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Reflect Scientific Inc. Releases Third Quarter 2021 Financials

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OREM, Utah., Nov. 16, 2021 (GLOBE NEWSWIRE) -- Reflect Scientific, Inc. (OTCQB: RSCF), a provider of diverse products and services for biotechnology, pharmaceutical, and transportation industries, today announced financial results for the third quarter of 2021.

Mr. Boyce, CEO of Reflect Scientific Inc., commented, “Another profitable quarter for Reflect. We continue to improve cryogenic product line margins improving overall gross profit. In uncertain times we have proven our ability to deliver products and maintain positive financial results.”

The following unaudited table summarizes revenue, cost of goods sold, and operating expenses for the three and nine months ended September 30, 2021 and 2020:



REFLECT SCIENTIFIC, INC.

Condensed Consolidated Statements of Operations
(Unaudited)

For the Three Months Ended

For the Nine Months Ended

September 30,

September 30,

2021

2020

2021

2020

REVENUES

$

716,145

$

610,085

$

1,985,640

$

2,096,799

COST OF GOODS SOLD

242,343

252,112

621,317

845,281

GROSS PROFIT

473,802

357,973

1,364,323

1,251,518

OPERATING EXPENSES

Salaries and wages

146,697

77,701

429,417

406,611

Research and development expense

17,544

754

45,697

190,610

General and administrative expense

149,672

75,330

422,036

309,836

Total Operating Expenses

313,913

153,785

897,150

907,057

OPERATING INCOME (LOSS)

159,889

204,188

467,173

344,461

OTHER INCOME (EXPENSE)

Gain on forgiveness of SBA loan

-

-

111,265

-

Other income

-

-

-

(132

)

Total Other Income (Expenses)

-

-

111,265

(132

)

NET INCOME (LOSS) BEFORE TAXES

159,889

204,188

578,438

344,329

Income tax benefit (expense)

-

-

-

-

NET INCOME (LOSS)

$

159,889

$

204,188

$

578,438

$

344,329

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