease Liabilities
|
839,300
|
Assets:
|
December 31,
2020
|
June
30,2020
|
Inventories
|
$-
|
$343,700
|
Property and
equipment, net
|
-
|
1,400
|
Goodwill
|
-
|
447,900
|
|
|
|
Discontinued
operations
|
$-
|
$793,000
|
Liabilities:
|
December 31,
2020
|
June
30,2020
|
Accounts
payable
|
$37,600
|
$20,100
|
Accrued expenses
and taxes
|
44,900
|
120,700
|
Contract
liabilities
|
69,000
|
69,000
|
Operating lease
liabilities, current portion
|
-
|
31,100
|
|
|
|
|
$151,500
|
$240,900
|
|
Three
Months Ended
|
Six
Months Ended
|
||
|
December 31,
2020
|
December 31,
2019
|
December 31,
2020
|
December 31,
2019
|
|
|
|
|
|
Revenues
|
$142,700
|
$39,500
|
$279,900
|
$178,200
|
Cost of
goods sold
|
195,500
|
128,300
|
379,700
|
262,600
|
Gross
profit
|
(52,800)
|
(88,800)
|
(99,800)
|
(84,400)
|
Selling,
general and administrative expenses
|
181,300
|
81,600
|
269,600
|
176,300
|
Loss
from operations
|
(234,100)
|
(170,400)
|
(369,400)
|
(260,700)
|
Loss on
disposal
|
(405,400)
|
—
|
(405,400)
|
—
|
Loss
before income tax benefit
|
(639,500)
|
(170,400)
|
(774,800)
|
(260,700)
|
Income
tax benefit, all deferred
|
165,300
|
34,700
|
179,900
|
72,100
|
Net
loss attributable to discontinued operations
|
$(474,200)
|
$(135,700)
|
$(594,900)
|
$(188,600)
|
Exhibit
Number
|
|
Description
|
|
|
|
|
Certification
of Chief Executive Officer and Chief Financial Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
Certification
of Chief Executive Officer and Chief Financial Officer pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
|
Date:
February 22, 2021
|
SCIENTIFIC
INDUSTRIES, INC.
(Registrant)
/s/
Helena R. Santos
|
|
|
Helena
R. Santos
President,
Chief Executive Officer, Treasurer
Chief
Financial and Principal Accounting Officer
|
|