0001615774-18-003397.txt : 20180507 0001615774-18-003397.hdr.sgml : 20180507 20180507161612 ACCESSION NUMBER: 0001615774-18-003397 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 67 CONFORMED PERIOD OF REPORT: 20180331 FILED AS OF DATE: 20180507 DATE AS OF CHANGE: 20180507 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MISONIX INC CENTRAL INDEX KEY: 0000880432 STANDARD INDUSTRIAL CLASSIFICATION: LABORATORY APPARATUS & FURNITURE [3821] IRS NUMBER: 112148932 STATE OF INCORPORATION: NY FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-10986 FILM NUMBER: 18811414 BUSINESS ADDRESS: STREET 1: 1938 NEW HIGHWAY CITY: FARMINGDALE STATE: NY ZIP: 11735 BUSINESS PHONE: (631) 694-9555 MAIL ADDRESS: STREET 1: 1938 NEW HIGHWAY CITY: FARMINGDALE STATE: NY ZIP: 11735 FORMER COMPANY: FORMER CONFORMED NAME: MEDSONIC INC DATE OF NAME CHANGE: 19930328 10-Q 1 s109891_10q.htm 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2018

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________.

Commission File Number: 1-10986

MISONIX, INC.

(Exact name of registrant as specified in its charter)

New York

(State or other jurisdiction of incorporation or
organization)

11-2148932

(IRS Employer Identification No.)

1938 New Highway

Farmingdale, New York

(Address of principal executive offices)

11735

(Zip code)

(631) 694-9555

(Registrant’s telephone number, including area code)

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

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☑	Non-accelerated filer ☐	Smaller reporting company ☐
Emerging growth company ☐		(Do not check if a smaller reporting company)

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

Indicate the number of shares outstanding of the issuer’s common stock as of the latest practicable date: As of May 7, 2018 there were 9,404,841 shares of the registrant’s common stock, $0.01 par value, outstanding.

MISONIX, INC.

	Page
PART I — FINANCIAL INFORMATION

Item 1. Financial Statements	3

Consolidated Balance Sheets at March 31, 2018 (Unaudited) and June 30, 2017	3

Consolidated Statements of Operations for the Three and Nine Months ended March 31, 2018 and 2017 (Unaudited)	4

Consolidated Statement of Shareholders’ Equity for the Nine Months ended March 31, 2018 (Unaudited)	5

Consolidated Statements of Cash Flows for the Nine Months ended March 31, 2018 and 2017 (Unaudited)	6

Notes to Consolidated Financial Statements (Unaudited)	7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	17

Item 3. Quantitative and Qualitative Disclosures About Market Risk	23

Item 4. Controls and Procedures	23

PART II — OTHER INFORMATION

Item 1. Legal Proceedings	25

Item 1A. Risk Factors	26

Item 6. Exhibits	26

Signatures	27

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

Misonix, Inc. and Subsidiaries
Consolidated Balance Sheets

	March 31, 2018			June 30, 2017
		(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	12,309,631		$	11,557,071
Accounts receivable, less allowance for doubtful accounts of $96,868 and $96,868, respectively		4,478,779			5,133,389
Inventories, net		5,164,501			4,992,434
Prepaid expenses and other current assets		861,369			918,899
Total current assets		22,814,280			22,601,793

Property, plant and equipment, net of accumulated amortization and depreciation of $8,686,372 and $7,794,580, respectively		4,019,410			3,730,203
Patents, net of accumulated amortization of $1,030,313 and $995,568, respectively		745,777			719,136
Goodwill		1,701,094			1,701,094
Intangible and other assets		433,393			282,876
Deferred income tax		—			4,334,547
Total assets	$	29,713,954		$	33,369,649

Liabilities and shareholders’ equity
Current liabilities:
Accounts payable	$	1,421,719		$	1,861,228
Accrued expenses and other current liabilities		2,744,134			3,346,138
Total current liabilities		4,165,853			5,207,366

Deferred lease liability		2,339			9,354
Deferred income		18,601			13,087
Total liabilities		4,186,793			5,229,807

Commitments and contingencies

Shareholders’ equity:
Common stock, $.01 par value-shares authorized 20,000,000; 9,402,466 and 9,357,166 shares issued and outstanding, respectively		94,025			93,572
Additional paid-in capital		39,117,601			36,808,810
Accumulated deficit		(13,684,465	)		(8,762,540	)
Total shareholders’ equity		25,527,161			28,139,842
Total liabilities and shareholders’ equity	$	29,713,954		$	33,369,649

See Accompanying Notes to Consolidated Financial Statements.

Misonix, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)

	For the three months ended March 31,						For the nine months ended March 31,
	2018			2017			2018			2017

Revenues
Product	$	8,429,132		$	7,177,763		$	24,033,700		$	19,379,768
License		4,010,000			—			4,010,000			—
Total revenue		12,439,132			7,177,763			28,043,700			19,379,768
Cost of goods sold, exclusive of depreciation from consigned product		2,631,893			2,112,099			7,275,073			5,842,778
Gross profit		9,807,239			5,065,664			20,768,627			13,536,990
Operating expenses:
Selling expenses		4,447,421			3,587,859			11,937,649			10,184,680
General and administrative expenses		1,925,086			2,484,962			6,879,077			6,504,202
Research and development expenses		1,199,895			465,863			3,058,374			1,398,311
Total operating expenses		7,572,402			6,538,684			21,875,100			18,087,193
Income (loss) from operations		2,234,837			(1,473,020	)		(1,106,473	)		(4,550,203	)
Other income (expense):
Interest income		9,074			18			9,131			56
Royalty income		916			953,235			525,438			2,846,351
Other		(5,712	)		(6,940	)		(15,474	)		(15,576	)
Total other income		4,278			946,313			519,095			2,830,831
Income (loss) from operations before income taxes		2,239,115			(526,707	)		(587,378	)		(1,719,372	)
Income tax expense (benefit)		—			(219,000	)		5,243,422			(275,000	)
Net income (loss) from continuing operations		2,239,115			(307,707	)		(5,830,800	)		(1,444,372	)
Discontinued operations:
Income from discontinued operations net of tax expense of $0 and $88,139		—			161,861			—			161,861
Net income from discontinued operations		—			161,861			—			161,861

Net income (loss)	$	2,239,115		$	(145,846	)	$	(5,830,800	)	$	(1,282,511	)

Net income (loss) per share:
Continuing operations:
Basic	$	0.24		$	(0.04	)	$	(0.65	)	$	(0.18	)
Diluted	$	0.23		$	(0.04	)	$	(0.65	)	$	(0.18	)
Discontinued operations:
Basic	$	—		$	0.02		$	—		$	0.02
Diluted	$	—		$	0.02		$	—		$	0.02
Combined
Basic	$	0.24		$	(0.02	)	$	(0.65	)	$	(0.16	)
Diluted	$	0.23		$	(0.02	)	$	(0.65	)	$	(0.16	)

Weighted average shares - Basic		9,028,506			8,613,354			8,999,938			8,263,343
Weighted average shares - Diluted		9,549,144			8,613,354			8,999,938			8,263,343

See Accompanying Notes to Consolidated Financial Statements.

Misonix, Inc. and Subsidiaries
Consolidated Statement of Shareholders’ Equity
(Unaudited)

	Common Stock, $.01 Par Value				Additional					Total
	Number of shares		Amount		paid-in capital		Accumulated deficit			shareholders’ equity
Balance, June 30, 2017		9,357,166	$	93,572	$	36,808,810	$	(8,762,540	)	$	28,139,842
Implementation of new accounting standard								908,875			908,875
Net loss								(5,830,800	)		(5,830,800	)
Proceeds from exercise of stock options		45,300		453		227,770					228,223
Stock-based compensation						2,081,021					2,081,021
Balance, March 31, 2018		9,402,466	$	94,025	$	39,117,601	$	(13,684,465	)	$	25,527,161

See Accompanying Notes to Consolidated Financial Statements.

Misonix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)

	For the nine months ended March 31,
	2018			2017
Operating activities
Net loss	$	(5,830,800	)	$	(1,282,511	)
Net (income) from discontinued operations		—			(161,861	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization and other non-cash items		1,046,511			763,434
Disposals of property, plant and equipment		138,972			—
Deferred income tax expense / (benefit)		5,243,422			(186,861	)
Stock-based compensation		2,081,021			616,206
Deferred lease liability		(7,015	)		69
Changes in operating assets and liabilities:
Accounts receivable		654,610			(487,729	)
Inventories		(1,194,747	)		(449,986	)
Prepaid expenses and other assets		(92,987	)		(167,423	)
Deferred income		5,514			(13,948	)
Accounts payable, accrued expenses		(1,041,513	)		137,861
Net cash provided by (used in) continuing operating activities		1,002,988			(1,232,749	)

Investing activities
Acquisition of property, plant and equipment		(358,013	)		(239,627	)
Acquisition of patents		(120,638	)		(185,756	)
Net cash used in investing continuing activities		(478,651	)		(425,383	)
Net cash provided by investing activities - discontinued operations					161,861
Net cash used in investing activities		(478,651	)		(263,522	)

Financing activities
Proceeds from exercise of stock options		228,223			303,447
Proceeds from the sale of common stock		—			4,000,000
Net cash provided by continuing financing activities		228,223			4,303,447

Net increase in cash and cash equivalents		752,560			2,807,176
Cash and cash equivalents at beginning of period		11,557,071			9,049,327
Cash and cash equivalents at end of period	$	12,309,631		$	11,856,503

Supplemental disclosure of cash flow information:
Cash paid for:
Income taxes	$	895		$	9,866

Supplemental disclosure of non-cash information:
Transfer of inventory to property, plant and equipment	$	1,022,680		$	1,363,506
Adoption of new accounting standard on deferred taxes	$	908,875		$	—

See Accompanying Notes to Consolidated Financial Statements.

Misonix, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

For the Three and Nine Months Ended March 31, 2018 and 2017 (unaudited)

1. Basis of Presentation, Organization and Business and Summary of Significant Accounting Policies

Basis of Presentation

These consolidated financial statements of Misonix, Inc. (“Misonix” or the “Company”) include the accounts of Misonix and its 100% owned subsidiaries. All significant intercompany balances and transactions have been eliminated.

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all the information and footnotes required by U.S. GAAP for complete financial statements. As such, they should be read with reference to the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2017, which provides a more complete explanation of the Company’s accounting policies, financial position, operating results, business properties and other matters. In the opinion of management, these financial statements reflect all adjustments considered necessary for a fair statement of interim results.

Organization and Business

Misonix designs, manufactures, develops and markets therapeutic ultrasonic devices. These products are used for precise bone sculpting, removal of soft tumors, and tissue debridement in the fields of orthopedic surgery, plastic surgery, neurosurgery, podiatry and vascular surgery. In the United States, the Company sells its products through a network of commissioned agents assisted by Company personnel. Outside of the United States, the Company sells to distributors who then resell the products to hospitals. The Company operates as one business segment.

High Intensity Focused Ultrasound Technology

The Company sold its rights to the high intensity focused ultrasound technology to SonaCare Medical, LLC (“SonaCare”) in May 2010. The Company may receive up to approximately $5.8 million in payment for the sale. SonaCare will pay the Company 7% of the gross revenues received from its sales of the (i) prostate product in Europe and (ii) kidney and liver products worldwide, until the Company has received payments of $3 million, and thereafter 5% of the gross revenues, up to an aggregate payment of $5.8 million, all subject to a minimum annual royalty of $250,000. Payments received for the three and nine months ended March 31, 2018 and 2017 were $0 and $250,000, respectively. Cumulative royalties through March 31, 2018 were $2,292,579.

Major Customers and Concentration of Credit Risk

Total royalties from Medtronic Minimally Invasive Therapies (“MMIT”) related to their sales of the Company’s ultrasonic cutting and sculpting products, which use high frequency sound waves to coagulate and divide tissue for both open and laparoscopic surgery, were $524,000 and $1,885,788 for the nine months ended March 31, 2018 and 2017, respectively. Accounts receivable from MMIT royalties were $0 at March 31, 2018 and $925,000 at June 30, 2017. The license agreement with MMIT expired in August 2017.

At March 31, 2018 and June 30, 2017, the Company’s accounts receivable with customers outside the United States were approximately $522,000 and $860,000, respectively, none of which is over 90 days.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and judgments that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used for but not limited to establishing the allowance for doubtful accounts, valuation of inventory, depreciation, asset impairment evaluations and establishing deferred tax assets and related valuation allowances, and stock-based compensation. Actual results could differ from those estimates.

Earnings Per Share

Earnings per share (“EPS”) is calculated using the two class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity’s capital structure includes either two or more classes of common stock or common stock and participating securities. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities. As such, unvested restricted stock of the Company are considered participating securities. The dilutive effect of options and their equivalents (including non-vested stock issued under stock based compensation plans), is computed using the “treasury” method.

Basic income per common share is based on the weighted average number of common shares outstanding during the period. Diluted income per common share includes the dilutive effect of potential common shares outstanding. The following table sets forth the reconciliation of weighted average shares outstanding and diluted weighted average shares outstanding:

	For the three months ended				For the nine months ended
	March 31,				March 31,
	2018		2017		2018		2017

Basic weighted average shares outstanding		9,028,506		8,613,354		8,999,938		8,263,343
Dilutive effect of restricted stock awards (participating securities)		373,200		—		—		—

Denominator for basic earnings per share		9,374,906		8,613,354		8,999,938		8,263,343

Dilutive effect of stock options		174,238		—		—		—

Diluted weighted average shares outstanding		9,549,144		8,613,354		8,999,938		8,263,343

Diluted EPS for the nine months ended March 31, 2018 and for the three and nine months ended March 31, 2017 as presented is the same as basic EPS as the inclusion of the effect of common share equivalents then outstanding would be anti-dilutive. Accordingly, excluded from the calculation of diluted EPS are the dilutive effect of 586,824 stock options for the three months ended March 31, 2017 and the dilutive effect of 194,925 and 482,093 stock options for the nine months ended March 31, 2018 and 2017, respectively. Also excluded from the calculation of earnings per share for the nine months ended March 31, 2018 and for the three and nine months ended March 31, 2017 are the 400,000 restricted stock awards which were issued in December 2016.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (the “FASB”) issued guidance on revenue from contracts with customers. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved, in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. This guidance permits the use of either the retrospective or cumulative effect transition method and is effective for the Company beginning in fiscal 2019; early adoption is permitted beginning in 2018. We have not yet selected a transition method and are currently evaluating the impact of the guidance on the Company’s financial condition, results of operations and related disclosures. The FASB has also issued the following additional guidance clarifying certain issues on revenue from contracts with customers: Revenue from Contracts with Customers - Narrow-Scope Improvements and Practical Expedients and Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing. The Company has engaged a consulting firm to assist with in evaluating this guidance to determine the impact it will have on its financial statements, and expects to complete its evaluation and implementation of necessary procedures and changes, if any, prior to June 30, 2018.

In February 2016, the FASB issued guidance on lease accounting requiring lessees to recognize a right-of-use asset and a lease liability for long-term leases. The liability will be equal to the present value of lease payments. This guidance must be applied using a modified retrospective transition approach to all annual and interim periods presented and is effective for the Company beginning in fiscal 2020. The Company is currently in the early stages of evaluating this guidance to determine the impact it will have on its consolidated financial statements.

In August 2016, the FASB issued guidance on the Statement of Cash Flows Classification of certain cash receipts and cash payments (a consensus of the Emerging Issues Task Force). This guidance addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. This guidance will be effective for the Company beginning in fiscal 2019. As this guidance only affects the classification within the statement of cash flows, ASU 2016-15 is not expected to have a material impact on the Company’s consolidated financial statements.

In January 2017, the FASB issued ASU No. 2017-01, Business Combinations: Clarifying the Definition of a Business (“ASU 2017-01”). ASU 2017-01 clarifies the definition of a business for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2017, and early adoption is permitted. The Company is in the process of evaluating the impact of the adoption of ASU 2017-01 on its consolidated financial statements.

There are no other recently issued accounting pronouncements that are expected to have a material effect on the Company’s financial position, results of operations or cash flows.

Recently Adopted Accounting Pronouncements

In March 2016, the FASB issued Accounting Standards Update No. 2016-09 “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” intended to simplify several aspects of accounting for share-based payment transactions. The Company adopted these amendments beginning in the first quarter of fiscal 2018. The guidance requires that all excess tax benefits and tax deficiencies previously recorded as additional paid-in capital be prospectively recorded in income tax expense. The guidance allows for an increase in the threshold for net share settlement up to the maximum statutory rate in employees’ applicable jurisdictions without triggering liability classification. The adoption of this guidance had an immaterial impact on income taxes on the Company’s Consolidated Statement of Operations for the three and nine months ended March 31, 2018. The Company elected to apply the presentation requirement for cash flows related to excess tax benefits prospectively, which had an immaterial impact on both net cash from operating activities and net cash used in financing activities for the three and nine months ended March 31, 2018. The presentation requirements for cash flows related to employee taxes paid for withheld shares had no impact on any of the periods presented on the Company’s Consolidated Statements of Cash Flows since such cash flows have historically been presented as a financing activity. Finally, the Company has elected to account for forfeitures as they occur, rather than estimate expected forfeitures. As a result, the Company recorded the cumulative impact of $908,875 as an increase to Deferred Income Taxes with a corresponding decrease to Accumulated Deficit.

2. Fair Value of Financial Instruments

We follow a three-level fair value hierarchy that prioritizes the inputs to measure fair value. This hierarchy requires entities to maximize the use of “observable inputs” and minimize the use of “unobservable inputs.” The three levels of inputs used to measure fair value are as follows:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets as of the measurement date.

Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3: Significant unobservable inputs that reflect assumptions that market participants would use in pricing an asset or liability.

At March 31, 2018 and June 30, 2017, all of our cash and cash equivalents, trade accounts receivable and trade accounts payable were short term in nature, and their carrying amounts approximate fair value.

3. Inventories

Inventories are summarized as follows:

	March 31,		June 30,
	2018		2017
Raw material	$	2,581,360	$	2,409,148
Work-in-process		932,563		741,994
Finished goods		2,136,968		3,267,232
		5,650,891		6,418,374
Less valuation reserve		486,390		1,425,940
	$	5,164,501	$	4,992,434

4. Property, Plant and Equipment

Depreciation and amortization of property, plant and equipment was $952,514 and $682,832 for the nine months ended March 31, 2018 and 2017, respectively. Inventory items included in property, plant and equipment are depreciated using the straight line method over estimated useful lives of 3 to 5 years. Depreciation of generators which are consigned to customers is expensed over a 5 year period, and depreciation is charged to selling expenses.

5. Goodwill

Goodwill is not amortized. We review goodwill for impairment annually and whenever events or changes indicate that the carrying value of an asset may not be recoverable. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of significant assets or products. Application of these impairment tests requires significant judgments, including estimation of cash flows, which is dependent on internal forecasts, estimation of the long term rate of growth for the Company’s business, the useful lives over which cash flows will occur and determination of the Company’s weighted average cost of capital. The Company primarily utilizes the Company’s market capitalization and a discounted cash flow model in determining the fair value which consists of Level 3 inputs. Changes in the projected cash flows and discount rate estimates and assumptions underlying the valuation of goodwill could materially affect the determination of fair value at acquisition or during subsequent periods when tested for impairment. The Company completed its annual goodwill impairment tests for fiscal 2017 and 2016 as of June 30 of each year. There were no triggering events identified during the quarter ended March 31, 2018.

6. Patents

The costs of acquiring or processing patents are capitalized at cost. These amounts are being amortized using the straight-line method over the estimated useful lives of the underlying assets, which is approximately 17 years. Patents totaled $745,777 and $719,136 at March 31, 2018 and June 30, 2017, respectively. Amortization expense for the nine months ended March 31, 2018 and 2017 was $93,997 and $81,000, respectively. The following is a schedule of estimated future patent amortization expenses by fiscal year as of March 31, 2018:

2018	$	32,202
2019		119,318
2020		94,839
2021		88,668
2022		58,368
Thereafter		352,382
	$	745,777

7. Accrued Expenses and Other Current Liabilities

The following summarizes accrued expenses and other current liabilities:

	March 31,		June 30,
	2018		2017

Accrued vacation	$	273,285	$	715,245
Accrued bonus		435,678		343,400
Accrued commissions		702,913		751,000
Professional fees		101,051		662,537
Litigation settlement		—		500,000
Deferred income		18,601		27,901
Customer prepayments		456,591		201,218
Other accrued expenses		756,015		144,837

	$	2,744,134	$	3,346,138

8. Stock-Based Compensation Plans

Stock Option Awards

For the nine months ended March 31, 2018 and 2017, the compensation cost relating to stock option awards that has been charged against income for the Company’s stock option plans was $1,405,152 and $532,341 respectively, which included a charge to modify certain stock options of $81,765 and a reversal of stock compensation from prior periods due to forfeitures of unvested options of $616,239, for the nine months ended March 31, 2017. As of March 31, 2018, there was approximately $2,703,462 of total unrecognized compensation cost related to non-vested share-based compensation arrangements to be recognized over a weighted-average period of 2.6 years.

Stock options typically expire 10 years from the date of grant and vest over service periods, which typically are 4 years. All options are granted at fair market value, as defined in the applicable plans.

The fair value of each option award was estimated on the date of grant using the Black-Scholes option valuation model that uses the assumptions noted in the following table. The expected volatility represents the historical price changes of the Company’s stock over a period equal to that of the expected term of the option. The Company uses the simplified method for determining the option term. The risk-free rate was based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is based upon historical and projected dividends. The Company has historically not paid dividends, and is not expected to do so in the near term.

The weighted average fair value at date of grant for options granted during the nine months ended March 31, 2018 was $5.50. There were options to purchase 305,500 and 327,500 shares granted during the nine months ended March 31, 2018 and 2017, respectively. The fair value was estimated based on the weighted average assumptions of:

	For nine months ended March 31,
	2018			2017
Risk-free interest rates		1.98	%		1.80	%
Expected option life in years		5.95			6.25
Expected stock price volatility		57.42	%		54.68	%
Expected dividend yield		0	%		0	%

A summary of option activity under the Company’s equity plans as of March 31, 2018, and changes during the nine months ended March 31, 2018 is presented below:

	Outstanding Shares			Average Exercise Price		Aggregate Intrinsic Value
Outstanding at June 30, 2017		1,191,236		$	7.66	$	2,748,956
Granted		305,500		$	10.10
Exercised		(45,300	)	$	5.04
Forfeited		(13,000	)	$	7.67
Expired		(75,000	)	$	4.87
Outstanding as of March 31, 2018		1,363,436		$	8.45	$	2,738,327
Vested and exercisable at March 31, 2018		692,434		$	7.50	$	2,083,907

The total fair value of stock options vested during the nine months ended March 31, 2018 was $1,418,743. The number and weighted-average grant-date fair value of non-vested stock options at the beginning of fiscal 2018 was 673,875 and $4.77, respectively. The number and weighted-average grant-date fair value of stock options which vested during the nine months ended March 31, 2018 was 299,373 and $4.74, respectively.

Restricted Stock Awards

On December 15, 2016, the Company issued 400,000 shares of restricted stock to its Chief Executive Officer. These awards vest over a period of up to five years, subject to meeting certain service, performance and market conditions. These awards were valued at approximately $3.6 million and compensation expense recorded in the nine months ended March 31, 2018 related to these awards was $675,869. As of March 31, 2018, there was approximately $2,473,117 of total unrecognized compensation cost related to non-vested restricted stock awards to be recognized over a weighted-average period of 3.1 years. As of March 31, 2018, 26,800 shares from this set of awards have vested.

9. Commitments and Contingencies

Leases

The Company has entered into several non-cancellable operating leases for the rental of certain manufacturing and office space, equipment and automobiles expiring in various years through 2021. The principal building lease provides for a monthly rental of approximately $26,000. The Company also leases certain office equipment and automobiles under operating leases expiring through March 2019.

Class Action Securities Litigation

On September 19, 2016, Richard Scalfani, an individual shareholder of Misonix, filed a lawsuit against the Company and its former CEO and CFO in the U.S. District Court for the Eastern District of New York, alleging violations of the federal securities laws. The complaint alleges that the Company’s stock price was artificially inflated between November 5, 2015 and September 14, 2016 as a result of alleged false and misleading statements in the Company’s securities filings concerning the Company’s business, operations, and prospects and the Company’s internal control over financial reporting. Scalfani filed the action seeking to represent a putative class of all persons (other than defendants, officers and directors of the Company, and their affiliates) who purchased publicly traded Misonix securities between November 5, 2015 and September 14, 2016. Scalfani was seeking an unspecified amount of damages for himself and for the putative class under the federal securities laws. On March 24, 2017, the Court appointed Scalfani and another individual Misonix shareholder, Tracey Angiuoli, as lead plaintiffs for purposes of pursuing the action on behalf of the putative class. The lead plaintiffs, on behalf of the putative class, and the Company reached a settlement in principle under which the Company would pay $500,000 to resolve the matter. The district court approved the settlement and dismissed the lawsuit with prejudice in an order dated December 16, 2017. The Company has paid its $250,000, representing its insurance retention. The balance was paid by the Company’s insurance carrier.

Former Chinese Distributor - FCPA

With the assistance of outside counsel, the Company conducted a voluntary investigation into the business practices of the independent Chinese entity that previously distributed its products in China and the Company’s knowledge of those business practices, which may have implications under the FCPA, as well as into various internal controls issues identified during the investigation.

On September 27, 2016 and September 28, 2016, the Company voluntarily contacted the SEC and the DOJ, respectively, to advise both agencies of these potential issues. The Company has provided and will continue to provide documents and other information to the SEC and the DOJ, and is cooperating fully with these agencies in their ongoing investigations of these matters.

Although the Company’s investigation is complete, additional issues or facts could arise which may expand the scope or severity of the potential violations. The Company has no current information derived from the investigation or otherwise to suggest that its previously reported financial statements and results are incorrect.

At this stage, the Company is unable to predict what, if any, action the DOJ or the SEC may take or what, if any, penalties or remedial measures these agencies may seek. Nor can the Company predict the impact on the Company as a result of these matters, which may include the imposition of fines, civil and criminal penalties, which are not currently estimable, as well as equitable remedies, including disgorgement of any profits earned from improper conduct and injunctive relief, limitations on the Company’s conduct, and the imposition of a compliance monitor. The DOJ and the SEC periodically have based the amount of a penalty or disgorgement in connection with an FCPA action, at least in part, on the amount of profits that a company obtained from the business in which the violations of the FCPA occurred. During its distributorship relationship with the prior Chinese distributor from 2010 through 2016, the Company generated revenues of approximately $8 million.

Further, the Company may suffer other civil penalties or adverse impacts, including lawsuits by private litigants in addition to the lawsuits that already have been filed, or investigations and fines imposed by local authorities. The investigative costs to date are approximately $2.8 million, of which approximately $0.1 million and $0.3 million was charged to general and administrative expenses during the three and nine months ended March 31, 2018, respectively, compared with $0.6 million and $2.1 million for the three and nine months ended March 31, 2017.

Former Chinese Distributor – Litigation

On April 5, 2017, the Company’s former distributor in China, Cicel (Beijing) Science & Technology Co., Ltd., filed a lawsuit against the Company and certain officers and directors of the Company in the United States District Court for the Eastern District of New York, alleging that the Company improperly terminated its contract with the former distributor. The complaint sought various remedies, including compensatory and punitive damages, specific performance and preliminary and post judgment injunctive relief, and asserted various causes of action, including breach of contract, unfair competition, tortious interference with contract, fraudulent inducement, and conversion. On October 7, 2017, the court granted the Company’s motion to dismiss all of the tort claims asserted against it, and also granted the individual defendants’ motion to dismiss all claims asserted against them. The only claim remaining in the case is for breach of contract against the Company. The Company believes it has various legal and factual defenses to the allegations in the complaint, and intends to vigorously defend the action. The case is at its earliest stages; discovery is just beginning and there is no trial date.

Stockholder Derivative Litigation

On June 6, 2017, Irving Feldbaum, an individual shareholder of Misonix, filed a lawsuit in the U.S. District Court for the Eastern District of New York. The complaint alleges claims against the Company’s board of directors, its former CEO and CFO, certain of its former directors, and the Company as a nominal defendant for alleged violations of Section 14(a) of the Securities Exchange Act of 1934 and state law claims for breach of fiduciary duty, waste of corporate assets, and unjust enrichment. The complaint alleges that the Company incurred damages as a result of alleged false and misleading statements in the Company’s securities filings concerning the Company’s business, operations, and prospects and the Company’s internal control over financial reporting. The complaint also alleges that the Company’s February 4, 2016 Proxy Statement contained false and misleading statements regarding executive compensation. The complaint seeks the recovery of damages on behalf of the Company and the implementation of changes to corporate governance procedures. On June 16, 2017, Michael Rubin, another individual shareholder of Misonix, filed a case alleging similar claims in the same district court. On July 21, 2017, the district court consolidated the two actions for all purposes. The case is at its earliest stages; there has been no discovery and there is no trial date. The Company is not able either to estimate the amount of potential loss it may recognize, if any, from these claims or to identify any changes in corporate governance procedures it may undertake, if any, as a result of these claims.

10. Related Party Transactions

OrthoXact Proprietary Limited (“OrthoXact”) (formerly Applied BioSurgical) is an independent distributor for the Company in South Africa. The chief executive officer of OrthoXact is also the brother of Stavros G. Vizirgianakis, the CEO of Misonix, Inc.

Set forth below is a table showing the Company’s net revenues for the nine months ended March 31 and accounts receivable at March 31 for the indicated time periods below with OrthoXact:

	For the nine months ended
	March 31,
	2018		2017

Sales	$	675,943	$	367,592
Accounts receivable	$	120,376	$	104,678

11. Income Taxes

For the three and nine months ended March 31, 2018 and 2017, the Company recorded income tax expense (benefit), as follows:

	For the three months ended						For the nine months ended
	March 31,						March 31,
	2018			2017			2018			2017

Income tax expense (benefit)	$	411,405		$	(219,000	)	$	(97,744	)	$	(275,000	)
Provisional reduction of deferred tax
asset relating to Tax Legislation		—			—			1,764,039			—
Valuation allowance on deferred tax asset		(411,405	)		—			3,577,127			—

Net income tax expense (benefit)	$	—		$	(219,000	)	$	5,243,422		$	(275,000	)

For the nine months ended March 31, 2018 and 2017, the effective rate of (892.7%) and 16.0%, respectively, varied from the U.S. federal statutory rate primarily due to the recording of a full valuation allowance on the remaining deferred tax assets, permanent book tax differences relating principally to stock compensation expense and tax credits, and the impact of the Tax Cuts and Jobs Act of 2017.

Tax Cuts and Jobs Act of 2017

The Tax Cuts and Jobs Act of 2017 (the “Tax Legislation”), enacted on December 22, 2017, contains significant changes to U.S. tax law, including lowering the U.S. corporate income tax rate to 21%, implementing a territorial tax system, and imposing a one-time tax on deemed repatriated earnings of foreign subsidiaries.

The Tax Legislation reduces the U.S. statutory tax rate from 35% to 21%, effective January 1, 2018. U.S. tax law requires that taxpayers with a fiscal year that begins before and ends after the effective date of a rate change calculate a blended tax rate based on the pro rata number of days in the fiscal year before and after the effective date. As a result, for the fiscal year ending June 30, 2018, the Company’s U.S. statutory income tax rate will be 27.55%.

On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Legislation. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Legislation enactment date for companies to complete the accounting under ASC 740, Income Taxes. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Legislation for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Legislation is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. During the three months ended December 31, 2017, using the information available at the time, the Company recorded a provisional $1,764,039 discrete tax expense representing the expense of remeasuring its U.S. deferred tax assets at the lower 21% U.S. statutory tax rate. The Company may make additional adjustments in fiscal 2018 as further information is identified to properly record this adjustment.

Valuation Allowance on Deferred Tax Assets

Deferred tax assets refer to assets that are attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets in essence represent future savings of taxes that would otherwise be paid in cash. The realization of the deferred tax assets is dependent upon the generation of sufficient future taxable income, including capital gains. If it is determined that the deferred tax assets cannot be realized, a valuation allowance must be established, with a corresponding charge to net income.

In accordance with ASC Topic 740, the Company establishes valuation allowances for deferred tax assets that, in its judgment are not more likely-than-not realizable. The guidance requires entities to evaluate all available positive and negative evidence, including cumulative results in recent periods, weighted based on its objectivity, in determining whether its deferred tax assets are more likely than not realizable.

The Company regularly assesses its ability to realize its deferred tax assets. While the Company had positive cumulative pretax income as of June 30, 2017, based on actual results to date and the Company’s current forecast for fiscal 2018 it expects to be in a cumulative pretax loss position as of June 30, 2018. Management evaluated available positive evidence, including the continued growth of the Company’s revenues and gross profit margins, its recent SonaStar technology license to its Chinese partner and the reduction in investigative and professional fees recognized in fiscal 2017, along with available negative evidence, including the Company’s continuing investment in building its next generation Nexus platform and its continuing investment in building a direct sales force, while at the same time paying commissions to its domestic sales distributors. After weighing both the positive and negative evidence, management concluded that the Company’s deferred tax assets are not more likely-than-not realizable. Accordingly, the Company recorded a full valuation allowance of $3,577,127 against its remaining deferred tax assets at March 31, 2018. The Company will continue to assess its ability to utilize its net operating loss carryforwards, and will reverse this valuation allowance when sufficient evidence is achieved to allow the realizability of such deferred tax assets.

As of March 31, 2018 and June 30, 2017, the Company has no material unrecognized tax benefits or accrued interest and penalties.

12. Licensing Agreements for Medical Technology

On October 19, 2017, the Company entered into a License and Exclusive Manufacturing Agreement (the “Agreement”) with Hunan Xing Hang Rui Kang Bio-technologies Co., Ltd., a Chinese corporation (the “Licensee”) under which Misonix has licensed certain manufacturing and distribution rights to its SonaStar product line in China, Hong Kong and Macau (the “Territory”) in exchange for payments totaling at least $11,000,000.

Pursuant to the Agreement, Licensee is obligated to pay the Company: (i) initial amounts consisting of upfront fees and stocking orders totaling $5,000,000, payable in five (5) equal monthly installments of $1,000,000 each; (ii) royalty payments from the sale of SonaStar products in the Territory, including minimum royalty payments of $2,000,000 per calendar year in each of 2019, 2020, and 2021; and (iii) reimbursement of technology transfer costs in an amount up to $1,000,000. The Agreement also provides that Misonix will supply SonaStar products to Licensee at agreed prices during the transition period prior to Licensee’s commencement of manufacturing.

During the three months ended March 31, 2018, the Company delivered the licensed SonaStar technology to the Licensee, and recorded license revenue of $4,010,000. In addition, during the nine months ended March 31, 2018, the Company had delivered the contractually agreed number of SonaStar units to the Licensee and had recorded product revenue of $990,000. All of the $5 million of initial payments were collected as of March 31, 2018.

In October 1996, the Company entered into a license agreement with MMIT which expired August 2017, covering the further development and commercial exploitation of the Company’s medical technology relating to laparoscopic products, which uses high frequency sound waves to coagulate and divide tissue for both open and laparoscopic surgery. The MMIT license provided for exclusive worldwide marketing and sales rights for this technology. The Company received a 5% royalty on sales of these products by MMIT. Royalties from this license agreement were $524,000 and $2,838,000 for the nine months ended March 31, 2018 and 2017, respectively. This royalty agreement expired in August 2017.

13. Segment Reporting

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated on a regular basis by the chief operating decision-maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance of the segment. The Company has concluded that its Chief Executive Officer is the CODM as he is the ultimate decision maker for key operating decisions, determining the allocation of resources and assessing the financial performance of the Company. These decisions, allocations and assessments are performed by the CODM using consolidated financial information. Consolidated financial information is utilized by the CODM as the Company’s current product offering primarily consists of minimally invasive therapeutic ultrasonic medical devices. The Company’s products are relatively consistent and manufacturing is centralized and consistent across product offerings. Based on these factors, key operating decisions and resource allocations are made by the CODM using consolidated financial data and as such the Company has concluded that it operates as one segment.

Worldwide revenue for the Company’s products and license revenue is categorized as follows:

	For the three months ended				For the nine months ended
	March 31,				March 31,
Product revenue:	2018		2017		2018		2017
Domestic	$	4,931,028	$	4,015,308	$	14,983,595	$	12,019,103
International		3,498,104		3,162,455		9,050,105		7,360,665
Total		8,429,132		7,177,763		24,033,700		19,379,768

License revenue		4,010,000		—		4,010,000		—
Total revenue	$	12,439,132	$	7,177,763	$	28,043,700	$	19,379,768

Substantially all of the Company’s long-lived assets are located in the United States.

14. Severance

On August 26, 2016, the Company and the Company’s former Chief Executive Officer, Michael McManus (“McManus”) entered into a retirement agreement and general release (the “Retirement Agreement”). Pursuant to the Retirement Agreement, on September 2, 2016 Mr. McManus resigned as a Director and the Chairman of the Board of Directors of the Company and retired as President and Chief Executive Officer of the Company. Pursuant to the Retirement Agreement, the Company agreed to (i) pay Mr. McManus’ salary through June 30, 2017 at the then current level; (ii) continue to pay premiums for Mr. McManus’ and his dependents’ coverage under the Company’s medical, dental, vision, hospitalization, long term care and life insurance coverage through June 30, 2017 at the then current levels upon timely election by Mr. McManus under the law informally known as COBRA; and (iii) extend the exercisability of previously granted and then currently vested options to purchase shares of Common Stock through June 30, 2017. In addition, Mr. McManus had continued use of the vehicle provided him pursuant to his prior employment agreement through December 31, 2016. In connection with this Retirement Agreement, the Company recorded a charge of $330,000 during the quarter ended September 30, 2016 to accrue for the cash portion of these benefits, which was paid during the fiscal year ended June 30, 2017. In addition, during the quarter ended June 30, 2016, the Company recorded a non-cash compensation expense of $61,000 in connection with the modification of the terms of his vested stock options, and recorded a reduction in non-cash compensation expense of $596,000 relating to the forfeiture of his unvested stock options.

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

This Management’s Discussion and Analysis of Financial Condition and Results of Operations of Misonix and its subsidiaries, which we refer to as the “Company”, “Misonix”, “we”, “our” and “us”, should be read in conjunction with the accompanying unaudited financial statements included in Part I – Item 1 “Financial Statements” of this Report and Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on August 24, 2017, for the fiscal year ended June 30, 2017 (“2017 Form 10-K”). Item 7 of the 2017 Form 10-K describes the application of our critical accounting policies, for which there have been no significant changes during the three and nine months ended March 31, 2018.

Forward Looking Statements

With the exception of historical information contained in this Form 10-Q, content herein may contain “forward looking statements” that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. We cannot guarantee that any forward looking statements will be accurate, although we believe that we have been reasonable in our expectations and assumptions. Investors should realize that if underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results could vary materially from our expectations and projections. These factors include general economic conditions, delays and risks associated with the performance of contracts, risks associated with international sales and currency fluctuations, uncertainties as a result of research and development, acceptable results from clinical studies, including publication of results and patient/procedure data with varying levels of statistical relevance, risks involved in introducing and marketing new products, regulatory compliance, potential acquisitions, consumer and industry acceptance, litigation and/or contemplated 510(k) filings, the ability to achieve and maintain profitability in our business lines, and other factors discussed in the 2017 Form 10-K, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. We disclaim any obligation to update any forward-looking statements.

Overview

Misonix designs, manufactures, develops and markets therapeutic ultrasonic devices. These products are used for precise bone sculpting, removal of soft and hard tumors, and tissue debridement, orthopedic surgery, plastic surgery, and wound and burn care. In the United States, the Company sells its products through its direct sales force, in addition to a network of commissioned agents assisted by Company personnel. Outside of the United States, the Company generally sells to distributors who then resell the products to hospitals. The Company operates as one business segment.

In the United States, the Company is taking a more aggressive approach to taking market share, expanding the market and increasing its share of recurring disposable revenue by using a consignment model, whereby the Company will consign the equipment (which is defined as a generator, hand units and accessories) (the “Equipment”) and sell to customers higher margin disposable, single use items (the “Consumables”) on a recurring basis. Title remains with the Company with respect to consigned Equipment, which is depreciated and charged to selling expenses over a five year period beginning in fiscal 2017, and a three year period in fiscal 2016. Outside of the United States, the Company has principally not yet adopted a consignment model. The Company’s overall goal is to increase the utilization rate of Equipment which will increase the total number of procedures and maximize the sale of Consumables to our customers, with the goal of becoming the standard of care in the various segments we focus on.

Results of Operations

The following discussion and analysis provides information which the Company’s management believes is relevant to an assessment and understanding of the Company’s results of operations and financial condition. This discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere herein. Unless otherwise specified, this discussion relates solely to the Company’s continuing operations.

All of the Company’s revenues have been derived from the sale of medical device products, which include manufacture and distribution of ultrasonic medical device products.

Three months ended March 31, 2018 and 2017

Our revenues by category for the three months ended March 31, 2018 and 2017 are as follows:

	For the three months ended
	March 31,				Net change
	2018		2017		$		%
Total
Consumables	$	5,898,937	$	5,281,454	$	617,483		11.7	%
Equipment		2,530,195		1,896,309		633,886		33.4	%
License		4,010,000		—		4,010,000		100.0	%
Total	$	12,439,132	$	7,177,763	$	5,261,369		73.3	%

Domestic product:
Consumables	$	4,340,759	$	3,736,960	$	603,799		16.2	%
Equipment		590,269		278,348		311,921		112.1	%
Total	$	4,931,028	$	4,015,308	$	915,720		22.8	%

International product:
Consumables	$	1,558,178	$	1,544,494	$	13,684		0.9	%
Equipment		1,939,926		1,617,961		321,965		19.9	%
Total	$	3,498,104	$	3,162,455	$	335,649		10.6	%

License	$	4,010,000	$	—	$	4,010,000		100.0	%

Revenues

Total revenue increased 73.3% or $5.3 million to $12.4 million in the third quarter of fiscal 2018, from $7.2 million in fiscal 2017.

Product revenue increased 17.4% or $1.3 million to $8.4 million in the third quarter of fiscal 2018, from $7.2 million in fiscal 2017. The revenue increase is principally attributable to US product revenue which grew 22.8%, in addition to international product revenue which grew 10.6% for the third quarter of fiscal 2018.

License revenue was $4.0 million in the third quarter of fiscal 2018, resulting from the Company’s license of SonaStar technology to one of its Chinese distributors. There was no license revenue in fiscal 2017. See Note 12 to the consolidated financial statements.

Gross profit

Gross profit from product revenue in the third quarter of fiscal 2018 was 68.8% of revenue, slightly lower from 70.6% in the third quarter of fiscal 2017, resulting from product mix.

Selling expenses

Selling expenses increased by $0.8 million, or 24% to $4.4 million in the third quarter of fiscal 2018 from $3.6 million in the prior year period. The increase is principally related to higher compensation costs resulting from the continued buildout of the Company’s direct sales force, along with higher commissions relating to the 17.4% increase in product revenue.

General and administrative expenses

General and administrative expenses decreased by $0.6 million, or 22.5% to $1.9 million in the third quarter of fiscal 2018 from $2.5 million in the prior year period. This decrease is principally related to a decrease of $0.8 million in professional fees, offset by an increase of non-cash compensation expense for stock option grants to the Company’s board of directors, and an increase in compensation expense. During the third quarter of the prior year, the Company was incurring higher costs for its internal investigation.

Research and development expenses

Research and development expenses increased by $0.7 million or 157.6% to $1.2 million in the third quarter of fiscal 2018 from $0.5 million in the prior year period. The Company is investing in the design and development of its next generation product, which is expected to be available in fiscal 2019. During the third quarter of fiscal 2018, approximately $0.8 million was charged to research and development expenses related to this product.

Other income (expense)

Other income was $4,278 in the third quarter of fiscal 2018 compared with $0.9 million in the prior year period. This decrease related to the royalty income from MMIT in the prior year. This royalty agreement expired in August 2017.

Income taxes

For the three months ended March 31, 2018 and 2017, the Company recorded an income tax expense (benefit) of $0 and ($219,000), respectively. For the three months ended March 31, 2018 and 2017, the effective rate of 0% and 41.6%, respectively, varied from the U.S. federal statutory rate due to changes in the Company’s projected pretax book income.

Income tax expense includes a $411,405 reduction in the valuation allowance against the Company’s remaining deferred tax assets. In accordance with the guidance of ASC Topic 740, management concluded that in its judgment, the Company’s deferred tax assets at March 31, 2018 are not more likely-than-not realizable. The components of the tax provision are as follows:

	For the three months ended
	March 31,
	2018			2017

Income tax expense (benefit)	$	411,405		$	(219,000	)
Provisional reduction of deferred tax asset relating to Tax Legislation		—			—
Valuation allowance on deferred tax asset		(411,405	)		—

Net income tax expense (benefit)	$	—		$	(219,000	)

Nine months ended March 31, 2018 and 2017

Our revenue by category for the nine months ended March 31, 2018 and 2017 are as follows:

	For the nine months ended
	March 31,				Net change
	2018		2017		$		%
Total
Consumables	$	17,404,539	$	14,734,534	$	2,670,005		18.1	%
Equipment		6,629,161		4,645,234		1,983,927		42.7	%
License		4,010,000		—		4,010,000		100.0	%
Total	$	28,043,700	$	19,379,768	$	8,663,932		44.7	%

Domestic:
Consumables	$	13,063,171	$	10,899,498	$	2,163,673		19.9	%
Equipment		1,920,424		1,119,605		800,819		71.5	%
Total	$	14,983,595	$	12,019,103	$	2,964,492		24.7	%

International:
Consumables	$	4,341,368	$	3,835,036	$	506,332		13.2	%
Equipment		4,708,737		3,525,629		1,183,108		33.6	%
Total	$	9,050,105	$	7,360,665	$	1,689,440		23.0	%

License	$	4,010,000	$	—	$	4,010,000		100.0	%

Revenue

Total revenue increased 44.7% or $8.7 million to $28.0 million in the first three quarters of fiscal 2018, from $19.4 million in fiscal 2017.

Product revenue increased 24.0% or $4.7 million to $24.0 million in the nine months ended March 31, 2018, from $19.4 million in fiscal 2017. US product revenue grew 24.7% and international product revenue grew 23.0% for the first three quarters of fiscal 2018. Consumables revenue in the United States increased 19.9%, or $2.2 million for the current year, principally due to the strength in the Company’s BoneScalpel product line. International consumables revenue grew 13.2% for the current year.

License revenue was $4.0 million for the nine months ended March 31, 2018, resulting from the Company’s license of SonaStar technology to one of its Chinese distributors. There was no license revenue in fiscal 2017. See Note 12 to the consolidated financial statements.

Gross profit

Gross profit from product revenue in the first three quarters of fiscal 2018 was 69.7% of revenue, which decreased slightly from 69.9% in the first three quarters of fiscal 2017 as a result of product mix.

Selling expenses

Selling expenses increased by $1.8 million, or 17.2% to $11.9 million in the first three quarters of fiscal 2018 from $10.2 million in the prior year period. The increase is principally related to higher compensation costs resulting from the continued buildout of the Company’s direct sales force, along with higher commissions relating to the 24.0% increase in product revenue.

General and administrative expenses

General and administrative expenses increased by $0.4 million, or 5.8% to $6.9 million in the first three quarters of fiscal 2018 from $6.5 million in the prior year period. This increase is principally related to an increase of non-cash compensation expense for the first three quarters of fiscal 2018 of $2.1 million related to restricted stock and stock option grants to the Company’s board of directors and its current CEO, and an increase in compensation expense of $0.3 million. This increase was offset by a decrease of $1.3 million in professional fees. During the prior year, the Company was incurring higher costs for its internal investigation. In addition, during the first three quarters of fiscal 2017, the Company recorded a reduction in non-cash stock compensation expense of $0.8 million, which includes a reversal of stock compensation previously recognized on the Company’s prior CEO, along with a related $0.3 million severance charge for Company’s prior CEO.

Research and development expenses

Research and development expenses increased by $1.7 million, or 118.7% to $3.1 million in the first three quarters of fiscal 2018 from $1.4 million in the prior year period. The Company is investing in the design and development of its next generation product, which is expected to be available in fiscal 2019. For the first three quarters of fiscal 2018, approximately $1.9 million has been charged to research and development expenses related to this product.

Other income (expense)

Other income was $0.5 million for the first three quarters of fiscal 2018 compared with $2.8 million in the prior year period. This decrease related to the royalty income from MMIT in the prior year. This royalty agreement expired in August 2017.

Income taxes

For the nine months ended March 31, 2018 and 2017, the Company recorded an income tax expense (benefit) of $5,243,422 and ($275,000), respectively. For the nine months ended March 31, 2018 and 2017, the effective rate of (892.7%) and 16.0%, respectively, varied from the U.S. federal statutory rate due to changes in the Company’s projected pretax book income.

The income tax expense for the first three quarters of fiscal 2018 included a one-time charge of $1.8 million to revalue the Company’s deferred tax asset as of December 31, 2017 to give effect to the reduction in corporate tax rates to 21% effective January 1, 2018, as a result of the Tax Legislation, enacted on December 22, 2017. Income tax expense also includes a $3.6 million charge to record a full valuation allowance against the Company’s remaining deferred tax assets. In accordance with the guidance of ASC Topic 740, management concluded that in its judgment, the Company’s deferred tax assets at March 31, 2018 are not more likely-than-not realizable. The components of the tax provision are as follows:

	For the nine months ended
	March 31,
	2018			2017

Income tax expense (benefit)	$	(97,744	)	$	(275,000	)
Provisional reduction of deferred tax asset relating to Tax Legislation		1,764,039			—
Valuation allowance on deferred tax asset		3,577,127			—

Net income tax expense (benefit)	$	5,243,422		$	(275,000	)

Liquidity and Capital Resources

Working capital at March 31, 2018 was $18.6 million. For the nine months ended March 31, 2018, cash provided from operations was $1.0 million, mainly due the 24% increase in product revenue, the $4.0 million of license revenue from the Company’s SonaStar technology agreement in China, and a reduction in accounts receivable of $0.7 million, offset by a $1.2 million increase in inventory and a $1.0 million reduction in accounts payable and accrued expenses.

Cash used in investing activities was $0.5 million, primarily consisting of the purchase of property, plant and equipment along with filing for additional patents.

Cash provided by financing activities was $0.2 million, resulting from stock option exercises.

As of March 31, 2018, the Company had cash and cash equivalents of approximately $12.3 million and believes it has sufficient cash to finance operations for at least the next 12 months.

Relating to the internal investigation described herein, the Company has incurred approximately $2.8 million in investigative costs through March 31, 2018 and is not expected to incur significant additional investigative costs to resolve this matter. Further, the Company could be subject to fines or penalties related to potential violations of the FCPA.

The Company has been receiving an annual royalty from MMIT which has averaged $3.7 million per year over the last three fiscal years. This royalty ended in August 2017. Additionally, as described in Note 12 to the financial statements, in October 2017, the Company entered into a License and Exclusive Manufacturing Agreement which is providing minimum payments to the Company of $11 million through 2021, of which $5 million has been received as of March 31, 2018.

The Company is investing in the design and development of its next generation product, which is expected to be available in fiscal 2019 of which $1.9 million in development costs have been incurred for the nine months ended March 31, 2018.

Off-Balance Sheet Arrangements

The Company has no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to the Company.

Other

In the opinion of management, inflation has not had a material effect on the operations of the Company.

Recent Accounting Pronouncements

See Note 1 to our consolidated financial statements included herein.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Market Risk:

The principal market risks (i.e., the risk of loss arising from adverse changes in market rates and prices) to which the Company is exposed are interest rates on cash and cash equivalents.

Interest Rate Risk:

The Company earns interest on cash balances and pays interest on any debt incurred. In light of the Company’s existing cash, results of operations and projected borrowing requirements, the Company does not believe that a 10% change in interest rates would have a significant impact on its consolidated financial position.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to provide reasonable assurance that information required to be disclosed in reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and that such information is accumulated and communicated to our management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.

All internal control systems, no matter how well designed and tested, have inherent limitations, including, among other things, the possibility of human error, circumvention or disregard. Therefore, even those systems of internal control that have been determined to be effective can provide only reasonable assurance that the objectives of the control system are met and may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

We carried out an evaluation, under the supervision and with the participation of management, of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2018. Based on this evaluation, our CEO and CFO have concluded that our disclosure controls and procedures were effective as of March 31, 2018.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended March 31, 2018 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

Former Chinese Distributor - FCPA

Former Chinese Distributor – Litigation

Stockholder Derivative Litigation

Item 1A. Risk Factors.

Risks and uncertainties that, if they were to occur, could materially adversely affect our business or that could cause our actual results to differ materially from the results contemplated by the forward-looking statements contained in this Report and other public statements were set forth in the Item 1A. – “Risk Factors” section of our Form 10-K for the fiscal year ended June 30, 2017. There have been no material changes from the risk factors disclosed in that Form 10-K.

Item 6. Exhibits

Exhibit No.		Description

10.1		Amendment No. 1 to License and Exclusive Manufacturing Agreement dated February 26, 2018 between the Company and Hunan Xing Hang Rui Kang Bio-technologies Co., Ltd.

31.1		Chief Executive Officer—Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Chief Financial Officer—Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1		Chief Executive Officer—Certification pursuant to Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.

32.2		Chief Financial Officer—Certification pursuant to Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.

101.INS		XBRL Instance Document

101.SCH		XBRL Taxonomy Extension Scheme Document

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		XBRL Taxonomy Extension Label Linkbase Document

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

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

	MISONIX, INC.

Dated: May 7, 2018	By:	/s/ Stavros G. Vizirgianakis
		Stavros G. Vizirgianakis
		Chief Executive Officer

	By:	/s/ Joseph P. Dwyer
		Joseph P. Dwyer
		Chief Financial Officer

EX-10.1 2 s109891_ex10-1.htm EXHIBIT 10.1

Exhibit 10.1

AMENDMENT NO. 1

LICENSE AND EXCLUSIVE MANUFACTURING AGREEMENT

This AMENDMENT NO. 1 TO LICENSE AND EXCLUSIVE MANUFACTURING AGREEMENT is entered into on the 26 day of February, 2018, by and between Misonix, Inc., a New York corporation, with offices at 1938 New Highway, Farmingdale, New York 11735 USA (“Misonix”), and Hunan Xing Hang Rui Kang Bio-technologies Co., Ltd. a Chinese corporation with offices at 26/F., Times Tower, 391-407 Jaffe Road, Wan Chai, Hong Kong (the “Company”).

BACKGROUND

WHEREAS, Misonix and the Company are parties to a License and Exclusive Manufacturing Agreement (the “Agreement”) dated as of the 21st day of August, 2017; and

WHEREAS, the parties wish to modify certain provisions of the Agreement as set forth below.

NOW, THEREFORE, in consideration of the mutual covenants herein contained and for other good and valuable consideration, receipt of which is hereby acknowledged, Misonix and the Company hereby agree as follows:

1. Section 2.1 of the Agreement is hereby deleted in its entirety and shall now read as follows:

2.1 License to Company. Subject to the terms and conditions of this Agreement, Misonix hereby grants to Company the sole license under the Misonix Know-How to manufacture, Develop and Commercialize the Product in the Territory.

2. Section 5.1 of the Agreement is hereby deleted in its entirety and shall now read as follows:

5.1 Technology Transfer. Misonix shall transfer to Company the manufacturing processes developed by or on behalf of Misonix for the Generator, the Hand Piece and the Disposables. Misonix shall provide a transfer of the Generator, Hand Piece and Disposable manufacturing technology such that Company is able to establish its own Generator, Hand Piece and Disposable manufacturing operations, and is able to assemble Hand Pieces from subassemblies purchased from Misonix. Company shall reimburse Misonix, within 30 days of Misonix providing an invoice, for all direct and out-of-pocket costs incurred by Misonix activities associated with the transfer contemplated by this Section 5.1, in an aggregate amount up to one million dollars (U.S. $1,000,000). Misonix and Company shall in good faith seek to establish a mutually agreeable plan for accomplishing the technology transfer in a commercially reasonable manner. Misonix shall (a) provide necessary documentation to complete the technology transfer, including necessary portions of the Product specifications and (b) participate in technology transfer activities, including pilot batch runs at Company facilities, necessary to manufacture the Generator, Hand Piece and the Disposables at Company facilities and to assemble Hand Pieces from subassemblies purchased from Misonix. Such technology transfer shall take place within twenty four (24) months after the Effective Date. After Misonix has received one million dollars (U.S. $1,000,000) in direct and out-of-pocket costs from Company for Misonix’s technical assistance, the Parties shall negotiate in good faith an agreement that reimburses Misonix for any additional technical assistance requested by Company.

3. Section 6.6 of the Agreement is hereby deleted in its entirety and shall now read as follows:

6.6 Use of the Generator, Hand Pieces and Disposables. Company shall use the Generators, Hand Pieces and Disposables solely for the furtherance of this Agreement and shall not use Generators, Hand Pieces, Disposables or any other information or materials incorporating one or more essential elements thereof or produced therefrom (including any Confidential Information) for any profit-making or commercial purpose or for any purpose other than those expressly contemplated by this Agreement.

4. Section 13.5 of the Agreement is hereby deleted in its entirety and shall now read as follows:

13.5 [intentionally deleted]

5. Except as expressly amended hereby, the Agreement remains unchanged and in full force and effect. This Amendment No. 1 to License and Exclusive Manufacturing Agreement may be executed in counterparts, each of which shall constitute an original and all of which shall constitute one and the same agreement. Delivery of signature by facsimile or other electronic image shall be valid and binding for all purposes.

[signature page follows]

-2-

IN WITNESS WHEREOF, the Parties have caused their duly authorized representatives to execute this Amendment No. 1 to License and Exclusive Manufacturing Agreement as of the date first above written.

Misonix, Inc.		Hunan Xing Hang Rui Kang Bio-technologies Co., Ltd.

Signature:	/s/ Joseph P. Dwyer	Signature:	/s/ Li Quan
Name: Joseph P. Dwyer		Name: Li Quan
Title: CFO		Title: CEO

-3-

EX-31.1 3 s109891_ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATION

I, Stavros G. Vizirgianakis, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Misonix, Inc.;

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

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

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

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

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

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

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

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

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

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

Dated: May 7, 2018	/s/ Stavros G. Vizirgianakis
	Stavros G. Vizirgianakis
	Chief Executive Officer

EX-31.2 4 s109891_ex31-2.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATION

I, Joseph P. Dwyer, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Misonix, Inc.;

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

Dated: May 7, 2018	/s/ Joseph P. Dwyer
	Joseph P. Dwyer
	Chief Financial Officer

EX-32.1 5 s109891_ex32-1.htm EXHIBIT 32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Misonix, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2018 as filed with the Securities and Exchange Commission (the “Report”), I, Stavros G. Vizirgianakis, Chief Executive Officer of the Company, certify, that: (1) the Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Dated: May 7, 2018	/s/ Stavros G. Vizirgianakis
	Stavros G. Vizirgianakis
	Chief Executive Officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Misonix, Inc. and will be retained by Misonix, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 6 s109891_ex32-2.htm EXHIBIT 32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Misonix, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2018 as filed with the Securities and Exchange Commission (the “Report”), I, Joseph P. Dwyer, Chief Financial Officer of the Company, certify, that: (1) the Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Dated: May 7, 2018	/s/ Joseph P. Dwyer
	Joseph P. Dwyer
	Chief Financial Officer

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Basis of Presentation, Organization and Business and Summary of Significant Accounting Policies   Basis of Presentation   These consolidated financial statements of Misonix, Inc. (“Misonix” or the “Company”) include the accounts of Misonix and its 100% owned subsidiaries. All significant intercompany balances and transactions have been eliminated.   The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all the information and footnotes required by U.S. GAAP for complete financial statements. As such, they should be read with reference to the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2017, which provides a more complete explanation of the Company’s accounting policies, financial position, operating results, business properties and other matters. In the opinion of management, these financial statements reflect all adjustments considered necessary for a fair statement of interim results.   Organization and Business   Misonix designs, manufactures, develops and markets therapeutic ultrasonic devices. These products are used for precise bone sculpting, removal of soft tumors, and tissue debridement in the fields of orthopedic surgery, plastic surgery, neurosurgery, podiatry and vascular surgery. In the United States, the Company sells its products through a network of commissioned agents assisted by Company personnel. Outside of the United States, the Company sells to distributors who then resell the products to hospitals. The Company operates as one business segment.   High Intensity Focused Ultrasound Technology   The Company sold its rights to the high intensity focused ultrasound technology to SonaCare Medical, LLC (“SonaCare”) in May 2010. The Company may receive up to approximately $5.8 million in payment for the sale. SonaCare will pay the Company 7% of the gross revenues received from its sales of the (i) prostate product in Europe and (ii) kidney and liver products worldwide, until the Company has received payments of $3 million, and thereafter 5% of the gross revenues, up to an aggregate payment of $5.8 million, all subject to a minimum annual royalty of $250,000. Payments received for the three and nine months ended March 31, 2018 and 2017 were $0 and $250,000, respectively. Cumulative royalties through March 31, 2018 were $2,292,579.   Major Customers and Concentration of Credit Risk   Total royalties from Medtronic Minimally Invasive Therapies (“MMIT”) related to their sales of the Company’s ultrasonic cutting and sculpting products, which use high frequency sound waves to coagulate and divide tissue for both open and laparoscopic surgery, were $524,000 and $1,885,788 for the nine months ended March 31, 2018 and 2017, respectively. Accounts receivable from MMIT royalties were $0 at March 31, 2018 and $925,000 at June 30, 2017. The license agreement with MMIT expired in August 2017.   At March 31, 2018 and June 30, 2017, the Company’s accounts receivable with customers outside the United States were approximately $522,000 and $860,000, respectively, none of which is over 90 days.   Use of Estimates   The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and judgments that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used for but not limited to establishing the allowance for doubtful accounts, valuation of inventory, depreciation, asset impairment evaluations and establishing deferred tax assets and related valuation allowances, and stock-based compensation. Actual results could differ from those estimates.   Earnings Per Share   Earnings per share (“EPS”) is calculated using the two class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity’s capital structure includes either two or more classes of common stock or common stock and participating securities. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities. As such, unvested restricted stock of the Company are considered participating securities. The dilutive effect of options and their equivalents (including non-vested stock issued under stock based compensation plans), is computed using the “treasury” method.   Basic income per common share is based on the weighted average number of common shares outstanding during the period. Diluted income per common share includes the dilutive effect of potential common shares outstanding. The following table sets forth the reconciliation of weighted average shares outstanding and diluted weighted average shares outstanding:   <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 98%"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">For the three months ended</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">For the nine months ended</td> <td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">March  31,</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">March  31,</td> <td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 47%">Basic weighted average shares outstanding</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right">9,028,7506</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right">8,613,354</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right">8,999,938</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right">8,263,343</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left">Dilutive effect of restricted stock awards (participating securities)</td> <td> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">373,200</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Denominator for basic earnings per share</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9,374,906</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,613,354</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,999,938</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,263,343</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left">Dilutive effect of stock options</td> <td> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">174,238</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Diluted weighted average shares outstanding</td> <td> </td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; text-align: right">9,549,144</td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double"> </td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; text-align: right">8,613,354</td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; text-align: right">8,999,938</td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double"> </td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; text-align: right">8,263,343</td> <td style="text-align: left"> </td></tr> </table>   Diluted EPS for the nine months ended March 31, 2018 and for the three and nine months ended March 31, 2017 as presented is the same as basic EPS as the inclusion of the effect of common share equivalents then outstanding would be anti-dilutive. Accordingly, excluded from the calculation of diluted EPS are the dilutive effect of 586,824 stock options for the three months ended March 31, 2017 and the dilutive effect of 194,925 and 482,093 stock options for the nine months ended March 31, 2018 and 2017, respectively. Also excluded from the calculation of earnings per share for the nine months ended March 31, 2018 and for the three and nine months ended March 31, 2017 are the 400,000 restricted stock awards which were issued in December 2016.   Recent Accounting Pronouncements   In May 2014, the Financial Accounting Standards Board (the “FASB”) issued guidance on revenue from contracts with customers. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved, in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. This guidance permits the use of either the retrospective or cumulative effect transition method and is effective for the Company beginning in fiscal 2019; early adoption is permitted beginning in 2018. We have not yet selected a transition method and are currently evaluating the impact of the guidance on the Company’s financial condition, results of operations and related disclosures. The FASB has also issued the following additional guidance clarifying certain issues on revenue from contracts with customers: Revenue from Contracts with Customers - Narrow-Scope Improvements and Practical Expedients and Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing. The Company has engaged a consulting firm to assist with in evaluating this guidance to determine the impact it will have on its financial statements, and expects to complete its evaluation and implementation of necessary procedures and changes, if any, prior to June 30, 2018.   In February 2016, the FASB issued guidance on lease accounting requiring lessees to recognize a right-of-use asset and a lease liability for long-term leases. The liability will be equal to the present value of lease payments. This guidance must be applied using a modified retrospective transition approach to all annual and interim periods presented and is effective for the Company beginning in fiscal 2020. The Company is currently in the early stages of evaluating this guidance to determine the impact it will have on its consolidated financial statements.   In August 2016, the FASB issued guidance on the Statement of Cash Flows Classification of certain cash receipts and cash payments (a consensus of the Emerging Issues Task Force). This guidance addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. This guidance will be effective for the Company beginning in fiscal 2019. As this guidance only affects the classification within the statement of cash flows, ASU 2016-15 is not expected to have a material impact on the Company’s consolidated financial statements.   In January 2017, the FASB issued ASU No. 2017-01, Business Combinations: Clarifying the Definition of a Business (“ASU 2017-01”). ASU 2017-01 clarifies the definition of a business for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2017, and early adoption is permitted. The Company is in the process of evaluating the impact of the adoption of ASU 2017-01 on its consolidated financial statements.   There are no other recently issued accounting pronouncements that are expected to have a material effect on the Company’s financial position, results of operations or cash flows.   Recently Adopted Accounting Pronouncements   In March 2016, the FASB issued Accounting Standards Update No. 2016-09 “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” intended to simplify several aspects of accounting for share-based payment transactions. The Company adopted these amendments beginning in the first quarter of fiscal 2018. The guidance requires that all excess tax benefits and tax deficiencies previously recorded as additional paid-in capital be prospectively recorded in income tax expense. The guidance allows for an increase in the threshold for net share settlement up to the maximum statutory rate in employees’ applicable jurisdictions without triggering liability classification. The adoption of this guidance had an immaterial impact on income taxes on the Company’s Consolidated Statement of Operations for the three and nine months ended March 31, 2018. The Company elected to apply the presentation requirement for cash flows related to excess tax benefits prospectively, which had an immaterial impact on both net cash from operating activities and net cash used in financing activities for the three and nine months ended March 31, 2018. The presentation requirements for cash flows related to employee taxes paid for withheld shares had no impact on any of the periods presented on the Company’s Consolidated Statements of Cash Flows since such cash flows have historically been presented as a financing activity. Finally, the Company has elected to account for forfeitures as they occur, rather than estimate expected forfeitures. As a result, the Company recorded the cumulative impact of $908,875 as an increase to Deferred Income Taxes with a corresponding decrease to Accumulated Deficit. 2. Fair Value of Financial Instruments   We follow a three-level fair value hierarchy that prioritizes the inputs to measure fair value. This hierarchy requires entities to maximize the use of “observable inputs” and minimize the use of “unobservable inputs.” The three levels of inputs used to measure fair value are as follows:   Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets as of the measurement date.   Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.   Level 3: Significant unobservable inputs that reflect assumptions that market participants would use in pricing an asset or liability.   At March 31, 2018 and June 30, 2017, all of our cash and cash equivalents, trade accounts receivable and trade accounts payable were short term in nature, and their carrying amounts approximate fair value. 3. Inventories   Inventories are summarized as follows:   <table cellspacing="0" cellpadding="0" align="center" style="width: 75%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">March 31,</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">June 30,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Raw material</td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">2,581,360</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">2,409,148</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Work-in-process</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">932,563</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">741,994</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Finished goods</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,136,968</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">3,267,232</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,650,891</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,418,374</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Less valuation reserve</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">486,390</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,425,940</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">5,164,501</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">4,992,434</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 4. Property, Plant and Equipment   Depreciation and amortization of property, plant and equipment was $952,514 and $682,832 for the nine months ended March 31, 2018 and 2017, respectively. Inventory items included in property, plant and equipment are depreciated using the straight line method over estimated useful lives of 3 to 5 years. Depreciation of generators which are consigned to customers is expensed over a 5 year period, and depreciation is charged to selling expenses. 5. Goodwill   Goodwill is not amortized. We review goodwill for impairment annually and whenever events or changes indicate that the carrying value of an asset may not be recoverable. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of significant assets or products. Application of these impairment tests requires significant judgments, including estimation of cash flows, which is dependent on internal forecasts, estimation of the long term rate of growth for the Company’s business, the useful lives over which cash flows will occur and determination of the Company’s weighted average cost of capital. The Company primarily utilizes the Company’s market capitalization and a discounted cash flow model in determining the fair value which consists of Level 3 inputs. Changes in the projected cash flows and discount rate estimates and assumptions underlying the valuation of goodwill could materially affect the determination of fair value at acquisition or during subsequent periods when tested for impairment. The Company completed its annual goodwill impairment tests for fiscal 2017 and 2016 as of June 30 of each year. There were no triggering events identified during the quarter ended March 31, 2018. 6. Patents   The costs of acquiring or processing patents are capitalized at cost. These amounts are being amortized using the straight-line method over the estimated useful lives of the underlying assets, which is approximately 17 years. Patents totaled $745,777 and $719,136 at March 31, 2018 and June 30, 2017, respectively. Amortization expense for the nine months ended March 31, 2018 and 2017 was $93,997 and $81,000, respectively. The following is a schedule of estimated future patent amortization expenses by fiscal year as of March 31, 2018:    <table cellspacing="0" cellpadding="0" align="center" style="width: 50%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 63%; text-align: left">2018</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 29%; text-align: right">32,202</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">2019</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">119,318</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2020</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">94,839</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">2021</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">88,668</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2022</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">58,368</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Thereafter</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">352,382</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">745,777</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 7. Accrued Expenses and Other Current Liabilities   The following summarizes accrued expenses and other current liabilities:   <table cellspacing="0" cellpadding="0" align="center" style="width: 70%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">March 31,</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">June 30,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Accrued vacation</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right">273,285</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right">715,245</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Accrued bonus</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">435,678</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">343,400</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued commissions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">702,913</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">751,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Professional fees</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">101,051</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">662,537</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Litigation settlement</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">500,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Deferred income</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">18,601</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">27,901</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Customer prepayments</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">456,591</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">201,218</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left">Other accrued expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">756,015</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">144,837</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">2,744,134</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">3,346,138</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 8. Stock-Based Compensation Plans   Stock Option Awards   For the nine months ended March 31, 2018 and 2017, the compensation cost relating to stock option awards that has been charged against income for the Company’s stock option plans was $1,405,152 and $532,341 respectively, which included a charge to modify certain stock options of $81,765 and a reversal of stock compensation from prior periods due to forfeitures of unvested options of $616,239, for the nine months ended March 31, 2017. As of March 31, 2018, there was approximately $2,703,462 of total unrecognized compensation cost related to non-vested share-based compensation arrangements to be recognized over a weighted-average period of 2.6 years.   Stock options typically expire 10 years from the date of grant and vest over service periods, which typically are 4 years. All options are granted at fair market value, as defined in the applicable plans.   The fair value of each option award was estimated on the date of grant using the Black-Scholes option valuation model that uses the assumptions noted in the following table. The expected volatility represents the historical price changes of the Company’s stock over a period equal to that of the expected term of the option. The Company uses the simplified method for determining the option term. The risk-free rate was based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is based upon historical and projected dividends. The Company has historically not paid dividends, and is not expected to do so in the near term.   The weighted average fair value at date of grant for options granted during the nine months ended March 31, 2018 was $5.50. There were options to purchase 305,500 and 327,500 shares granted during the nine months ended March 31, 2018 and 2017, respectively. The fair value was estimated based on the weighted average assumptions of:   <table cellspacing="0" cellpadding="0" align="center" style="width: 65%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center">For nine months ended March 31,</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="color: #000000; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; color: #000000; text-align: center">2018</td> <td style="border-bottom: black 1pt solid; color: #000000; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; color: #000000; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; color: #000000; text-align: center">2017</td> <td style="color: #000000; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 57%; text-align: left">Risk-free interest rates</td> <td style="width: 8%; color: #000000"> </td> <td style="width: 1%; color: #000000; text-align: left"> </td> <td style="width: 15%; color: #000000; text-align: right">1.98</td> <td style="width: 1%; color: #000000; text-align: left">%</td> <td style="width: 1%; color: #000000"> </td> <td style="width: 1%; color: #000000; text-align: left"> </td> <td style="width: 15%; color: #000000; text-align: right">1.80</td> <td style="width: 1%; color: #000000; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Expected option life in years</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">5.95</td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">6.25</td> <td style="color: #000000; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected stock price volatility</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">57.42</td> <td style="color: #000000; text-align: left">%</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">54.68</td> <td style="color: #000000; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Expected dividend yield</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">0</td> <td style="color: #000000; text-align: left">%</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">0</td> <td style="color: #000000; text-align: left">%</td></tr> </table>    A summary of option activity under the Company’s equity plans as of March 31, 2018, and changes during the nine months ended March 31, 2018 is presented below:   <table cellspacing="0" cellpadding="0" align="center" style="width: 80%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Outstanding Shares</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Average Exercise Price</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Aggregate Intrinsic Value</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%">Outstanding at June 30, 2017</td> <td style="width: 2%; color: #000000"> </td> <td style="width: 1%; color: #000000; text-align: left"> </td> <td style="width: 11%; color: #000000; text-align: right">1,191,236</td> <td style="width: 1%; color: #000000; text-align: left"> </td> <td style="width: 1%; color: #000000"> </td> <td style="width: 1%; color: #000000; text-align: left">$</td> <td style="width: 11%; color: #000000; text-align: right">7.66</td> <td style="width: 1%; color: #000000; text-align: left"> </td> <td style="width: 1%; color: #000000"> </td> <td style="width: 1%; color: #000000; text-align: left">$</td> <td style="width: 13%; color: #000000; text-align: right">2,748,956</td> <td style="width: 1%; color: #000000; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Granted</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">305,500</td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left">$</td> <td style="color: #000000; text-align: right">10.10</td> <td style="color: #000000; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">(45,300</td> <td style="color: #000000; text-align: left">)</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left">$</td> <td style="color: #000000; text-align: right">5.04</td> <td style="color: #000000; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Forfeited</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">(13,000</td> <td style="color: #000000; text-align: left">)</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left">$</td> <td style="color: #000000; text-align: right">7.67</td> <td style="color: #000000; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Expired</td> <td style="color: #000000; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; color: #000000; text-align: left"> </td> <td style="border-bottom: black 1pt solid; color: #000000; text-align: right">(75,000</td> <td style="color: #000000; padding-bottom: 1pt; text-align: left">)</td> <td style="color: #000000; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; color: #000000; text-align: left">$</td> <td style="border-bottom: black 1pt solid; color: #000000; text-align: right">4.87</td> <td style="color: #000000; padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Outstanding as of March 31, 2018</td> <td style="color: #000000; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: right">1,363,436</td> <td style="color: #000000; padding-bottom: 2.5pt; text-align: left"> </td> <td style="color: #000000; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: right">8.45</td> <td style="color: #000000; padding-bottom: 2.5pt; text-align: left"> </td> <td style="color: #000000; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: right">2,738,327</td> <td style="color: #000000; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">Vested and exercisable at March 31, 2018</td> <td style="color: #000000; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: right">692,434</td> <td style="color: #000000; padding-bottom: 2.5pt; text-align: left"> </td> <td style="color: #000000; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: right">7.50</td> <td style="color: #000000; padding-bottom: 2.5pt; text-align: left"> </td> <td style="color: #000000; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: right">2,083,907</td> <td style="color: #000000; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>    The total fair value of stock options vested during the nine months ended March 31, 2018 was $1,418,743. The number and weighted-average grant-date fair value of non-vested stock options at the beginning of fiscal 2018 was 673,875 and $4.77, respectively. The number and weighted-average grant-date fair value of stock options which vested during the nine months ended March 31, 2018 was 299,373 and $4.74, respectively.   Restricted Stock Awards   On December 15, 2016, the Company issued 400,000 shares of restricted stock to its Chief Executive Officer. These awards vest over a period of up to five years, subject to meeting certain service, performance and market conditions. These awards were valued at approximately $3.6 million and compensation expense recorded in the nine months ended March 31, 2018 related to these awards was $675,869. As of March 31, 2018, there was approximately $2,473,117 of total unrecognized compensation cost related to non-vested restricted stock awards to be recognized over a weighted-average period of 3.1 years. As of March 31, 2018, 26,800 shares from this set of awards have vested. 9. Commitments and Contingencies   Leases   The Company has entered into several non-cancellable operating leases for the rental of certain manufacturing and office space, equipment and automobiles expiring in various years through 2021. The principal building lease provides for a monthly rental of approximately $26,000. The Company also leases certain office equipment and automobiles under operating leases expiring through March 2019.   Class Action Securities Litigation   On September 19, 2016, Richard Scalfani, an individual shareholder of Misonix, filed a lawsuit against the Company and its former CEO and CFO in the U.S. District Court for the Eastern District of New York, alleging violations of the federal securities laws. The complaint alleges that the Company’s stock price was artificially inflated between November 5, 2015 and September 14, 2016 as a result of alleged false and misleading statements in the Company’s securities filings concerning the Company’s business, operations, and prospects and the Company’s internal control over financial reporting. Scalfani filed the action seeking to represent a putative class of all persons (other than defendants, officers and directors of the Company, and their affiliates) who purchased publicly traded Misonix securities between November 5, 2015 and September 14, 2016. Scalfani was seeking an unspecified amount of damages for himself and for the putative class under the federal securities laws. On March 24, 2017, the Court appointed Scalfani and another individual Misonix shareholder, Tracey Angiuoli, as lead plaintiffs for purposes of pursuing the action on behalf of the putative class. The lead plaintiffs, on behalf of the putative class, and the Company reached a settlement in principle under which the Company would pay $500,000 to resolve the matter. The district court approved the settlement and dismissed the lawsuit with prejudice in an order dated December 16, 2017. The Company has paid its $250,000, representing its insurance retention. The balance was paid by the Company’s insurance carrier.   Former Chinese Distributor - FCPA   With the assistance of outside counsel, the Company conducted a voluntary investigation into the business practices of the independent Chinese entity that previously distributed its products in China and the Company’s knowledge of those business practices, which may have implications under the FCPA, as well as into various internal controls issues identified during the investigation.   On September 27, 2016 and September 28, 2016, the Company voluntarily contacted the SEC and the DOJ, respectively, to advise both agencies of these potential issues. The Company has provided and will continue to provide documents and other information to the SEC and the DOJ, and is cooperating fully with these agencies in their ongoing investigations of these matters.   Although the Company’s investigation is complete, additional issues or facts could arise which may expand the scope or severity of the potential violations. The Company has no current information derived from the investigation or otherwise to suggest that its previously reported financial statements and results are incorrect.   At this stage, the Company is unable to predict what, if any, action the DOJ or the SEC may take or what, if any, penalties or remedial measures these agencies may seek. Nor can the Company predict the impact on the Company as a result of these matters, which may include the imposition of fines, civil and criminal penalties, which are not currently estimable, as well as equitable remedies, including disgorgement of any profits earned from improper conduct and injunctive relief, limitations on the Company’s conduct, and the imposition of a compliance monitor. The DOJ and the SEC periodically have based the amount of a penalty or disgorgement in connection with an FCPA action, at least in part, on the amount of profits that a company obtained from the business in which the violations of the FCPA occurred. During its distributorship relationship with the prior Chinese distributor from 2010 through 2016, the Company generated revenues of approximately $8 million.   Further, the Company may suffer other civil penalties or adverse impacts, including lawsuits by private litigants in addition to the lawsuits that already have been filed, or investigations and fines imposed by local authorities. The investigative costs to date are approximately $2.8 million, of which approximately $0.1 million and $0.3 million was charged to general and administrative expenses during the three and nine months ended March 31, 2018, respectively, compared with $0.6 million and $2.1 million for the three and nine months ended March 31, 2017.   Former Chinese Distributor – Litigation   On April 5, 2017, the Company’s former distributor in China, Cicel (Beijing) Science & Technology Co., Ltd., filed a lawsuit against the Company and certain officers and directors of the Company in the United States District Court for the Eastern District of New York, alleging that the Company improperly terminated its contract with the former distributor. The complaint sought various remedies, including compensatory and punitive damages, specific performance and preliminary and post judgment injunctive relief, and asserted various causes of action, including breach of contract, unfair competition, tortious interference with contract, fraudulent inducement, and conversion. On October 7, 2017, the court granted the Company’s motion to dismiss all of the tort claims asserted against it, and also granted the individual defendants’ motion to dismiss all claims asserted against them. The only claim remaining in the case is for breach of contract against the Company. The Company believes it has various legal and factual defenses to the allegations in the complaint, and intends to vigorously defend the action. The case is at its earliest stages; discovery is just beginning and there is no trial date.   Stockholder Derivative Litigation   On June 6, 2017, Irving Feldbaum, an individual shareholder of Misonix, filed a lawsuit in the U.S. District Court for the Eastern District of New York. The complaint alleges claims against the Company’s board of directors, its former CEO and CFO, certain of its former directors, and the Company as a nominal defendant for alleged violations of Section 14(a) of the Securities Exchange Act of 1934 and state law claims for breach of fiduciary duty, waste of corporate assets, and unjust enrichment. The complaint alleges that the Company incurred damages as a result of alleged false and misleading statements in the Company’s securities filings concerning the Company’s business, operations, and prospects and the Company’s internal control over financial reporting. The complaint also alleges that the Company’s February 4, 2016 Proxy Statement contained false and misleading statements regarding executive compensation. The complaint seeks the recovery of damages on behalf of the Company and the implementation of changes to corporate governance procedures. On June 16, 2017, Michael Rubin, another individual shareholder of Misonix, filed a case alleging similar claims in the same district court. On July 21, 2017, the district court consolidated the two actions for all purposes. The case is at its earliest stages; there has been no discovery and there is no trial date. The Company is not able either to estimate the amount of potential loss it may recognize, if any, from these claims or to identify any changes in corporate governance procedures it may undertake, if any, as a result of these claims. 10. Related Party Transactions   OrthoXact Proprietary Limited (“OrthoXact”) (formerly Applied BioSurgical) is an independent distributor for the Company in South Africa. The chief executive officer of OrthoXact is also the brother of Stavros G. Vizirgianakis, the CEO of Misonix, Inc.   Set forth below is a table showing the Company’s net revenues for the nine months ended March 31 and accounts receivable at March 31 for the indicated time periods below with OrthoXact:   <table cellspacing="0" cellpadding="0" align="center" style="width: 60%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="6" style="text-align: center">For the nine months ended</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">March 31,</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 65%">Sales</td> <td style="width: 8%; color: #000000"> </td> <td style="width: 1%; color: #000000; text-align: left">$</td> <td style="width: 11%; color: #000000; text-align: right">675,943</td> <td style="width: 1%; color: #000000; text-align: left"> </td> <td style="width: 1%; color: #000000"> </td> <td style="width: 1%; color: #000000; text-align: left">$</td> <td style="width: 11%; color: #000000; text-align: right">367,592</td> <td style="width: 1%; color: #000000; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Accounts receivable</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left">$</td> <td style="color: #000000; text-align: right">120,376</td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left">$</td> <td style="color: #000000; text-align: right">104,678</td> <td style="color: #000000; text-align: left"> </td></tr> </table> 11. Income Taxes   For the three and nine months ended March 31, 2018 and 2017, the Company recorded income tax expense (benefit), as follows:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td> </td> <td colspan="6" style="text-align: center">For the three months ended</td> <td> </td> <td> </td> <td colspan="6" style="text-align: center">For the nine months ended</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">March 31,</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">March 31,</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 47%; text-align: left"> Income tax expense (benefit)</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">411,405</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">(219,000</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">(97,744</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">(275,000</td> <td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> Provisional reduction of deferred tax</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">  asset relating to Tax Legislation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,764,039</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left"> Valuation allowance on deferred tax asset</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(411,405</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: left">)</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">3,577,127</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: left"> Net income tax expense (benefit)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">—</td> <td style="border-bottom: black 2.5pt double; padding-bottom: 2.5pt; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">(219,000</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">5,243,422</td> <td style="border-bottom: black 2.5pt double; padding-bottom: 2.5pt; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">(275,000</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>   For the nine months ended March 31, 2018 and 2017, the effective rate of (892.7%) and 16.0%, respectively, varied from the U.S. federal statutory rate primarily due to the recording of a full valuation allowance on the remaining deferred tax assets, permanent book tax differences relating principally to stock compensation expense and tax credits, and the impact of the Tax Cuts and Jobs Act of 2017.   Tax Cuts and Jobs Act of 2017   The Tax Cuts and Jobs Act of 2017 (the “Tax Legislation”), enacted on December 22, 2017, contains significant changes to U.S. tax law, including lowering the U.S. corporate income tax rate to 21%, implementing a territorial tax system, and imposing a one-time tax on deemed repatriated earnings of foreign subsidiaries.   The Tax Legislation reduces the U.S. statutory tax rate from 35% to 21%, effective January 1, 2018. U.S. tax law requires that taxpayers with a fiscal year that begins before and ends after the effective date of a rate change calculate a blended tax rate based on the pro rata number of days in the fiscal year before and after the effective date. As a result, for the fiscal year ending June 30, 2018, the Company’s U.S. statutory income tax rate will be 27.55%.   On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Legislation. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Legislation enactment date for companies to complete the accounting under ASC 740, Income Taxes. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Legislation for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Legislation is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. During the three months ended December 31, 2017, using the information available at the time, the Company recorded a provisional $1,764,039 discrete tax expense representing the expense of remeasuring its U.S. deferred tax assets at the lower 21% U.S. statutory tax rate. The Company may make additional adjustments in fiscal 2018 as further information is identified to properly record this adjustment.   Valuation Allowance on Deferred Tax Assets   Deferred tax assets refer to assets that are attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets in essence represent future savings of taxes that would otherwise be paid in cash. The realization of the deferred tax assets is dependent upon the generation of sufficient future taxable income, including capital gains. If it is determined that the deferred tax assets cannot be realized, a valuation allowance must be established, with a corresponding charge to net income.   In accordance with ASC Topic 740, the Company establishes valuation allowances for deferred tax assets that, in its judgment are not more likely-than-not realizable. The guidance requires entities to evaluate all available positive and negative evidence, including cumulative results in recent periods, weighted based on its objectivity, in determining whether its deferred tax assets are more likely than not realizable.   The Company regularly assesses its ability to realize its deferred tax assets. While the Company had positive cumulative pretax income as of June 30, 2017, based on actual results to date and the Company’s current forecast for fiscal 2018 it expects to be in a cumulative pretax loss position as of June 30, 2018. Management evaluated available positive evidence, including the continued growth of the Company’s revenues and gross profit margins, its recent SonaStar technology license to its Chinese partner and the reduction in investigative and professional fees recognized in fiscal 2017, along with available negative evidence, including the Company’s continuing investment in building its next generation Nexus platform and its continuing investment in building a direct sales force, while at the same time paying commissions to its domestic sales distributors. After weighing both the positive and negative evidence, management concluded that the Company’s deferred tax assets are not more likely-than-not realizable. Accordingly, the Company recorded a full valuation allowance of $3,577,127 against its remaining deferred tax assets at March 31, 2018. The Company will continue to assess its ability to utilize its net operating loss carryforwards, and will reverse this valuation allowance when sufficient evidence is achieved to allow the realizability of such deferred tax assets.   As of March 31, 2018 and June 30, 2017, the Company has no material unrecognized tax benefits or accrued interest and penalties. 12. Licensing Agreements for Medical Technology   On October 19, 2017, the Company entered into a License and Exclusive Manufacturing Agreement (the “Agreement”) with Hunan Xing Hang Rui Kang Bio-technologies Co., Ltd., a Chinese corporation (the “Licensee”) under which Misonix has licensed certain manufacturing and distribution rights to its SonaStar product line in China, Hong Kong and Macau (the “Territory”) in exchange for payments totaling at least $11,000,000.   Pursuant to the Agreement, Licensee is obligated to pay the Company: (i) initial amounts consisting of upfront fees and stocking orders totaling $5,000,000, payable in five (5) equal monthly installments of $1,000,000 each; (ii) royalty payments from the sale of SonaStar products in the Territory, including minimum royalty payments of $2,000,000 per calendar year in each of 2019, 2020, and 2021; and (iii) reimbursement of technology transfer costs in an amount up to $1,000,000. The Agreement also provides that Misonix will supply SonaStar products to Licensee at agreed prices during the transition period prior to Licensee’s commencement of manufacturing.   During the three months ended March 31, 2018, the Company delivered the licensed SonaStar technology to the Licensee, and recorded license revenue of $4,010,000. In addition, during the nine months ended March 31, 2018, the Company had delivered the contractually agreed number of SonaStar units to the Licensee and had recorded product revenue of $990,000. All of the $5 million of initial payments were collected as of March 31, 2018.   In October 1996, the Company entered into a license agreement with MMIT which expired August 2017, covering the further development and commercial exploitation of the Company’s medical technology relating to laparoscopic products, which uses high frequency sound waves to coagulate and divide tissue for both open and laparoscopic surgery. The MMIT license provided for exclusive worldwide marketing and sales rights for this technology. The Company received a 5% royalty on sales of these products by MMIT. Royalties from this license agreement were $524,000 and $2,838,000 for the nine months ended March 31, 2018 and 2017, respectively. This royalty agreement expired in August 2017. 13. Segment Reporting   Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated on a regular basis by the chief operating decision-maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance of the segment. The Company has concluded that its Chief Executive Officer is the CODM as he is the ultimate decision maker for key operating decisions, determining the allocation of resources and assessing the financial performance of the Company. These decisions, allocations and assessments are performed by the CODM using consolidated financial information. Consolidated financial information is utilized by the CODM as the Company’s current product offering primarily consists of minimally invasive therapeutic ultrasonic medical devices. The Company’s products are relatively consistent and manufacturing is centralized and consistent across product offerings. Based on these factors, key operating decisions and resource allocations are made by the CODM using consolidated financial data and as such the Company has concluded that it operates as one segment.   Worldwide revenue for the Company’s products and license revenue is categorized as follows:   <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center">For the three months ended</td> <td> </td> <td> </td> <td colspan="6" style="text-align: center">For the nine months ended</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">March 31,</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">March 31,</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td>Product revenue:</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; padding-left: 0.125in">Domestic</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">4,931,028</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">4,015,308</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">14,983,595</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">12,019,103</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; padding-left: 0.125in">International</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">3,498,104</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">3,162,455</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">9,050,105</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">7,360,665</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in">Total</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,429,132</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7,177,763</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">24,033,700</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">19,379,768</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">License revenue</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">4,010,000</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">4,010,000</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: left">Total revenue</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">12,439,132</td> <td style="border-bottom: black 2.5pt double; padding-bottom: 2.5pt; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">7,177,763</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">28,043,700</td> <td style="border-bottom: black 2.5pt double; padding-bottom: 2.5pt; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">19,379,768</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   Substantially all of the Company’s long-lived assets are located in the United States. 14. Severance   On August 26, 2016, the Company and the Company’s former Chief Executive Officer, Michael McManus (“McManus”) entered into a retirement agreement and general release (the “Retirement Agreement”). Pursuant to the Retirement Agreement, on September 2, 2016 Mr. McManus resigned as a Director and the Chairman of the Board of Directors of the Company and retired as President and Chief Executive Officer of the Company. Pursuant to the Retirement Agreement, the Company agreed to (i) pay Mr. McManus’ salary through June 30, 2017 at the then current level; (ii) continue to pay premiums for Mr. McManus’ and his dependents’ coverage under the Company’s medical, dental, vision, hospitalization, long term care and life insurance coverage through June 30, 2017 at the then current levels upon timely election by Mr. McManus under the law informally known as COBRA; and (iii) extend the exercisability of previously granted and then currently vested options to purchase shares of Common Stock through June 30, 2017. In addition, Mr. McManus had continued use of the vehicle provided him pursuant to his prior employment agreement through December 31, 2016. In connection with this Retirement Agreement, the Company recorded a charge of $330,000 during the quarter ended September 30, 2016 to accrue for the cash portion of these benefits, which was paid during the fiscal year ended June 30, 2017. In addition, during the quarter ended June 30, 2016, the Company recorded a non-cash compensation expense of $61,000 in connection with the modification of the terms of his vested stock options, and recorded a reduction in non-cash compensation expense of $596,000 relating to the forfeiture of his unvested stock options. Basis of Presentation   These consolidated financial statements of Misonix, Inc. (“Misonix” or the “Company”) include the accounts of Misonix and its 100% owned subsidiaries. All significant intercompany balances and transactions have been eliminated.   The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all the information and footnotes required by U.S. GAAP for complete financial statements. As such, they should be read with reference to the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2017, which provides a more complete explanation of the Company’s accounting policies, financial position, operating results, business properties and other matters. In the opinion of management, these financial statements reflect all adjustments considered necessary for a fair statement of interim results. Organization and Business   Misonix designs, manufactures, develops and markets therapeutic ultrasonic devices. These products are used for precise bone sculpting, removal of soft tumors, and tissue debridement in the fields of orthopedic surgery, plastic surgery, neurosurgery, podiatry and vascular surgery. In the United States, the Company sells its products through a network of commissioned agents assisted by Company personnel. Outside of the United States, the Company sells to distributors who then resell the products to hospitals. The Company operates as one business segment. High Intensity Focused Ultrasound Technology   The Company sold its rights to the high intensity focused ultrasound technology to SonaCare Medical, LLC (“SonaCare”) in May 2010. The Company may receive up to approximately $5.8 million in payment for the sale. SonaCare will pay the Company 7% of the gross revenues received from its sales of the (i) prostate product in Europe and (ii) kidney and liver products worldwide, until the Company has received payments of $3 million, and thereafter 5% of the gross revenues, up to an aggregate payment of $5.8 million, all subject to a minimum annual royalty of $250,000. Payments received for the three and nine months ended March 31, 2018 and 2017 were $0 and $250,000, respectively. Cumulative royalties through March 31, 2018 were $2,292,579. Major Customers and Concentration of Credit Risk   Total royalties from Medtronic Minimally Invasive Therapies (“MMIT”) related to their sales of the Company’s ultrasonic cutting and sculpting products, which use high frequency sound waves to coagulate and divide tissue for both open and laparoscopic surgery, were $524,000 and $1,885,788 for the nine months ended March 31, 2018 and 2017, respectively. Accounts receivable from MMIT royalties were $0 at March 31, 2018 and $925,000 at June 30, 2017. The license agreement with MMIT expired in August 2017.   At March 31, 2018 and June 30, 2017, the Company’s accounts receivable with customers outside the United States were approximately $522,000 and $860,000, respectively, none of which is over 90 days. Use of Estimates   The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and judgments that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used for but not limited to establishing the allowance for doubtful accounts, valuation of inventory, depreciation, asset impairment evaluations and establishing deferred tax assets and related valuation allowances, and stock-based compensation. Actual results could differ from those estimates. Earnings Per Share   Earnings per share (“EPS”) is calculated using the two class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity’s capital structure includes either two or more classes of common stock or common stock and participating securities. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities. As such, unvested restricted stock of the Company are considered participating securities. The dilutive effect of options and their equivalents (including non-vested stock issued under stock based compensation plans), is computed using the “treasury” method.   Basic income per common share is based on the weighted average number of common shares outstanding during the period. Diluted income per common share includes the dilutive effect of potential common shares outstanding. The following table sets forth the reconciliation of weighted average shares outstanding and diluted weighted average shares outstanding:   <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 98%"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">For the three months ended</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">For the nine months ended</td> <td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">March  31,</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">March  31,</td> <td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 47%">Basic weighted average shares outstanding</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right">9,028,7506</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right">8,613,354</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right">8,999,938</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right">8,263,343</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left">Dilutive effect of restricted stock awards (participating securities)</td> <td> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">373,200</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Denominator for basic earnings per share</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9,374,906</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,613,354</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,999,938</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,263,343</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left">Dilutive effect of stock options</td> <td> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">174,238</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Diluted weighted average shares outstanding</td> <td> </td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; text-align: right">9,549,144</td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double"> </td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; text-align: right">8,613,354</td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; text-align: right">8,999,938</td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double"> </td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; text-align: right">8,263,343</td> <td style="text-align: left"> </td></tr> </table>   Diluted EPS for the nine months ended March 31, 2018 and for the three and nine months ended March 31, 2017 as presented is the same as basic EPS as the inclusion of the effect of common share equivalents then outstanding would be anti-dilutive. Accordingly, excluded from the calculation of diluted EPS are the dilutive effect of 586,824 stock options for the three months ended March 31, 2017 and the dilutive effect of 194,925 and 482,093 stock options for the nine months ended March 31, 2018 and 2017, respectively. Also excluded from the calculation of earnings per share for the nine months ended March 31, 2018 and for the three and nine months ended March 31, 2017 are the 400,000 restricted stock awards which were issued in December 2016. Recent Accounting Pronouncements   In May 2014, the Financial Accounting Standards Board (the “FASB”) issued guidance on revenue from contracts with customers. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved, in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. This guidance permits the use of either the retrospective or cumulative effect transition method and is effective for the Company beginning in fiscal 2019; early adoption is permitted beginning in 2018. We have not yet selected a transition method and are currently evaluating the impact of the guidance on the Company’s financial condition, results of operations and related disclosures. The FASB has also issued the following additional guidance clarifying certain issues on revenue from contracts with customers: Revenue from Contracts with Customers - Narrow-Scope Improvements and Practical Expedients and Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing. The Company has engaged a consulting firm to assist with in evaluating this guidance to determine the impact it will have on its financial statements, and expects to complete its evaluation and implementation of necessary procedures and changes, if any, prior to June 30, 2018.   In February 2016, the FASB issued guidance on lease accounting requiring lessees to recognize a right-of-use asset and a lease liability for long-term leases. The liability will be equal to the present value of lease payments. This guidance must be applied using a modified retrospective transition approach to all annual and interim periods presented and is effective for the Company beginning in fiscal 2020. The Company is currently in the early stages of evaluating this guidance to determine the impact it will have on its consolidated financial statements.   In August 2016, the FASB issued guidance on the Statement of Cash Flows Classification of certain cash receipts and cash payments (a consensus of the Emerging Issues Task Force). This guidance addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. This guidance will be effective for the Company beginning in fiscal 2019. As this guidance only affects the classification within the statement of cash flows, ASU 2016-15 is not expected to have a material impact on the Company’s consolidated financial statements.   In January 2017, the FASB issued ASU No. 2017-01, Business Combinations: Clarifying the Definition of a Business (“ASU 2017-01”). ASU 2017-01 clarifies the definition of a business for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2017, and early adoption is permitted. The Company is in the process of evaluating the impact of the adoption of ASU 2017-01 on its consolidated financial statements.   There are no other recently issued accounting pronouncements that are expected to have a material effect on the Company’s financial position, results of operations or cash flows. Recently Adopted Accounting Pronouncements   In March 2016, the FASB issued Accounting Standards Update No. 2016-09 “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” intended to simplify several aspects of accounting for share-based payment transactions. The Company adopted these amendments beginning in the first quarter of fiscal 2018. The guidance requires that all excess tax benefits and tax deficiencies previously recorded as additional paid-in capital be prospectively recorded in income tax expense. The guidance allows for an increase in the threshold for net share settlement up to the maximum statutory rate in employees’ applicable jurisdictions without triggering liability classification. The adoption of this guidance had an immaterial impact on income taxes on the Company’s Consolidated Statement of Operations for the three and nine months ended March 31, 2018. The Company elected to apply the presentation requirement for cash flows related to excess tax benefits prospectively, which had an immaterial impact on both net cash from operating activities and net cash used in financing activities for the three and nine months ended March 31, 2018. The presentation requirements for cash flows related to employee taxes paid for withheld shares had no impact on any of the periods presented on the Company’s Consolidated Statements of Cash Flows since such cash flows have historically been presented as a financing activity. Finally, the Company has elected to account for forfeitures as they occur, rather than estimate expected forfeitures. As a result, the Company recorded the cumulative impact of $908,875 as an increase to Deferred Income Taxes with a corresponding decrease to Accumulated Deficit. Inventories are summarized as follows:   <table cellspacing="0" cellpadding="0" align="center" style="width: 75%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">March 31,</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">June 30,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Raw material</td> <td style="width: 8%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">2,581,360</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">2,409,148</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Work-in-process</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">932,563</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">741,994</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Finished goods</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,136,968</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">3,267,232</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,650,891</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,418,374</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Less valuation reserve</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">486,390</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,425,940</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">5,164,501</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">4,992,434</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The following summarizes accrued expenses and other current liabilities:    <table cellspacing="0" cellpadding="0" align="center" style="width: 70%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center">March 31,</td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">June 30,</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Accrued vacation</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right">273,285</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right">715,245</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Accrued bonus</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">435,678</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">343,400</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued commissions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">702,913</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">751,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Professional fees</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">101,051</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">662,537</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Litigation settlement</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">500,000</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Deferred income</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">18,601</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">27,901</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Customer prepayments</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">456,591</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">201,218</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left">Other accrued expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">756,015</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">144,837</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">2,744,134</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">3,346,138</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The fair value was estimated based on the weighted average assumptions of:   <table cellspacing="0" cellpadding="0" align="center" style="width: 65%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" nowrap="nowrap" style="border-bottom: black 1pt solid; text-align: center">For nine months ended March 31,</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="color: #000000; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; color: #000000; text-align: center">2018</td> <td style="border-bottom: black 1pt solid; color: #000000; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; color: #000000; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; color: #000000; text-align: center">2017</td> <td style="color: #000000; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 57%; text-align: left">Risk-free interest rates</td> <td style="width: 8%; color: #000000"> </td> <td style="width: 1%; color: #000000; text-align: left"> </td> <td style="width: 15%; color: #000000; text-align: right">1.98</td> <td style="width: 1%; color: #000000; text-align: left">%</td> <td style="width: 1%; color: #000000"> </td> <td style="width: 1%; color: #000000; text-align: left"> </td> <td style="width: 15%; color: #000000; text-align: right">1.80</td> <td style="width: 1%; color: #000000; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Expected option life in years</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">5.95</td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">6.25</td> <td style="color: #000000; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected stock price volatility</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">57.42</td> <td style="color: #000000; text-align: left">%</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">54.68</td> <td style="color: #000000; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Expected dividend yield</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">0</td> <td style="color: #000000; text-align: left">%</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">0</td> <td style="color: #000000; text-align: left">%</td></tr> </table> A summary of option activity under the Company’s equity plans as of March 31, 2018, and changes during the nine months ended March 31, 2018 is presented below:   <table cellspacing="0" cellpadding="0" align="center" style="width: 80%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Outstanding Shares</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"> Average Exercise Price</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"> Aggregate Intrinsic Value</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%">Outstanding at June 30, 2017</td> <td style="width: 2%; color: #000000"> </td> <td style="width: 1%; color: #000000; text-align: left"> </td> <td style="width: 11%; color: #000000; text-align: right">1,191,236</td> <td style="width: 1%; color: #000000; text-align: left"> </td> <td style="width: 1%; color: #000000"> </td> <td style="width: 1%; color: #000000; text-align: left">$</td> <td style="width: 11%; color: #000000; text-align: right">7.66</td> <td style="width: 1%; color: #000000; text-align: left"> </td> <td style="width: 1%; color: #000000"> </td> <td style="width: 1%; color: #000000; text-align: left">$</td> <td style="width: 13%; color: #000000; text-align: right">2,748,956</td> <td style="width: 1%; color: #000000; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Granted</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">305,500</td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left">$</td> <td style="color: #000000; text-align: right">10.10</td> <td style="color: #000000; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">(45,300</td> <td style="color: #000000; text-align: left">)</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left">$</td> <td style="color: #000000; text-align: right">5.04</td> <td style="color: #000000; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Forfeited</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000; text-align: right">(13,000</td> <td style="color: #000000; text-align: left">)</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left">$</td> <td style="color: #000000; text-align: right">7.67</td> <td style="color: #000000; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Expired</td> <td style="color: #000000; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; color: #000000; text-align: left"> </td> <td style="border-bottom: black 1pt solid; color: #000000; text-align: right">(75,000</td> <td style="color: #000000; padding-bottom: 1pt; text-align: left">)</td> <td style="color: #000000; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; color: #000000; text-align: left">$</td> <td style="border-bottom: black 1pt solid; color: #000000; text-align: right">4.87</td> <td style="color: #000000; padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Outstanding as of March 31, 2018</td> <td style="color: #000000; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: right">1,363,436</td> <td style="color: #000000; padding-bottom: 2.5pt; text-align: left"> </td> <td style="color: #000000; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: right">8.45</td> <td style="color: #000000; padding-bottom: 2.5pt; text-align: left"> </td> <td style="color: #000000; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: right">2,738,327</td> <td style="color: #000000; padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">Vested and exercisable at March 31, 2018</td> <td style="color: #000000; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: right">692,434</td> <td style="color: #000000; padding-bottom: 2.5pt; text-align: left"> </td> <td style="color: #000000; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: right">7.50</td> <td style="color: #000000; padding-bottom: 2.5pt; text-align: left"> </td> <td style="color: #000000; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; color: #000000; text-align: right">2,083,907</td> <td style="color: #000000; padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Set forth below is a table showing the Company’s net revenues for the nine months ended March 31 and accounts receivable at March 31 for the indicated time periods below with OrthoXact:   <table cellspacing="0" cellpadding="0" align="center" style="width: 60%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="6" style="text-align: center">For the nine months ended</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">March 31,</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 65%">Sales</td> <td style="width: 8%; color: #000000"> </td> <td style="width: 1%; color: #000000; text-align: left">$</td> <td style="width: 11%; color: #000000; text-align: right">675,943</td> <td style="width: 1%; color: #000000; text-align: left"> </td> <td style="width: 1%; color: #000000"> </td> <td style="width: 1%; color: #000000; text-align: left">$</td> <td style="width: 11%; color: #000000; text-align: right">367,592</td> <td style="width: 1%; color: #000000; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Accounts receivable</td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left">$</td> <td style="color: #000000; text-align: right">120,376</td> <td style="color: #000000; text-align: left"> </td> <td style="color: #000000"> </td> <td style="color: #000000; text-align: left">$</td> <td style="color: #000000; text-align: right">104,678</td></tr> </table> For the three and nine months ended March 31, 2018 and 2017, the Company recorded income tax expense (benefit), as follows:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td> </td> <td colspan="6" style="text-align: center">For the three months ended</td> <td> </td> <td> </td> <td colspan="6" style="text-align: center">For the nine months ended</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">March 31,</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">March 31,</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 47%; text-align: left"> Income tax expense (benefit)</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">411,405</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">(219,000</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">(97,744</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">(275,000</td> <td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left"> Provisional reduction of deferred tax</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">  asset relating to Tax Legislation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,764,039</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left"> Valuation allowance on deferred tax asset</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(411,405</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: left">)</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">3,577,127</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: left"> Net income tax expense (benefit)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">—</td> <td style="border-bottom: black 2.5pt double; padding-bottom: 2.5pt; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">(219,000</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">5,243,422</td> <td style="border-bottom: black 2.5pt double; padding-bottom: 2.5pt; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">(275,000</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> Worldwide revenue for the Company’s products and license revenue is categorized as follows:   <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="6" style="text-align: center">For the three months ended</td> <td> </td> <td> </td> <td colspan="6" style="text-align: center">For the nine months ended</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">March 31,</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center">March 31,</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td>Product revenue:</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; padding-left: 0.125in">Domestic</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">4,931,028</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">4,015,308</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">14,983,595</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">12,019,103</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; padding-left: 0.125in">International</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">3,498,104</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">3,162,455</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">9,050,105</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">7,360,665</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in">Total</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,429,132</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7,177,763</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">24,033,700</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">19,379,768</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">License revenue</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">4,010,000</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">4,010,000</td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: black 1pt solid; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: left">Total revenue</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">12,439,132</td> <td style="border-bottom: black 2.5pt double; padding-bottom: 2.5pt; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">7,177,763</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">28,043,700</td> <td style="border-bottom: black 2.5pt double; padding-bottom: 2.5pt; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">19,379,768</td></tr> </table> 1.00 1 5800000 2292579 0.07 3000000 0.05 5800000 250000 0 250000 0 925000 522000 860000 908875 2581360 2409148 932563 741994 2136968 3267232 5650891 6418374 486390 1425940 952514 682832 3 to 5 years P5Y 32202 119318 94839 88668 58368 352382 P17Y 93997 81000 273285 715245 435678 343400 702913 751000 101051 662537 500000 18601 27901 2744134 3346138 0.0198 0.0180 P5Y11M12D P6Y3M 0.5742 0.5468 0.00 0.00 1363436 1191236 305500 327500 13000 75000 692434 8.45 7.66 10.1 5.04 7.67 4.87 7.50 2738327 2748956 2083907 2703462 P2Y7M6D P10Y P4Y P5Y 5.50 1418743 3600000 299373 673875 4.74 4.77 616239 81765 400000 26800 expiring through March 2019. 26000 Monthly 500000 100000 300000 2800000 600000 2100000 250000 675943 367592 120376 104678 -97744 411405 -219000 -275000 1764039 -3577127 411405 -8.927 0.160 1764039 <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-indent: 18pt">The Tax Legislation reduces the U.S. statutory tax rate from 35% to 21%, effective January 1, 2018. U.S. tax law requires that taxpayers with a fiscal year that begins before and ends after the effective date of a rate change calculate a blended tax rate based on the pro rata number of days in the fiscal year before and after the effective date. As a result, for the fiscal year ending June 30, 2018, the Company’s statutory income tax rate will be 29.03%. For the fiscal year ending June 30, 2019, the Company’s statutory income tax rate will be 27.55%.</td></tr> </table> 5000000 1000000 5 2000000 2000000 2000000 1000000 2017-08 0.05 The company agreed to (i) pay Mr. McManus’ salary through June 30, 2017 at the then current level; (ii) continue to pay premiums for Mr. McManus’ and his dependents’ coverage under the Company’s medical, dental, vision, hospitalization, long term care and life insurance coverage through June 30, 2017 at the then current levels upon timely election by Mr. McManus under the law informally known as COBRA; and (iii) extend the exercisability of previously granted and then currently vested options to purchase shares of Common Stock through June 30, 2017. 61000 596000 330000 373200 8999938 9028506 8613354 8263343 174238 586824 194925 482093 400000 400000 400000 756015 144837 456591 201218 28043700 12439132 19379768 4010000 4010000 524000 1885788 524000 2838000 7275073 2631893 2112099 5842778 20768627 9807239 5065664 13536990 -161861 2473117 P3Y1M6D 3577127 5000000 28043700 12439132 7177763 19379768 8429132 7177763 24033700 19379768 4010000 4010000 14983595 12019103 9050105 7360665 4931028 4015308 3498104 3162455 The following is a schedule of estimated future patent amortization expenses by fiscal year as of March 31, 2018:     <table cellspacing="0" cellpadding="0" align="center" style="width: 50%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 63%; text-align: left">2018</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 29%; text-align: right">32,202</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">2019</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">119,318</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2020</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">94,839</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">2021</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">88,668</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2022</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">58,368</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Thereafter</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">352,382</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.5pt double; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; text-align: right">745,777</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr></table> The following table sets forth the reconciliation of weighted average shares outstanding and diluted weighted average shares outstanding:   <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 98%"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">For the three months ended</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center">For the nine months ended</td> <td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">March  31,</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">March  31,</td> <td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2018</td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 47%">Basic weighted average shares outstanding</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right">9,028,7506</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right">8,613,354</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right">8,999,938</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right">8,263,343</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left">Dilutive effect of restricted stock awards (participating securities)</td> <td> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">373,200</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Denominator for basic earnings per share</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9,374,906</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,613,354</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,999,938</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,263,343</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left">Dilutive effect of stock options</td> <td> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">174,238</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Diluted weighted average shares outstanding</td> <td> </td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; text-align: right">9,549,144</td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double"> </td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; text-align: right">8,613,354</td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; text-align: right">8,999,938</td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double"> </td> <td style="border-bottom: black 2.5pt double; text-align: left"> </td> <td style="border-bottom: black 2.5pt double; text-align: right">8,263,343</td> <td style="text-align: left"> </td></tr> </table>   EX-101.SCH 9 mson-20180331.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Consolidated Balance Sheets (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - Consolidated Balance Sheets (Unaudited) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - Consolidated Statements of Operations (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - Consolidated Statements of Operations (Parenthetical) 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Document and Entity Information - shares
9 Months Ended

Mar. 31, 2018

May 07, 2018

Document And Entity Information

Entity Registrant Name MISONIX INC

Entity Central Index Key 0000880432

Document Type 10-Q

Trading Symbol MSON

Document Period End Date Mar. 31, 2018

Amendment Flag false

Current Fiscal Year End Date --06-30

Entity Well-known Seasoned Issuer No

Entity Voluntary Filer No

Entity Current Reporting Status Yes

Entity Filer Category Accelerated Filer

Entity Common Stock, Shares Outstanding 9,404,841

Document Fiscal Period Focus Q3

Document Fiscal Year Focus 2018

Document and Entity Information - shares	9 Months Ended
Mar. 31, 2018	May 07, 2018
Document And Entity Information
Entity Registrant Name	MISONIX INC
Entity Central Index Key	0000880432
Document Type	10-Q
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Document Period End Date	Mar. 31, 2018
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Current Fiscal Year End Date	--06-30
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Entity Voluntary Filer	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		9,404,841
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Document Fiscal Year Focus	2018

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XML 15 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1

Consolidated Balance Sheets (Unaudited) - USD ($)

Mar. 31, 2018

Jun. 30, 2017

Current assets:

Cash and cash equivalents $ 12,309,631 $ 11,557,071

Accounts receivable, less allowance for doubtful accounts of $96,868 and $96,868, respectively 4,478,779 5,133,389

Inventories, net 5,164,501 4,992,434

Prepaid expenses and other current assets 861,369 918,899

Total current assets 22,814,280 22,601,793

Property, plant and equipment, net of accumulated amortization and depreciation of $8,686,372 and $7,794,580, respectively 4,019,410 3,730,203

Patents, net of accumulated amortization of $1,030,313 and $995,568, respectively 745,777 719,136

Goodwill 1,701,094 1,701,094

Intangible and other assets 433,393 282,876

Deferred income tax 4,334,547

Total assets 29,713,954 33,369,649

Current liabilities:

Accounts payable 1,421,719 1,861,228

Accrued expenses and other current liabilities 2,744,134 3,346,138

Total current liabilities 4,165,853 5,207,366

Deferred lease liability 2,339 9,354

Deferred income 18,601 13,087

Total liabilities 4,186,793 5,229,807

Commitments and contingencies

Shareholders' equity:

Common stock, $.01 par value-shares authorized 20,000,000; 9,402,466 and 9,357,166 shares issued and outstanding, respectively 94,025 93,572

Additional paid-in capital 39,117,601 36,808,810

Accumulated deficit (13,684,465) (8,762,540)

Total shareholders' equity 25,527,161 28,139,842

Total liabilities and shareholders' equity $ 29,713,954 $ 33,369,649

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Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)

Mar. 31, 2018

Jun. 30, 2017

Statement of Financial Position [Abstract]

Allowance for doubtful accounts $ 96,868 $ 96,868

Accumulated amortization and depreciation 8,686,372 995,568

Patents, net of accumulated amortization $ 1,030,313 $ 995,568

Common stock, par value (in dollars per share) $ .01 $ .01

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3 Months Ended 9 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Mar. 31, 2018

Mar. 31, 2017

Revenues

Total revenue $ 12,439,132 $ 7,177,763 $ 28,043,700 $ 19,379,768

Cost of goods sold, exclusive of depreciation from consigned product 2,631,893 2,112,099 7,275,073 5,842,778

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General and administrative expenses 1,925,086 2,484,962 6,879,077 6,504,202

Research and development expenses 1,199,895 465,863 3,058,374 1,398,311

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Income (loss) from operations 2,234,837 (1,473,020) (1,106,473) (4,550,203)

Other income (expense):

Interest income 9,074 18 9,131 56

Royalty income 916 953,235 525,438 2,846,351

Other (5,712) (6,940) (15,474) (15,576)

Total other income 4,278 946,313 519,095 2,830,831

Income (loss) from operations before income taxes 2,239,115 (526,707) (587,378) (1,719,372)

Income tax expense (benefit) (219,000) 5,243,422 (275,000)

Net income (loss) from continuing operations 2,239,115 (307,707) (5,830,800) (1,444,372)

Discontinued operations:

Income from discontinued operations net of tax expense of $0 and $88,139 161,861 161,861

Net income from discontinued operations 161,861 161,861

Net income (loss) $ 2,239,115 $ (145,846) $ (5,830,800) $ (1,282,511)

Continuing operations:

Basic (in dollars per share) $ 0.24 $ (0.04) $ (0.65) $ (0.18)

Diluted (in dollars per share) 0.23 (0.04) (0.65) (0.18)

Discontinued operations:

Basic (in dollars per share) 0.02 0.02

Diluted (in dollars per share) 0.02 0.02

Combined

Basic (in dollars per share) 0.24 (0.02) (0.65) (0.16)

Diluted (in dollars per share) $ 0.23 $ (0.02) $ (0.65) $ (0.16)

Weighted average shares - Basic (in shares) 9,028,506 8,613,354 8,999,938 8,263,343

Weighted average shares - Diluted (in shares) 9,549,144 8,613,354 8,999,938 8,263,343

Product [Member]

Revenues

Total revenue $ 8,429,132 $ 7,177,763 $ 24,033,700 $ 19,379,768

License [Member]

Revenues

Total revenue $ 4,010,000 $ 4,010,000

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Net loss $ (5,830,800) $ (1,282,511)

Net (income) from discontinued operations (161,861)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation and amortization and other non-cash items 1,046,511 763,434

Disposals of property, plant and equipment 138,972

Deferred income tax expense / (benefit) 5,243,422 (186,861)

Stock-based compensation 2,081,021 616,206

Deferred lease liability (7,015) 69

Changes in operating assets and liabilities:

Accounts receivable 654,610 (487,729)

Inventories (1,194,747) (449,986)

Prepaid expenses and other assets (92,987) (167,423)

Deferred income 5,514 (13,948)

Accounts payable, accrued expenses (1,041,513) 137,861

Net cash provided by (used in) continuing operating activities 1,002,988 (1,232,749)

Investing activities

Acquisition of property, plant and equipment (358,013) (239,627)

Acquisition of patents (120,638) (185,756)

Net cash used in investing continuing activities (478,651) (425,383)

Net cash provided by investing activities - discontinued operations 161,861

Net cash used in investing activities (478,651) (263,522)

Financing activities

Proceeds from exercise of stock options 228,223 303,447

Proceeds from the sale of common stock 4,000,000

Net cash provided by continuing financing activities 228,223 4,303,447

Net increase in cash and cash equivalents 752,560 2,807,176

Cash and cash equivalents at beginning of period 11,557,071 9,049,327

Cash and cash equivalents at end of period 12,309,631 11,856,503

Cash paid for:

Income taxes 895 9,866

Supplemental disclosure of non-cash information:

Transfer of inventory to property, plant and equipment 1,022,680 1,363,506

Adoption of new accounting standard on deferred taxes $ 908,875

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XML 22 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1

Basis of Presentation, Organization and Business and Summary of Significant Accounting Policies
9 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation, Organization and Business and Summary of Significant Accounting Policies
1. Basis of Presentation, Organization and Business and Summary of Significant Accounting Policies

Basis of Presentation

These consolidated financial statements of Misonix, Inc. (“Misonix” or the “Company”) include the accounts of Misonix and its 100% owned subsidiaries. All significant intercompany balances and transactions have been eliminated.

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all the information and footnotes required by U.S. GAAP for complete financial statements. As such, they should be read with reference to the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2017, which provides a more complete explanation of the Company’s accounting policies, financial position, operating results, business properties and other matters. In the opinion of management, these financial statements reflect all adjustments considered necessary for a fair statement of interim results.

Organization and Business

Misonix designs, manufactures, develops and markets therapeutic ultrasonic devices. These products are used for precise bone sculpting, removal of soft tumors, and tissue debridement in the fields of orthopedic surgery, plastic surgery, neurosurgery, podiatry and vascular surgery. In the United States, the Company sells its products through a network of commissioned agents assisted by Company personnel. Outside of the United States, the Company sells to distributors who then resell the products to hospitals. The Company operates as one business segment.

High Intensity Focused Ultrasound Technology

The Company sold its rights to the high intensity focused ultrasound technology to SonaCare Medical, LLC (“SonaCare”) in May 2010. The Company may receive up to approximately $5.8 million in payment for the sale. SonaCare will pay the Company 7% of the gross revenues received from its sales of the (i) prostate product in Europe and (ii) kidney and liver products worldwide, until the Company has received payments of $3 million, and thereafter 5% of the gross revenues, up to an aggregate payment of $5.8 million, all subject to a minimum annual royalty of $250,000. Payments received for the three and nine months ended March 31, 2018 and 2017 were $0 and $250,000, respectively. Cumulative royalties through March 31, 2018 were $2,292,579.

Major Customers and Concentration of Credit Risk

Total royalties from Medtronic Minimally Invasive Therapies (“MMIT”) related to their sales of the Company’s ultrasonic cutting and sculpting products, which use high frequency sound waves to coagulate and divide tissue for both open and laparoscopic surgery, were $524,000 and $1,885,788 for the nine months ended March 31, 2018 and 2017, respectively. Accounts receivable from MMIT royalties were $0 at March 31, 2018 and $925,000 at June 30, 2017. The license agreement with MMIT expired in August 2017.

At March 31, 2018 and June 30, 2017, the Company’s accounts receivable with customers outside the United States were approximately $522,000 and $860,000, respectively, none of which is over 90 days.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and judgments that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used for but not limited to establishing the allowance for doubtful accounts, valuation of inventory, depreciation, asset impairment evaluations and establishing deferred tax assets and related valuation allowances, and stock-based compensation. Actual results could differ from those estimates.

Earnings Per Share

Earnings per share (“EPS”) is calculated using the two class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity’s capital structure includes either two or more classes of common stock or common stock and participating securities. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities. As such, unvested restricted stock of the Company are considered participating securities. The dilutive effect of options and their equivalents (including non-vested stock issued under stock based compensation plans), is computed using the “treasury” method.

Basic income per common share is based on the weighted average number of common shares outstanding during the period. Diluted income per common share includes the dilutive effect of potential common shares outstanding. The following table sets forth the reconciliation of weighted average shares outstanding and diluted weighted average shares outstanding:

For the three months ended For the nine months ended

March 31, March 31,

2018 2017 2018 2017

Basic weighted average shares outstanding 9,028,7506 8,613,354 8,999,938 8,263,343

Dilutive effect of restricted stock awards (participating securities) 373,200 — — —

Denominator for basic earnings per share 9,374,906 8,613,354 8,999,938 8,263,343

Dilutive effect of stock options 174,238 — — —

Diluted weighted average shares outstanding 9,549,144 8,613,354 8,999,938 8,263,343

Diluted EPS for the nine months ended March 31, 2018 and for the three and nine months ended March 31, 2017 as presented is the same as basic EPS as the inclusion of the effect of common share equivalents then outstanding would be anti-dilutive. Accordingly, excluded from the calculation of diluted EPS are the dilutive effect of 586,824 stock options for the three months ended March 31, 2017 and the dilutive effect of 194,925 and 482,093 stock options for the nine months ended March 31, 2018 and 2017, respectively. Also excluded from the calculation of earnings per share for the nine months ended March 31, 2018 and for the three and nine months ended March 31, 2017 are the 400,000 restricted stock awards which were issued in December 2016.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (the “FASB”) issued guidance on revenue from contracts with customers. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved, in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. This guidance permits the use of either the retrospective or cumulative effect transition method and is effective for the Company beginning in fiscal 2019; early adoption is permitted beginning in 2018. We have not yet selected a transition method and are currently evaluating the impact of the guidance on the Company’s financial condition, results of operations and related disclosures. The FASB has also issued the following additional guidance clarifying certain issues on revenue from contracts with customers: Revenue from Contracts with Customers - Narrow-Scope Improvements and Practical Expedients and Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing. The Company has engaged a consulting firm to assist with in evaluating this guidance to determine the impact it will have on its financial statements, and expects to complete its evaluation and implementation of necessary procedures and changes, if any, prior to June 30, 2018.

In February 2016, the FASB issued guidance on lease accounting requiring lessees to recognize a right-of-use asset and a lease liability for long-term leases. The liability will be equal to the present value of lease payments. This guidance must be applied using a modified retrospective transition approach to all annual and interim periods presented and is effective for the Company beginning in fiscal 2020. The Company is currently in the early stages of evaluating this guidance to determine the impact it will have on its consolidated financial statements.

In August 2016, the FASB issued guidance on the Statement of Cash Flows Classification of certain cash receipts and cash payments (a consensus of the Emerging Issues Task Force). This guidance addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. This guidance will be effective for the Company beginning in fiscal 2019. As this guidance only affects the classification within the statement of cash flows, ASU 2016-15 is not expected to have a material impact on the Company’s consolidated financial statements.

In January 2017, the FASB issued ASU No. 2017-01, Business Combinations: Clarifying the Definition of a Business (“ASU 2017-01”). ASU 2017-01 clarifies the definition of a business for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2017, and early adoption is permitted. The Company is in the process of evaluating the impact of the adoption of ASU 2017-01 on its consolidated financial statements.

There are no other recently issued accounting pronouncements that are expected to have a material effect on the Company’s financial position, results of operations or cash flows.

Recently Adopted Accounting Pronouncements

In March 2016, the FASB issued Accounting Standards Update No. 2016-09 “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” intended to simplify several aspects of accounting for share-based payment transactions. The Company adopted these amendments beginning in the first quarter of fiscal 2018. The guidance requires that all excess tax benefits and tax deficiencies previously recorded as additional paid-in capital be prospectively recorded in income tax expense. The guidance allows for an increase in the threshold for net share settlement up to the maximum statutory rate in employees’ applicable jurisdictions without triggering liability classification. The adoption of this guidance had an immaterial impact on income taxes on the Company’s Consolidated Statement of Operations for the three and nine months ended March 31, 2018. The Company elected to apply the presentation requirement for cash flows related to excess tax benefits prospectively, which had an immaterial impact on both net cash from operating activities and net cash used in financing activities for the three and nine months ended March 31, 2018. The presentation requirements for cash flows related to employee taxes paid for withheld shares had no impact on any of the periods presented on the Company’s Consolidated Statements of Cash Flows since such cash flows have historically been presented as a financing activity. Finally, the Company has elected to account for forfeitures as they occur, rather than estimate expected forfeitures. As a result, the Company recorded the cumulative impact of $908,875 as an increase to Deferred Income Taxes with a corresponding decrease to Accumulated Deficit.

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Fair Value of Financial Instruments
9 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments
2. Fair Value of Financial Instruments

We follow a three-level fair value hierarchy that prioritizes the inputs to measure fair value. This hierarchy requires entities to maximize the use of “observable inputs” and minimize the use of “unobservable inputs.” The three levels of inputs used to measure fair value are as follows:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets as of the measurement date.

Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3: Significant unobservable inputs that reflect assumptions that market participants would use in pricing an asset or liability.

At March 31, 2018 and June 30, 2017, all of our cash and cash equivalents, trade accounts receivable and trade accounts payable were short term in nature, and their carrying amounts approximate fair value.

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The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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Inventories
9 Months Ended

Mar. 31, 2018

Inventory Disclosure [Abstract]

Inventories
3. Inventories

Inventories are summarized as follows:

March 31, June 30,

2018 2017

Raw material $ 2,581,360 $ 2,409,148

Work-in-process 932,563 741,994

Finished goods 2,136,968 3,267,232

5,650,891 6,418,374

Less valuation reserve 486,390 1,425,940

$ 5,164,501 $ 4,992,434

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Property, Plant and Equipment
9 Months Ended

Mar. 31, 2018

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment
4. Property, Plant and Equipment

Depreciation and amortization of property, plant and equipment was $952,514 and $682,832 for the nine months ended March 31, 2018 and 2017, respectively. Inventory items included in property, plant and equipment are depreciated using the straight line method over estimated useful lives of 3 to 5 years. Depreciation of generators which are consigned to customers is expensed over a 5 year period, and depreciation is charged to selling expenses.

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Goodwill
9 Months Ended

Mar. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill
5. Goodwill

Goodwill is not amortized. We review goodwill for impairment annually and whenever events or changes indicate that the carrying value of an asset may not be recoverable. These events or circumstances could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of significant assets or products. Application of these impairment tests requires significant judgments, including estimation of cash flows, which is dependent on internal forecasts, estimation of the long term rate of growth for the Company’s business, the useful lives over which cash flows will occur and determination of the Company’s weighted average cost of capital. The Company primarily utilizes the Company’s market capitalization and a discounted cash flow model in determining the fair value which consists of Level 3 inputs. Changes in the projected cash flows and discount rate estimates and assumptions underlying the valuation of goodwill could materially affect the determination of fair value at acquisition or during subsequent periods when tested for impairment. The Company completed its annual goodwill impairment tests for fiscal 2017 and 2016 as of June 30 of each year. There were no triggering events identified during the quarter ended March 31, 2018.

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Patents
9 Months Ended

Mar. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Patents
6. Patents

The costs of acquiring or processing patents are capitalized at cost. These amounts are being amortized using the straight-line method over the estimated useful lives of the underlying assets, which is approximately 17 years. Patents totaled $745,777 and $719,136 at March 31, 2018 and June 30, 2017, respectively. Amortization expense for the nine months ended March 31, 2018 and 2017 was $93,997 and $81,000, respectively. The following is a schedule of estimated future patent amortization expenses by fiscal year as of March 31, 2018:



2018 $ 32,202

2019 119,318

2020 94,839

2021 88,668

2022 58,368

Thereafter 352,382

$ 745,777

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Accrued Expenses and Other Current Liabilities
9 Months Ended

Mar. 31, 2018

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities
7. Accrued Expenses and Other Current Liabilities

The following summarizes accrued expenses and other current liabilities:

March 31, June 30,

2018 2017

Accrued vacation $ 273,285 $ 715,245

Accrued bonus 435,678 343,400

Accrued commissions 702,913 751,000

Professional fees 101,051 662,537

Litigation settlement — 500,000

Deferred income 18,601 27,901

Customer prepayments 456,591 201,218

Other accrued expenses 756,015 144,837

$ 2,744,134 $ 3,346,138

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Stock-Based Compensation Plans
9 Months Ended

Mar. 31, 2018

Equity [Abstract]

Stock-Based Compensation Plans
8. Stock-Based Compensation Plans

Stock Option Awards

For the nine months ended March 31, 2018 and 2017, the compensation cost relating to stock option awards that has been charged against income for the Company’s stock option plans was $1,405,152 and $532,341 respectively, which included a charge to modify certain stock options of $81,765 and a reversal of stock compensation from prior periods due to forfeitures of unvested options of $616,239, for the nine months ended March 31, 2017. As of March 31, 2018, there was approximately $2,703,462 of total unrecognized compensation cost related to non-vested share-based compensation arrangements to be recognized over a weighted-average period of 2.6 years.

Stock options typically expire 10 years from the date of grant and vest over service periods, which typically are 4 years. All options are granted at fair market value, as defined in the applicable plans.

The fair value of each option award was estimated on the date of grant using the Black-Scholes option valuation model that uses the assumptions noted in the following table. The expected volatility represents the historical price changes of the Company’s stock over a period equal to that of the expected term of the option. The Company uses the simplified method for determining the option term. The risk-free rate was based on the U.S. Treasury yield curve in effect at the time of grant. The expected dividend yield is based upon historical and projected dividends. The Company has historically not paid dividends, and is not expected to do so in the near term.

The weighted average fair value at date of grant for options granted during the nine months ended March 31, 2018 was $5.50. There were options to purchase 305,500 and 327,500 shares granted during the nine months ended March 31, 2018 and 2017, respectively. The fair value was estimated based on the weighted average assumptions of:

For nine months ended March 31,

2018 2017

Risk-free interest rates 1.98 % 1.80 %

Expected option life in years 5.95 6.25

Expected stock price volatility 57.42 % 54.68 %

Expected dividend yield 0 % 0 %



A summary of option activity under the Company’s equity plans as of March 31, 2018, and changes during the nine months ended March 31, 2018 is presented below:

Outstanding Shares
Average
Exercise

Price

Aggregate

Intrinsic Value

Outstanding at June 30, 2017 1,191,236 $ 7.66 $ 2,748,956

Granted 305,500 $ 10.10

Exercised (45,300 ) $ 5.04

Forfeited (13,000 ) $ 7.67

Expired (75,000 ) $ 4.87

Outstanding as of March 31, 2018 1,363,436 $ 8.45 $ 2,738,327

Vested and exercisable at March 31, 2018 692,434 $ 7.50 $ 2,083,907



The total fair value of stock options vested during the nine months ended March 31, 2018 was $1,418,743. The number and weighted-average grant-date fair value of non-vested stock options at the beginning of fiscal 2018 was 673,875 and $4.77, respectively. The number and weighted-average grant-date fair value of stock options which vested during the nine months ended March 31, 2018 was 299,373 and $4.74, respectively.

Restricted Stock Awards

On December 15, 2016, the Company issued 400,000 shares of restricted stock to its Chief Executive Officer. These awards vest over a period of up to five years, subject to meeting certain service, performance and market conditions. These awards were valued at approximately $3.6 million and compensation expense recorded in the nine months ended March 31, 2018 related to these awards was $675,869. As of March 31, 2018, there was approximately $2,473,117 of total unrecognized compensation cost related to non-vested restricted stock awards to be recognized over a weighted-average period of 3.1 years. As of March 31, 2018, 26,800 shares from this set of awards have vested.

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Commitments and Contingencies
9 Months Ended

Mar. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies
9. Commitments and Contingencies

Leases

The Company has entered into several non-cancellable operating leases for the rental of certain manufacturing and office space, equipment and automobiles expiring in various years through 2021. The principal building lease provides for a monthly rental of approximately $26,000. The Company also leases certain office equipment and automobiles under operating leases expiring through March 2019.

Class Action Securities Litigation

On September 19, 2016, Richard Scalfani, an individual shareholder of Misonix, filed a lawsuit against the Company and its former CEO and CFO in the U.S. District Court for the Eastern District of New York, alleging violations of the federal securities laws. The complaint alleges that the Company’s stock price was artificially inflated between November 5, 2015 and September 14, 2016 as a result of alleged false and misleading statements in the Company’s securities filings concerning the Company’s business, operations, and prospects and the Company’s internal control over financial reporting. Scalfani filed the action seeking to represent a putative class of all persons (other than defendants, officers and directors of the Company, and their affiliates) who purchased publicly traded Misonix securities between November 5, 2015 and September 14, 2016. Scalfani was seeking an unspecified amount of damages for himself and for the putative class under the federal securities laws. On March 24, 2017, the Court appointed Scalfani and another individual Misonix shareholder, Tracey Angiuoli, as lead plaintiffs for purposes of pursuing the action on behalf of the putative class. The lead plaintiffs, on behalf of the putative class, and the Company reached a settlement in principle under which the Company would pay $500,000 to resolve the matter. The district court approved the settlement and dismissed the lawsuit with prejudice in an order dated December 16, 2017. The Company has paid its $250,000, representing its insurance retention. The balance was paid by the Company’s insurance carrier.

Former Chinese Distributor - FCPA

With the assistance of outside counsel, the Company conducted a voluntary investigation into the business practices of the independent Chinese entity that previously distributed its products in China and the Company’s knowledge of those business practices, which may have implications under the FCPA, as well as into various internal controls issues identified during the investigation.

On September 27, 2016 and September 28, 2016, the Company voluntarily contacted the SEC and the DOJ, respectively, to advise both agencies of these potential issues. The Company has provided and will continue to provide documents and other information to the SEC and the DOJ, and is cooperating fully with these agencies in their ongoing investigations of these matters.

Although the Company’s investigation is complete, additional issues or facts could arise which may expand the scope or severity of the potential violations. The Company has no current information derived from the investigation or otherwise to suggest that its previously reported financial statements and results are incorrect.

At this stage, the Company is unable to predict what, if any, action the DOJ or the SEC may take or what, if any, penalties or remedial measures these agencies may seek. Nor can the Company predict the impact on the Company as a result of these matters, which may include the imposition of fines, civil and criminal penalties, which are not currently estimable, as well as equitable remedies, including disgorgement of any profits earned from improper conduct and injunctive relief, limitations on the Company’s conduct, and the imposition of a compliance monitor. The DOJ and the SEC periodically have based the amount of a penalty or disgorgement in connection with an FCPA action, at least in part, on the amount of profits that a company obtained from the business in which the violations of the FCPA occurred. During its distributorship relationship with the prior Chinese distributor from 2010 through 2016, the Company generated revenues of approximately $8 million.

Further, the Company may suffer other civil penalties or adverse impacts, including lawsuits by private litigants in addition to the lawsuits that already have been filed, or investigations and fines imposed by local authorities. The investigative costs to date are approximately $2.8 million, of which approximately $0.1 million and $0.3 million was charged to general and administrative expenses during the three and nine months ended March 31, 2018, respectively, compared with $0.6 million and $2.1 million for the three and nine months ended March 31, 2017.

Former Chinese Distributor – Litigation

On April 5, 2017, the Company’s former distributor in China, Cicel (Beijing) Science & Technology Co., Ltd., filed a lawsuit against the Company and certain officers and directors of the Company in the United States District Court for the Eastern District of New York, alleging that the Company improperly terminated its contract with the former distributor. The complaint sought various remedies, including compensatory and punitive damages, specific performance and preliminary and post judgment injunctive relief, and asserted various causes of action, including breach of contract, unfair competition, tortious interference with contract, fraudulent inducement, and conversion. On October 7, 2017, the court granted the Company’s motion to dismiss all of the tort claims asserted against it, and also granted the individual defendants’ motion to dismiss all claims asserted against them. The only claim remaining in the case is for breach of contract against the Company. The Company believes it has various legal and factual defenses to the allegations in the complaint, and intends to vigorously defend the action. The case is at its earliest stages; discovery is just beginning and there is no trial date.

Stockholder Derivative Litigation

On June 6, 2017, Irving Feldbaum, an individual shareholder of Misonix, filed a lawsuit in the U.S. District Court for the Eastern District of New York. The complaint alleges claims against the Company’s board of directors, its former CEO and CFO, certain of its former directors, and the Company as a nominal defendant for alleged violations of Section 14(a) of the Securities Exchange Act of 1934 and state law claims for breach of fiduciary duty, waste of corporate assets, and unjust enrichment. The complaint alleges that the Company incurred damages as a result of alleged false and misleading statements in the Company’s securities filings concerning the Company’s business, operations, and prospects and the Company’s internal control over financial reporting. The complaint also alleges that the Company’s February 4, 2016 Proxy Statement contained false and misleading statements regarding executive compensation. The complaint seeks the recovery of damages on behalf of the Company and the implementation of changes to corporate governance procedures. On June 16, 2017, Michael Rubin, another individual shareholder of Misonix, filed a case alleging similar claims in the same district court. On July 21, 2017, the district court consolidated the two actions for all purposes. The case is at its earliest stages; there has been no discovery and there is no trial date. The Company is not able either to estimate the amount of potential loss it may recognize, if any, from these claims or to identify any changes in corporate governance procedures it may undertake, if any, as a result of these claims.

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Related Party Transactions
9 Months Ended

Mar. 31, 2018

Related Party Transactions [Abstract]

Related Party Transactions
10. Related Party Transactions

OrthoXact Proprietary Limited (“OrthoXact”) (formerly Applied BioSurgical) is an independent distributor for the Company in South Africa. The chief executive officer of OrthoXact is also the brother of Stavros G. Vizirgianakis, the CEO of Misonix, Inc.

Set forth below is a table showing the Company’s net revenues for the nine months ended March 31 and accounts receivable at March 31 for the indicated time periods below with OrthoXact:

For the nine months ended

March 31,

2018 2017

Sales $ 675,943 $ 367,592

Accounts receivable $ 120,376 $ 104,678

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Income Taxes
9 Months Ended

Mar. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes
11. Income Taxes

For the three and nine months ended March 31, 2018 and 2017, the Company recorded income tax expense (benefit), as follows:

For the three months ended For the nine months ended

March 31, March 31,

2018 2017 2018 2017

Income tax expense (benefit) $ 411,405 $ (219,000 ) $ (97,744 ) $ (275,000 )

Provisional reduction of deferred tax

 asset relating to Tax Legislation — — 1,764,039 —

Valuation allowance on deferred tax asset (411,405 ) — 3,577,127 —

Net income tax expense (benefit) $ — $ (219,000 ) $ 5,243,422 $ (275,000 )

For the nine months ended March 31, 2018 and 2017, the effective rate of (892.7%) and 16.0%, respectively, varied from the U.S. federal statutory rate primarily due to the recording of a full valuation allowance on the remaining deferred tax assets, permanent book tax differences relating principally to stock compensation expense and tax credits, and the impact of the Tax Cuts and Jobs Act of 2017.

Tax Cuts and Jobs Act of 2017

The Tax Cuts and Jobs Act of 2017 (the “Tax Legislation”), enacted on December 22, 2017, contains significant changes to U.S. tax law, including lowering the U.S. corporate income tax rate to 21%, implementing a territorial tax system, and imposing a one-time tax on deemed repatriated earnings of foreign subsidiaries.

The Tax Legislation reduces the U.S. statutory tax rate from 35% to 21%, effective January 1, 2018. U.S. tax law requires that taxpayers with a fiscal year that begins before and ends after the effective date of a rate change calculate a blended tax rate based on the pro rata number of days in the fiscal year before and after the effective date. As a result, for the fiscal year ending June 30, 2018, the Company’s U.S. statutory income tax rate will be 27.55%.

On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Legislation. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Legislation enactment date for companies to complete the accounting under ASC 740, Income Taxes. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Legislation for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Legislation is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. During the three months ended December 31, 2017, using the information available at the time, the Company recorded a provisional $1,764,039 discrete tax expense representing the expense of remeasuring its U.S. deferred tax assets at the lower 21% U.S. statutory tax rate. The Company may make additional adjustments in fiscal 2018 as further information is identified to properly record this adjustment.

Valuation Allowance on Deferred Tax Assets

Deferred tax assets refer to assets that are attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets in essence represent future savings of taxes that would otherwise be paid in cash. The realization of the deferred tax assets is dependent upon the generation of sufficient future taxable income, including capital gains. If it is determined that the deferred tax assets cannot be realized, a valuation allowance must be established, with a corresponding charge to net income.

In accordance with ASC Topic 740, the Company establishes valuation allowances for deferred tax assets that, in its judgment are not more likely-than-not realizable. The guidance requires entities to evaluate all available positive and negative evidence, including cumulative results in recent periods, weighted based on its objectivity, in determining whether its deferred tax assets are more likely than not realizable.

The Company regularly assesses its ability to realize its deferred tax assets. While the Company had positive cumulative pretax income as of June 30, 2017, based on actual results to date and the Company’s current forecast for fiscal 2018 it expects to be in a cumulative pretax loss position as of June 30, 2018. Management evaluated available positive evidence, including the continued growth of the Company’s revenues and gross profit margins, its recent SonaStar technology license to its Chinese partner and the reduction in investigative and professional fees recognized in fiscal 2017, along with available negative evidence, including the Company’s continuing investment in building its next generation Nexus platform and its continuing investment in building a direct sales force, while at the same time paying commissions to its domestic sales distributors. After weighing both the positive and negative evidence, management concluded that the Company’s deferred tax assets are not more likely-than-not realizable. Accordingly, the Company recorded a full valuation allowance of $3,577,127 against its remaining deferred tax assets at March 31, 2018. The Company will continue to assess its ability to utilize its net operating loss carryforwards, and will reverse this valuation allowance when sufficient evidence is achieved to allow the realizability of such deferred tax assets.

As of March 31, 2018 and June 30, 2017, the Company has no material unrecognized tax benefits or accrued interest and penalties.

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Licensing Agreements for Medical Technology
9 Months Ended

Mar. 31, 2018

Licensing Agreements For Medical Technology

Licensing Agreements for Medical Technology
12. Licensing Agreements for Medical Technology

On October 19, 2017, the Company entered into a License and Exclusive Manufacturing Agreement (the “Agreement”) with Hunan Xing Hang Rui Kang Bio-technologies Co., Ltd., a Chinese corporation (the “Licensee”) under which Misonix has licensed certain manufacturing and distribution rights to its SonaStar product line in China, Hong Kong and Macau (the “Territory”) in exchange for payments totaling at least $11,000,000.

Pursuant to the Agreement, Licensee is obligated to pay the Company: (i) initial amounts consisting of upfront fees and stocking orders totaling $5,000,000, payable in five (5) equal monthly installments of $1,000,000 each; (ii) royalty payments from the sale of SonaStar products in the Territory, including minimum royalty payments of $2,000,000 per calendar year in each of 2019, 2020, and 2021; and (iii) reimbursement of technology transfer costs in an amount up to $1,000,000. The Agreement also provides that Misonix will supply SonaStar products to Licensee at agreed prices during the transition period prior to Licensee’s commencement of manufacturing.

During the three months ended March 31, 2018, the Company delivered the licensed SonaStar technology to the Licensee, and recorded license revenue of $4,010,000. In addition, during the nine months ended March 31, 2018, the Company had delivered the contractually agreed number of SonaStar units to the Licensee and had recorded product revenue of $990,000. All of the $5 million of initial payments were collected as of March 31, 2018.

In October 1996, the Company entered into a license agreement with MMIT which expired August 2017, covering the further development and commercial exploitation of the Company’s medical technology relating to laparoscopic products, which uses high frequency sound waves to coagulate and divide tissue for both open and laparoscopic surgery. The MMIT license provided for exclusive worldwide marketing and sales rights for this technology. The Company received a 5% royalty on sales of these products by MMIT. Royalties from this license agreement were $524,000 and $2,838,000 for the nine months ended March 31, 2018 and 2017, respectively. This royalty agreement expired in August 2017.

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Segment Reporting
9 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Segment Reporting
13. Segment Reporting

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated on a regular basis by the chief operating decision-maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance of the segment. The Company has concluded that its Chief Executive Officer is the CODM as he is the ultimate decision maker for key operating decisions, determining the allocation of resources and assessing the financial performance of the Company. These decisions, allocations and assessments are performed by the CODM using consolidated financial information. Consolidated financial information is utilized by the CODM as the Company’s current product offering primarily consists of minimally invasive therapeutic ultrasonic medical devices. The Company’s products are relatively consistent and manufacturing is centralized and consistent across product offerings. Based on these factors, key operating decisions and resource allocations are made by the CODM using consolidated financial data and as such the Company has concluded that it operates as one segment.

Worldwide revenue for the Company’s products and license revenue is categorized as follows:

For the three months ended For the nine months ended

March 31, March 31,

Product revenue: 2018 2017 2018 2017

Domestic $ 4,931,028 $ 4,015,308 $ 14,983,595 $ 12,019,103

International 3,498,104 3,162,455 9,050,105 7,360,665

Total 8,429,132 7,177,763 24,033,700 19,379,768

License revenue 4,010,000 — 4,010,000 —

Total revenue $ 12,439,132 $ 7,177,763 $ 28,043,700 $ 19,379,768

Substantially all of the Company’s long-lived assets are located in the United States.

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Severance
9 Months Ended

Mar. 31, 2018

Severance

Severance
14. Severance

On August 26, 2016, the Company and the Company’s former Chief Executive Officer, Michael McManus (“McManus”) entered into a retirement agreement and general release (the “Retirement Agreement”). Pursuant to the Retirement Agreement, on September 2, 2016 Mr. McManus resigned as a Director and the Chairman of the Board of Directors of the Company and retired as President and Chief Executive Officer of the Company. Pursuant to the Retirement Agreement, the Company agreed to (i) pay Mr. McManus’ salary through June 30, 2017 at the then current level; (ii) continue to pay premiums for Mr. McManus’ and his dependents’ coverage under the Company’s medical, dental, vision, hospitalization, long term care and life insurance coverage through June 30, 2017 at the then current levels upon timely election by Mr. McManus under the law informally known as COBRA; and (iii) extend the exercisability of previously granted and then currently vested options to purchase shares of Common Stock through June 30, 2017. In addition, Mr. McManus had continued use of the vehicle provided him pursuant to his prior employment agreement through December 31, 2016. In connection with this Retirement Agreement, the Company recorded a charge of $330,000 during the quarter ended September 30, 2016 to accrue for the cash portion of these benefits, which was paid during the fiscal year ended June 30, 2017. In addition, during the quarter ended June 30, 2016, the Company recorded a non-cash compensation expense of $61,000 in connection with the modification of the terms of his vested stock options, and recorded a reduction in non-cash compensation expense of $596,000 relating to the forfeiture of his unvested stock options.

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Basis of Presentation, Organization and Business and Summary of Significant Accounting Policies (Policies)
9 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation
Basis of Presentation

These consolidated financial statements of Misonix, Inc. (“Misonix” or the “Company”) include the accounts of Misonix and its 100% owned subsidiaries. All significant intercompany balances and transactions have been eliminated.

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all the information and footnotes required by U.S. GAAP for complete financial statements. As such, they should be read with reference to the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2017, which provides a more complete explanation of the Company’s accounting policies, financial position, operating results, business properties and other matters. In the opinion of management, these financial statements reflect all adjustments considered necessary for a fair statement of interim results.

Organization and Business
Organization and Business

Misonix designs, manufactures, develops and markets therapeutic ultrasonic devices. These products are used for precise bone sculpting, removal of soft tumors, and tissue debridement in the fields of orthopedic surgery, plastic surgery, neurosurgery, podiatry and vascular surgery. In the United States, the Company sells its products through a network of commissioned agents assisted by Company personnel. Outside of the United States, the Company sells to distributors who then resell the products to hospitals. The Company operates as one business segment.

High Intensity Focused Ultrasound Technology
High Intensity Focused Ultrasound Technology

The Company sold its rights to the high intensity focused ultrasound technology to SonaCare Medical, LLC (“SonaCare”) in May 2010. The Company may receive up to approximately $5.8 million in payment for the sale. SonaCare will pay the Company 7% of the gross revenues received from its sales of the (i) prostate product in Europe and (ii) kidney and liver products worldwide, until the Company has received payments of $3 million, and thereafter 5% of the gross revenues, up to an aggregate payment of $5.8 million, all subject to a minimum annual royalty of $250,000. Payments received for the three and nine months ended March 31, 2018 and 2017 were $0 and $250,000, respectively. Cumulative royalties through March 31, 2018 were $2,292,579.

Major Customers and Concentration of Credit Risk
Major Customers and Concentration of Credit Risk

Total royalties from Medtronic Minimally Invasive Therapies (“MMIT”) related to their sales of the Company’s ultrasonic cutting and sculpting products, which use high frequency sound waves to coagulate and divide tissue for both open and laparoscopic surgery, were $524,000 and $1,885,788 for the nine months ended March 31, 2018 and 2017, respectively. Accounts receivable from MMIT royalties were $0 at March 31, 2018 and $925,000 at June 30, 2017. The license agreement with MMIT expired in August 2017.

At March 31, 2018 and June 30, 2017, the Company’s accounts receivable with customers outside the United States were approximately $522,000 and $860,000, respectively, none of which is over 90 days.

Use of Estimates
Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and judgments that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used for but not limited to establishing the allowance for doubtful accounts, valuation of inventory, depreciation, asset impairment evaluations and establishing deferred tax assets and related valuation allowances, and stock-based compensation. Actual results could differ from those estimates.

Earnings Per Share
Earnings Per Share

Earnings per share (“EPS”) is calculated using the two class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity’s capital structure includes either two or more classes of common stock or common stock and participating securities. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities. As such, unvested restricted stock of the Company are considered participating securities. The dilutive effect of options and their equivalents (including non-vested stock issued under stock based compensation plans), is computed using the “treasury” method.

Basic income per common share is based on the weighted average number of common shares outstanding during the period. Diluted income per common share includes the dilutive effect of potential common shares outstanding. The following table sets forth the reconciliation of weighted average shares outstanding and diluted weighted average shares outstanding:

For the three months ended For the nine months ended

March 31, March 31,

2018 2017 2018 2017

Basic weighted average shares outstanding 9,028,7506 8,613,354 8,999,938 8,263,343

Dilutive effect of restricted stock awards (participating securities) 373,200 — — —

Denominator for basic earnings per share 9,374,906 8,613,354 8,999,938 8,263,343

Dilutive effect of stock options 174,238 — — —

Diluted weighted average shares outstanding 9,549,144 8,613,354 8,999,938 8,263,343

Diluted EPS for the nine months ended March 31, 2018 and for the three and nine months ended March 31, 2017 as presented is the same as basic EPS as the inclusion of the effect of common share equivalents then outstanding would be anti-dilutive. Accordingly, excluded from the calculation of diluted EPS are the dilutive effect of 586,824 stock options for the three months ended March 31, 2017 and the dilutive effect of 194,925 and 482,093 stock options for the nine months ended March 31, 2018 and 2017, respectively. Also excluded from the calculation of earnings per share for the nine months ended March 31, 2018 and for the three and nine months ended March 31, 2017 are the 400,000 restricted stock awards which were issued in December 2016.

Recent Accounting Pronouncements
Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (the “FASB”) issued guidance on revenue from contracts with customers. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved, in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. This guidance permits the use of either the retrospective or cumulative effect transition method and is effective for the Company beginning in fiscal 2019; early adoption is permitted beginning in 2018. We have not yet selected a transition method and are currently evaluating the impact of the guidance on the Company’s financial condition, results of operations and related disclosures. The FASB has also issued the following additional guidance clarifying certain issues on revenue from contracts with customers: Revenue from Contracts with Customers - Narrow-Scope Improvements and Practical Expedients and Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing. The Company has engaged a consulting firm to assist with in evaluating this guidance to determine the impact it will have on its financial statements, and expects to complete its evaluation and implementation of necessary procedures and changes, if any, prior to June 30, 2018.

In February 2016, the FASB issued guidance on lease accounting requiring lessees to recognize a right-of-use asset and a lease liability for long-term leases. The liability will be equal to the present value of lease payments. This guidance must be applied using a modified retrospective transition approach to all annual and interim periods presented and is effective for the Company beginning in fiscal 2020. The Company is currently in the early stages of evaluating this guidance to determine the impact it will have on its consolidated financial statements.

In August 2016, the FASB issued guidance on the Statement of Cash Flows Classification of certain cash receipts and cash payments (a consensus of the Emerging Issues Task Force). This guidance addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. This guidance will be effective for the Company beginning in fiscal 2019. As this guidance only affects the classification within the statement of cash flows, ASU 2016-15 is not expected to have a material impact on the Company’s consolidated financial statements.

In January 2017, the FASB issued ASU No. 2017-01, Business Combinations: Clarifying the Definition of a Business (“ASU 2017-01”). ASU 2017-01 clarifies the definition of a business for determining whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2017, and early adoption is permitted. The Company is in the process of evaluating the impact of the adoption of ASU 2017-01 on its consolidated financial statements.

There are no other recently issued accounting pronouncements that are expected to have a material effect on the Company’s financial position, results of operations or cash flows.

Recently Adopted Accounting Pronouncements
Recently Adopted Accounting Pronouncements

In March 2016, the FASB issued Accounting Standards Update No. 2016-09 “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” intended to simplify several aspects of accounting for share-based payment transactions. The Company adopted these amendments beginning in the first quarter of fiscal 2018. The guidance requires that all excess tax benefits and tax deficiencies previously recorded as additional paid-in capital be prospectively recorded in income tax expense. The guidance allows for an increase in the threshold for net share settlement up to the maximum statutory rate in employees’ applicable jurisdictions without triggering liability classification. The adoption of this guidance had an immaterial impact on income taxes on the Company’s Consolidated Statement of Operations for the three and nine months ended March 31, 2018. The Company elected to apply the presentation requirement for cash flows related to excess tax benefits prospectively, which had an immaterial impact on both net cash from operating activities and net cash used in financing activities for the three and nine months ended March 31, 2018. The presentation requirements for cash flows related to employee taxes paid for withheld shares had no impact on any of the periods presented on the Company’s Consolidated Statements of Cash Flows since such cash flows have historically been presented as a financing activity. Finally, the Company has elected to account for forfeitures as they occur, rather than estimate expected forfeitures. As a result, the Company recorded the cumulative impact of $908,875 as an increase to Deferred Income Taxes with a corresponding decrease to Accumulated Deficit.

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Basis of Presentation, Organization and Business and Summary of Significant Accounting Policies (Tables)
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Mar. 31, 2018

Accounting Policies [Abstract]

Schedule of reconciliation of weighted average shares outstanding and diluted weighted average shares outstanding
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March 31, March 31,

2018 2017 2018 2017

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Inventory Disclosure [Abstract]

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March 31, June 30,

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Raw material $ 2,581,360 $ 2,409,148

Work-in-process 932,563 741,994

Finished goods 2,136,968 3,267,232

5,650,891 6,418,374

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Patents (Tables)
9 Months Ended

Mar. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of patents
The following is a schedule of estimated future patent amortization expenses by fiscal year as of March 31, 2018:

2018 $ 32,202

2019 119,318

2020 94,839

2021 88,668

2022 58,368

Thereafter 352,382

$ 745,777

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Accrued Expenses and Other Current Liabilities (Tables)
9 Months Ended

Mar. 31, 2018

Payables and Accruals [Abstract]

Schedule of accrued expenses and other current liabilities
The following summarizes accrued expenses and other current liabilities:



March 31, June 30,

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Accrued vacation $ 273,285 $ 715,245

Accrued bonus 435,678 343,400

Accrued commissions 702,913 751,000

Professional fees 101,051 662,537

Litigation settlement — 500,000

Deferred income 18,601 27,901

Customer prepayments 456,591 201,218

Other accrued expenses 756,015 144,837

$ 2,744,134 $ 3,346,138

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Stock-Based Compensation Plans (Tables)
9 Months Ended

Mar. 31, 2018

Equity [Abstract]

Schedule of weighted average fair value at date of grant for options
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Risk-free interest rates 1.98 % 1.80 %

Expected option life in years 5.95 6.25

Expected stock price volatility 57.42 % 54.68 %

Expected dividend yield 0 % 0 %

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Outstanding Shares
Average
Exercise

Price

Aggregate

Intrinsic Value

Outstanding at June 30, 2017 1,191,236 $ 7.66 $ 2,748,956

Granted 305,500 $ 10.10

Exercised (45,300 ) $ 5.04

Forfeited (13,000 ) $ 7.67

Expired (75,000 ) $ 4.87

Outstanding as of March 31, 2018 1,363,436 $ 8.45 $ 2,738,327

Vested and exercisable at March 31, 2018 692,434 $ 7.50 $ 2,083,907

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Related Party Transactions (Tables)
9 Months Ended

Mar. 31, 2018

Related Party Transactions [Abstract]

Schedule of net sales and accounts receivables
Set forth below is a table showing the Company’s net revenues for the nine months ended March 31 and accounts receivable at March 31 for the indicated time periods below with OrthoXact:

For the nine months ended

March 31,

2018 2017

Sales $ 675,943 $ 367,592

Accounts receivable $ 120,376 $ 104,678

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Income Taxes (Tables)
9 Months Ended

Mar. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of income tax expense (benefit)
For the three and nine months ended March 31, 2018 and 2017, the Company recorded income tax expense (benefit), as follows:

For the three months ended For the nine months ended

March 31, March 31,

2018 2017 2018 2017

Income tax expense (benefit) $ 411,405 $ (219,000 ) $ (97,744 ) $ (275,000 )

Provisional reduction of deferred tax

 asset relating to Tax Legislation — — 1,764,039 —

Valuation allowance on deferred tax asset (411,405 ) — 3,577,127 —

Net income tax expense (benefit) $ — $ (219,000 ) $ 5,243,422 $ (275,000 )

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Segment Reporting [Abstract]

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Product revenue: 2018 2017 2018 2017

Domestic $ 4,931,028 $ 4,015,308 $ 14,983,595 $ 12,019,103

International 3,498,104 3,162,455 9,050,105 7,360,665

Total 8,429,132 7,177,763 24,033,700 19,379,768

License revenue 4,010,000 — 4,010,000 —

Total revenue $ 12,439,132 $ 7,177,763 $ 28,043,700 $ 19,379,768

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Mar. 31, 2018

Mar. 31, 2017

Mar. 31, 2018

Mar. 31, 2017

Accounting Policies [Abstract]

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Dilutive effect of restricted stock awards (participating securities) 373,200

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Mar. 31, 2018

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Mar. 31, 2017

shares

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Accrued bonus 435,678 343,400

Accrued commissions 702,913 751,000

Professional fees 101,051 662,537

Litigation settlement 500,000

Deferred income 18,601 27,901

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Mar. 31, 2017

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Commitments and Contingencies (Details Narrative) - USD ($)
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Mar. 31, 2017

Mar. 31, 2018

Mar. 31, 2017

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Provisional reduction of deferred tax asset relating to Tax Legislation 1,764,039

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Dec. 31, 2017

Mar. 31, 2017

Mar. 31, 2018

Mar. 31, 2017

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Discrete tax expense $ 1,764,039

Description of statutory tax rate

The Tax Legislation reduces the U.S. statutory tax rate from 35% to 21%, effective January 1, 2018. U.S. tax law requires that taxpayers with a fiscal year that begins before and ends after the effective date of a rate change calculate a blended tax rate based on the pro rata number of days in the fiscal year before and after the effective date. As a result, for the fiscal year ending June 30, 2018, the Company’s statutory income tax rate will be 29.03%. For the fiscal year ending June 30, 2019, the Company’s statutory income tax rate will be 27.55%.

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Licensing Agreements for Medical Technology (Details Narrative)
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USD ($)

N

Oct. 31, 1996

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Revenues 524,000 $ 2,838,000

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Payments of manufacturing and distribution rights $ 11,000,000

Amount of upfront fees and stocking orders 5,000,000

Monthly installments of upfront fees and stocking orders $ 1,000,000

Number of monthly installments | N 5

Minimum royalty payments in 2019 $ 2,000,000

Minimum royalty payments in 2020 2,000,000

Minimum royalty payments in 2021 2,000,000

Reimbursement of technology transfer costs $ 1,000,000

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Severance (Details Narrative) - Mr. Michael A. McManus, Jr. [Member] - Retirement Agreement and General Release [Member] - USD ($)
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Sep. 30, 2016

Jun. 30, 2016

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Compensation expense to forfeiture of unvested stock options $ 596,000

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Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2018	Jun. 30, 2017
Current assets:
Cash and cash equivalents	$ 12,309,631	$ 11,557,071
Accounts receivable, less allowance for doubtful accounts of $96,868 and $96,868, respectively	4,478,779	5,133,389
Inventories, net	5,164,501	4,992,434
Prepaid expenses and other current assets	861,369	918,899
Total current assets	22,814,280	22,601,793
Property, plant and equipment, net of accumulated amortization and depreciation of $8,686,372 and $7,794,580, respectively	4,019,410	3,730,203
Patents, net of accumulated amortization of $1,030,313 and $995,568, respectively	745,777	719,136
Goodwill	1,701,094	1,701,094
Intangible and other assets	433,393	282,876
Deferred income tax		4,334,547
Total assets	29,713,954	33,369,649
Current liabilities:
Accounts payable	1,421,719	1,861,228
Accrued expenses and other current liabilities	2,744,134	3,346,138
Total current liabilities	4,165,853	5,207,366
Deferred lease liability	2,339	9,354
Deferred income	18,601	13,087
Total liabilities	4,186,793	5,229,807
Commitments and contingencies
Shareholders' equity:
Common stock, $.01 par value-shares authorized 20,000,000; 9,402,466 and 9,357,166 shares issued and outstanding, respectively	94,025	93,572
Additional paid-in capital	39,117,601	36,808,810
Accumulated deficit	(13,684,465)	(8,762,540)
Total shareholders' equity	25,527,161	28,139,842
Total liabilities and shareholders' equity	$ 29,713,954	$ 33,369,649

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2018	Jun. 30, 2017
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 96,868	$ 96,868
Accumulated amortization and depreciation	8,686,372	995,568
Patents, net of accumulated amortization	$ 1,030,313	$ 995,568
Common stock, par value (in dollars per share)	$ .01	$ .01
Common stock, authorized	20,000,000	20,000,000
Common stock, issued	9,402,466	9,357,166
Common stock, outstanding	9,402,466	9,357,166

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Revenues
Total revenue	$ 12,439,132	$ 7,177,763	$ 28,043,700	$ 19,379,768
Cost of goods sold, exclusive of depreciation from consigned product	2,631,893	2,112,099	7,275,073	5,842,778
Gross profit	9,807,239	5,065,664	20,768,627	13,536,990
Operating expenses:
Selling expenses	4,447,421	3,587,859	11,937,649	10,184,680
General and administrative expenses	1,925,086	2,484,962	6,879,077	6,504,202
Research and development expenses	1,199,895	465,863	3,058,374	1,398,311
Total operating expenses	7,572,402	6,538,684	21,875,100	18,087,193
Income (loss) from operations	2,234,837	(1,473,020)	(1,106,473)	(4,550,203)
Other income (expense):
Interest income	9,074	18	9,131	56
Royalty income	916	953,235	525,438	2,846,351
Other	(5,712)	(6,940)	(15,474)	(15,576)
Total other income	4,278	946,313	519,095	2,830,831
Income (loss) from operations before income taxes	2,239,115	(526,707)	(587,378)	(1,719,372)
Income tax expense (benefit)		(219,000)	5,243,422	(275,000)
Net income (loss) from continuing operations	2,239,115	(307,707)	(5,830,800)	(1,444,372)
Discontinued operations:
Income from discontinued operations net of tax expense of $0 and $88,139		161,861		161,861
Net income from discontinued operations		161,861		161,861
Net income (loss)	$ 2,239,115	$ (145,846)	$ (5,830,800)	$ (1,282,511)
Continuing operations:
Basic (in dollars per share)	$ 0.24	$ (0.04)	$ (0.65)	$ (0.18)
Diluted (in dollars per share)	0.23	(0.04)	(0.65)	(0.18)
Discontinued operations:
Basic (in dollars per share)		0.02		0.02
Diluted (in dollars per share)		0.02		0.02
Combined
Basic (in dollars per share)	0.24	(0.02)	(0.65)	(0.16)
Diluted (in dollars per share)	$ 0.23	$ (0.02)	$ (0.65)	$ (0.16)
Weighted average shares - Basic (in shares)	9,028,506	8,613,354	8,999,938	8,263,343
Weighted average shares - Diluted (in shares)	9,549,144	8,613,354	8,999,938	8,263,343
Product [Member]
Revenues
Total revenue	$ 8,429,132	$ 7,177,763	$ 24,033,700	$ 19,379,768
License [Member]
Revenues
Total revenue	$ 4,010,000		$ 4,010,000

Consolidated Statements of Operations (Parenthetical) - USD ($)	3 Months Ended	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2017
Income Statement [Abstract]
Income from discontinued operations tax	$ 0	$ 88,139

Consolidated Statement of Shareholders' Equity - 9 months ended Mar. 31, 2018 - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Total
Balance at beginning at Jun. 30, 2017	$ 93,572	$ 36,808,810	$ (8,762,540)	$ 28,139,842
Balance at beginning (in shares) at Jun. 30, 2017	9,357,166
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Implementation of new accounting standard			908,875	908,875
Net loss			(5,830,800)	(5,830,800)
Proceeds from exercise of stock options	$ 453	227,770		$ 228,223
Proceeds from exercise of stock options (in shares)	45,300			45,300
Stock-based compensation		2,081,021		$ 2,081,021
Balance at ending at Mar. 31, 2018	$ 94,025	$ 39,117,601	$ (13,684,465)	$ 25,527,161
Balance at ending (in shares) at Mar. 31, 2018	9,402,466

Consolidated Statement of Shareholders' Equity (Parenthetical) - $ / shares	Mar. 31, 2018	Jun. 30, 2017
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in dollars per share)	$ .01	$ .01

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating activities
Net loss	$ (5,830,800)	$ (1,282,511)
Net (income) from discontinued operations		(161,861)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization and other non-cash items	1,046,511	763,434
Disposals of property, plant and equipment	138,972
Deferred income tax expense / (benefit)	5,243,422	(186,861)
Stock-based compensation	2,081,021	616,206
Deferred lease liability	(7,015)	69
Changes in operating assets and liabilities:
Accounts receivable	654,610	(487,729)
Inventories	(1,194,747)	(449,986)
Prepaid expenses and other assets	(92,987)	(167,423)
Deferred income	5,514	(13,948)
Accounts payable, accrued expenses	(1,041,513)	137,861
Net cash provided by (used in) continuing operating activities	1,002,988	(1,232,749)
Investing activities
Acquisition of property, plant and equipment	(358,013)	(239,627)
Acquisition of patents	(120,638)	(185,756)
Net cash used in investing continuing activities	(478,651)	(425,383)
Net cash provided by investing activities - discontinued operations		161,861
Net cash used in investing activities	(478,651)	(263,522)
Financing activities
Proceeds from exercise of stock options	228,223	303,447
Proceeds from the sale of common stock		4,000,000
Net cash provided by continuing financing activities	228,223	4,303,447
Net increase in cash and cash equivalents	752,560	2,807,176
Cash and cash equivalents at beginning of period	11,557,071	9,049,327
Cash and cash equivalents at end of period	12,309,631	11,856,503
Cash paid for:
Income taxes	895	9,866
Supplemental disclosure of non-cash information:
Transfer of inventory to property, plant and equipment	1,022,680	1,363,506
Adoption of new accounting standard on deferred taxes	$ 908,875

Basis of Presentation, Organization and Business and Summary of Significant Accounting Policies (Details Narrative)		3 Months Ended		9 Months Ended
	May 10, 2010 USD ($)	Mar. 31, 2018 USD ($)	Mar. 31, 2017 shares	Mar. 31, 2018 USD ($) N shares	Mar. 31, 2017 USD ($) shares	Jun. 30, 2017 USD ($)
Ownership percentage		100.00%		100.00%
Number of operating segment \| N				1
Revenues		$ 12,439,132		$ 28,043,700	$ 19,379,768
Increase to deferred income taxes				908,875
Royalty [Member]
Revenues				$ 524,000	$ 2,838,000
Stock Options [Member]
Excluded from the calculation of Diluted EPS (in shares) \| shares			586,824	194,925	482,093
Restricted Stock [Member]
Excluded from the calculation of Diluted EPS (in shares) \| shares			400,000	400,000	400,000
International [Member]
Accounts receivable		522,000		$ 522,000		$ 860,000
SonaCare Medical, LLC ("SonaCare") [Member]
Proceeds from sale of intangible assets	$ 5,800,000			2,292,579
Earn-out percentage	7.00%
Proceeds from sale of intangible assets	$ 3,000,000
Earn-out percentage	5.00%
Proceeds from sale of intangible assets	$ 5,800,000
Annual Royalty	$ 250,000	0			$ 250,000
Medtronic Minimally Invasive Therapies ("MMIT") [Member]
Accounts receivable		$ 0		0		$ 925,000
Medtronic Minimally Invasive Therapies ("MMIT") [Member] \| License Agreement [Member] \| Royalty [Member]
Revenues				$ 524,000	$ 1,885,788

Inventories (Details) - USD ($)	Mar. 31, 2018	Jun. 30, 2017
Inventory Disclosure [Abstract]
Raw material	$ 2,581,360	$ 2,409,148
Work-in-process	932,563	741,994
Finished goods	2,136,968	3,267,232
Inventory, gross	5,650,891	6,418,374
Less valuation reserve	486,390	1,425,940
Inventory, net	$ 5,164,501	$ 4,992,434

Property, Plant and Equipment (Details Narrative) - USD ($)	9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Depreciation and amortization	$ 952,514	$ 682,832
Inventory [Member]
Estimated useful lives	3 to 5 years
Generators [Member]
Depreciation term of property	5 years

Patents (Details) - USD ($)	Mar. 31, 2018	Jun. 30, 2017
Finite-Lived Intangible Assets [Line Items]
Total	$ 745,777	$ 719,136
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
2018	32,202
2019	119,318
2020	94,839
2021	88,668
2022	58,368
Thereafter	352,382
Total	$ 745,777	$ 719,136

Patents (Details Narrative) - USD ($)	9 Months Ended
Patents (Details Narrative) - USD ($)	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2017
Patents totaled	$ 745,777		$ 719,136
Patents [Member]
Intangible assets estimated useful lives	17 years
Patents totaled	$ 745,777		$ 719,136
Amortization expense	$ 93,997	$ 81,000

Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Mar. 31, 2018	Jun. 30, 2017
Payables and Accruals [Abstract]
Accrued vacation	$ 273,285	$ 715,245
Accrued bonus	435,678	343,400
Accrued commissions	702,913	751,000
Professional fees	101,051	662,537
Litigation settlement		500,000
Deferred income	18,601	27,901
Customer prepayments	456,591	201,218
Other accrued expenses	756,015	144,837
Accrued expenses and other current liabilities	$ 2,744,134	$ 3,346,138

Stock-Based Compensation Plans (Details)	9 Months Ended
Stock-Based Compensation Plans (Details)	Mar. 31, 2018	Mar. 31, 2017
Equity [Abstract]
Risk-free interest rates	1.98%	1.80%
Expected option life in years	5 years 11 months 12 days	6 years 3 months
Expected stock price volatility	57.42%	54.68%
Expected dividend yield	0.00%	0.00%

Stock-Based Compensation Plans (Details Narrative) - USD ($)		9 Months Ended		12 Months Ended
	Dec. 15, 2016	Mar. 31, 2018	Mar. 31, 2017	Jun. 30, 2017
Compensation cost		$ 2,081,021	$ 616,206
Unrecognized compensation cost		2,703,462
Unrecognized compensation cost related to non-vested restricted stock awards		$ 2,473,117
Period of recognition		2 years 7 months 6 days
Unrecognized compensation weighted-average period		3 years 1 month 6 days
Weighted average fair value at date of grant (in dollars per share)		$ 5.50
Number of shares granted		305,500	327,500
Fair value of shares vested		$ 1,418,743
Number of non-vested stock options		299,373		673,875
Weighted-average grant-date fair value of non-vested stock options (in dollars per share)		$ 4.74		$ 4.77
Amount of non-vested options forfeited			$ 616,239
Modified of certain stock options			$ 81,765
Number of shares vested		26,800
Stock Options [Member]
Option Expiration period		10 years
Option vesting period		4 years
Restricted Stock [Member] \| Chief Executive Officer [Member]
Compensation cost		$ 675,869
Option vesting period	5 years
Fair value of shares vested	$ 3,600,000
Number of stock issued	400,000

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 411,405	$ (219,000)	$ (97,744)	$ (275,000)
Provisional reduction of deferred tax asset relating to Tax Legislation			1,764,039
Valuation allowance on deferred tax asset	(411,405)		3,577,127
Net income tax expense (benefit)		$ (219,000)	$ 5,243,422	$ (275,000)

Licensing Agreements for Medical Technology (Details Narrative)		1 Months Ended	3 Months Ended	9 Months Ended
	Oct. 19, 2017 USD ($) N	Oct. 31, 1996	Mar. 31, 2018 USD ($)	Mar. 31, 2018 USD ($)	Mar. 31, 2017 USD ($)
Payments of manufacturing and distribution rights				$ 120,638	$ 185,756
Agreement expiration date		2017-08
Percentage royalties on sales of product		5.00%
Revenues			$ 12,439,132	28,043,700	19,379,768
Royalty [Member]
Revenues				524,000	$ 2,838,000
License [Member]
Revenues			4,010,000	4,010,000
Initial payments recorded license revenue			$ 5,000,000	$ 5,000,000
Distribution Rights [Member]
Payments of manufacturing and distribution rights	$ 11,000,000
Amount of upfront fees and stocking orders	5,000,000
Monthly installments of upfront fees and stocking orders	$ 1,000,000
Number of monthly installments \| N	5
Minimum royalty payments in 2019	$ 2,000,000
Minimum royalty payments in 2020	2,000,000
Minimum royalty payments in 2021	2,000,000
Reimbursement of technology transfer costs	$ 1,000,000

Segment Reporting (Details) - USD ($)	3 Months Ended		9 Months Ended
Segment Reporting (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Total	$ 12,439,132	$ 7,177,763	$ 28,043,700	$ 19,379,768
Product [Member]
Total	8,429,132	7,177,763	24,033,700	19,379,768
Product [Member] \| Domestic [Member]
Total	4,931,028	4,015,308	14,983,595	12,019,103
Product [Member] \| International [Member]
Total	3,498,104	3,162,455	9,050,105	7,360,665
License [Member]
Total	$ 4,010,000		$ 4,010,000

Segment Reporting (Details Narrative)	9 Months Ended
Segment Reporting (Details Narrative)	Mar. 31, 2018 N
Segment Reporting [Abstract]
Number of operating segment	1

Severance (Details Narrative) - Mr. Michael A. McManus, Jr. [Member] - Retirement Agreement and General Release [Member] - USD ($)		3 Months Ended
	Aug. 26, 2016	Sep. 30, 2016	Jun. 30, 2016
Description of annual base salary	The company agreed to (i) pay Mr. McManus’ salary through June 30, 2017 at the then current level; (ii) continue to pay premiums for Mr. McManus’ and his dependents’ coverage under the Company’s medical, dental, vision, hospitalization, long term care and life insurance coverage through June 30, 2017 at the then current levels upon timely election by Mr. McManus under the law informally known as COBRA; and (iii) extend the exercisability of previously granted and then currently vested options to purchase shares of Common Stock through June 30, 2017.
Non-cash compensation expense			$ 61,000
Compensation expense to forfeiture of unvested stock options			$ 596,000
Accrue benefits under employment agreement		$ 330,000