Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2019 | May 03, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | SCIENTIFIC INDUSTRIES INC | |
Entity Central Index Key | 0000087802 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 1,494,112 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2019 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Mar. 31, 2019 | Jun. 30, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 1,354,200 | $ 1,053,100 |
Investment securities | 325,100 | 314,700 |
Trade accounts receivable, less allowance for doubtful accounts of $11,600 at March 31, 2019 and June 30, 2018 | 2,000,400 | 1,444,100 |
Contract assets, current | 422,300 | 278,200 |
Inventories | 2,671,300 | 2,267,900 |
Prepaid expenses and other current assets | 65,800 | 33,500 |
Total current assets | 6,839,100 | 5,391,500 |
Property and equipment, net | 281,200 | 199,500 |
Intangible assets, net | 189,800 | 338,700 |
Goodwill | 705,300 | 705,300 |
Contract assets, less current portion | 0 | 245,400 |
Other assets | 52,500 | 52,500 |
Deferred taxes | 463,400 | 392,600 |
Total assets | 8,531,300 | 7,325,500 |
Current Liabilities: | ||
Accounts payable | 451,400 | 428,000 |
Accrued expenses and taxes, current portion | 806,500 | 657,700 |
Bank line of credit | 50,000 | 0 |
Contract liabilities | 227,800 | 63,800 |
Contingent consideration, current portion | 311,000 | 118,000 |
Notes payable | 700 | 5,800 |
Total current liabilities | 1,847,400 | 1,273,300 |
Accrued expenses, less current portion | 0 | 60,000 |
Contingent consideration payable, less current portion | 664,000 | 290,000 |
Total liabilities | 2,511,400 | 1,623,300 |
Shareholders' equity: | ||
Common stock, $.05 par value; authorized 7,000,000 shares; issued 1,513,914, outstanding 1,494,112 at March 31, 2019 and June 30, 2018 | 75,700 | 75,700 |
Additional paid-in capital | 2,575,800 | 2,545,900 |
Accumulated other comprehensive gain (loss) | (12,300) | 1,200 |
Retained earnings | 3,433,100 | 3,131,800 |
Total | 6,072,300 | 5,754,600 |
Less common stock held in treasury at cost, 19,802 shares | 52,400 | 52,400 |
Total shareholders' equity | 6,019,900 | 5,702,200 |
Total liabilities and shareholders' equity | $ 8,531,300 | $ 7,325,500 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2019 | Jun. 30, 2018 |
Shareholders' equity: | ||
Common stock,par value | $ 0.05 | $ 0.05 |
Common stock, authorized shares | 7,000,000 | 7,000,000 |
Common stock, issued shares | 1,513,914 | 1,513,914 |
Common stock, outstanding shares | 1,494,112 | 1,494,112 |
Stock held in treasury, shares | 19,802 | 19,802 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||||
Revenues | $ 3,053,500 | $ 2,099,300 | $ 7,255,300 | $ 5,272,600 |
Cost of revenues | 1,972,400 | 1,331,500 | 4,252,700 | 3,287,300 |
Gross profit | 1,081,100 | 767,800 | 3,002,600 | 1,985,300 |
Operating Expenses: | ||||
General and administrative | 492,400 | 470,200 | 1,371,000 | 1,306,600 |
Selling | 282,100 | 263,800 | 766,400 | 679,500 |
Research & development | 120,900 | 117,700 | 347,600 | 379,700 |
Total operating expenses | 895,400 | 851,700 | 2,485,000 | 2,365,800 |
Income (loss) from operations | 185,700 | (83,900) | 517,600 | (380,500) |
Other income (expense): | ||||
Interest income | 300 | 0 | 3,100 | 5,600 |
Other income, net | 8,100 | 500 | 600 | 1,900 |
Interest expense | (600) | (500) | (1,400) | (1,100) |
Total other income, net | 7,800 | 0 | 2,300 | 6,400 |
Income (loss) before income tax expense (benefit) | 193,500 | (83,900) | 519,900 | (374,100) |
Income tax expense (benefit): | ||||
Current | 179,700 | 9,700 | 233,600 | 17,800 |
Deferred | (79,800) | (55,900) | (67,800) | (40,400) |
Total income tax expense (benefit) | 99,900 | (46,200) | 165,800 | (22,600) |
Net income (loss) | $ 93,600 | $ (37,700) | $ 354,100 | $ (351,500) |
Basic earnings (loss) per common share | $ 0.06 | $ (.03) | $ 0.24 | $ (.24) |
Diluted earnings (loss) per common share | 0.06 | (.03) | 0.23 | (.24) |
Cash dividends declared per common share | $ .00 | $ .00 | $ .05 | $ .00 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Other Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 93,600 | $ (37,700) | $ 354,100 | $ (351,500) |
Other comprehensive income (loss): | ||||
Unrealized holding gain (loss) arising during period net of tax | 7,500 | (5,100) | (13,500) | (900) |
Comprehensive income (loss) | $ 101,100 | $ (42,800) | $ 340,600 | $ (352,400) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Gain (Loss) | Retained Earnings | Treasury Stock | Total |
Balance beginning, shares at Jun. 30, 2017 | 1,513,914 | 19,802 | ||||
Balance beginning, amount at Jun. 30, 2017 | $ 75,700 | $ 2,515,900 | $ (3,500) | $ 3,292,300 | $ 52,400 | $ 5,828,000 |
Net income (loss) | (232,600) | (232,600) | ||||
Unrealized holding gain/(loss) on investment securities,net of tax | 2,600 | 2,600 | ||||
Stock-based compensation | 6,300 | 6,300 | ||||
Balance ending, shares at Sep. 30, 2017 | 1,513,914 | 19,802 | ||||
Balance ending, amount at Sep. 30, 2017 | $ 75,700 | 2,522,200 | (900) | 3,059,700 | $ 52,400 | 5,604,300 |
Net income (loss) | (81,000) | (81,000) | ||||
Unrealized holding gain/(loss) on investment securities,net of tax | 1,600 | 1,600 | ||||
Stock-based compensation | 6,200 | 6,200 | ||||
Tax benefit of stock option exercised | 8,000 | 8,000 | ||||
Balance ending, shares at Dec. 31, 2017 | 1,513,914 | 19,802 | ||||
Balance ending, amount at Dec. 31, 2017 | $ 75,700 | 2,536,400 | 700 | 2,978,700 | $ 52,400 | 5,539,100 |
Net income (loss) | (37,900) | (37,900) | ||||
Unrealized holding gain/(loss) on investment securities,net of tax | (5,100) | (5,100) | ||||
Stock-based compensation | 6,100 | 6,100 | ||||
Balance ending, shares at Mar. 31, 2018 | 1,513,914 | 19,802 | ||||
Balance ending, amount at Mar. 31, 2018 | $ 75,700 | 2,542,500 | (4,400) | 2,940,800 | $ 52,400 | 5,502,200 |
Balance beginning, shares at Jun. 30, 2018 | 1,513,914 | 19,802 | ||||
Balance beginning, amount at Jun. 30, 2018 | $ 75,700 | 2,545,900 | 1,200 | 3,131,800 | $ 52,400 | 5,702,200 |
Cumulative effect of the adoption of ASU 2016-01 - Financial Instruments | 22,000 | 22,000 | ||||
Net income (loss) | 142,000 | 142,000 | ||||
Cash dividend declared, $.05 | (74,700) | (74,700) | ||||
Unrealized holding gain/(loss) on investment securities,net of tax | (18,100) | (18,100) | ||||
Stock-based compensation | 8,700 | 8,700 | ||||
Balance ending, shares at Sep. 30, 2018 | 1,513,914 | 19,802 | ||||
Balance ending, amount at Sep. 30, 2018 | $ 75,700 | 2,554,600 | (16,900) | 3,221,100 | $ 52,400 | 5,782,100 |
Net income (loss) | 118,400 | 118,400 | ||||
Unrealized holding gain/(loss) on investment securities,net of tax | (2,900) | (2,900) | ||||
Stock-based compensation | 9,500 | 9,500 | ||||
Balance ending, shares at Dec. 31, 2018 | 1,513,914 | 19,802 | ||||
Balance ending, amount at Dec. 31, 2018 | $ 75,700 | 2,564,100 | (19,800) | 3,339,500 | $ 52,400 | 5,907,100 |
Net income (loss) | 93,600 | 93,600 | ||||
Unrealized holding gain/(loss) on investment securities,net of tax | 7,500 | 7,500 | ||||
Stock-based compensation | 11,700 | 11,700 | ||||
Balance ending, shares at Mar. 31, 2019 | 1,513,914 | 19,802 | ||||
Balance ending, amount at Mar. 31, 2019 | $ 75,700 | $ 2,575,800 | $ (12,300) | $ 3,433,100 | $ 52,400 | $ 6,019,900 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 9 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating activities: | ||
Net income (loss) | $ 354,100 | $ (351,500) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Loss on sale of investments | 5,000 | 0 |
Depreciation and amortization | 218,200 | 230,100 |
Deferred income tax expense | (70,800) | (39,400) |
Unrealized holding gain of investments | (4,200) | 0 |
Income tax benefit of stock options exercised | 0 | 8,000 |
Stock-based compensation | 29,900 | 18,600 |
Change in fair value of contingent consideration | 567,000 | 445,700 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | (556,300) | (227,700) |
Contract assets | 101,300 | 0 |
Inventories | (403,400) | (740,400) |
Prepaid expenses and other current assets | (32,300) | (12,000) |
Accounts payable | 23,400 | 255,200 |
Contract liabilities | 164,000 | 356,000 |
Accrued expenses and taxes | 88,800 | (92,800) |
Total adjustments | 130,600 | 201,300 |
Net cash provided by (used in) operating activities | 484,700 | (150,200) |
Investing activities: | ||
Sale of investment securities, available-for-sale | 72,400 | 0 |
Purchase of investment securities, available-for-sale | (75,200) | (14,500) |
Capital expenditures | (129,600) | (70,500) |
Purchase of other intangible assets | (21,400) | (3,600) |
Net cash used in investing activities | (153,800) | (88,600) |
Financing activities: | ||
Line of credit proceeds | 50,000 | 40,000 |
Payments for contingent consideration | 0 | (142,700) |
Cash dividend declared and paid | (74,700) | 0 |
Principal payments on note payable | (5,100) | (5,000) |
Net cash used in financing activities | (29,800) | (107,700) |
Net increase (decrease) in cash and cash equivalents | 301,100 | (346,500) |
Cash and cash equivalents, beginning of year | 1,053,100 | 1,025,100 |
Cash and cash equivalents, end of period | 1,354,200 | 678,600 |
Cash paid during the period for: | ||
Income taxes | 59,200 | 16,000 |
Interest | $ 1,400 | $ 1,100 |
1. Summary of Significant Accou
1. Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Scientific Industries, Inc., Altamira Instruments, Inc. (“Altamira”), a Delaware corporation and wholly-owned subsidiary, Scientific Bioprocessing, Inc. (“SBI”), a Delaware corporation and wholly-owned subsidiary, and Scientific Packaging Industries, Inc., an inactive wholly-owned subsidiary (all collectively referred to as the “Company”). All material intercompany balances and transactions have been eliminated. Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, “ Leases In July 2017, the FASB issued ASU 2017-11, “ Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Round Features; II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception” Adopted Accounting Pronouncements In April 2016, the FASB issued ASU No. 2016-10, “Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing (Topic 606)”. In August 2016, the FASB issued ASU 2016-15, “ Classification of Certain Cash Receipts and Cash Payments” In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230)” Reclassification Trade accounts receivable, current of $422,300 and $278,200, and trade accounts receivable, long term of $245,400 for the year ended June 30, 2018 were reclassified to contract assets, current; and contract assets, less current portion, respectively, on the balance sheet as of March 31, 2019 and June 30, 2018. Customer advances of $63,800 were reclassified to contract liabilities as of March 31, 2019 and June 30, 2018. |
2. Revenue
2. Revenue | 9 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | The Company’s revenues are comprised of product sales (Benchtop Laboratory Equipment Operations) as well as products and related services such as installation and training as is customary for its customers of the Catalyst Research Instruments Operations. In addition, the Company’s Bioprocessing Systems Operations’ revenues are comprised of royalty revenues. All revenue is recognized when the Company satisfies its performance obligation(s) under the contract (either implicit or explicit) by transferring the promised product or service to its customer either when (or as) its customer obtains control of the product or service. A performance obligation is a promise in a contract to transfer a distinct product or service to a customer. A contract’s transaction price is allocated to each distinct performance obligation. The majority of the Company’s contracts have a single performance obligation, as the promise to transfer products or services is not separately identifiable from other promises in the contract and, therefore, not distinct. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using the Company’s best estimate of standalone selling price for each distinct product or service in the contract, which is generally based on an observable price. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or providing services. As such, revenue is recorded net of returns, allowances, customer discounts, and incentives. Revenue from the Bioprocessing Systems Operations are recognized over time based on Management’s judgment and estimates. |
3. Segment Information and Conc
3. Segment Information and Concentrations | 9 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information and Concentrations | The Company views its operations as three segments: the manufacture and marketing of standard benchtop laboratory equipment for research in university, hospital and industrial laboratories sold primarily through laboratory equipment distributors and laboratory and pharmacy balances and scales (“Benchtop Laboratory Equipment Operations”), the manufacture and marketing of custom-made catalyst research instruments for universities, government laboratories, and chemical and petrochemical companies sold on a direct basis (“Catalyst Research Instruments Operations”) and the design and marketing of bioprocessing systems and products and related royalty income (“Bioprocessing Systems”). Segment information is reported as follows: Benchtop Laboratory Equipment Catalyst Research Instruments Bioprocessing Systems Corporate And Other Consolidated Three Months Ended March 31, 2019: Revenues $ 1,732,400 $ 508,600 $ 812,500 $ - $ 3,053,500 Foreign Sales 682,300 346,400 - - 1,028,700 Income (Loss) From Operations 57,900 (35,200 ) 163,000 - 185,700 Assets 4,656,600 1,583,100 1,503,100 788,500 8,531,300 Long-Lived Asset Expenditures 132,900 1,000 2,900 - 136,800 Depreciation and Amortization 56,500 200 9,600 - 66,300 Benchtop Laboratory Equipment Catalyst Research Instruments Bioprocessing Systems Corporate And Other Consolidated Three Months Ended March 31, 2018: Revenues $ 1,550,700 $ 110,700 $ 437,900 $ - $ 2,099,300 Foreign Sales 620,200 105,400 - - 725,600 Income (Loss) From Operations 78,200 (74,400 ) (87,700 ) - (83,900 ) Assets 3,930,600 1,680,800 893,300 853,600 7,358,300 Long-Lived Asset Expenditures 4,500 - - - 4,500 Depreciation and Amortization 67,400 (800 ) 9,400 - 76,000 Approximately 41% and 53% of total benchtop laboratory equipment sales (23% and 39% of total revenues) for the three month periods ended March 31, 2019 and 2018, respectively, were derived from the Company’s main product, the Vortex-Genie 2 mixer, excluding accessories. Approximately 30% and 21% of total benchtop laboratory equipment sales (17% and 16% of total revenues) were derived from the Torbal Scales Division for the three months ended March 31, 2019 and 2018, respectively. For the three months ended March 31, 2019 and 2018, respectively, three customers accounted for approximately 22% and 26% of net sales of the Benchtop Laboratory Equipment Operations (12% and 19% of the Company’s total revenues, respectively). Sales of catalyst research instruments generally comprise a few very large orders averaging approximately $50,000 per order to a limited number of customers, who differ from order to order. Sales to five and two customers during the three months ended March 31, 2019 and 2018, respectively, accounted for approximately 86% and 89% of the Catalyst Research Instrument Operations’ revenues and 14% and 5% of the Company’s total revenues, respectively. Benchtop Laboratory Equipment Catalyst Research Instruments Bioprocessing Systems Corporate And Other Consolidated Nine Months Ended March 31, 2019: Revenues $ 5,227,500 $ 953,200 $ 1,074,600 $ - $ 7,255,300 Foreign Sales 2,061,600 711,600 - - 2,773,200 Income (Loss) From Operations 382,100 (146,400 ) 281,900 - 517,600 Assets 4,656,600 1,583,100 1,503,100 788,500 8,531,300 Long-Lived Asset Expenditures 145,900 2,200 2,900 - 151,000 Depreciation and Amortization 189,200 600 28,400 - 218,200 Benchtop Laboratory Equipment Catalyst Research Instruments Bioprocessing Systems Corporate And Other Consolidated Nine Months Ended March 31, 2018: Revenues $ 4,436,300 $ 293,000 $ 543,300 $ - $ 5,272,600 Foreign Sales 1,937,800 114,400 - - 2,052,200 Income (Loss) From Operations 106,300 (361,900 ) (124,900 ) - (380,500 ) Assets 3,930,600 1,680,800 893,300 853,600 7,358,300 Long-Lived Asset Expenditures 69,700 1,900 2,500 - 74,100 Depreciation and Amortization 199,300 2,700 28,100 - 230,100 Approximately 47% and 51% of total benchtop laboratory equipment sales (34% and 43% of total revenues) for both the nine month periods ended March 31, 2019 and 2018, respectively, were derived from the Company’s main product, the Vortex-Genie 2 mixer, excluding accessories. Approximately 27% and 22% of total benchtop laboratory equipment sales (19% of total revenues for both periods) were derived from the Torbal Scales Division for both the nine months ended March 31, 2019 and 2018, respectively. For the nine months ended March 31, 2019 and 2018, respectively, three customers accounted for approximately 22% and 15% of net sales of the Benchtop Laboratory Equipment Operations (16% and 12% of the Company’s total revenues), respectively. Sales of catalyst research instruments generally comprise a few very large orders averaging approximately $50,000 per order to a limited number of customers, who differ from order to order. Sales to eight and three customers during the nine months ended March 31, 2019 and 2018, accounted for approximately 88% and 79% of the Catalyst Research Instrument Operations’ revenues and 12% and 4% of the Company’s total revenues, respectively. |
4. Fair Value of Financial Inst
4. Fair Value of Financial Instruments | 9 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | The FASB defines the fair value of financial instruments as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements do not include transaction costs. The accounting guidance also expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels, which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are described below: Level 1 - Inputs that are based upon unadjusted quoted prices for identical instruments traded in active markets. Level 2 - Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly. Level 3 - Prices or valuation that require inputs that are both significant to the fair value measurement and unobservable. In valuing assets and liabilities, the Company is required to maximize the use of quoted market prices and minimize the use of unobservable inputs. The Company calculated the fair value of its Level 1 and 2 instruments based on the exchange traded price of similar or identical instruments where available or based on other observable instruments. These calculations take into consideration the credit risk of both the Company and its counterparties. The Company has not changed its valuation techniques in measuring the fair value of any financial assets and liabilities during the period. The fair value of the contingent consideration obligations are based on a probability weighted approach derived from the estimates of earn-out criteria and the probability assessment with respect to the likelihood of achieving those criteria. The measurement is based on significant inputs that are not observable in the market, therefore, the Company classifies this liability as Level 3 in the following tables. The following tables set forth by level within the fair value hierarchy the Company’s financial assets that were accounted for at fair value on a recurring basis at March 31, 2019 and June 30, 2018 according to the valuation techniques the Company used to determine their fair values: Fair Value Measurements Using Inputs Considered as Fair Value at March 31, 2019 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 1,354,200 $ 1,354,200 $ - $ - Available-for- sale securities 325,100 325,100 - - Total $ 1,679,300 $ 1,679,300 $ - $ - Liabilities: Contingent consideration $ 975,000 $ - $ - $ 975,000 Fair Value Measurements Using Inputs Considered as Fair Value at June 30, 2018 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 1,053,100 $ 1,053,100 $ - $ - Available-for-sale securities 314,700 314,700 - - Total $ 1,367,800 $ 1,367,800 $ - $ - Liabilities: Contingent consideration $ 408,000 $ - $ - $ 408,000 The following table sets forth an analysis of changes during the nine months ended March 31, 2019 and 2018 in Level 3 financial liabilities of the Company: 2019 2018 Beginning balance $ 408,000 $ 297,000 Increase in contingent consideration liability 567,000 445,700 Payments - (142,700 ) Ending balance $ 975,000 $ 600,000 Investments in marketable securities classified as available-for-sale by security type at March 31, 2019 and June 30, 2018 consisted of the following: Cost Fair Value Unrealized Holding Gain (Loss) At March 31, 2019: Available-for-sale: Equity securities $ 48,700 $ 74,700 $ 26,000 Mutual funds 288,700 250,400 (38,300 ) $ 337,400 $ 325,100 $ (12,300 ) Cost Fair Value Unrealized Holding Gain (Loss) At June 30, 2018: Available-for-sale: Equity securities $ 45,700 $ 67,800 $ 22,100 Mutual funds 267,800 246,900 (20,900 ) $ 313,500 $ 314,700 $ 1,200 |
5. Inventories
5. Inventories | 9 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories are valued at the lower of cost (determined on a first-in, first-out basis) or net realizable value, and have been reduced by an allowance for excess and obsolete inventories. The estimate is based on management's review of inventories on hand compared to estimated future usage and sales. Cost of work-in-process and finished goods inventories include material, labor, and manufacturing overhead. March 31, 2019 June 30, 2018 Raw materials $ 1,615,800 $ 1,488,000 Work-in-process 412,400 352,700 Finished goods 643,100 427,200 $ 2,671,300 $ 2,267,900 |
6. Goodwill and Other Intangibl
6. Goodwill and Other Intangible Assets | 9 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in connection with the Company’s acquisitions. Goodwill amounted to $705,300 at March 31, 2019 and June 30, 2018, all of which is expected to be deductible for tax purposes. The components of other intangible assets are as follows: Useful Lives Cost Accumulated Amortization Net At March 31, 2019: Technology, trademarks 5/10 yrs. $ 662,800 $ 661,600 $ 1,200 Trade names 6 yrs. 140,000 118,600 21,400 Websites 5 yrs. 210,000 210,000 - Customer relationships 9/10 yrs. 357,000 304,800 52,200 Sublicense agreements 10 yrs. 294,000 216,800 77,200 Non-compete agreements 5 yrs. 384,000 384,000 - IPR&D 3 yrs. 110,000 110,000 - Other intangible assets 5 yrs. 219,400 181,600 37,800 $ 2,377,200 $ 2,187,400 $ 189,800 Useful Lives Cost Accumulated Amortization Net At June 30, 2018: Technology, trademarks 5/10 yrs. $ 662,800 $ 613,400 $ 49,400 Trade names 6 yrs. 140,000 101,100 38,900 Websites 5 yrs. 210,000 182,000 28,000 Customer relationships 9/10 yrs. 357,000 294,800 62,200 Sublicense agreements 10 yrs. 294,000 194,800 99,200 Non-compete agreements 5 yrs. 384,000 348,000 36,000 IPR&D 3 yrs. 110,000 110,000 - Other intangible assets 5 yrs. 198,100 173,100 25,000 $ 2,355,900 $ 2,017,200 $ 338,700 Total amortization expense was $47,900 and $61,200 for the three months ended March 31, 2019 and 2018, respectively and $170,200 and $183,400 for the nine months ended March 31, 2019 and 2018, respectively. As of March 31, 2019, estimated future amortization expense related to intangible assets is $16,600 for the remainder of the fiscal year ending June 30, 2019, $66,400 for fiscal 2020, $49,100 for fiscal 2021, $26,100 for fiscal 2022, $9,800 for fiscal 2023, and $21,800 thereafter. |
7. Earnings (Loss) Per Common S
7. Earnings (Loss) Per Common Share | 9 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Income (Loss) Per Common Share | Earnings (loss) per common share data was computed as follows: For the Three Month Period Ended March 31, 2019 For the Three Month Period Ended March 31, 2018 For the Nine Month Period Ended March 31, 2019 For the Nine Month Period Ended March 31, 2018 Net income (loss) $ 93,600 $ (37,700 ) $ 354,100 $ (351,500 ) Weighted average common shares outstanding 1,494,112 1,494,112 1,494,112 1,494,112 Effect of dilutive securities 23,007 - 15,248 - Weighted average dilutive common shares outstanding 1,517,119 1,494,112 1,509,360 1,494,112 Basic earnings (loss) per common share $ .06 $ (.03 ) $ .24 $ (.24 ) Diluted earnings (loss) per common share $ .06 $ (.03 ) $ .23 $ (.24 ) Approximately 1,750 and 82,000 shares of the Company's common stock issuable upon the exercise of outstanding options were excluded from the calculation of diluted earnings per common share for the three and nine month periods ended March 31, 2019 and 2018, respectively, because the effect would be anti-dilutive. |
1. Summary of Significant Acc_2
1. Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | The accompanying consolidated financial statements include the accounts of Scientific Industries, Inc., Altamira Instruments, Inc. (“Altamira”), a Delaware corporation and wholly-owned subsidiary, Scientific Bioprocessing, Inc. (“SBI”), a Delaware corporation and wholly-owned subsidiary, and Scientific Packaging Industries, Inc., an inactive wholly-owned subsidiary (all collectively referred to as the “Company”). All material intercompany balances and transactions have been eliminated. |
Recent Accounting Pronouncements | In February 2016, the FASB issued ASU No. 2016-02, “ Leases In July 2017, the FASB issued ASU 2017-11, “ Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Round Features; II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception” |
Adopted Accounting Pronouncements | In April 2016, the FASB issued ASU No. 2016-10, “Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing (Topic 606)”. In August 2016, the FASB issued ASU 2016-15, “ Classification of Certain Cash Receipts and Cash Payments” In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230)” |
Reclassification | Trade accounts receivable, current of $422,300 and $278,200, and trade accounts receivable, long term of $245,400 for the year ended June 30, 2018 were reclassified to contract assets, current; and contract assets, less current portion, respectively, on the balance sheet as of March 31, 2019 and June 30, 2018. Customer advances of $63,800 were reclassified to contract liabilities as of March 31, 2019 and June 30, 2018. |
3. Segment Information and Co_2
3. Segment Information and Concentrations (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Benchtop Laboratory Equipment Catalyst Research Instruments Bioprocessing Systems Corporate And Other Consolidated Three Months Ended March 31, 2019: Revenues $ 1,732,400 $ 508,600 $ 812,500 $ - $ 3,053,500 Foreign Sales 682,300 346,400 - - 1,028,700 Income (Loss) From Operations 57,900 (35,200 ) 163,000 - 185,700 Assets 4,656,600 1,583,100 1,503,100 788,500 8,531,300 Long-Lived Asset Expenditures 132,900 1,000 2,900 - 136,800 Depreciation and Amortization 56,500 200 9,600 - 66,300 Benchtop Laboratory Equipment Catalyst Research Instruments Bioprocessing Systems Corporate And Other Consolidated Three Months Ended March 31, 2018: Revenues $ 1,550,700 $ 110,700 $ 437,900 $ - $ 2,099,300 Foreign Sales 620,200 105,400 - - 725,600 Income (Loss) From Operations 78,200 (74,400 ) (87,700 ) - (83,900 ) Assets 3,930,600 1,680,800 893,300 853,600 7,358,300 Long-Lived Asset Expenditures 4,500 - - - 4,500 Depreciation and Amortization 67,400 (800 ) 9,400 - 76,000 Benchtop Laboratory Equipment Catalyst Research Instruments Bioprocessing Systems Corporate And Other Consolidated Nine Months Ended March 31, 2019: Revenues $ 5,227,500 $ 953,200 $ 1,074,600 $ - $ 7,255,300 Foreign Sales 2,061,600 711,600 - - 2,773,200 Income (Loss) From Operations 382,100 (146,400 ) 281,900 - 517,600 Assets 4,656,600 1,583,100 1,503,100 788,500 8,531,300 Long-Lived Asset Expenditures 145,900 2,200 2,900 - 151,000 Depreciation and Amortization 189,200 600 28,400 - 218,200 Benchtop Laboratory Equipment Catalyst Research Instruments Bioprocessing Systems Corporate And Other Consolidated Nine Months Ended March 31, 2018: Revenues $ 4,436,300 $ 293,000 $ 543,300 $ - $ 5,272,600 Foreign Sales 1,937,800 114,400 - - 2,052,200 Income (Loss) From Operations 106,300 (361,900 ) (124,900 ) - (380,500 ) Assets 3,930,600 1,680,800 893,300 853,600 7,358,300 Long-Lived Asset Expenditures 69,700 1,900 2,500 - 74,100 Depreciation and Amortization 199,300 2,700 28,100 - 230,100 |
4. Fair Value of Financial In_2
4. Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Inputs | Fair Value Measurements Using Inputs Considered as Fair Value at March 31, 2019 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 1,354,200 $ 1,354,200 $ - $ - Available-for- sale securities 325,100 325,100 - - Total $ 1,679,300 $ 1,679,300 $ - $ - Liabilities: Contingent consideration $ 975,000 $ - $ - $ 975,000 Fair Value Measurements Using Inputs Considered as Fair Value at June 30, 2018 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 1,053,100 $ 1,053,100 $ - $ - Available-for-sale securities 314,700 314,700 - - Total $ 1,367,800 $ 1,367,800 $ - $ - Liabilities: Contingent consideration $ 408,000 $ - $ - $ 408,000 |
Changes to Level 3 Financial Liabilities | 2019 2018 Beginning balance $ 408,000 $ 297,000 Increase in contingent consideration liability 567,000 445,700 Payments - (142,700 ) Ending balance $ 975,000 $ 600,000 |
Investments in Marketable Securitites | Cost Fair Value Unrealized Holding Gain (Loss) At March 31, 2019: Available-for-sale: Equity securities $ 48,700 $ 74,700 $ 26,000 Mutual funds 288,700 250,400 (38,300 ) $ 337,400 $ 325,100 $ (12,300 ) Cost Fair Value Unrealized Holding Gain (Loss) At June 30, 2018: Available-for-sale: Equity securities $ 45,700 $ 67,800 $ 22,100 Mutual funds 267,800 246,900 (20,900 ) $ 313,500 $ 314,700 $ 1,200 |
5. Inventories (Tables)
5. Inventories (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | March 31, 2019 June 30, 2018 Raw materials $ 1,615,800 $ 1,488,000 Work-in-process 412,400 352,700 Finished goods 643,100 427,200 $ 2,671,300 $ 2,267,900 |
6. Goodwill and Other Intangi_2
6. Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Useful Lives Cost Accumulated Amortization Net At March 31, 2019: Technology, trademarks 5/10 yrs. $ 662,800 $ 661,600 $ 1,200 Trade names 6 yrs. 140,000 118,600 21,400 Websites 5 yrs. 210,000 210,000 - Customer relationships 9/10 yrs. 357,000 304,800 52,200 Sublicense agreements 10 yrs. 294,000 216,800 77,200 Non-compete agreements 5 yrs. 384,000 384,000 - IPR&D 3 yrs. 110,000 110,000 - Other intangible assets 5 yrs. 219,400 181,600 37,800 $ 2,377,200 $ 2,187,400 $ 189,800 Useful Lives Cost Accumulated Amortization Net At June 30, 2018: Technology, trademarks 5/10 yrs. $ 662,800 $ 613,400 $ 49,400 Trade names 6 yrs. 140,000 101,100 38,900 Websites 5 yrs. 210,000 182,000 28,000 Customer relationships 9/10 yrs. 357,000 294,800 62,200 Sublicense agreements 10 yrs. 294,000 194,800 99,200 Non-compete agreements 5 yrs. 384,000 348,000 36,000 IPR&D 3 yrs. 110,000 110,000 - Other intangible assets 5 yrs. 198,100 173,100 25,000 $ 2,355,900 $ 2,017,200 $ 338,700 |
7. Earnings (Loss) Per Common_2
7. Earnings (Loss) Per Common Share (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Common Share | For the Three Month Period Ended March 31, 2019 For the Three Month Period Ended March 31, 2018 For the Nine Month Period Ended March 31, 2019 For the Nine Month Period Ended March 31, 2018 Net income (loss) $ 93,600 $ (37,700 ) $ 354,100 $ (351,500 ) Weighted average common shares outstanding 1,494,112 1,494,112 1,494,112 1,494,112 Effect of dilutive securities 23,007 - 15,248 - Weighted average dilutive common shares outstanding 1,517,119 1,494,112 1,509,360 1,494,112 Basic earnings (loss) per common share $ .06 $ (.03 ) $ .24 $ (.24 ) Diluted earnings (loss) per common share $ .06 $ (.03 ) $ .23 $ (.24 ) |
3. Segment Information and Co_3
3. Segment Information and Concentrations (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2018 | |
Revenues | $ 3,053,500 | $ 2,099,300 | $ 7,255,300 | $ 5,272,600 | |
Income (Loss) from Operations | 185,700 | (83,900) | 517,600 | (380,500) | |
Assets | 8,531,300 | 8,531,300 | $ 7,325,500 | ||
Depreciation and Amortization | 218,200 | 230,100 | |||
Benchtop Laboratory Equipment [Member] | |||||
Revenues | 1,732,400 | 1,550,700 | 5,227,500 | 4,436,300 | |
Foreign Sales | 682,300 | 620,200 | 2,061,600 | 1,937,800 | |
Income (Loss) from Operations | 57,900 | 78,200 | 382,100 | 106,300 | |
Assets | 4,656,600 | 3,930,600 | 4,656,600 | 3,930,600 | |
Long-lived Asset Expenditures | 132,900 | 4,500 | 145,900 | 69,700 | |
Depreciation and Amortization | 56,500 | 67,400 | 189,200 | 199,300 | |
Catalyst Research Instruments [Member] | |||||
Revenues | 508,600 | 110,700 | 953,200 | 293,000 | |
Foreign Sales | 346,400 | 105,400 | 711,600 | 114,400 | |
Income (Loss) from Operations | (35,200) | (74,400) | (146,400) | (361,900) | |
Assets | 1,583,100 | 1,680,800 | 1,583,100 | 1,680,800 | |
Long-lived Asset Expenditures | 1,000 | 0 | 2,200 | 1,900 | |
Depreciation and Amortization | 200 | (800) | 600 | 2,700 | |
Bioprocessing Systems [Member] | |||||
Revenues | 812,500 | 437,900 | 1,074,600 | 543,300 | |
Foreign Sales | 0 | 0 | 0 | 0 | |
Income (Loss) from Operations | 163,000 | (87,700) | 281,900 | (124,900) | |
Assets | 1,503,100 | 893,300 | 1,503,100 | 893,300 | |
Long-lived Asset Expenditures | 2,900 | 0 | 2,900 | 2,500 | |
Depreciation and Amortization | 9,600 | 9,400 | 28,400 | 28,100 | |
Corporate and Other [Member] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Foreign Sales | 0 | 0 | 0 | 0 | |
Income (Loss) from Operations | 0 | 0 | 0 | 0 | |
Assets | 788,500 | 853,600 | 788,500 | 853,600 | |
Long-lived Asset Expenditures | 0 | 0 | 0 | 0 | |
Depreciation and Amortization | 0 | 0 | 0 | 0 | |
Consolidated [Member] | |||||
Revenues | 3,053,500 | 2,099,300 | 7,255,300 | 5,272,600 | |
Foreign Sales | 1,028,700 | 725,600 | 2,773,200 | 2,052,200 | |
Income (Loss) from Operations | 185,700 | (83,900) | 517,600 | (380,500) | |
Assets | 8,531,300 | 7,358,300 | 8,531,300 | 7,358,300 | |
Long-lived Asset Expenditures | 136,800 | 4,500 | 151,000 | 74,100 | |
Depreciation and Amortization | $ 66,300 | $ 76,000 | $ 218,200 | $ 230,100 |
3. Segment Information and Co_4
3. Segment Information and Concentrations (Details Narrative) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Benchtop Laboratory Equipment [Member] | ||||
Net sales | 41.00% | 53.00% | 47.00% | 51.00% |
Total revenues | 23.00% | 39.00% | 34.00% | 43.00% |
Benchtop Laboratory Equipment [Member] | Three Customers [Member] | ||||
Net sales | 22.00% | 26.00% | 22.00% | 15.00% |
Total revenues | 12.00% | 19.00% | 16.00% | 12.00% |
Benchtop Laboratory Equipment [Member] | Torbal Brand Products | ||||
Net sales | 30.00% | 21.00% | 27.00% | 22.00% |
Total revenues | 17.00% | 16.00% | 19.00% | 19.00% |
Catalyst Research Instruments [Member] | Three Customers [Member] | ||||
Net sales | 79.00% | |||
Total revenues | 4.00% | |||
Catalyst Research Instruments [Member] | Five Customers [Member] | ||||
Net sales | 86.00% | |||
Total revenues | 14.00% | |||
Catalyst Research Instruments [Member] | Two Customers [Member] | ||||
Net sales | 89.00% | |||
Total revenues | 5.00% | |||
Catalyst Research Instruments [Member] | Eight Customers [Member] | ||||
Net sales | 88.00% | |||
Total revenues | 12.00% |
4. Fair Value of Financial In_3
4. Fair Value of Financial Instruments (Details) - USD ($) | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 |
Assets: | ||||
Cash and cash equivalents | $ 1,354,200 | $ 1,053,100 | $ 678,600 | $ 1,025,100 |
Available for sale securities | 325,100 | 314,700 | ||
Total | 1,679,300 | 1,367,800 | ||
Liabilities: | ||||
Contingent consideration | 975,000 | 408,000 | ||
Level 1 | ||||
Assets: | ||||
Cash and cash equivalents | 1,354,200 | 1,053,100 | ||
Available for sale securities | 325,100 | 314,700 | ||
Total | 1,679,300 | 1,367,800 | ||
Liabilities: | ||||
Contingent consideration | 0 | 0 | ||
Level 2 | ||||
Assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Available for sale securities | 0 | 0 | ||
Total | 0 | 0 | ||
Liabilities: | ||||
Contingent consideration | 0 | 0 | ||
Level 3 | ||||
Assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Available for sale securities | 0 | 0 | ||
Total | 0 | 0 | ||
Liabilities: | ||||
Contingent consideration | $ 975,000 | $ 408,000 |
4. Fair Value of Financial In_4
4. Fair Value of Financial Instruments (Details 1) - USD ($) | 9 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Beginning balance | $ 408,000 | $ 297,000 |
Increase in contingent consideration liability | 567,000 | 445,700 |
Payments | 0 | (142,700) |
Ending balance | $ 975,000 | $ 600,000 |
4. Fair Value of Financial In_5
4. Fair Value of Financial Instruments (Details 2) - USD ($) | Mar. 31, 2019 | Jun. 30, 2018 |
Cost | $ 337,400 | $ 313,500 |
Fair Value | 325,100 | 314,700 |
Unrealized Holding Gain (Loss) | (12,300) | 1,200 |
Equity Securities | ||
Cost | 48,700 | 45,700 |
Fair Value | 74,700 | 67,800 |
Unrealized Holding Gain (Loss) | 26,000 | 22,100 |
Mutual Funds | ||
Cost | 288,700 | 267,800 |
Fair Value | 250,400 | 246,900 |
Unrealized Holding Gain (Loss) | $ (38,300) | $ (20,900) |
5. Inventories (Details)
5. Inventories (Details) - USD ($) | Mar. 31, 2019 | Jun. 30, 2018 |
Inventory Disclosure [Abstract] | ||
Raw Materials | $ 1,615,800 | $ 1,488,000 |
Work-in-process | 412,400 | 352,700 |
Finished Goods | 643,100 | 427,200 |
Inventory | $ 2,671,300 | $ 2,267,900 |
6. Goodwill and Other Intangi_3
6. Goodwill and Other Intangible Assets (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Jun. 30, 2018 | |
Cost | $ 2,377,200 | $ 2,355,900 |
Accumulated Amortization | 2,187,400 | 2,017,200 |
Net | $ 189,800 | $ 338,700 |
Technology, trademarks [Member] | ||
Useful Lives Minimum | 5 years | 5 years |
Useful Lives Maximum | 10 years | 10 years |
Cost | $ 662,800 | $ 662,800 |
Accumulated Amortization | 661,600 | 613,400 |
Net | $ 1,200 | $ 49,400 |
Trade names [Member] | ||
Useful Lives | 6 years | 6 years |
Cost | $ 140,000 | $ 140,000 |
Accumulated Amortization | 118,600 | 101,100 |
Net | $ 21,400 | $ 38,900 |
Websites [Member] | ||
Useful Lives | 5 years | 5 years |
Cost | $ 210,000 | $ 210,000 |
Accumulated Amortization | 210,000 | 182,000 |
Net | $ 0 | $ 28,000 |
Customer relationships [Member] | ||
Useful Lives Minimum | 9 years | 9 years |
Useful Lives Maximum | 10 years | 10 years |
Cost | $ 357,000 | $ 357,000 |
Accumulated Amortization | 304,800 | 294,800 |
Net | $ 52,200 | $ 62,200 |
Sublicense agreements [Member] | ||
Useful Lives | 10 years | 10 years |
Cost | $ 294,000 | $ 294,000 |
Accumulated Amortization | 216,800 | 194,800 |
Net | $ 77,200 | $ 99,200 |
Non-compete agreements [Member] | ||
Useful Lives | 5 years | 5 years |
Cost | $ 384,000 | $ 384,000 |
Accumulated Amortization | 384,000 | 348,000 |
Net | $ 0 | $ 36,000 |
Intellectual property, research & development (IPR&D) [Member] | ||
Useful Lives | 3 years | 3 years |
Cost | $ 110,000 | $ 110,000 |
Accumulated Amortization | 110,000 | 110,000 |
Net | $ 0 | $ 0 |
Other intangible assets [Member] | ||
Useful Lives | 5 years | 5 years |
Cost | $ 219,400 | $ 198,100 |
Accumulated Amortization | 181,600 | 173,100 |
Net | $ 37,800 | $ 25,000 |
6. Goodwill and Other Intangi_4
6. Goodwill and Other Intangible Assets (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Goodwill | $ 705,300 | $ 705,300 | $ 705,300 | ||
Total amortization expense | 47,900 | $ 61,200 | 170,200 | $ 183,400 | |
Estimated future amortization expense 2019 | 16,600 | 16,600 | |||
Estimated future amortization expense 2020 | 66,400 | 66,400 | |||
Estimated future amortization expense 2021 | 49,100 | 49,100 | |||
Estimated future amortization expense 2022 | 26,100 | 26,100 | |||
Estimated future amortization expense 2023 | 9,800 | 9,800 | |||
Estimated future amortization expense thereafter | $ 21,800 | $ 21,800 |
7. Earnings (Loss) Per Common_3
7. Earnings (Loss) Per Common Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 93,600 | $ (37,700) | $ 354,100 | $ (351,500) |
Weighted average common shares outstanding | 1,494,112 | 1,494,112 | 1,494,112 | 1,494,112 |
Effect of dilutive securities | 23,007 | 0 | 15,248 | 0 |
Weighted average dilutive common shares outstanding | 1,517,119 | 1,494,112 | 1,509,360 | 1,494,112 |
Basic earnings (loss) per common share | $ 0.06 | $ (.03) | $ 0.24 | $ (.24) |
Diluted earnings (loss) per common share | $ 0.06 | $ (.03) | $ 0.23 | $ (.24) |
7. Earnings (Loss) Per Common_4
7. Earnings (Loss) Per Common Share (Details Narrative) - shares | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||||
Common stock issuable upon the exercise of outstanding stock options | 1,750 | 1,750 | 82,000 | 82,000 |