Equibles

10-Q

SCIENTIFIC INDUSTRIES INC (SCND)

10-Q 2025-08-19 For: 2025-06-30
View Original
Added on April 06, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

☐ 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 0-6658

SCIENTIFIC INDUSTRIES, INC.
(Exact Name of Registrant as specified in Its Charter)
Delaware 04-2217279
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(State or other jurisdiction of<br><br>incorporation or organization) (I.R.S. Employer<br><br>Identification No.)
80 Orville Drive, Suite 102, Bohemia, New York 11716
(Address of principal executive offices) (Zip Code)

(631) 567-4700

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

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

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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) 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 ☐

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 Act) Yes ☐     No ☒

The number of shares outstanding of the registrant’s common stock, par value $.05 per share (“Common Stock”) as of August 19, 2025 is 11,553,599 shares.

SCIENTIFIC INDUSTRIES, INC.

Table of Contents

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 19
Item 4. CONTROLS AND PROCEDURES 19
PART II - Other Information
Item 1. Legal Proceedings 20
Item 1A. Risk Factors 20
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20
Item 3. Defaults Upon Senior Securities 20
Item 4. Mine Safety Disclosures 20
Item 5. Other Information 20
Item 6. Exhibits 21
SIGNATURE 22
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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

As of December 31,<br><br>2024
ASSETS
Current assets:
Cash and cash equivalents 891,400 $ 587,900
Investment securities 390,900 1,985,000
Trade accounts receivable, less allowance for doubtful accounts of 15,600 at June 30, 2025 and December 31, 2024 966,000 1,202,600
Inventories 4,393,300 4,085,900
Income tax receivable 73,600 73,600
Prepaid expenses and other current assets 495,200 352,700
Total current assets 7,210,400 8,287,700
Property and equipment, net 906,600 885,000
Goodwill 115,300 115,300
Other intangible assets, net 530,800 752,300
Inventories 547,800 509,500
Operating lease right-of-use assets 856,800 947,900
Other assets 58,700 63,100
Total assets 10,226,400 $ 11,560,800
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable 651,400 $ 586,100
Accrued expenses 687,900 790,100
Contract liabilities 57,200 63,500
Lease liabilities, current portion 299,400 307,300
Total current liabilities 1,695,900 1,747,000
Lease liabilities, less current portion 606,300 694,400
Total liabilities 2,230,700 2,441,400
Shareholders’ equity:
Common stock, 0.05 par value; 30,000,000 shares authorized; 11,553,599, shares issued and outstanding at June 30, 2025 and 10,503,599 shares issued and outstanding at December 31, 2024 577,700 525,200
Additional paid-in capital 44,412,700 42,637,800
Accumulated other comprehensive gain (loss) 166,500 (113,100 )
Accumulated deficit (37,232,700 ) (33,930,500 )
Total shareholders’ equity 7,924,200 9,119,400
Total liabilities and shareholders’ equity 10,226,400 $ 11,560,800

All values are in US Dollars.

See notes to unaudited condensed consolidated financial statements.

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SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)

For the Three Months Ended June 30, For the Six Months Ended June 30,
2025 2024 2025 2024
Revenues $ 2,329,900 $ 2,647,300 $ 4,736,400 $ 5,130,800
Cost of revenues 1,310,000 1,354,900 2,699,900 2,797,600
Gross profit 1,019,900 1,292,400 2,036,500 2,333,200
Operating expenses:
General and administrative 975,800 1,062,000 2,228,200 2,583,800
Selling 912,300 900,600 1,836,600 1,798,400
Research and development 677,200 666,000 1,329,200 1,376,700
Total operating expenses 2,565,300 2,628,600 5,394,000 5,758,900
Loss from operations (1,545,400 ) (1,336,200 ) (3,357,500 ) (3,425,700 )
Other income:
Other income (expense), net 8,000 (2,000 ) 20,400 (6,300 )
Interest income 14,700 54,600 34,900 96,800
Total other income, net 22,700 52,600 55,300 90,500
Loss from operations before income tax expense (1,522,700 ) (1,283,600 ) (3,302,200 ) (3,335,200 )
Income tax expense - - - -
Net loss $ (1,522,700 ) (1,283,600 ) $ (3,302,200 ) $ (3,335,200 )
Comprehensive gain (loss):
Foreign currency translation (loss) gain 155,200 15,800 279,600 (44,500
Comprehensive (loss) gain 155,200 $ 15,800 279,600 (44,500
Total comprehensive loss $ (1,367,500 ) (1,267,800 ) $ (3,022,600 ) $ (3,379,700 )
Basic and Diluted loss per common share $ (0.13 ) $ (0.12 ) $ (0.30 ) $ (0.32 )

See notes to unaudited condensed consolidated financial statements.

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SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)

Additional Accumulated<br><br>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
Net loss - - - - (1,523,700 ) - - (1,523,700 )
Issuance of Common Stock and Warrants, net of issuance costs (Note 7) 1,050,000 52,500 1339,700 - - - - 1,452,200
Foreign currency translation adjustment 155,200 155,200
Stock-based compensation - - 72,600 - - - - 72,600
Balance June 30, 2025 11,553,599 $ 577,700 $ 44,412,700 $ 166,500 $ (37,232,700 ) - - $ 7,924,200
Common Stock Additional<br><br>Paid-in Accumulated<br><br>Other<br><br>Comprehensive Accumulated Treasury Stock Total<br><br>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
Net loss - - - - (1,283,600 ) - - (1,283,600 )
Issuance of Common Stock and Warrants, net of issuance costs (Note 7) - - - - - - -
Fair value modification of warrants recorded as stock issuance costs - - - - - - -
Foreign currency translation adjustment - - - 15,800 - - - 15,800
Stock-based compensation - - 330,300 - - - - 330,300
Balance June 30, 2024 10,503,599 $ 525,200 $ 42,002,600 $ (25,900 ) $ (30,820,300 ) - - $ 11,681,600

See notes to unaudited condensed consolidated financial statements

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SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

For the Six Months Ended June 30,
2025 2024
Operating activities:
Net loss $ (3,302,200 ) $ (3,335,200 )
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization 321,000 377,300
Stock-based compensation 375,200 530,200
Provision for bad debt - 2,000
Loss (gain) on sale of investment securities (20,100 ) 3,500
Unrealized holding (gain) on investment securities (8,600 ) (12,700 )
Noncash lease expense 101,600 167,400
Changes in operating assets and liabilities:
Trade accounts receivable 259,900 (57,800 )
Inventories (147,700 ) 88,800
Prepaid and other current assets (126,400 ) (31,200 )
Income Tax Receivable - 87,800
Other assets 4,300 -
Accounts payable 36,000 500
Contract Liabilities - 5,100
Accrued expenses (149,500 ) (94,200 )
Lease liabilities (106,400 ) (168,300 )
Net cash used in operating activities (2,762,900 ) (2,436,800 )
Investing activities:
Purchase of investment securities - (479,000 )
Redemption of investment securities 1,613,900 2,121,900
Capital expenditures (33,200 ) (72,200 )
Net cash provided by investing activities 1,580,700 1,570,700
Financing activities:
Proceeds from issuance of common stock 1,550,000 716,800
Issuance costs of common stock and warrants (97,800 ) (71,100 )
Net cash provided by financing activities 1,452,200 645,700
Effect of changes in foreign currency exchange rates on cash and cash equivalents 33,500 (15,200 )
Net increase (decrease) in cash and cash equivalents 303,500 (235,600 )
Cash and cash equivalents, beginning of period 587,900 796,100
Cash and cash equivalents, end of period $ 891,400 $ 560,500

See notes to unaudited condensed consolidated financial statements

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SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Nature of the Business and Basis of Presentation

Scientific Industries, Inc. and its subsidiaries (the “Company”) design, manufacture, and market a variety of benchtop laboratory equipment and bioprocessing products. The Company is headquartered in Bohemia, New York where it produces benchtop laboratory and pharmacy equipment. Additionally, the Company has a location in Baesweiller, Germany, where it designs and produces a variety of bioprocessing products, and administrative facilities in Pearl River, New York and Pittsburgh, Pennsylvania related to sales and marketing. The products, which are sold to customers worldwide, include mixers, shakers, stirrers, refrigerated incubators, pharmacy balances and scales, force gauges, bioprocessing sensors and analytical tools.

The accompanying (a) unaudited condensed balance sheet as of December 31, 2024, which has been derived from audited financial statements, and (b) unaudited interim condensed consolidated financial statements are prepared pursuant to the Securities and Exchange Commission’s rules and regulations for reporting on Form 10-Q. Accordingly, certain information and notes required by accounting principles generally accepted in the United States for complete financial statements are not included herein. The Company believes all adjustments necessary for a fair presentation of these interim statements have been included and that they are of a normal and recurring nature. These interim statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto, included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The results for the three and six months ended June 30, 2025, are not necessarily an indication of the results for the full fiscal year ending December 31, 2025.

2. Significant Accounting Policies

Principles **** of **** Consolidation

The accompanying unaudited interim condensed consolidated financial statements include the accounts of Scientific Industries, Inc., Scientific Bioprocessing Holdings, Inc. (“SBHI”), a Delaware corporation and wholly-owned subsidiary, which holds 100% of the outstanding stock of Scientific Bioprocessing, Inc. (“SBI”), a Delaware corporation, and aquila biolabs GmbH (“Aquila”), a German corporation 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 in consolidation.

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New Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures. This standard includes enhanced income tax disclosures primarily related to the effective tax rate reconciliation and income taxes paid for annual periods. For public companies, the amendments in this update are effective for annual periods beginning after December 12, 2024, with early adoption permitted. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses and in January 2025, the FASB issued ASU No. 2025-01 Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarified the effective date of ASU 2024-04. The ASU requires, among other things, more detailed disclosures about the type of expenses in commonly presented expense captions such as cost of sales and selling, general and administrative expenses and is intended to improve the disclosures about an entity’s expenses including purchases of inventory, employee compensation, depreciation and intangible asset amortization. ASU 2024-03 will also require the Company to disclose both the amount and the Company’s definition of selling expenses. The guidance, clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026, and interim periods for fiscal years beginning after December 15, 2027, on a prospective or retrospective basis. Early adoption is permitted. We are currently evaluating the impact of adopting this ASU on our disclosures.

3. Fair Value of Financial Instruments

The Company follows ASC - Accounting Standards Codification (“ASC 820”), Fair Value Measurement, which has defined 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.

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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 as of June 30, 2025, and December 31, 2024, according to the valuation techniques the Company used to determine their fair values:

Fair Value Measurement as of June 30, 2025
Level 1 Level 2 Level 3 Total
Investment securities - mutual funds $ 390,900 $ - $ - $ 390,900
Total $ 390,900 $ - $ - $ 390,900
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

Investments in marketable securities by security type as of June 30, 2025, and December 31, 2024, consisted of the following:

As of June 30, 2025: Cost Fair Value Unrealized<br><br>Holding Gain
Mutual funds $ 390,900 $ 399,500 $ 8,600
Total $ 390,900 $ 399,500 $ 8,600
As of December 31, 2024: Cost Fair Value Unrealized<br><br>Holding Gain
--- --- --- --- --- --- ---
Mutual funds $ 1,729,000 $ 1,985,000 $ 256,000
Total $ 1,729,000 $ 1,985,000 $ 256,000
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4. Inventories

As of June 30,<br><br>2025 As of December 31,<br><br>2024
Raw materials $ 3,122,300 $ 3,015,700
Work-in-process 58,500 28,500
Finished goods 1,760,300 1,551,200
Total Inventories $ 4,941,100 $ 4,595,400
Inventories - Current Asset $ 4,393,300 $ 4,085,900
Inventories - Noncurrent Asset $ 547,800 $ 509,500

5. Goodwill and Finite Lived 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 $115,300 as of June 30, 2025, and December 31, 2024, all of which is expected to be deductible for tax purposes.

Finite lived intangible assets are as follows:

As of June 30, 2025 Useful Lives Cost Accumulated<br><br>Amortization Net
Technology, trademarks 3--10 yrs. $ 1,216,800 $ 1,094,700 $ 122,100
Trade names 3--6 yrs. 592,300 455,000 137,300
Websites 3--7 yrs. 210,000 210,000 -
Customer relationships 4--10 yrs. 372,200 235,000 137,200
Sublicense agreements 10 yrs. 294,000 294,000 -
Non-compete agreements 4--5 yrs. 1,060,500 1,060,500 -
Patents 5--7 yrs. 605,600 471,400 134,200
$ 4,351,400 $ 3,820,600 $ 530,800
As of December 31, 2024 Useful Lives Cost Accumulated<br><br>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
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Total amortization expense was $221,400 and $253,700 for the six months ended June, 2025, and June 30, 2024, respectively.

Estimated future fiscal year amortization expense of intangible assets as of June 30, 2025, is as follows:

As of June 30, 2025 Amount
Remainder of year ending 2025 $ 152,100
2026 195,900
2027 97,900
2028 43,700
2029 28,300
2030 12,900
Total $ 530,800

6. Commitment and Contingencies

Legal Matters

During the normal course of business, the Company may be named from time to time as a party to claims and litigations arising in the ordinary course of business. When the Company becomes aware of potential litigation, it evaluates the merits of the case in accordance with ASC 450, Contingencies. Litigation and contingency accruals are based on our assessment, including advice of legal counsel, regarding the expected outcome of litigation or other dispute resolution proceedings. If the Company determines that an unfavorable outcome is probable and can be reasonably assessed, it establishes the necessary accruals. As of June 30, 2025 and December 31, 2024, the Company is not aware of any contingent legal liabilities that should be reflected in the consolidated financial statements.

Leases

The Company’s approximate future minimum rental payments under all operating leases as of June 30, 2025, were as follows:

As of June 30, 2025: Amount
Remainder of fiscal year ending 2025 $ 186,503
2026 289,900
2027 296,700
2028 201,000
Total future minimum payments $ 974,100
Less: Imputed interest (70,100 )
Total Present Value of Operating Lease Liabilities $ 904,000
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7. Stockholders’ Equity

Issuance of Common Stock and Warrants

On April 18, 2025, the Scientific Industries, Inc., a Delaware corporation (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain investors (each an “Investor” and collectively, the “Investors”) pursuant to which the Company sold in a private placement (the “Private Placement”), and the Investors purchased, an aggregate of 1,550,000 Units, comprising (i) 1,050,000 shares of the Company’s common stock, par value $0.05 per share (“Common Stock”), (ii) pre-funded warrants (the “Pre-Funded Warrants”) to purchase 500,000 shares of Common Stock and (iii) warrants (“Warrants”) to purchase 1,550,000 shares of Common Stock, for a total consideration of $1,550,000. The Company recognized $97,800 of issuance cost, which was attributable to legal and placement agent fees.

On January 17, 2024, the Company completed the last closing of its sale of securities pursuant to the Securities Purchase Agreement (the “2024 Purchase Agreement”) entered on December 13, 2023, as filed in the Company’s Form 8-K on December 15, 2023. At this closing, the Company sold an aggregate of 358,388 Units (“2024 Units”), comprising 358,388 shares of the Company’s common stock, par value $.05 per share (“Common Stock”) and warrants (“2024 Warrants”) to purchase 358,388 shares of Common Stock for a total consideration of $716,776. (the “2024 Offering”). The Company recognized $98,700 of issuance cost, which includes $71,100 attributable to legal and placement agent fees and $27,600 attributable to the fair value of warrants, issued to the placement agent, to purchase up to 17,919 shares of Common Stock at an exercise price of $2.00 per share on substantially the same terms as the 2024 Warrants issued to the purchasers of Units (“2024 Investors”).

As an incentive to certain 2024 Investors of the Company who participated in previous private placements (“Existing Investors”) and received as part of those financings, warrants (“Outstanding Warrants”) to purchase shares of Common Stock, the Company agreed that if any Existing Investor were to purchase 2024 Units at a certain level in the 2024 Offering, the Company would reduce the exercise price of the Outstanding Warrants held by such Existing Investor to $2.50 per share and extend the period in which such Outstanding Warrants could be exercised to the fifth anniversary of the date on which the Existing Investor purchased Units under the 2024 Purchase Agreement. Each Existing Investor purchasing Units at the requisite level received a new warrant (the “Replacement Warrants”) to replace such Existing Investor’s Outstanding Warrants. On January 17, 2024, as a result of their purchase of 2024 Units, Existing Investors became entitled to receive Replacement Warrants to replace 333,884 Outstanding Warrants, with each Replacement Warranting having a reduced exercise price of such Outstanding Warrants of $2.50 per share and exercisable until the fifth anniversary of the relevant closing under the 2024 Purchase Agreement.

Salary for Equity Incentive Options

On April 1, 2024 and May 17, 2024, as part of the Company’s strategic initiatives to reduce operating costs and conserve cash for operations, the Company offered a voluntary Salary/Compensation Waiver Program pursuant to which each director, officer and employee of the Company and its subsidiaries could elect to waive a portion of his or her salary/compensation for twelve months and receive instead options to purchase shares of Common Stock of the Company (the “stock options”). Under this program, the Company issued 10-year options to purchase 628,960 shares of Common Stock, each having an exercise price of $2.50 per share, vesting monthly over twelve months, valued at $948,200 on the grant date using the Black-Scholes-Merton option pricing model.

Equity Cancel and Replacement Options

On April 1, 2024, as part of the Company’s strategic initiatives to incentivize current employees, the Company entered into a cancellation and replacement agreement regarding certain out-of-the money outstanding employee stock options (the “replacement stock options”), whereby employees surrendered out-of-the-money outstanding stock options (“cancelled option awards") and the Company granted replacement stock options in the same number, having an exercise price of $2.50 per share, which replacement options vest monthly over three years from their date of issuance. The Company accounted for the issuance of these replacements options as a modification of the terms of the cancelled option awards and in accordance with ASC 718-20-35-2A the Company will recognize $613,400 stock compensation expense over the three-year vesting period, which was determined by the grant-date fair value of the original award for which the service is expected to be rendered at the cancellation date, plus incremental costs measured as the excess of the fair value of the replacement options on the grant date using the Black-Scholes-Merton option pricing model over the fair value of the cancelled option award at the cancellation date in accordance with ASC 718-20-35-3.

Board of Director Stock Options

On April 12, 2024, the Board of Directors of the Company (the “Board”) appointed Michael Blechman (“Mr. Blechman”) as (i) a Class B Director of the Company, (ii) a member of the Board’s audit committee, (iii) a member of the Board’s compensation committee, and (iv) the Chair and a member of the Company’s Nominating Committee. On May 17, 2024, in connection with such appointment, the Company granted and issued to Mr. Blechman stock options to purchase 25,000 shares of the Common Stock of the Company with an exercise price of $1.75 which vest monthly over three years, valued at $34,500 on the grant date using the Black-Scholes-Merton option pricing model.

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On July 1, 2024, the Company granted and issued stock options to purchase 10,000 shares of the Common Stock of the Company, to each of Christopher Cox, John Nicols, and Jurgen Schumacher, as part of their annual compensation for serving as independent directors of the Board. The stock options have a 10-year life, an exercise price of $1.29, will be 100% vested one year after the grant date, and were valued at $10,400 on the grant date using the Black-Scholes-Merton option pricing model.

On July 1, 2024, the Company granted and issued stock options to purchase 5,000 shares of the Common Stock of the Company, to each of Michael Blechman, Christopher Cox, and John Nicols, as part of their annual compensation serving as independent Committee Chairmen of the Company’s Board Committees. The stock options have a 10-year life, an exercise price of $1.29, will be 100% vested one year after the grant date, and were valued at $5,200 on the grant date using the Black-Scholes-Merton option pricing model.

8. Loss Per Common Share

The Company presents the computation of earnings per share (“EPS”) on a basic basis. Basic EPS is computed by dividing net income or loss by the weighted average number of shares outstanding during the reported period. Diluted EPS is computed similarly to basic EPS, except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential additional common shares that were dilutive had been issued. Common shares are excluded from the calculation if they are determined to be anti-dilutive. The following table sets forth the weighted average number of common shares outstanding for each period presented.

For the six months ended June 30,
2025 2024
Weighted average number of common shares outstanding 10,867,000 10,436,647
Effect of dilutive securities: - -
Weighted average number of common shares outstanding 10,867,000 10,436,647
Basic and Diluted loss per common share: $ (0.30 ) $ (0.32 )

Approximately 2,195,021 and 9,536,660 shares of the Company’s common stock issuable upon the exercise of stock options and warrants, respectively, were excluded from the calculation because the effect would be anti-dilutive due to the loss for the three months ended June 30, 2025. .

Approximately 1,766,547 and 8,232,510 shares of the Company’s common stock issuable upon the exercise of stock options and warrants, respectively, were excluded from the calculation because the effect would be anti-dilutive due to the loss for both the three and six months ended June 30, 2024.

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9. Related Parties

Consulting Agreements

During the six months ended June 30, 2025, and June 30, 2024, respectively, the Company paid $48,000 and $31,300, respectively, to Mr. John Nicols, a Director of the Company, who provided consulting services to the Bioprocessing Systems segment.

10. Segment Information and Concentration

The Company views its operations as two operating 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”), and the manufacture, design, and marketing of bioprocessing systems and products (“Bioprocessing Systems”). The Company also has included a non-operating Corporate segment. All inter-segment revenues are eliminated.

Three Months Ended June 30, 2025 Benchtop Laboratory Equipment Bioprocessing Systems Corporate and Other Consolidated
Revenues $ 2,106,200 $ 223,700 $ - $ 2,329,900
Foreign Sales 570,300 118,900 - 689,200
Income (Loss) From Operations 171,400 (1,459,600 ) (257,200 ) (1,545,400 )
Assets 6,155,300 3,680,200 390,900 10,226,400
Long-Lived Asset Expenditures 5,700 1,200 - 6,900
Depreciation and Amortization 16,800 137,500 - 154,300
Three Months Ended June 30, 2024 Benchtop Laboratory Equipment Bioprocessing Systems Corporate and Other Consolidated
--- --- --- --- --- --- --- --- --- --- --- ---
Revenues $ 2,281,900 $ 365,400 $ - $ 2,647,300
Foreign Sales 629,800 205,700 - 835,500
Income (Loss) From Operations 214,500 (1,292,900 ) (257,800 ) (1,336,200 )
Assets 6,224,600 4,754,300 3,295,100 14,274,000
Long-Lived Asset Expenditures 24,100 600 - 24,700
Depreciation and Amortization 21,400 167,800 - 189,200

Segment information is reported as follows.

For the three months ending June 30, 2025, one customer accounted for approximately 10% or more of the Company’s total revenue.

Six Months Ended June 30, 2025 Benchtop Laboratory Equipment Bioprocessing Systems Corporate and Other Consolidated
Revenues $ 4,379,200 $ 357,200 $ - $ 4,736,400
Foreign Sales 1,066,600 199,800 - 1,266,400
Income (Loss) From Operations 365,500 (2,953,100 ) (769,900 ) (3,357,900 )
Assets 6,155,300 3,680,200 390,900 10,226,400
Long-Lived Asset Expenditures 32,000 1,200 - 33,200
Depreciation and Amortization 36,100 284,900 - 321,000
Six Months Ended June 30, 2024 Benchtop Laboratory Equipment Bioprocessing Systems Corporate and Other Consolidated
--- --- --- --- --- --- --- --- --- --- --- ---
Revenues $ 4,449,300 $ 681,500 $ - $ 5,130,800
Foreign Sales 1,284,900 406,200 - 1,691,100
Income (Loss) From Operations 287,300 (2,894,700 ) (818,300 ) (3,425,700 )
Assets 6,224,600 4,754,300 3,295,100 14,274,000
Long-Lived Asset Expenditures 69,900 2,300 - 72,200
Depreciation and Amortization 42,800 334,500 - 377,300

Segment information is reported as follows.

For the six months ending June 30, 2025, one customer accounted for approximately 10% or more of the Company’s total revenue.

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A reconciliation of the Company’s consolidated segment income (loss) from operations to consolidated loss from operations before income taxes and net loss for the three months ended June 30, 2025 and 2024, respectively are as follows:

Three Months Ended June 30, 2025 Benchtop Laboratory Equipment Bioprocessing Systems Corporate and Other Consolidated
Income (Loss) from Operations $ 171,500 $ (1,459,700 ) $ (257,200 ) $ (1,545,400 )
Other (expense) income, net - 7,800 200 8,000
Interest income - - 14,700 14,700
Total other income, net - 7,800 14,900 22,700
Income (Loss) from operations before income tax expense $ 171,500 $ (1,451,900 ) $ (242,300 ) $ (1,522,700 )
Three Months Ended June 30, 2024 Benchtop Laboratory Equipment Bioprocessing Systems Corporate and Other Consolidated
--- --- --- --- --- --- --- --- --- --- --- --- ---
Income (Loss) from Operations $ 214,500 $ (1,292,900 ) $ (257,800 ) $ (1,336,200 )
Other income (expense), net (3,700 ) 5,600 (3,900 ) (2,000 )
Interest income - - 54,600 54,600
Total other income, net (3,700 ) 5,600 50,700 52,600
Income (Loss) from operations before income tax expense $ 210,800 $ (1,287,300 ) $ (207,100 ) $ (1,283,600 )
Six Months Ended June 30, 2025 Benchtop Laboratory Equipment Bioprocessing Systems Corporate and Other Consolidated
--- --- --- --- --- --- --- --- --- --- --- ---
Income (Loss) from Operations $ 365,600 $ (2,953,200 ) $ (769,900 ) $ (3,357,500 )
Other (expense) income, net - 22,800 (2,400 ) 20,400
Interest income - - 34,900 34,900
Total other income, net 22,800 32,500 55,300
Income (Loss) from operations before income tax expense $ 365,600 $ (2,930,400 ) $ (737,400 ) $ (3,302,200 )
Six Months Ended June 30, 2024 Benchtop Laboratory Equipment Bioprocessing Systems Corporate and Other Consolidated
--- --- --- --- --- --- --- --- --- --- --- --- ---
Income (Loss) from Operations $ 287,300 $ (2,894,700 ) $ (818,300 ) $ (3,425,700 )
Other income (expense), net (7,200 ) 11,100 (10,200 ) (6,300 )
Interest income - - 96,800 96,800
Total other income, net (7,200 ) 11,100 86,600 90,500
Income (Loss) from operations before income tax expense $ 280,100 $ (2,883,600 ) $ (731,700 ) $ (3,335,200 )

11. Subsequent Events

On August 7, 2025, Scientific Industries, Inc. (the “Company”), a Delaware corporation entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Troemner, LLC, a Delaware limited company (the “Purchaser”) pursuant to which the Company agreed to sell and the Purchaser agreed to purchase substantially all of the assets of the Genie Division of its Benchtop Laboratory Equipment Operations located in Bohemia, New York. Such assets consisted primarily of fixed assets, inventory, and intangible assets. The purchase price consisted of $9,600,000 minus certain working capital adjustments plus an earn-out up to an aggregate of $1,500,000, of which $1,140,000 is guaranteed if the Seller performs certain obligations under separate supply and transition services agreements, under which the Company will supply products currently produced by the Division to the Buyer for a period of at least six months, renewable for 3 month periods up to a total of twelve months, plus transition services which include training and transfer of knowhow by Seller to the Buyer. The Purchase Agreement contains customary conditions, representations, warranties, indemnities and covenants by, among, and for the benefit of the parties.

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

Forward-Looking statements. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2024. Certain statements contained in this report are not based on historical facts, but are forward-looking statements that are based upon various assumptions about future conditions. Actual events in the future could differ materially from those described in the forward-looking statements. Numerous unknown factors and future events could cause such differences, including but not limited to, product demand, market acceptance, success of marketing strategy, success of expansion efforts, impact of competition, adverse economic conditions, and other factors affecting the Company’s business that are beyond the Company’s control, which are discussed elsewhere in this report. Consequently, no forward-looking statement can be guaranteed. The Company undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. Throughout this Quarterly Report on Form 10-Q, the terms the “Company,” “Scientific,” “we,” “our” or “us,” refer to Scientific Industries, Inc. and its subsidiaries on a consolidated basis, unless stated or the context implies otherwise.

Overview.

Scientific Industries, Inc., a Delaware corporation (“SI” and along with its subsidiaries, the “Company”, “we”, “our”), is engaged in the design, manufacture, and marketing of standard benchtop laboratory equipment (“Benchtop Laboratory Equipment”), and through its wholly-owned subsidiary, Scientific Bioprocessing Holdings, Inc., a Delaware corporation (“SBHI”), the design, manufacture, and marketing of bioprocessing systems and products (“Bioprocessing Systems”). SBHI has two wholly-owned subsidiaries – Scientific Bioprocessing, Inc., a Delaware corporation (“SBI”), and aquila biolabs GmbH, a German corporation (“Aquila”). The Company’s products are used primarily for research purposes by universities, pharmaceutical companies, pharmacies, national laboratories, medical device manufacturers, and other industries performing laboratory-scale research. The Company’s results reflect those of the Benchtop Laboratory Equipment Operations and the Bioprocessing Systems Operations and its corporate operation.

Results of Operations.

Three months ended June 30, 2025 and 2024

The Company realized a loss from operations before income tax expense of $1,522,700 for the three months ended June 30, 2025 compared to a $1,283,600 loss from operations before income tax expense for the three months ended June 30, 2024, primarily due to lower revenues generated during the period, in part resulting from the headwinds created by uncertainty related to the global trade war and reduced research funding.

Revenue

Net revenues for the three months ended June 30, 2025 decreased $317,400 (12.0%) to $2,329,900 from $2,647,300 for the three months ended June 30, 2024, primarily due to a decrease of $175,700 in Benchtop Laboratory Equipment Operations primarily due to decreased sales of Genie brand products resulting from the headwinds created by uncertainty related to the global trade war which was partially offset by increased Torbal division sales and a $141,700 decrease in the Bioprocessing Systems Operations revenue due to customer delays in finalizing orders and requirements for products not yet available.

Gross profit

The gross profit percentage for the three months ended June 30, 2025, and 2024, was 43.8% and 48.8%, respectively. The decrease is due primarily to increased material costs due to tariffs, principally for Torbal OEM products and fixed overhead for the Benchtop Laboratory Equipment Operations.

.

General and administrative

General and administrative expenses for the three months ended June 30, 2025, and 2024, were $975,800 and $1,062,000, respectively. The decrease of $86,200 (8.1%) is due primarily to decreased employee-related costs associated with a reduction in force in the Bioprocessing Systems Operations during the second quarter of fiscal 2024.

Selling

Selling expenses for the three months ended June 30, 2025 and 2024, were $912,300 and $900,600, respectively. The increase of $11,700 (1.3%) is due primarily to increased sales and marketing costs incurred by the Bioprocessing Systems Operations.

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Research and development

Research and development expenses for the three months ended June 30, 2025, and 2024, were $677,200 and $666,000, respectively. The increase of $11,200 (1.7%) is due primarily to increased research and development expenditures in the Bioprocessing Systems Operations related to DOTS new products.

Other income, net

Total other income (expense), net, for the three months ended June 30, 2025 and 2024, wase $22,700 and $52,600, respectively. The decrease is due primarily to the decrease in interest income resulting from lower investment securities.

Income tax

Income tax for the three months ended June 30, 2025, and 2024, was $0 and $0, respectively. The Company maintains a full valuation allowance of $12,365,400 against its consolidated net deferred tax asset as the Company determined the net deferred tax assets, which includes net operating loss carry-forwards and other tax credits, are not more likely than not to be realized in the future.

Six months ended June 30, 2025 and 2024

Results of Operations.

The Company realized a loss from operations before income tax expense of $3,302,200 for the six months ended June 30, 2025, as compared to a $3,335,200 loss from continuing operations before income tax expense for the six months ended June 30, 2024, resulting from a combination of decreased revenues offset by lower operating expenses.

Revenue

Net revenues for the six months ended June 30, 2025 decreased $394,400 (7.7%) to $4,736,400 from $5,130,800 for the six months ended June 30, 2024, primarily due to a $324,300 decrease in the Bioprocessing Systems Operations revenues resulting primarily from inability to close on opportunities which are delayed to future periods for various reasons including customer funding or new product availability, and a decrease of $70,100 in revenues from Benchtop Laboratory Equipment Operations, which resulted primarily from decreased sales of Genie brand products, offset by increased sales of Torbal brand products.

Gross profit

The gross profit percentage for the six months ended June 30, 2025, and 2024, was 43.0% and 45.5%, respectively.

The decrease is due primarily to increased material costs due to tariffs, principally for Torbal OEM products and fixed overhead for the Benchtop Laboratory Equipment Operations.

General and administrative

General and administrative expenses for the six months ended June 30, 2025, and 2024, were $2,228,200 and $2,583,800, respectively. The decrease of $355,600 (13.8%) is due primarily to decreased employee-related costs associated with a reduction in force in the Bioprocessing Systems Operations during the second quarter of fiscal 2024.

Selling

Selling expenses for the six months ended June 30, 2025 and 2024, were $1,836,600 and $1,798,400, respectively. The increase of $38,200 (2.1%) is due primarily to increased sales and marketing expenses incurred by the Bioprocessing Systems Operations.

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Research and development

Research and development expenses for the six months ended June 30, 2025, and 2024, were $1,329,200 and $1,376,700, respectively. The decrease of $47,500 (3.5%) is due primarily to the reduction of research and development expenditures in the Benchtop Laboratory Equipment Operations due to completion of the VIVID Workstation product development.

Other income, net

Other income/(loss), net, for the six months ended June 30, 2025 and 2024, was $55,300 and $90,500, respectively. The decrease is due primarily to the decrease in interest income from lower investment securities.

Income tax

Income tax for the six months ended June 30, 2025, and 2024, was $0 and $0, respectively. The Company maintains a full valuation allowance of $12,365,400 against its consolidated net deferred tax asset as the Company determined the net deferred tax assets, which includes net operating loss carry-forwards and other tax credits, are not more likely than not to be realized in the future.

The following table discloses our cash flows for the periods presented:

For the six months ended<br><br>June 30,
2025 2024
Net cash used in operating activities $ (2,762,900 ) $ (2,436,800 )
Net cash provided in investing activities 1,580,700 1,570,700
Net cash provided in financing activities 1,452,200 645,700
Effect of changes in foreign currency exchange rates 33,500 (15,200 )
Increase / (decrease) in cash and cash equivalents 303,500 (235,600 )

Net cash used in operating activities was $2,762,900 for the six months ended June 30, 2025 compared to $2,436,800 for the six months ended June 30, 2024. The net change of $326,100 is primarily due to a higher inventory and prepaid expenses in June 30, 2025.

Net cash provided by investing activities was $1,580,700 for the six months ended June 30, 2025 compared to $1,570,700 provided in the six months ended June 30, 2024. The net increase of $10,000 is primarily due to the net redemption of investment securities in the six months ended June 30, 2025.

Net cash provided by financing activities was $1,452,200 for the six months ended June 30, 2025 compared to $645,700 for the six months ended June 30, 2024. The net change of $806,500, is primarily due to the issuance of common stock in the six months ended June 30, 2025.

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Critical Accounting Estimates

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires us to make judgments, assumptions, and estimates that affect the amounts reported in the consolidated financial statements and accompanying notes. “Note 2-Summary of significant accounting policies” to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”) describes the significant accounting policies and methods used in the preparation of the consolidated financial statements. Our critical accounting estimates are identified in Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of our fiscal 2024 Form 10-K. Such accounting policies and estimates require significant judgments and assumptions to be used in the preparation of the consolidated financial statements, and actual results could differ from our assumptions and estimates, and such differences could be material.

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this item.

ITEM 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report, our management, with the participation and supervision of our Chief Executive Officer and Chief Financial Officer, have evaluated the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934). In designing and evaluating our disclosure controls and procedures, we recognize that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives and that we are required to apply our judgment in evaluating the cost-benefit relationship of possible controls and procedures. Further, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected. Based on the evaluation of our disclosure controls and procedures and internal controls over financial reporting as of June 30, 2025, our Chief Executive Officer and our Chief Financial Officer concluded that our disclosure controls and procedures were effective. Our management has concluded that the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q present fairly, in all material respects, the Company’s financial position, results of operations and cash flows for the periods disclosed in accordance with U.S. GAAP.

Changes in Internal Controls Over Financial Reporting

There were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the three months ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

ITEM 1. Legal Proceedings

None

ITEM 1A. Risk Factors

Not required for smaller reporting companies.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

None

ITEM 3. Defaults Upon Senior Securities

None

ITEM 4. Mine Safety Disclosures

Not applicable

ITEM 5. Other Information

None

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ITEM 6. Exhibits

Exhibit Number Description of document
31.1 Certification of Chief Executive 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
21
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SIGNATURES

Pursuant to the requirements of Section13 or 15(d) of the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SCIENTIFIC INDUSTRIES, INC. (Registrant)
Date: August 19, 2025 By: /s/ Helena R. Santos
Helena R. Santos
President, Chief Executive Officer, Chief Financial Officer and Treasurer
22
---

scnd_ex311.htm EXHIBIT 31.1

CERTIFICATION BY THE CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT

I, Helena R. Santos, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 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: August 19, 2025 By: /s/ Helena R. Santos

| | | Helena R. Santos |

| | | Chief Executive Officer and Chief Financial Officer and Treasurer |

scnd_ex321.htm EXHIBIT 32.1

CERTIFICATION BY THE CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT

I, Helena R. Santos, Chief Executive Officer of Scientific Industries, Inc. (the “Company”), certify, to the best of my knowledge that:

1. I have reviewed this Quarterly Report on Form 10-Q of the Company for the period ended June 30, 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.
Scientific Industries, Inc.
Date: August 19, 2025 By: /s/ Helena R. Santos

| | | Helena R. Santos |

| | | Chief Executive Officer, Chief Financial Officer and Treasurer |

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