MISONIX INC

CIK:0000880432|SEC Filings

Consolidated Statements of Operations - USD ($)	3 Months Ended								12 Months Ended
Consolidated Statements of Operations - USD ($)	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue	$ 19,685,141	$ 18,347,180	$ 18,256,410	$ 17,735,342	$ 13,713,231	$ 17,902,512	$ 19,721,986	$ 11,145,922	$ 74,024,073	$ 62,483,651
Cost of revenue	5,609,764	5,402,754	5,264,699	5,110,601	4,280,848	5,311,565	5,945,108	3,236,647	21,387,818	18,774,168
Gross profit	14,075,377	12,944,426	12,991,711	12,624,741	9,432,383	12,590,947	13,776,878	7,909,275	52,636,255	43,709,483
Operating expenses:
Selling expenses	11,802,796	10,891,292	8,423,075	10,969,678	11,621,461	11,609,943	11,800,565	5,200,582	42,086,841	40,232,551
General and administrative expenses	4,553,015	3,631,175	3,918,950	4,452,328	4,133,578	4,463,467	5,149,715	4,207,807	16,555,468	17,954,567
Research and development expenses	1,493,871	1,317,036	968,377	1,250,174	1,214,246	1,842,837	1,087,449	771,411	5,029,458	4,915,943
Total operating expenses	17,849,682	15,839,503	13,310,402	16,672,180	16,969,285	17,916,247	18,037,729	10,179,800	63,671,767	63,103,061
Loss from operations	(3,774,305)	(2,895,077)	(318,691)	(4,047,439)	(7,536,902)	(5,325,300)	(4,260,851)	(2,270,525)	(11,035,512)	(19,393,578)
Other income (expense):
Interest income	1,821	4,519	2,920	1,092	28,830	37,785	5,293	18,877	10,352	90,785
Interest expense	(870,439)	(866,464)	(949,105)	(933,722)	(995,630)	(755,528)	(833,035)	(36,097)	(3,619,730)	(2,620,290)
Other	301,722	218	279	1,417	7,708	(434)	(380)	(763)	303,636	6,131
Total other expense	(566,896)	(861,727)	(945,906)	(931,213)	(959,092)	(718,177)	(828,122)	(17,983)	(3,305,742)	(2,523,374)
Loss from operations before income taxes	(4,341,201)	(3,756,804)	(1,264,597)	(4,978,652)	(8,495,994)	(6,043,477)	(5,088,973)	(2,288,508)	(14,341,254)	(21,916,952)
Income tax (expense) benefit	(132,071)				(41,422)	455,000		4,085,000	(132,071)	4,498,578
Net loss	$ (4,473,272)	$ (3,756,804)	$ (1,264,597)	$ (4,978,652)	$ (8,537,416)	$ (5,588,477)	$ (5,088,973)	$ 1,796,492	$ (14,473,325)	$ (17,418,374)
Net loss per share:
Basic	$ (0.26)	$ (0.22)	$ (0.07)	$ (0.29)	$ (0.50)	$ (0.34)	$ (0.33)	$ 0.18	$ (0.84)	$ (1.19)
Diluted	$ (0.26)	$ (0.22)	$ (0.07)	$ (0.29)	$ (0.50)	$ (0.34)	$ (0.33)	$ 0.17	$ (0.84)	$ (1.19)
Weighted average shares - Basic	17,247,172	17,226,181	17,217,948	17,213,686	17,177,791	16,619,981	15,222,870	9,686,402	17,226,190	14,670,663
Weighted average shares - Diluted	17,247,172	17,226,181	17,217,948	17,213,686	17,177,791	16,619,981	15,222,870	10,213,085	17,226,190	14,670,663

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Jun. 30, 2021	Jun. 30, 2020
Operating activities
Net loss	$ (14,473,325)	$ (17,418,374)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:
Depreciation and amortization	4,572,556	3,526,359
Rent expense from operating lease right-of-use asset	601,296	561,809
Bad debt expense	476,117	2,473,968
Reserve for contract asset		960,000
Stock-based compensation	2,773,377	1,762,628
Stock bonus	137,300
Release of valuation allowance on deferred tax assets		(4,575,507)
Changes in operating assets and liabilities:
Accounts receivable	(363,682)	(1,753,174)
Inventories	(6,425,676)	(10,856,933)
Prepaid expenses and other current assets	399,752	(594,338)
Operating leases and other assets	(567,682)	161,710
Accounts payable, accrued expenses and other	3,843,074	(963,566)
Deferred tax liabilities	39,519	33,293
Net cash used in operating activities	(8,987,374)	(26,682,125)
Investing activities
Acquisition of property, plant and equipment	(130,281)	(303,570)
Additional patents	(163,318)	(142,605)
Cash from acquisition of Solsys Medical, LLC		5,525,601
Net cash (used in) provided by investing activities	(293,599)	5,079,426
Financing activities
Proceeds from notes payable	36,400,000	43,349,488
Repayments of notes payable	(34,300,000)	(23,569,940)
Proceeds from exercise of stock options	262,486	1,246,531
Stock registration and investment bank fees		(3,859,036)
Proceeds from equity offering		34,572,062
Payments of finance lease	(12,608)
Payments for fractional shares released from escrow	(1,779)
Net cash provided by financing activities	2,348,099	51,739,105
Net (decrease) increase in cash and cash equivalents	(6,932,874)	30,136,406
Cash and cash equivalents at the beginning of the period	37,978,809	7,842,403
Cash and cash equivalents at the end of the period	31,045,935	37,978,809
Cash paid for:
Interest	3,432,163	2,297,697
Income taxes	62,944	550
Transfer of inventory to property, plant and equipment for consignment of product	4,684,205	4,298,722
Stock issued for the acquisition of Solsys Medical, LLC		108,643,710
Shares release from escrow	$ 150,000

Consolidated Balance Sheets - USD ($)	Jun. 30, 2021	Jun. 30, 2020
Current assets:
Cash and cash equivalents	$ 31,045,935	$ 37,978,809
Accounts receivable, less allowance for doubtful accounts of $2,147,841 and $2,573,968, respectively	11,349,976	11,064,768
Inventories, net	15,752,155	14,010,684
Prepaid expenses and other current assets	1,118,492	1,668,244
Total current assets	59,266,558	64,722,505
Property, plant and equipment, net of accumulated amortization and depreciation of $15,501,673 and $12,715,917, respectively	9,253,479	7,304,258
Patents, net of accumulated amortization of $1,499,812 and $1,341,976, respectively	789,800	784,318
Goodwill	108,234,664	108,310,350
Intangible assets	19,740,492	21,281,136
Lease right-of-use assets	1,288,812	1,098,830
Other assets	286,413	322,310
Total assets	198,860,218	203,823,707
Current liabilities:
Accounts payable	4,486,737	4,273,568
Accrued expenses and other current liabilities	11,184,656	7,515,751
Current portion of lease liabilities	571,227	414,058
Current portion of notes payable	6,449,487	5,099,744
Total current liabilities	22,692,107	17,303,121
Non-current liabilities:
Notes payable	39,345,761	38,595,505
Lease liabilities	762,894	723,553
Deferred tax liabilities	72,812	33,293
Other non-current liabilities	787,015	516,665
Total liabilities	63,660,589	57,172,137
Shareholders’ equity
Common stock, $.0001 par value; shares authorized 40,000,000; 17,410,045 and 17,369,435 shares issued and outstanding in each period	1,741	1,737
Additional paid-in capital	188,982,484	185,961,104
Accumulated deficit	(53,784,596)	(39,311,271)
Total shareholders’ equity	135,199,629	146,651,570
Total liabilities and shareholders’ equity	$ 198,860,218	$ 203,823,707