SCIENTIFIC INDUSTRIES INC - Quarter Report: 2021 March (Form 10-Q)

 

 

 

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 March 31, 2021

 

 

 

☐	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 in Its Charter)

 

 

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)

 

 

(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)

 

 

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 and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted 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, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

 

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☐(Do not check if a smaller reporting company)	Smaller reporting company ☒
	Emerging Growth ☐

 

 

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 May 7, 2021 is 4,458,143 shares.

 

 

 

 

SCIENTIFIC INDUSTRIES, INC.

 

Table of Contents

 

 

 

 

 

PART I - Financial Information
Item 1.	CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
	Condensed Consolidated Balance Sheets	2
	Condensed Consolidated Statements of Operations	3
	Condensed Consolidated Statements of Changes in Shareholders’ Equity	4
	Condensed Consolidated Statements of Cash Flows	5
	Notes to Unaudited Condensed Consolidated Financial Statements	6
Item 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	16
Item 4.	CONTROLS AND PROCEDURES	17
PART II - Other Information
Item 6.	EXHIBITS AND REPORTS ON FORM 8-K	18
SIGNATURE		19

 

 

 

 

 

 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

ASSETS

 

	March 31, 2021	June 30, 2020
Current assets:	(Unaudited)
Cash and cash equivalents	$627,500	$7,559,700
Investment securities	5,325,700	331,800
Trade accounts receivable, less allowance for doubtful accounts of $11,600 at March 31, 2021 and June 30, 2020	1,822,500	1,064,000
Inventories	2,885,200	2,541,000
Income tax receivable	336,300	334,800
Prepaid expenses and other current assets	62,600	112,400
Assets of discontinued operations	124,600	793,000
Total current assets	11,184,400	12,736,700
Property and equipment, net	383,700	278,300
Intangible assets, net	121,500	128,700
Goodwill	257,300	257,300
Other assets	48,400	56,000
Deferred taxes	1,189,400	537,100
Operating lease right-of-use assets	715,600	803,300
Total assets	$13,900,300	$14,797,400

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:
Accounts payable	$477,200	$334,600
Accrued expenses	456,400	679,000
Contract liabilities	-	20,000
Contingent consideration, current portion	195,800	111,000
Bank overdraft	50,600	43,100
Liabilities of discontinued operations	64,400	240,900
Operating lease liabilities, current portion	50,300	195,800
Payroll Protection Program loan, current portion	563,800	563,800
Total current liabilities	1,858,500	2,188,200
Payroll Protection Program loan, less current portion	433,800	-
Contingent consideration payable, less current portion	30,300	247,000
Operating lease liabilities, less current portion	735,300	640,800
Total liabilities	3,057,900	3,076,000
Shareholders’ equity: Common stock, $.05 par value; 10,000,000 and 7,000,000 shares authorized; 2,882,065 and 2,881,065 shares issued; 2,862,263 and 2,861,263 shares outstanding at March 31, 2021 and June 30, 2020
	144,200	144,100
Additional paid-in capital	10,040,600	8,608,300
Retained earnings	710,000	3,021,400
	10,894,800	11,773,800
Less common stock held in treasury at cost, 19,802 shares	52,400	52,400
Total shareholders’ equity	10,842,400	11,721,400
Total liabilities and shareholders’ equity	$13,900,300	$14,797,400

 

 

SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

 

	For the Three Month Period Ended March 31,	For the Three Month Period Ended March 31,	For the Nine Month Period Ended March 31,	For the Nine Month Period Ended March 31,
	2021	2020	2021	2020
Revenues	$2,508,600	$2,136,200	$7,245,100	$6,234,500
Cost of revenues	1,145,700	1,037,000	3,419,400	2,978,900
Gross profit	1,362,900	1,099,200	3,825,700	3,255,600
Operating expenses:
General and administrative	1,385,600	509,700	2,441,700	1,458,100
Selling	1,386,100	344,900	2,658,900	880,300
Research and development	450,000	298,900	1,024,000	795,300
Termination costs	-	180,700	-	180,700
Total operating expenses	3,221,700	1,334,200	6,124,600	3,314,400
Loss from operations	(1,858,800)	(235,000)	(2,298,900)	(58,800)
Other income (expense):
Other income (expense), net	6,100	(42,200)	22,300	(40,100)
Interest income	22,500	300	71,400	10,000
Total other income (expense), net	28,600	(41,900)	93,700	(30,100)
Loss before income tax (benefit)	(1,830,200)	(276,900)	(2,205,200)	(88,900)
Income tax (benefit), deferred:	(378,200)	(45,500)	(472,300)	(15,000)
Net loss from continuing operations	(1,452,000)	(231,400)	(1,732,900)	(73,900)
Discontinued operations (Note 9):
Income (loss) from discontinued operations (including loss on disposal of $405,400), in 2021 period	16,400	(99,600)	(758,400)	(360,300)
Income tax (benefit), deferred	-	(16,400)	(179,900)	(67,000)
Net income (loss) from discontinued operations	16,400	(83,200)	(578,500)	(293,300)
Net loss	$(1,435,600)	$(314,600)	$(2,311,400)	$(367,200)
Basic and diluted income (loss) per common share
Continuing operations	$(.51)	$(.15)	$(.61)	$(.05)
Discontinued operations	$.01	$(.06)	$(.20)	$(.20)
Consolidated operations	$(.50)	$(.21)	$(.81)	$(.25)

 

See notes to unaudited condensed consolidated financial statements.

 

 

SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES

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

 

 

			Additional				Total
	Common Stock		Paid-in	Retained	Treasury Stock		Shareholders’
Fiscal Year 2021:	Shares	Amount	Capital	Earnings	Shares	Amount	Equity
Balance, July 1, 2020	2,881,065	$144,100	$8,608,300	$3,021,400	19,802	$52,400	$11,721,400
Net loss	-	-	-	(263,300)	-	-	(263,300)
Stock-based compensation	-	-	61,300	-	-	-	61,300
Balance, September 30, 2020	2,881,065	144,100	8,669,600	2,758,100	19,802	52,400	11,519,400
Net loss	-	-	-	(612,500)	-	-	(612,500)
Stock-based compensation	-	-	76,100	-	-	-	76,100
Balance, December 31, 2020	2,881,065	$144,100	$8,745,700	$2,145,600	19,802	$52,400	$10,983,000
Net loss	-	-	-	(1,435,600)	-	-	(1.435,600)
Stock-based compensation	-	-	1,292,000	-	-	-	1,292,000
Stock options exercised	1,000	100	2,900	-	-	-	3,000
Balance, March 31, 2021	2,882,065	$144,200	$10,040,600	$710,000	19,802	$52,400	$10,842,400

 

 

			Additional				Total
	Common Stock		Paid-in	Retained	Treasury Stock		Shareholders’
Fiscal Year 2020:	Shares	Amount	Capital	Earnings	Shares	Amount	Equity
Balance, July 1, 2019	1,513,914	$75,700	$2,592,700	$3,724,700	19,802	$52,400	$6,340,700
Net loss	-	-	-	(56,200)	-	-	(56,200)
Stock options exercised	2,000	100	6,900	-	-	-	7,000
Stock-based compensation	-	-	17,700	-	-	-	17,700
Balance, September 30, 2019	1,515,914	75,800	2,617,300	3,668,500	19,802	52,400	6,309,200
Net income	-	-	-	3,600	-	-	3,600
Stock options exercised	6,661	300	(300)	-	-	-	-
Stock-based compensation	-	-	17,700	-	-	-	17,700
Balance, December 31, 2019	1,522,575	$76,100	$2,634,700	$3,672,100	19,802	$52,400	$6,330,500
Net loss	-	-	-	(314,600)	-	-	(314,600)
Stock-based compensation	-		14,600	-	-	-	14,600
Balance, March 31, 2020	1,522,575	$76,100	$2,649,300	$3,357,500	19,802	$52,400	$6,030,500

 

  

 

SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 

	For the Nine Month Period March 31,	For the Nine Month Period March 31,
	2021	2020
Operating activities:
Net loss	$(2,311,400)	$(367,200)
Adjustments to reconcile net loss to cash used in operating activities:
Gain on sale of investments	(34,600)	(4,000)
Unrealized holding loss on investments	18,900	42,700
Depreciation and amortization	126,700	123,300
Deferred income taxes	(652,300)	(82,100)
Loss on disposal of subsidiary	405,400	-
Stock-based compensation	1,429,400	50,000
Gain on sale of fixed assets	-	(300)
Change in fair value of contingent consideration	(118,500)	60,000
Changes in operating assets and liabilities:
Trade accounts receivable	(758,500)	(210,000)
Inventories	(697,700)	(452,500)
Right - of- use assets	87,700	(867,400)
Income tax receivable	(1,500)	-
Prepaid and other current assets	57,400	9,500
Lease liabilities	(51,000)	933,300
Accounts payable	142,600	(117,100)
Contract liabilities	(20,000)	116,100
Bank overdraft	7,500	-
Accrued expenses	(222,600)	(38,100)
Total adjustments	(281,100)	(436,600)
Net cash used in operating activities	(2,592,500)	(803,800)
Investing activities:
Redemption of investment securities	1,631,000	53,600
Purchase of investment securities	(6,609,200)	(62,800)
Proceeds from sale of discontinued operations	440,000	-
Proceeds from sale of fixed assets	-	1,000
Capital expenditures	(183,700)	(38,100)
Purchase of other intangible assets	(41,200)	(20,000)
Net cash used in investing activities	(4,763,100)	(66,300)
Financing activities:
Payments of contingent consideration	(13,400)	-
Proceeds from Payroll Protection Program	433.800	-
Proceeds from stock options exercised	3,000	7,000
Net cash provided by financing activities	423,400	7,000
Net decrease in cash and cash equivalents	(6,932,200)	(863,100)
Cash and cash equivalents, beginning of year	7,559,700	1,602,500
Cash and cash equivalents, end of period	$627,500	$739,400
Supplemental disclosures:
Cash paid during the period for:
Income taxes	$2,500	$40,900

See notes to unaudited condensed consolidated financial statements.

SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

General:

The accompanying 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 footnotes 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 financial statements and notes thereto, included in its Annual Report on Form 10-K, for the fiscal year ended June 30, 2020. The results for the three and nine months ended March 31, 2021 are not necessarily an indication of the results for the full fiscal year ending June 30, 2021.

 

1. Summary of Significant Accounting Policies

 

Principles of Consolidation

 

The accompanying consolidated financial statements include the accounts of Scientific Industries, Inc., Scientific Bioprocessing, Inc. (“SBI”) a Delaware corporation and wholly-owned subsidiary, and Altamira Instruments, Inc. (“Altamira”), a Delaware corporation and wholly-owned subsidiary (discontinued as of November 2020), 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.

 

COVID-19 Pandemic

 

The challenges posed by the COVID-19 pandemic on the global economy began to impact the Company’s operations at the end of the third quarter of the year ended June 30, 2020. At that time, the Company took appropriate action and put plans in place to diminish the effects of COVID-19 on its operations, enabling the Company to continue to operate with minor or temporary disruptions to its operations. The Company took immediate action as it pertains to COVID-19 preparedness by implementing the Center for Disease Control’s guidelines for employers in order to protect the Company’s employees’ health and safety, with actions such as implementing work from home, social distancing in the workplace, requiring self -quarantine for any employee showing symptoms, wearing face coverings, and training employees on maintaining a healthy work environment. However, if an employee becomes infected in the future, and the Company is forced to shut down for a period of time, it could have a short-term negative impact on operations. At the beginning of the pandemic, the Catalyst Research Instruments (“discontinued operation”) and Bioprocessing Systems Operations were shut down due to state mandates, however, the impact on operations was immaterial, and the Company was able to retain its employees without furloughs or layoffs, in part, due to the Company’s receipt of certain loan amounts under the Federal Government’s Paycheck Protection Program. The Company did not experience and does not anticipate any material impact on its ability to collect its accounts receivable due to the nature of its customers, which are primarily distributors of laboratory equipment and supplies that have the ability to pay. However, there were some delays in receiving some accounts receivable due for the discontinued operation due to customer shutdowns, and there was a material negative impact on the revenues of the discontinued operation. The Company has not experienced and does not anticipate any material impairment to its tangible and intangible assets, system of internal controls, supply chain, or delivery and distribution of its products as a result of COVID-19, however the ultimate impact of COVID-19 on the Company’s business, results of operations, financial condition and cash flows is dependent on future developments, including the duration or worsening of the pandemic and the related length of its impact on the global economy, which are uncertain and cannot be predicted at this time.

 

Adopted Accounting Pronouncements

 

In August 2018, the Financial Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement", which is part of the FASB disclosure framework project to improve the effectiveness of disclosures in the notes to the financial statements. The amendments in the new guidance remove, modify, and add certain disclosure requirements related to fair value measurements covered in Topic 820, "Fair Value Measurement." The new standard was effective for fiscal years beginning after December 15, 2019. Early adoption was permitted for either the entire standard or only the requirements that modify or eliminate the disclosure requirements, with certain requirements applied prospectively, and all other requirements applied retrospectively to all periods presented. The adoption of this standard on July 1, 2020 did not have a material impact on the Company’s financial statements.

 

Recent Accounting Pronouncements

 

In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes, which is designed to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. ASU No. 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years; this ASU allows for early adoption in any interim period after issuance of the update. The Company is currently evaluating the impact of adopting this guidance.

 

2. Revenue

 

The Company records revenues in accordance with Accounting Standards Codification (“ASC”) Topic 606 “Revenue from Contracts with Customers, as amended” (“ASC Topic 606”). In accordance with ASC Topic 606, the Company accounts for a customer contract when both parties have approved the contract and are committed to perform their respective obligations, each party’s rights can be identified, payment terms can be identified, the contract has commercial substance, and it is probable that the Company will collect substantially all of the consideration to

 

 

 

SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

 

which it is entitled. Revenue is recognized when, or as, performance obligations are satisfied by transferring control of a promised product or service to a customer.

 

Nature of Products and Services

 

We generate revenues from the following sources: (1) Benchtop Laboratory Equipment, and (2) Bioprocessing Systems.

 

The following table summarizes the Company’s disaggregation of revenues for the three and nine months ended March 31, 2021 and 2020.

 

	Benchtop Laboratory Equipment	Bioprocessing Systems	Consolidated
Three Months Ended March 31, 2021:
Revenues	$2,365,700	$142,900	$2,508,600
Foreign Sales	942,200	102,600	1,044,800

 

 

	Benchtop Laboratory Equipment	Bioprocessing Systems	Consolidated
Three Months Ended March 31, 2020:
Revenues	$1,800,700	$335,500	$2,136,200
Foreign Sales	743,000	335,000	1,078,000

 

 

	Benchtop Laboratory Equipment	Bioprocessing Systems	Consolidated
Nine Months Ended March 31, 2021:
Revenues	$6,803,300	$441,800	$7,245,100
Foreign Sales	2,724,800	395,000	3,119,800

 

 

	Benchtop Laboratory Equipment	Bioprocessing Systems	Consolidated
Nine Months Ended March 31, 2020:
Revenues	$5,320,300	$914,200	$6,234,500
Foreign Sales	1,996,400	913,700	2,910,100

 

 

Benchtop Laboratory Equipment sales are comprised primarily of standard benchtop laboratory equipment from its stock sold to laboratory equipment distributors, or to end users primarily via e-commerce. The sales cycle from time of receipt of order to shipment varies from one day to up to a few weeks. Customers pay either by credit card (online sales) or net 30-90, depending on the customer. Once the item is shipped under the terms specified in the order, which is typically “FOB Factory”, other than a standard warranty, there are no obligations to the customer. The Company’s standard warranty is typically comprised of one to two years of parts and labor and is deemed immaterial.

 

Bioprocessing Systems’ revenues are primarily comprised of royalties earned by the Company, which are paid on a calendar year basis, under a licensing agreement from a single licensee and its sublicensees. The Company is obligated to pay 50% of all royalties it receives to the entity that licenses the intellectual property to the Company. During the year, the Company’s management uses its best judgement to estimate the royalty revenues earned during each fiscal period.

 

  7

 

 

SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

The Company determines revenue recognition through the following steps:

 

	●	Identification of the contract, or contracts, with a customer
	●	Identification of the performance obligations in the contract
	●	Determination of the transaction price
	●	Allocation of the transaction price to the performance obligations in the contract
	●	Recognition of revenue when, or as, a performance obligation is satisfied

 

The Company has made the following accounting policy elections and elected to use certain practical expedients, as permitted by the FASB, in applying ASC Topic 606: 1) all revenues are recorded net of returns, allowances, customer discounts, and incentives; 2) although sales and other taxes are immaterial, the Company accounts for amounts collected from customers for sales and other taxes, if any, net of related amounts remitted to tax authorities; 3) the Company expenses costs to obtain a contract as they are incurred if the expected period of benefit, and therefore the amortization period, is one year or less; 4) the Company accounts for shipping and handling activities that occur after control transfers to the customer as a fulfillment cost rather than an additional promised service and these fulfillment costs fall within selling expenses; 5) the Company is always considered the principal and never an agent, because it has full control and responsibility until title is transferred to the customer; 6) the Company does not assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract with the customer such as is the case with catalyst instruments.

 

3. Segment Information and Concentrations

 

The Company views its operations as two 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 design and marketing of bioprocessing systems and products and related royalty income (“Bioprocessing Systems Operations”).

 

Segment information is reported as follows:

	Benchtop Laboratory Equipment	Bioprocessing Systems	Corporate And Other	Consolidated
Three Months Ended March 31, 2021:
Revenues	$2,365,700	$142,900	$-	$2,508,600
Foreign Sales	942,200	102,600	-	1,044,800
Income (Loss) From Operations	774,600	(1,722,200)	(911,200)	(1,858,800)
Assets	5,979,400	1,281,200	6,639,700	13,900,300
Long-Lived Asset Expenditures	18,600	92,100	-	110,700
Depreciation and Amortization	30,000	16,700	-	43,700

 

Approximately $124,600 included in Assets relates to discontinued operations.

 

	Benchtop Laboratory Equipment	Bioprocessing Systems	Corporate  And Other	Consolidated
Three Months Ended March 31, 2020:
Revenues	$1,800,700	$335,500	$-	$2,136,200
Foreign Sales	743,000	335,000	-	1,078,000
Income (Loss) From Operations	138,800	(193,100)	(180,700)	(235,000)
Assets	5,229,700	1,647,800	2,042,400	8,919,900
Long-Lived Asset Expenditures	4,900	11,700	-	16,600
Depreciation and Amortization	29,600	11,000	300	40,900

 

 

 

SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

 

Approximately $1,227,900 included in Assets relates to discontinued operations, and $300 in depreciation and amortization relates to discontinued operations.

 

Approximately 55% and 49% of total benchtop laboratory equipment sales (52% and 37% of total revenues) for the three months ended March 31, 2021 and 2020, respectively, were derived from the Company’s main product, the Vortex-Genie 2 mixer, excluding accessories.

 

Approximately 20% and 24% of total benchtop laboratory equipment sales (19% and 18% of total revenues) were derived from the Torbal Scales Division for the three months ended March 31, 2021 and 2020, respectively.

 

For the three months ended March 31, 2021 and 2020, respectively, three customers accounted for approximately 26% and 16% of net sales of the Benchtop Laboratory Equipment Operations (25% and 12% of the Company’s total revenues).

 

	Benchtop Laboratory Equipment	Bioprocessing Systems	Corporate And Other	Consolidated
Nine Months Ended March 31, 2021:
Revenues	$6,803,300	$441,800	$-	$7,245,100
Foreign Sales	2,724,800	395,000	-	3,119,800
Income (Loss) From Operations	1,727,000	(2,996,300)	(1,029,600)	(2,298,900)
Assets	5,979,400	1,281,200	6,639,700	13,900,300
Long-Lived Asset Expenditures	54,100	170,800	-	224,900
Depreciation and Amortization	79,700	46,500	500	126,700