25 unchanged sentences
Results of Operations .
−Removed: Three months ended June 30, 2023 and 2022
+Added: Three months ended September 30, 2023 and 2022 (as Restated)
The Company’s results reflect those of the Benchtop Laboratory Equipment Operations and the Bioprocessing Systems Operations.
−Removed: The Company realized a loss from continuing operations before income tax expense of $2,185,100 for the three months ended June 30, 2023 compared to a $6,583,500 loss from continuing operations before income tax expense for the three months ended June 30, 2022.
−Removed: Excluding the prior period goodwill impairment expense of $4,280,100, the Company realized a increase in net revenue and operating expenses in the current period compared to prior period, as discussed below.
−Removed: Net revenues for the three months ended June 30, 2023 increased $205,500 (7.4%) to $2,982,500 from $2,777,000 for the three months ended June 30, 2022, due primarily by higher revenues of Bioprocessing Systems Operations of $106,600 and of the Benchtop Laboratory Equipment Operations of $98,900 due primarily by increased sales of the Torbal division.
−Removed: Sales of Torbal brand products amounted to approximately $943,000 for the three months ended June 30, 2023 compared to $638,500 in the prior period.
−Removed: The gross profit percentage for the three months ended June 30, 2023 and 2022, were 45.3% and 45.7%, respectively.
−Removed: The 0.4% decrease is due primarily to increases in material, labor and overhead in the Benchtop Laboratory Equipment Operations.
+Added: The Company realized a loss from continuing operations before income tax expense of $2,201,100 for the three months ended September 30, 2023 compared to a $1,709,200 loss from continuing operations before income tax expense for the three months ended September 30, 2022, primarily due to the increased product development expenses for the new VIVID products for the Benchtop Laboratory Equipment Operations and operating expenses of its Bioprocessing Systems Operations, which were partially offset by increased revenue of bioprocessing products, and decreased corporate overhead expenses.
+Added: Net revenues for the three months ended September 30, 2023 decreased $84,500 (3.2%) to $2,585,500 from $2,670,000 for the three months ended September 30, 2022, due primarily to a $196,300 decrease in Benchtop Laboratory Equipment Operations’ revenue resulting from a $363,900 decrease in the Genie Division’s revenues attributable to a decline in COVID-related products, offset by increased revenues of $167,600 in the Torbal Division.
+Added: Sales of Torbal brand products amounted to approximately $850,700 for the three months ended September 30, 2023 compared to $683,100 in the prior period.
+Added: Revenue in the Bioprocessing Systems Operations increased by $111,800 compared to prior period.
+Added: The gross profit percentage for the three months ended September 30, 2023 and 2022, were 45.7% and 50.5%, respectively.
+Added: The 4.8% decrease is due primarily to increases in material costs due to product mix, and labor and overhead in the Benchtop Laboratory Equipment Operations.
General and administrative expenses
−Removed: General and administrative expenses for the three months ended June 30, 2023 and 2022, were $1,299,900 and $1,374,300, respectively.
−Removed: The decrease of $74,400 (5.4%) is due primarily to decreased expenses due to the consolidation of operations in the Bioprocessing Systems Operations of the Pittsburgh, Pennsylvania and Baesweiller, Germany facilities.
+Added: General and administrative expenses for the three months ended September 30, 2023 and 2022, were $896,300 and $1,607,500, respectively.
+Added: The decrease of $711,200 (44.2%) is due primarily to decreased expenses due to the consolidation and reorganization of operations in the Bioprocessing Systems Operations of the Pittsburgh, Pennsylvania and Baesweiller, Germany facilities and decreased corporate overhead expenses as compared to prior period.
Selling expenses
−Removed: Selling expenses for the three months ended June 30, 2023 and 2022, were $1,591,800 and $1,314,000, respectively.
−Removed: The increase of $277,800 (21.1%) is due primarily to the increased direct hire of sales and marketing employees in the Bioprocessing Systems Operations compared to prior period and to a lesser extent, increased marketing expenditures in the Benchtop Laboratory Equipment Operations as compared to prior period.
+Added: Selling expenses for the three months ended September 30, 2023 and 2022, were $1,614,200 and $875,700, respectively.
+Added: The increase of $738,500 (84.3%) is due primarily to the increased marketing expenses and a noncash stock-based compensation expense in the Bioprocessing Systems Operations as compared to prior period, and increased sales and marketing expenditures in the Benchtop Laboratory Equipment Operations as compared to prior period.
Research and development expenses
−Removed: Research and development expenses for the three months ended June 30, 2023, and 2022, were $684,500 and $732,000, respectively.
−Removed: The decrease of $47,500 (6.5%) is, due to the normalization of hiring research and development employees in the Bioprocessing Systems Operations, partially offset by increased research and development expenditures related to the VIVID automated pill counter in the Benchtop Laboratory Equipment Operations as compared to prior period.
+Added: Research and development expenses for the three months ended September 30, 2023, and 2022, were $895,900 and $560,100, respectively.
+Added: The increase of $335,800 (60.0%) is due primarily to the increased research and development expenditures in the Bioprocessing Systems Operations and increased research and development related to the VIVID automated pill counter in the Benchtop Laboratory Equipment Operations as compared to prior period.
Impairment of goodwill and intangible assets
−Removed: Impairment of goodwill and intangible assets for the three months ended June 30, 2023 and 2022, were $0 and $4,280,100, respectively.
−Removed: There was no impairment of goodwill and intangible assets for the three months ended June 2023.
−Removed: For the three months ended June 30, 2022, the Company recorded a $4,280,100 impairment of goodwill as a result of a goodwill impairment analysis, of which the Company determined the carrying value of the Bioprocessing Systems reporting unit exceeded its fair value and therefore the associated goodwill was impaired.
+Added: Impairment of goodwill and intangible assets for the three months ended September 30, 2023 and 2022, were $0 and $0, respectively.
Other income (expense), net
−Removed: Other income (expense), net, for the three months ended June 30, 2023 and 2022, were $41,100 and ($150,900), respectively.
−Removed: The increase is due primarily to the increased unrealized gain and interest income on investment securities, partially offset by the decrease in realized loss on investment securities during the current quarter period.
−Removed: Income tax expense for the three months ended June 30, 2023, and 2022, was $108,800 and $3,449,400, respectively.
−Removed: The income tax expense for the three months ended June 30, 2023 of $108,800 is attributable to the finalization of a income tax receivable filing claim.
−Removed: In addition, the Company recorded a $691,600 income tax benefit which was offset against a full valuation allowance of $691,600 to the change of net deferred tax assets due to the uncertainty that the net deferred tax assets will not be fully realized in the future.
−Removed: The income tax expense for the three months ended June 30, 2022 reflects a full valuation allowance against the deferred tax asset of $3,449,400.
−Removed: In the future the Company changes the determination as to the amount of deferred tax assets that can be realized, the Company will adjust the valuation allowance with a corresponding impact to the provision for income taxes in the period in which such determination is made.
−Removed: Six months ended June 30, 2023 and 2022
+Added: Other income (expense), net, for the three months ended September 30, 2023 and 2022, were $24,300 and ($15,000), respectively.
+Added: The increase is due primarily to the increased unrealized gain and interest income on investment securities during the current quarter period compared to prior quarter period.
+Added: Income tax expense for the three months ended September 30, 2023, and 2022, was $0 and $0, respectively.
+Added: In addition, the Company maintains a full valuation allowance of $8,734,400 against the 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 more likely not to be realized in the future.
+Added: For the three months ended September 30, 2023, the full valuation allowance of $8,734,400 is offset by a income tax benefit of $592,400.
+Added: As referenced in the Restatement Background (Financial Statement – Note 1) above, as a result of the restated consolidated unaudited financial statements as of and for the quarter period ended September 30, 2022, the income tax expense for the three months ended September 30, 2022 reflects a full valuation allowance against the deferred tax asset of $5,533,200 offset by a income tax benefit of $417,200.
+Added: In the event that in the future the Company changes the determination as to the amount of deferred tax assets that can be realized, the Company will adjust the valuation allowance with a corresponding impact to the provision for income taxes in the period in which such determination is made.
+Added: Nine months ended September 30, 2023 and 2022
The Company’s results reflect those of the Benchtop Laboratory Equipment Operations and the Bioprocessing Systems Operations.
−Removed: The Company realized a loss from continuing operations before income tax benefit of $4,557,000 for the six months ended June 30, 2023 compared to a $8,428,100 loss from continuing operations before income tax expense for the six months ended June 30, 2022.
−Removed: Excluding the prior period goodwill impairment expense of $4,280,100, the Company realized a increase in net revenue and operating expenses in the current period compared to prior period, as discussed below.
−Removed: Net revenues for the six months ended June 30, 2023 increased $146,000 (2.6%) to $5,787,900 from $5,641,900 for the six months ended June 30, 2022, due primarily to an increase of $246,500 in revenues of the Benchtop Laboratory Equipment Operations due primarily by increased sales of Torbal digital scales, partially offset by lower revenues of Bioprocessing Systems Operations of $100,500, due to the absence of royalty revenue in the current period.
−Removed: Sales of Torbal brand products amounted to approximately $1,808,500 for the six months ended June 30, 2023 compared to $1,218,600 in the prior period.
−Removed: The gross profit percentage for the six months ended June 30, 2023 and 2022, were 46.4% and 49.9%, respectively.
−Removed: The 3.5% decrease is due primarily to lower gross margin percentage for the Bioprocessing Systems Operations resulting from the absence of royalty revenue in the current year period, and to a lower extent, increases in material, labor and overhead in the Benchtop Laboratory Equipment Operations.
+Added: The Company realized a loss from continuing operations before income tax benefit of $6,758,100 for the nine months ended September 30, 2023 compared to a $10,137,300 loss from continuing operations before income tax expense for the nine months ended September 30, 2022.
+Added: Excluding the prior period goodwill impairment expense of $4,280,100, the Company realized an increase in net revenues and operating expenses in the current period compared to prior period, as discussed below.
+Added: Net revenues for the nine months ended September 30, 2023 increased $61,500 (0.7%) to $8,373,400 from $8,311,900 for the nine months ended September 30, 2022, due primarily to an increase of $50,200 in revenues of the Benchtop Laboratory Equipment Operations resulting from increased sales of Torbal products and an increase of $11,300 in revenues of the Bioprocessing Systems Operations as compared to prior period.
+Added: Sales of Torbal brand products amounted to approximately $2,659,200 for the nine months ended September 30, 2023 compared to $1,901,800 in the prior period.
+Added: The gross profit percentage for the nine months ended September 30, 2023 and 2022, were 46.2% and 50.1%, respectively.
+Added: The 3.9% decrease is due primarily to increases in material costs due to product mix, and labor and overhead in the Benchtop Laboratory Equipment Operations.
General and administrative expenses
−Removed: General and administrative expenses for the six months ended June 30, 2023 and 2022, were $2,869,200 and $2,984,700, respectively.
−Removed: The decrease of $115,500 (3.9%) is due primarily to decreases expenses resulting from the consolidation of operations in the Bioprocessing Systems Operations of the Pittsburgh, Pennsylvania and Baesweiller, Germany facilities.
+Added: General and administrative expenses for the nine months ended September 30, 2023 and 2022, were $3,765,500 and $4,592,200, respectively.
+Added: The decrease of $826,700 (18.0%) is due primarily to decreases expenses resulting from the consolidation and reorganization of operations in the Bioprocessing Systems Operations of the Pittsburgh, Pennsylvania and Baesweiller in the current year period.
Selling expenses
−Removed: Selling expenses for the six months ended June 30, 2023 and 2022, were $3,036,600 and $2,368,000, respectively.
−Removed: The increase of $668,600 (28.2%) is due primarily to the increased direct hire of sales and marketing employees in the Bioprocessing Systems Operations compared to prior period and increased marketing expenditures in the Benchtop Laboratory Equipment Operations as compared to prior period.
+Added: Selling expenses for the nine months ended September 30, 2023 and 2022, were $4,650,800 and $3,243,700, respectively.
+Added: The increase of $1,407,100 (43.4%) is due primarily to increased marketing expenses of the Bioprocessing Systems Operations as compared to prior period, and to a lesser extent, increased sales and marketing expenditures in the Benchtop Laboratory Equipment Operations as compared to prior period.
Research and development expenses
−Removed: Research and development expenses for the six months ended June 30, 2023, and 2022, were $1,476,000 and $1,356,500, respectively.
−Removed: The increase of $119,500 (8.8%) is, due primarily to increased research and development expenditures related to the VIVID automated pill counter in the Benchtop Laboratory Equipment Operations, partially offset by the decreased direct hire of research and development employees in the Bioprocessing Systems Operations and as compared to prior period.
+Added: Research and development expenses for the nine months ended September 30, 2023, and 2022, were $2,371,900 and $1,916,600, respectively.
+Added: The increase of $455,300 (23.8%) is due primarily to the increased research and development expenditures in the Bioprocessing Systems Operations and increased research and development related to the VIVID automated pill counter in the Benchtop Laboratory Equipment Operations as compared to prior period.
Impairment of goodwill and intangible assets
−Removed: Impairment of goodwill and intangible assets for the six months ended June 30, 2023 and 2022, were $0 and $4,280,100, respectively.
−Removed: There was no impairment of goodwill and intangible assets for the six months ended June 2023.
−Removed: For the six months ended June 30, 2022, the Company recorded a $4,280,100 impairment of goodwill as a result of a goodwill impairment analysis, of which the Company determined the carrying value of the Bioprocessing Systems reporting unit exceeded its fair value and therefore the associated goodwill was impaired.
+Added: Impairment of goodwill and intangible assets for the nine months ended September 30, 2023 and 2022, were $0 and $4,280,100, respectively.
+Added: There was no impairment of goodwill and intangible assets for the nine months ended September 2023.
+Added: For the nine months ended September 30, 2022, the Company recorded a $4,280,100 impairment of goodwill as a result of a goodwill impairment analysis, of which the Company determined the carrying value of the Bioprocessing Systems reporting unit exceeded its fair value and therefore the associated goodwill was impaired.
Other income (expense), net
−Removed: Other income (expense), net, for the six months ended June 30, 2023 and 2022, were $136,800 and ($253,200), respectively.
−Removed: The increase is due primarily to the increased unrealized gain and interest income on investment securities.
−Removed: Income tax expense for the six months ended June 30, 2023, and 2022, was $108,800 and $3,128,100, respectively.
−Removed: The income tax expense for the six months ended June 30, 2023 of $108,800 is attributable to the finalization of a income tax receivable filing claim.
−Removed: In addition, the Company recorded a $691,600 income tax benefit which was offset against a full valuation allowance of $691,600 to the change of net deferred tax assets due to the uncertainty that the net deferred tax assets will not be fully realized in the future.
−Removed: The income tax expense for the six months ended June 30, 2022 reflects a full valuation allowance against the deferred tax asset of $3,449,400 offset by a income tax benefit, net of $321,300.
−Removed: In the future the Company changes the determination as to the amount of deferred tax assets that can be realized, the Company will adjust the valuation allowance with a corresponding impact to the provision for income taxes in the period in which such determination is made.
+Added: Other income (expense), net, for the nine months ended September 30, 2023 and 2022, were $161,100 and ($268,200), respectively.
+Added: The increase is due primarily to the increased unrealized gain and interest income on investment securities compared to prior period.
+Added: Income tax expense for the nine months ended September 30, 2023, and 2022, was $108,800 and $3,128,100, respectively.
+Added: The income tax expense for the nine months ended September 30, 2023, of $108,800 is attributable to the finalization of a income tax receivable filing claim.
+Added: In addition, the Company maintains a full valuation allowance of $8,734,400 against the 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 more likely not to be realized in the future.
+Added: The income tax expense of $3,128,100 for the nine months ended September 30, 2022, reflects a full valuation allowance against the consolidated net deferred tax assets recorded in the current period as the Company determined the consolidated net deferred tax assets which includes net operating loss carry-forwards and other tax credits, are more likely not to be realized in the future.
+Added: In the event in the future the Company changes the determination as to the amount of deferred tax assets that can be realized, the Company will adjust the valuation allowance with a corresponding impact to the provision for income taxes in the period in which such determination is made.
Liquidity and Capital Resources .
8 unchanged sentences
The following table discloses our cash flows for the periods presented:
−Removed: For the six months ended June 30,
+Added: For the nine months ended September 30,
Net cash used in operating activities
1 unchanged sentence
$ (4,725,500 )
−Removed: Net cash provided by (used) in investing activities
+Added: Net cash provided by investing activities
Net cash provided by financing activities
3 unchanged sentences
$ (1,859,300 )
−Removed: Net cash used in operating activities was $3,659,700 for the six months ended June 30, 2023 compared to $3,259,200 for the six months ended June 30, 2022.
−Removed: The net increase of $400,500 is primarily due to the increased operational costs from the Bioprocessing Systems operations and Corporate overhead operations in the current period.
−Removed: Net cash provided by investing activities was $2,372,600 for the six months ended June 30, 2023 compared to ($362,500) used in the six months ended June 30, 2022.
+Added: Net cash used in operating activities was $4,821,600 for the nine months ended September 30, 2023 compared to $4,725,500 for the nine months ended September 30, 2022.
+Added: The net increase of $96,100 is primarily due to the increased operational costs from the Bioprocessing Systems operations and corporate overhead operations in the current period compared to prior period.
+Added: Net cash provided by investing activities was $3,400,500 for the nine months ended September 30, 2023 compared to $504,100 used in the nine months ended September 30, 2022.
The net increase of $2,896,400 is primarily due to the increase in net redemption of investments, partially offset by the decrease in purchase of investment securities, in the current period compared to prior period.
−Removed: Net cash provided by financing activities was $0 for the six months ended June 30, 2023 compared to $2,470,100 for the six months ended June 30, 2022.
+Added: Net cash provided by financing activities was $13,300 for the nine months ended September 30, 2023 compared to $2,554,100 for the nine months ended September 30, 2022.
The net decrease of $2,540,800 is primarily due to issuance of common stock in the prior period compared to the current period.
8 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.