OREM, Utah, March 31, 2022 (GLOBE NEWSWIRE) -- Reflect Scientific, Inc. (Symbol: RSCF), a provider of diverse products and services for biotechnology, pharmaceutical, and transportation industries announces the release and SEC filing of the annual 10K financial report.
“We improved margins, maintained a healthy cash flow, and increased revenue in 2021. The product R&D that was started in 2020 paid off in 2021 with an improved product that has a wider market appeal. The focus for 2022 will be on greater market penetration and a continuous product improvement process to provide our customers with the very best refrigeration solutions.”
-Kim Boyce, CEO, Reflect Scientific Inc.
Financial Highlights*
- Total revenue for the full year 2021 increased to $2.81 million compared to $2.79 million for the full year 2020, a year-over-year gain of 0.8%.
- The gross margin improved to 69% for the full year 2021 from 62% in the full year 2020 primarily due to streamlined production costs of Cryometrix freezers.
- Net income of $939,065 for the full year 2021 compared to $660,115 for the prior year.
- Reflect Scientific reported $1.47 million in cash, cash equivalents, and short-term investments as of December 31, 2021, compared with $643,000 as of December 31, 2020.
- Reflect Scientific Inc. returned to “fully reporting” status with the SEC. The Form 10 is available for viewing on the SEC website (www.sec.gov) under the Reflect Scientific name and ticker (RSCF). The company also uplisted to the OTCQB venture market for greater access to capital for growth.
Reflect Scientific’s audited financial statements for the calendar year ended December 31, 2021, 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. AND SUBSIDIARIES
Consolidated Statements of Income
| For the Years Ended December 31, | |||||
| 2021 | 2020 | ||||
| REVENUES | $ | 2,814,670 | $ | 2,792,623 | |
| COST OF GOODS SOLD | 884,066 | 1,071,321 | |||
| GROSS PROFIT | 1,930,604 | 1,721,302 | |||
| OPERATING EXPENSES | |||||
| Salaries and wages | 608,065 | 534,525 | |||
| Research and development | 58,340 | 185,295 | |||
| General and administrative | 436,399 | 350,477 | |||
| Total Operating Expenses | 1,102,804 | 1,070,297 | |||
| INCOME (LOSS) FROM OPERATIONS | 827,800 | 651,005 | |||
| OTHER INCOME (EXPENSE) | |||||
| Gain on EIDL Grant | 10,000 | ||||
| Interest expense | (890 | ) | |||
| Gain on forgiveness of debt – PPP loan | 111,265 | ||||
| Total Other Income (Expenses) | 111,265 | 9,110 | |||
| INCOME (LOSS) BEFORE INCOME TAX EXPENSE | 939,065 | 660,115 | |||
| Income tax expense | - | - | |||
| NET INCOME (LOSS) | $ | 939,065 | $ | 660,115 | |
| NET INCOME (LOSS) PER SHARE – BASIC AND DILUTED | $ | 0.01 | $ | 0.01 | |
| WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING – BASIC AND DILUTED | 84,739,770 | 84,739,086 | |||
CONDENSED BALANCE SHEET INFORMATION
(Unaudited, Amounts in thousands)
| Year Ended | ||||
| December 31, 2021 | December 31, 2020 | |||
| Cash, cash equivalents and restricted cash | $1,474 | $643 | ||
| Accounts receivable, net | 176 | 340 | ||
| Inventories | 624 | 439 | ||
| Total current assets | 2,305 | 1,446 | ||
| Total assets | 2,479 | 1,676 | ||
| Accounts payable | 67 | 70 | ||
| Total current liabilities | 242 | 243 | ||
| Total liabilities | 299 | 463 | ||
| Total Shareholders equity | $2,479 | $1,676 | ||
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.”
