Scientific Industries Inc 10-Q for FY2025 Q1

Scientific Industries Inc (SCND)

10-Q 2025-05-13 For: 2025-03-31

Added on April 06, 2026

About this 10-Q

Scientific Industries Inc filed this 10-Q on May 13, 2025, covering the quarter ended March 31, 2025 (FY2025 Q1).

Headline figures

Quarter ended March 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $2.41M; down 3.1% from $2.48M a year earlier
Net loss: $1.78M; compared with a net loss of $2.05M a year earlier
Diluted EPS: $0.16; down 20.0% from $0.20 a year earlier

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Delaware		04-2217279
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

80 Orville Drive, Suite 102, Bohemia, New York		11716
(Address of principal executive offices)		(Zip Code)

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock $.05 par value		SCND		OTC

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated Filer	☒	Smaller reporting company	☒
		Emerging Growth company	☐

PART I - Financial Information

Item 1.	CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)	3

	Condensed Consolidated Balance Sheets	3

	Condensed Consolidated Statements of Operations and Comprehensive Loss	4

	Condensed Consolidated Statements of Changes in Shareholders’ Equity	5

	Condensed Consolidated Statements of Cash Flows	6

	Notes to Unaudited Condensed Consolidated Financial Statements	7

Item 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	16

Item 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	18

Item 4.	CONTROLS AND PROCEDURES	18

PART II - Other Information

Item 1.	Legal Proceedings	19

Item 1A.	Risk Factors	19

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	19

Item 3.	Defaults Upon Senior Securities	19

Item 4.	Mine Safety Disclosures	19

Item 5.	Other Information	19

Item 6.	Exhibits	20

SIGNATURE		21

	As of March 31, 2025			As of December 31, 2024
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	470,100		$	587,900
Investment securities		785,100			1,985,000
Trade accounts receivable, less allowance for doubtful accounts of $15,600 at March 31, 2025 and December 31, 2024		1,207,000			1,202,600
Inventories		4,354,000			4,085,900
Income tax receivable		73,600			73,600
Prepaid expenses and other current assets		502,300			352,700
Total current assets		7,392,100			8,287,700

Property and equipment, net		899,400			885,000
Goodwill		115,300			115,300
Other intangible assets, net		626,300			752,300
Inventories		542,900			509,500
Operating lease right-of-use assets		935,300			947,900
Other assets		58,800			63,100
Total assets	$	10,570,100		$	11,560,800

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	973,400		$	586,100
Accrued expenses		778,200			790,100
Contract liabilities		63,900			63,500
Lease liabilities, current portion		317,300			307,300
Total current liabilities		2,132,800			1,747,000

Lease liabilities, less current portion		669,400			694,400
Total liabilities		2,802,200			2,441,400

Shareholders’ equity:
Common stock, $0.05 par value; 30,000,000 shares authorized; 10,503,599, shares issued and outstanding at March 31, 2025 and December 31, 2024		525,200			525,200
Additional paid-in capital		42,940,400			42,637,800
Accumulated other comprehensive gain (loss)		11,300			(113,100	)
Accumulated deficit		(35,709,000	)		(33,930,500	)

Total shareholders’ equity		7,767,900			9,119,400

Total liabilities and shareholders’ equity	$	10,570,100		$	11,560,800

	For the Three Months Ended March 31,
	2025			2024
Revenues	$	2,406,500		$	2,483,500

Cost of revenues		1,389,900			1,442,700

Gross profit		1,016,600			1,040,800

Operating expenses:
General and administrative		1,251,300			1,521,800
Selling		924,200			897,800
Research and development		652,000			710,700

Total operating expenses		2,827,500			3,130,300

Loss from operations		(1,810,900	)		(2,089,500	)

Other income:
Other income (expense), net		12,200			(4,300	)
Interest income		20,200			42,200
Total other income, net		32,400			37,900

Loss from operations before income tax expense		(1,778,500	)		(2,051,600	)

Income tax expense		-			-
Total income tax expense		-			-

Net loss	$	(1,778,500	)	$	(2,051,600	)

Comprehensive gain (loss):
Foreign currency translation gain (loss)		124,400			(60,300	)
Comprehensive gain (loss)		124,400			(60,300	)

Total comprehensive loss	$	(1,654,100	)	$	(2,111,900	)

Basic and Diluted loss per common share	$	(0.16	)	$	(0.20	)

					Additional		Accumulated Other										Total
	Common Stock				Paid-in		Comprehensive			Accumulated			Treasury Stock				Stockholders’
	Shares		Amount		Capital		Income (Loss)			Deficit			Shares		Amount		Equity
Balance December 31, 2024		10,503,599	$	525,200	$	42,637,800	$	(113,100	)	$	(33,930,500	)		-	$	-	$	9,119,400

Net loss		-		-		-		-			(1,778,500	)		-		-		(1,778,500	)

Foreign currency translation adjustment		-		-		-		124,400			-			-		-		124,400

Stock-based compensation		-		-		302,600		-			-			-		-		302,600

Balance March 31, 2025		10,503,599	$	525,200	$	42,940,400	$	11,300		$	(35,709,000	)		-		-	$	7,767,900

	Common Stock				Additional Paid-in		Accumulated Other Comprehensive			Accumulated			Treasury Stock				Total Stockholders’
	Shares		Amount		Capital		Income (Loss)			Deficit			Shares		Amount		Equity
Balance December 31, 2023		10,145,211	$	507,300	$	40,844,600	$	18,600		$	(27,485,100	)		-	$	-	$	13,885,400

Net loss		-		-		-		-			(2,051,600	)		-		-		(2,051,600	)

Issuance of Common Stock and Warrants, net of issuance costs (Note 7)		358,388		17,900		204,000					-			-		-		221,900

Fair value modification of warrants recorded as stock issuance costs		-		-		423,800					-			-		-		423,800

Foreign currency translation adjustment		-		-		-		(60,300	)		-			-		-		(60,300	)

Stock-based compensation		-		-		199,900		-			-			-		-		199,900

Balance March 31, 2024		10,503,599	$	525,200	$	41,672,300	$	(41,700	)	$	(29,536,700	)		-		-	$	12,619,100

	Fair Value Measurement as of March 31, 2025
	Level 1		Level 2		Level 3		Total
Investment securities - mutual funds	$	785,100	$	-	$	-	$	785,100
Total	$	785,100	$	-	$	-	$	785,100

	Fair Value Measurement as of December 31, 2024
	Level 1		Level 2		Level 3		Total
Investment securities - mutual funds	$	1,985,000	$	-	$	-	$	1,985,000
Total	$	1,985,000	$	-	$	-	$	1,985,000

	As of March 31, 2025		As of December 31, 2024
Raw materials	$	3,112,400	$	3,015,700
Work-in-process		99,600		28,500
Finished goods		1,684,900		1,551,200
Total Inventories	$	4,896,900	$	4,595,400

Inventories - Current Asset	$	4,354,000	$	4,085,900
Inventories - Noncurrent Asset	$	542,900	$	509,500

As of March 31, 2025	Useful Lives	Cost		Accumulated Amortization		Net
Technology, trademarks	3--10 yrs.	$	1,216,800	$	1,057,400	$	159,400
Trade names	3--6 yrs.		592,300		436,100		156,200
Websites	3--7 yrs.		210,000		210,000		-
Customer relationships	4--10 yrs.		372,200		228,100		144,100
Sublicense agreements	10 yrs.		294,000		294,000		-
Non-compete agreements	4--5 yrs.		1,060,500		1,042,100		18,400
Patents	5--7 yrs.		605,600		457,400		148,200
		$	4,351,400	$	3,725,100	$	626,300

As of December 31, 2024	Useful Lives	Cost		Accumulated Amortization		Net
Technology, trademarks	3--10 yrs.	$	1,216,800	$	1,020,100	$	196,700
Trade names	3--6 yrs.		592,300		417,300		175,000
Websites	3--7 yrs.		210,000		210,000		-
Customer relationships	4--10 yrs.		372,200		221,200		151,000
Sublicense agreements	10 yrs.		294,000		294,000		-
Non-compete agreements	4--5 yrs.		1,060,500		993,200		67,300
Patents	5--7 yrs.		605,600		443,300		162,300
		$	4,351,400	$	3,599,100	$	752,300

As of March 31, 2025	Amount
Remainder of year ending 2025	$	259,200
2026		195,900
2027		97,900
2028		43,700
2029		28,300
Thereafter		1,300
Total	$	626,300

As of March 31, 2025:	Amount
Remainder of fiscal year ending 2025	$	282,100
2026		289,900
2027		296,700
2028		201,000
Total future minimum payments	$	1,069,700
Less: Imputed interest		(83,000	)
Total Present Value of Operating Lease Liabilities	$	986,700

Three Months Ended March 31, 2025	Benchtop Laboratory Equipment		Bioprocessing Systems			Corporate and Other			Consolidated
Revenues	$	2,273,000	$	133,500		$	-		$	2,406,500
Foreign Sales		496,300		80,900			-			577,200
Income (Loss) From Operations		194,100		(1,492,500	)		(512,500	)		(1,810,900	)
Assets		3,390,100		3,692,400			3,487,600			10,570,100
Long-Lived Asset Expenditures		26,300		-			-			26,300
Depreciation and Amortization		19,300		147,400			-			166,700

Three Months Ended March 31, 2024	Benchtop Laboratory Equipment		Bioprocessing Systems			Corporate and Other			Consolidated
Revenues	$	2,167,400	$	316,100		$	-		$	2,483,500
Foreign Sales		655,100		200,500			-			855,600
Income (Loss) From Operations		72,800		(1,601,800	)		(560,500	)		(2,089,500	)
Assets		6,283,100		4,858,600			4,404,800			15,546,500
Long-Lived Asset Expenditures		45,800		1,700			-			47,500
Depreciation and Amortization		21,400		166,700			-			188,100

	For the three months ended March 31,
	2025			2024
Weighted average number of common shares outstanding		10,503,599			10,436,647
Effect of dilutive securities:		-			-
Weighted average number of common shares outstanding		10,503,599			10,436,647

Basic and Diluted loss per common share:	$	(0.16	)	$	(0.20	)

	For the three months ended March 31,
	2025			2024
Net cash used in operating activities	$	(1,331,100	)	$	(1,565,100	)
Net cash provided in investing activities		1,204,000			480,600
Net cash provided in financing activities		-			645,700
Effect of changes in foreign currency exchange rates		9,300			(5,600	)
Decrease in cash and cash equivalents		(117,800	)		(444,400	)

Exhibit Number		Description of document
31.1		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2		Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1		Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2		Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

	SCIENTIFIC INDUSTRIES, INC. (Registrant)

Date: May 13, 2025	By:	/s/ Helena R. Santos
		Helena R. Santos
		President, Chief Executive Officer, and Treasurer

	SCIENTIFIC INDUSTRIES, INC. (Registrant)

Date: May 13, 2025	By:	/s/ Nicholas Lavacca
		Nicholas Lavacca
		Chief Financial Officer

1.	I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 of Scientific Industries, 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.	I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Securities 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 my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

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

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

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

5.	I have disclosed, based on my 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.

	Scientific Industries, Inc.

Date: May 13, 2025	By:	/s/ Helena R. Santos
		Helena R. Santos
		Chief Executive Officer

	1.	I have reviewed this Quarterly Report on Form 10-Q of the Company for the period ended March 31, 2025 (the “Quarterly Report”);

	2.	the Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	3.	the information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of Scientific Industries, Inc.