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Reflect Scientific Inc. Releases Second Quarter 2022 Financials

·2 min read
Reflect Scientific Inc.
Reflect Scientific Inc.

OREM, Utah, Aug. 10, 2022 (GLOBE NEWSWIRE) -- Reflect Scientific, Inc. (Symbol: RSCF), a provider of diverse products and services for the biotechnology, pharmaceutical, and transportation industries, today announced financial results for the second quarter of 2022.

“The supply chain issues plaguing U.S industries have recently affected some of the Reflect products. Although we anticipated much of the shipping delays and parts availability, we were finally hit with some shortages. We have been diligently researching workarounds and replacements. I do not expect this situation to extend past the third quarter.” stated Mr. Kim Boyce, CEO of Reflect Scientific.

The following unaudited table summarizes revenue, cost of goods sold, and operating expenses for the three months ended June 30, 2022 and 2021:

 

 

 

 

 

Three Months
Ended June 30,
2022

Three Months
Ended June
30, 2021

Increase
(Decrease)

Revenue

$

555,615

$

707,133

$

(151,518

)

Cost of Goods Sold

 

195,821

 

235,179

 

(39,358

)

Gross Profit

 

359,794

 

471,954

 

(112,160

)

Operating expenses:

 

 

 

Salaries and wages

 

159,565

 

146,116

 

13,449

 

Research and development expense

 

18,329

 

19,456

 

(1,127

)

General and administrative expense

 

103,775

 

135,601

 

(31,826

)

Total operating expenses

 

281,669

 

301,173

 

(19,656

)

 

 

 

 

Income (loss) from operations

 

78,125

 

170,781

 

(92,656

)

 

 

 

 

Net income (loss)

$

78,125

$

170,781

$

(92,656

)

About Reflect Scientific, Inc.

Based in Orem, Utah, Reflect Scientific 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 reflectscientific.com for more information. See us on Twitter @ReflectSci and on LinkedIn at 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