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SCIENTIFIC INDUSTRIES, INC.

OTCQB: SCND

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Company: Scientific Industries, Inc.
Ticker: OTCQB: SCND
Sector: Healthcare
Investor Contact: Joe Dorame
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Scientific Industries Financials

Financials – Current & Historical

CONSOLIDATED BALANCE SHEETS
v3.25.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 587,900 $ 796,100
Investment securities 1,985,000 4,928,700
Trade accounts receivable, less allowance for doubtful accounts of $15,600 at December 31, 2024 and 2023 1,202,600 1,157,100
Inventories 4,085,900 4,883,900
Income tax receivable 73,600 161,400
Prepaid expenses and other current assets 352,700 413,500
Total current assets 8,287,700 12,340,700
Property and equipment, net 885,000 1,082,300
Goodwill 115,300 115,300
Other intangible assets, net 752,300 1,249,900
Inventories 509,500 609,000
Operating lease right-of-use assets 947,900 1,273,900
Other assets 63,100 59,400
Total assets 11,560,800 16,730,500
Current liabilities:    
Accounts payable 586,100 711,700
Accrued expenses 790,100 777,900
Contract liabilities 63,500 23,600
Lease liabilities, current portion 307,300 324,100
Total current liabilities 1,747,000 1,837,300
Lease liabilities, less current portion 694,400 1,007,800
Total liabilities 2,441,400 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 outstanding at December 31, 2024 and 2023 525,200 507,300
Additional paid-in capital 42,637,800 40,844,600
Accumulated comprehensive income (loss) (113,100) 18,600
Accumulated deficit (33,930,500) (27,485,100)
Total shareholders' equity 9,119,400 13,885,400
Total liabilities and shareholders' equity $ 11,560,800 $ 16,730,500
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL)
v3.25.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
CONSOLIDATED BALANCE SHEETS    
Allowance doubtful accounts $ 15,600 $ 15,600
Common stock,par value $ 0.05 $ 0.05
Common stock, authorized shares 30,000,000 30,000,000
Common stock, issued shares 10,503,599 10,145,211
Common stock, outstanding shares 10,503,599 10,145,211
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE LOSS
v3.25.1
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS    
Revenues $ 10,712,600 $ 11,111,500
Cost of revenues 5,979,000 6,009,500
Gross profit 4,733,600 5,102,000
Operating expenses:    
General and administrative 4,822,700 5,417,900
Selling 3,643,000 5,377,800
Research and development 2,906,100 3,566,200
Total operating expenses 11,371,800 14,361,900
Loss from operations (6,638,200) (9,259,900)
Other income:    
Other income, net 12,400 62,900
Interest income 180,400 107,200
Total other income, net 192,800 170,100
Loss from continuing operations before income tax expense (6,445,400) (9,089,800)
Income tax, current 0 0
Income tax expense 0 0
Total Income tax expense 0 0
Loss from continuing operations (6,445,400) (9,089,800)
Discontinued operations:    
Gain from discontinued operations, net of tax 0 3,300
Net loss (6,445,400) (9,086,500)
Comprehensive gain (loss):    
Unrealized holding gain on investment securities, net of tax 0 1,600
Foreign currency translation gain (loss) (131,700) 25,400
Comprehensive gain (loss) (131,700) 27,000
Total comprehensive loss $ (6,577,100) $ (9,059,500)
Basic and Diluted loss per common share    
Continuing operations $ (0.61) $ (1.27)
Discontinued operations 0 0
Consolidated operations $ (0.61) $ (1.27)
CONSOLIDATED STATEMENTS OF CASH FLOWS
v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating activities:    
Net loss $ (6,445,400) $ (9,086,500)
Adjustments to reconcile net loss to net cash used in operating activities:    
Provision for bad debt 2,000 0
Provision for inventory reserves 359,800 0
Depreciation and amortization 750,700 754,000
Stock-based compensation 1,165,400 2,240,100
Fair value on issuance of warrants 0 161,000
Loss on sale of investment securities 6,700 92,300
Unrealized holding gain on investment securities (25,900) (143,400)
Noncash lease expense 326,600 105,200
Changes in operating assets and liabilities:    
Trade accounts receivable (42,600) 119,100
Inventories 450,800 (13,100)
Prepaid expense and other current assets 59,000 47,400
Income tax receivable 87,800 0
Other assets (3,700) (1,200)
Accounts payable (114,600) (222,400)
Accrued expenses 30,000 10,100
Contract liabilities 40,100 (110,800)
Lease liabilities (330,200) (106,800)
Net cash used in operating activities (3,683,500) (6,155,000)
Investing activities:    
Redemption of investment securities 3,527,500 5,314,000
Purchase of investment securities (562,600) (5,917,400)
Capital expenditures (98,900) (131,700)
Net cash provided by (used) in investing activities 2,866,000 (735,100)
Financing activities:    
Proceeds from issuance of common stock 716,800 6,283,200
Issuance cost of common stock and warrants (71,100) (532,000)
Net cash provided by financing activities 645,700 5,751,200
Effect of changes in foreign currency exchange rates on cash and cash equivalents (36,400) 7,900
Net decrease in cash and cash equivalents (208,200) (1,131,000)
Cash and cash equivalents, beginning of period 796,100 1,927,100
Cash and cash equivalents, end of period 587,900 796,100
Cash paid during the period for:    
Income taxes 0 0
Noncash financing activities:    
Record right-of-use assets 0 166,400
Record lease liabilities $ 0 $ 166,400

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