v3.26.1
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Information  
Segment Information

14. Segment Information

 

The Company views its operations as two operating segments, that are also the two reporting 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 manufacture, design, and marketing of bioprocessing systems and products (“Bioprocessing Systems Operations”).

 

The Company’s chief operating decision maker (“CODM”) regularly reviews revenue and operating income/loss for each segment in determination of allocating resources and assessing financial performance results for each operating segment. In their combined capacity as a group of top executives, the Company’s President and Chief Executive Officer and the Chief Executive Officer and President of the Bioprocessing Systems Operations, have been identified as the Company’s CODM. Significant segment expenses regularly provided to the CODM relate to employee compensation expenses which are included within the reported measure(s) of the Company’s segments profit or loss.

 

The Company eliminates inter-segment activity in the Company’s reporting segment results to be consistent with the information that is presented to the CODM, in accordance to ASC 280-10-580-28A. The Company also included a Non-operating Corporate segment in the Company’s reporting segment results.

 

Segment and geographical information is reported as follows

 

Year Ended December 31, 2025

 

Benchtop Laboratory Equipment

 

 

Bioprocessing Systems

 

 

Corporate

 

 

Consolidated

 

United States revenue

 

$3,753,800

 

 

$424,400

 

 

$-

 

 

$4,178,200

 

Foreign revenue

 

 

-

 

 

 

875,600

 

 

 

-

 

 

 

875,600

 

Total Revenue

 

$3,753,800

 

 

$1,300,000

 

 

$-

 

 

$5,053,800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Significant Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

 

2,677,500

 

 

 

1,073,200

 

 

 

 

 

 

 

3,750,700

 

Compensation and other personnel expenses

 

 

709,700

 

 

 

3,964,300

 

 

 

388,000

 

 

 

5,062,100

 

Other expenses

 

 

774,100

 

 

 

1,785,800

 

 

 

961,000

 

 

 

3,520,900

 

Depreciation and Amortization

 

 

45,600

 

 

 

564,400

 

 

 

-

 

 

 

610,000

 

Segment Loss From Operations

 

$(453,100)

 

$(6,087,700 )

 

$(1,349,000 )

 

$(7,889,900 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

3,392,000

 

 

 

3,510,600

 

 

 

5,705,000

 

 

 

12,607,600

 

Long-Lived Asset Expenditures

 

 

16,300

 

 

 

46,900

 

 

 

-

 

 

 

63,200

 

 

Year Ended December 31, 2024 Adjusted

 

Benchtop Laboratory Equipment

 

 

Bioprocessing Systems

 

 

Corporate

 

 

Consolidated

 

United States revenue

 

$3,107,300

 

 

$563,900

 

 

$-

 

 

$3,671,200

 

Foreign revenue

 

 

-

 

 

 

1,125,900

 

 

 

-

 

 

 

1,125,900

 

Total revenue

 

 

3,107,300

 

 

 

1,689,800

 

 

 

 -

 

 

 

4,797,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Significant Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

 

2,076,700

 

 

 

713,800

 

 

 

 -

 

 

 

2,790,500

 

Compensation and other personnel expenses

 

 

900,100

 

 

 

3,899,000

 

 

 

418,700

 

 

 

5,217,800

 

Other expenses

 

 

916,700

 

 

 

2,219,800

 

 

 

1,118,000

 

 

 

4,254,500

 

Depreciation and Amortization

 

 

85,000

 

 

 

665,700

 

 

 

-

 

 

 

750,700

 

Segment Loss From Operations

 

 

(871,100 )

 

 

(5,808,500 )

 

 

(1,536,800 )

 

 

(8,216,400 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

5,751,500

 

 

 

3,824,300

 

 

 

1,985,000

 

 

 

11,560,800

 

Long-Lived Asset Expenditures

 

 

75,900

 

 

 

23,000

 

 

 

-

 

 

 

98,900

 

 

Geographical Information

 

 

 

Year Ended

 

 

Year Ended

 

 

 

December 31, 2025

 

 

December 31, 2024

 

 

 

Revenue (a)

 

 

Long-Lived Assets

 

 

Revenue (a)

 

 

Long-Lived Assets

 

United States

 

$4,178,200

 

 

$969,400

 

 

$3,671,200

 

 

$1,157,700

 

All Other Foreign Countries

 

 

621,400

 

 

 

-

 

 

 

563,100

 

 

 

-

 

Germany

 

 

254,200

 

 

 

631,300

 

 

 

562,800

 

 

 

738,300

 

Total

 

$5,053,800

 

 

$1,600,700

 

 

$4,797,100

 

 

$1,896,000

 

 

(a) Revenues are attributed to countries based on location of customer

 

For the year ended December 31, 2025, one customer accounted for approximately $1,577,100, revenue from the Benchtop Laboratory Equipment Segment, of which the revenue is 10% or more of the Company’s total revenue.

 

For the year ended December 31, 2024, one customer accounted for approximately $1,119,000 revenue from the Benchtop Laboratory Equipment Segment, of which the revenue is 10% or more of the Company’s total revenue.

 

For the year ended December 31, 2025, purchases from one vendor, represented in the aggregate 15.2% and 15.0% of consolidated net purchases for the years ended December 31, 2025 and 2024, respectively

 

A reconciliation of the Company's consolidated segment loss from operations to consolidated income (loss) from operations before discontinued operations and income taxes for the years ended December 31, 2025 and 2024, respectively, are as follows:

 

Year ended December 31, 2025

 

Benchtop Laboratory Equipment

 

 

Bioprocessing Systems

 

 

Corporate

 

 

Consolidated

 

Loss from Operations

 

$(412,900 )

 

$(6,128,000 )

 

$(1,349,000 )

 

$(7,889,900 )

Other income (expense), net

 

 

5,263,300

 

 

 

736,600

 

 

 

114,300

 

 

 

6,114,200

 

Loss from operations before discontinued operations and income taxes

 

$4,850,400

 

 

$(5,391,400 )

 

$(1,234,700 )

 

$(1,775,700 )

 

Year ended December 31, 2024

 

Benchtop Laboratory Equipment

 

 

Bioprocessing Systems

 

 

Corporate

 

 

Consolidated

 

Loss from Operations

 

$(871,100 )

 

$(5,808,500 )

 

$(1,536,800 )

 

$(8,216,400 )

Other income (expense), net

 

 

(3,600 )

 

 

27,700

 

 

 

168,700

 

 

 

192,800

 

Loss from operations before discontinued operations and income taxes

 

$(874,700 )

 

$(5,780,800 )

 

$(1,368,100 )

 

$(8,023,600 )