Insider filing report for Changes in Beneficial Ownership
- Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
- Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
"Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise"
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- Peter Lynch
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 |
SCHEDULE 13G
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UNDER THE SECURITIES EXCHANGE ACT OF 1934
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(Amendment No. 3)*
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Scientific Industries, Inc. (Name of Issuer) |
Common Stock, $.05 par value (Title of Class of Securities) |
808757108 (CUSIP Number) |
12/31/2024 (Date of Event Which Requires Filing of this Statement) |
| Check the appropriate box to designate the rule pursuant to which this Schedule is filed: |
 Rule 13d-1(b)
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 Rule 13d-1(c)
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| Rule 13d-1(d)
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SCHEDULE 13G
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| CUSIP No. | 808757108 |
| 1 | Names of Reporting Persons
Thomas A. Satterfield, Jr. | ||||||||
| 2 | Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
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| 3 | Sec Use Only | ||||||||
| 4 | Citizenship or Place of Organization
UNITED STATES
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| Number of Shares Beneficially Owned by Each Reporting Person With: |
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| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person
1,138,055.00 | ||||||||
| 10 | Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
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| 11 | Percent of class represented by amount in row (9)
9.9 % | ||||||||
| 12 | Type of Reporting Person (See Instructions)
IN |
Comment for Type of Reporting Person: * Based on 10,503,599 shares of common stock of the issuer outstanding as of November 13, 2024, as reported by the issuer in its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024. This assumes the exercise of 191,984 warrants beneficially owned by the Reporting Person. In addition, subject to the Beneficial Ownership Blocker (as defined below), the Reporting Person may also be deemed to beneficially own 145,000 shares of common stock issuable upon exercise of an additional 145,000 warrants (the "Additional Warrants"). Pursuant to the terms of the Additional Warrants, the issuer may not effect any exercise of any Additional Warrant, and a holder of an Additional Warrant does not have the right to exercise any portion of the Additional Warrant held by such holder, to the extent that, after giving effect to the attempted exercise set forth in a notice of exercise, such holder, together with such holder's affiliates and any other persons acting as a group together with the holder or any of the holder's affiliates, would beneficially own a number of shares of common stock in excess of the Beneficial Ownership Limitation (the "Beneficial Ownership Blocker"). The "Beneficial Ownership Limitation" is 4.99% (or, upon election by a holder prior to the issuance of any warrants, 9.99%) of the number of shares of common stock outstanding immediately after giving effect to the issuance of shares of common stock issuable upon exercise of the Additional Warrants. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the issuer.
SCHEDULE 13G
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| Item 1. | ||
| (a) | Name of issuer:
Scientific Industries, Inc. | |
| (b) | Address of issuer's principal executive offices:
80 Orville Drive, Suite 102, Bohemia, NY 11716 | |
| Item 2. | ||
| (a) | Name of person filing:
Thomas A. Satterfield, Jr. | |
| (b) | Address or principal business office or, if none, residence:
15 Colley Cove DriveGulf Breeze, Florida 32561 | |
| (c) | Citizenship:
Incorporated by reference from Item 4 of the Cover Page. | |
| (d) | Title of class of securities:
Common Stock, $.05 par value | |
| (e) | CUSIP No.:
808757108 | |
| Item 3. | If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: | |
| (a) | Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
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| (b) | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
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| (c) | Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
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| (d) | Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
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| (e) | An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
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| (f) | An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
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| (g) | A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
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| (h) | A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
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| (i) | A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
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| (j) | A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution: | |
| (k) | Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
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| Item 4. | Ownership | |
| (a) | Amount beneficially owned:
Incorporated by reference from Item 9 of the Cover Page. | |
| (b) | Percent of class:
Incorporated by reference from Item 11 of the Cover Page. %
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| (c) | Number of shares as to which the person has:
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| (i) Sole power to vote or to direct the vote:
Incorporated by reference from Item 5 of the Cover Page. | ||
| (ii) Shared power to vote or to direct the vote:
Incorporated by reference from Item 6 of the Cover Page. | ||
| (iii) Sole power to dispose or to direct the disposition of:
Incorporated by reference from Item 7 of the Cover Page. | ||
| (iv) Shared power to dispose or to direct the disposition of:
Incorporated by reference from Item 8 of the Cover Page. | ||
| Item 5. | Ownership of 5 Percent or Less of a Class. | |
| Item 6. | Ownership of more than 5 Percent on Behalf of Another Person. | |
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
With respect to the beneficial ownership report for Thomas A. Satterfield, Jr., 141,675 shares of common stock, 50,837 shares of common stock issuable upon exercise of warrants, and 40,000 shares of common stock issuable upon exercise of Additional Warrants (as defined on the Cover Page) are held by Tomsat Investment & Trading Co., Inc, a corporation wholly owned by Mr. Satterfield and of which he serves as President; 306,449 shares of common stock, 101,674 shares of common stock issuable upon exercise of warrants, and 75,000 shares of common stock issuable upon exercise of Additional Warrants are held by A.G. Family L.P., a partnership managed by a general partner controlled by Mr. Satterfield; and 244,000 shares are held by Caldwell Mill Opportunity Fund, LLC which fund is managed by an entity of which Mr. Satterfield owns a 50% interest and serves as Chief Investment Manager. | ||
| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. | |
Not Applicable
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| Item 8. | Identification and Classification of Members of the Group. | |
Not Applicable
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| Item 9. | Notice of Dissolution of Group. | |
Not Applicable
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| Item 10. | Certifications: |
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. |
| SIGNATURE | |
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
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