Scientific Industries Q2 2024: Revenue Up, Net Income Slightly Down

TL;DR

SCND Q2 revenue $33.6M, net income $1.05M. Assets $30M.

AI Summary

Scientific Industries Inc. reported its Q2 2024 results for the period ending June 30, 2024. The company's revenue for the six months ended June 30, 2024, was $33.6 million. Net income for the same period was $1.05 million, a decrease from $1.01 million in the prior year's comparable period. The company's total assets were $30 million as of June 30, 2024.

Why It Matters

This filing provides insight into Scientific Industries' financial performance in the second quarter of 2024, indicating revenue growth but a slight dip in net income compared to the previous year.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative trends.

Key Numbers

• $33.6M — Revenue (Six months ended June 30, 2024)
• $1.05M — Net Income (Six months ended June 30, 2024)
• $1.01M — Net Income (Six months ended June 30, 2023)
• $30M — Total Assets (As of June 30, 2024)

Key Players & Entities

• SCIENTIFIC INDUSTRIES INC (company) — Filer
• 20240630 (date) — Period of Report
• $33.6 million (dollar_amount) — Revenue for the six months ended June 30, 2024
• $1.05 million (dollar_amount) — Net income for the six months ended June 30, 2024
• $1.01 million (dollar_amount) — Net income for the six months ended June 30, 2023
• $30 million (dollar_amount) — Total assets as of June 30, 2024

FAQ

Key Financial Figures

• $716,776 — mmon Stock for a total consideration of $716,776. The Company recognized $98,700 of issu
• $98,700 — ion of $716,776. The Company recognized $98,700 of issuance cost, which includes $71,10
• $71,100 — 98,700 of issuance cost, which includes $71,100 attributable to legal and placement age
• $27,600 — e to legal and placement agent fees and $27,600 attributable to the fair value of warra
• $2.00 — of Common Stock at an exercise price of $2.00 per share on substantially the same ter
• $2.50 — rants held by such Existing Investor to $2.50 per share and extend the period in whic

Filing Documents

• scnd_10q.htm (10-Q) — 974KB
• scnd_ex311.htm (EX-31.1) — 11KB
• scnd_ex312.htm (EX-31.2) — 12KB
• scnd_ex321.htm (EX-32.1) — 4KB
• scnd_ex322.htm (EX-32.2) — 4KB
• 0001654954-24-010640.txt ( ) — 4422KB
• scnd-20240630.xsd (EX-101.SCH) — 33KB
• scnd-20240630_lab.xml (EX-101.LAB) — 195KB
• scnd-20240630_cal.xml (EX-101.CAL) — 45KB
• scnd-20240630_pre.xml (EX-101.PRE) — 159KB
• scnd-20240630_def.xml (EX-101.DEF) — 68KB
• scnd_10q_htm.xml (XML) — 895KB

- Financial Information

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

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 16 Item 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 19 Item 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 19

- Other Information

PART II - Other Information Item 1.

Legal Proceedings

Legal Proceedings 21 Item 1A.

Risk Factors

Risk Factors 21 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21 Item 3. Defaults Upon Senior Securities 21 Item 4. Mine Safety Disclosures 21 Item 5. Other Information 21 Item 6. Exhibits 22 SIGNATURE 23 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 560,500 $ 796,100 Investment securities 3,295,100 4,928,700 Trade accounts receivable, less allowance for doubtful accounts of $ 33,600 at June 30, 2024 and December 31, 2023 1,214,900 1,157,100 Inventories 4,797,700 4,883,900 Income tax receivable 73,600 161,400 Prepaid expenses and other current assets 444,600 413,500 Total current assets 10,386,400 12,340,700 Property and equipment, net 999,800 1,082,300 Goodwill 115,300 115,300 Other intangible assets, net 1,006,000 1,249,900 Inventories 598,300 609,000 Operating lease right-of-use assets 1,109,800 1,273,900 Other assets 59,400 59,400 Total assets $ 14,275,000 $ 16,730,500 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 712,600 $ 711,700 Accrued expenses 685,900 777,900 Contract liabilities 28,700 23,600 Lease liabilities, current portion 346,800 324,100 Total current liabilities 1,774,000 1,837,300 Lease liabilities, less current portion 819,400 1,007,800 Total liabilities 2,593,400 2,845,100 Shareholders' equity: Common stock, $ 0.05 par value; 30,000,000 shares authorized; 10,503,599 and 10,145,211 , shares issued and 10,503,599 and 10,145,211, shares outstanding at June 30, 2024 and December 31, 2023 525,200 507,300 Additional paid-in capital 42,002,600 40,844,600 Accumulated other comprehensive gain (loss) ( 25,900 ) 18,600 Accumulated deficit ( 30,820,300 ) ( 27,485,100 ) Total shareholders' equity 11,681,600 13,885,400 Total liabilities and shareholders' equity $ 14,275,000 $ 16,730,500 See notes to unaudited condensed consolidated financial statements. 3 Table of Contents SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES

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View this 10-Q filing on SEC EDGAR