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Reflect Scientific Inc Announces Year-End Financial Results for 2022

Reflect Scientific Inc.
Reflect Scientific Inc.

OREM, Utah, March 31, 2023 (GLOBE NEWSWIRE) -- Reflect Scientific Inc (OTCQB: RSCF), a provider of ultra-low temperature freezers and chillers for the biotech, pharmaceutical, and cannabis industries, today announced its financial results for the year ended December 31, 2022.

Revenue for the year decreased by 27.5% to $2,041,297, compared to $2,814,670 in 2021, primarily due to a significant decrease in freezer and chiller sales during the third quarter and ongoing supply chain delays with manufacturers. However, the cost of goods sold decreased by 7.0% to $822,147, resulting in a gross profit margin of 59.7% for the year, compared to 68.6% in 2021.

Reflect Scientific's net income for the year was $89,396, compared to $939,065 in 2021. Management is actively seeking opportunities to increase sales, improve gross margins and control ongoing operating expenses.

Reflect Scientific's liquidity and capital resources remain strong, with current assets exceeding current liabilities by $2,179,237 and cash and cash equivalents totaling $1,381,927.

"We are pleased with the resilience of our business during these challenging times, and remain committed to expanding our product offerings and strengthening our position in the ultra-low temperature market," said Kim Boyce, CEO of Reflect Scientific. "Despite the ongoing supply chain issues, we have made significant progress in enhancing our ultra-cold freezer product line and believe this will provide a solid foundation for future growth."

Reflect Scientific remains focused on providing innovative solutions for the biotech, pharmaceutical, and cannabis industries, and continues to invest in research and development to support this goal.

Reflect Scientific’s audited financial statements for the calendar year ended December 31, 2022, are included in its Form 10 Registration Statement, and all financial highlights contained in this press release are modified in their entirety by reference to such financial statements. Additional information about Reflect Scientific’s business and operations may also be found in the Form 10. A link to the Form 10 as filed with the SEC is also available on the “SEC Documents” link on the “Corporate Profile” dropdown menu of Reflect Scientific’s website at www.reflectscientific.com.

*Numbers may be rounded.


REFLECT SCIENTIFIC, INC.
CONSOLIDATED STATEMENTS OF INCOME

 

 

Years Ended
December 31,

 

 

2022

 

 

2021

 

Revenues

$

2,041,297

 

 

$

2,814,670

 

Cost of goods sold

 

822,147

 

 

 

884,066

 

Gross profit

 

1,219,150

 

 

 

1,930,604

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

Salaries and wages

 

636,038

 

 

 

608,065

 

General and administrative

 

419,589

 

 

 

436,399

 

Research and development

 

73,425

 

 

 

58,340

 

Total Operating Expenses

 

1,129,052

 

 

 

1,102,804

 

 

 

 

 

 

 

 

 

INCOME FROM OPERATIONS

 

90,098

 

 

 

827,800

 

 

 

 

 

 

 

 

 

Other Income

 

 

 

 

 

 

 

Gain on forgiveness of debt

 

-

 

 

 

111,265

 

Total Other Income

 

-

 

 

 

111,265

 

 

 

 

 

 

 

 

 

NET INCOME BEFORE INCOME TAXES

 

90,098

 

 

 

939,065

 

INCOME TAX EXPENSE

 

(702

)

 

 

-

 

NET INCOME

$

89,396

 

 

$

939,065

 

 

 

 

 

 

 

 

 

Earnings per common share

 

 

 

 

 

 

 

Basic

$

0.00

 

 

$

0.01

 

Diluted

$

0.00

 

 

$

0.01

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

Basic

 

84,990,935

 

 

 

84,739,770

 

Diluted

 

85,440,935

 

 

 

85,489,770

 

 

 

 

 

 

 

 

 


REFLECT SCIENTIFIC, INC.
CONSOLIDATED BALANCE SHEETS

 

 

December 31, 2022

 

 

December 31, 2021

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

Cash and cash equivalents

$

1,381,927

 

 

$

1,473,924

 

Accounts receivable, net

 

129,329

 

 

 

175,649

 

Inventories, net

 

797,352

 

 

 

624,486

 

Prepaid expenses and other current assets

 

20,221

 

 

 

31,306

 

Total Current Assets

 

2,328,829

 

 

 

2,305,365

 

 

 

 

 

 

 

 

 

Operating lease right-of-use assets

 

54,265

 

 

 

110,483

 

Goodwill

 

60,000

 

 

 

60,000

 

Other long-term assets

 

3,100

 

 

 

3,100

 

TOTAL ASSETS

$

2,446,194

 

 

$

2,478,948

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

Accounts payable and accrued expenses

$

78,969

 

 

$

66,837

 

Customer deposits

 

13,230

 

 

 

118,566

 

Current portion of operating lease liabilities

 

57,393

 

 

 

56,446

 

Total Current Liabilities

 

149,592

 

 

 

241,849

 

 

 

 

 

 

 

 

 

Operating lease liabilities, net of current portion

 

-

 

 

 

57,393

 

TOTAL LIABILITIES

 

149,592

 

 

 

299,242

 

 

 

 

 

 

 

 

 

Stockholders' Equity

 

 

 

 

 

 

 

Preferred Stock, $0.01 par value, 5,000,000 shares authorized; none issued and outstanding

 

-

 

 

 

-

 

Common stock, $0.01 par value, 100,000,000 shares authorized; 85,214,086 and 84,989,086 shares issued and outstanding as of December 31, 2022 and 2021, respectively

 

852,140

 

 

 

849,890

 

Additional paid-in capital

 

20,252,181

 

 

 

20,226,931

 

Accumulated deficit

 

(18,807,719

)

 

 

(18,897,115

)

TOTAL STOCKHOLDERS’ EQUITY

 

2,296,602

 

 

 

2,179,706

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

2,446,194

 

 

$

2,478,948

 

 

About Reflect Scientific, Inc.

Reflect Scientific, Inc., based in Orem, Utah, develops and markets innovative, proprietary technologies in cryogenic cooling for the biotechnology, pharmaceutical, medical, and transportation markets. Among Reflect Scientific’s products are low-temperature freezers and refrigerated systems for laboratory, transportation, and computer server room uses. Visit www.reflectscientific.com for more information. See us on Twitter @ReflectSci and LinkedIn www.linkedin.com/company/reflect-scientific.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of the disclosures contained in the filings of the Company that are contained in the OTC Markets Group, LLC under the trading symbol “RSCF” and related prior filings by the Company that are referenced therein and contained in the EDGAR Archives of the Securities and Exchange Commission under the heading “Disclosure,” including those identified in such filings as “forward-looking statements.”

CONTACT: Contact Thomas Tait 801-607-1039 investor_relations@reflectscientific.com


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