OREM, Utah, Nov. 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 third quarter of 2022.
“Increased cost of goods, increased shipping costs, delivery delays, and parts availability hit Reflect hard in the third quarter. Having said that, we are in a strong cash position to weather this downturn in revenue and anticipate a strong finish to the year. Our marketing efforts are continuing as we seek to expand market penetration and sales. Reflect will be exhibiting at the world’s largest cannabis show in Las Vegas this month. This should be a very lucrative show for us.
On the new business front we are working with a current customer to install 5-10 freezer units and a new customer that intends to install the blast freezer in up to 30 of their locations. Our new products have gained notice in the market. We just completed an alpha test using the mini-blast freezer with a vaccine manufacturer that should end in an order,” 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 September 30, 2022 and 2021:
| Three Months Ended September 30 | |||||||
| 2022 | 2021 | ||||||
| Revenues | $ | 253,233 | $ | 716,145 | |||
| Cost of goods sold | 122,204 | 242,343 | |||||
| Gross profit | 131,029 | 473,802 | |||||
| Operating Expenses | |||||||
| Salaries and wages | 154,648 | 146,697 | |||||
| General and administrative | 94,781 | 149,672 | |||||
| Research and development | 14,820 | 17,544 | |||||
| Total Operating Expenses | 264,249 | 313,913 | |||||
| INCOME (LOSS) FROM OPERATIONS | (133,220 | ) | 159,889 | ||||
| Other Income | |||||||
| Gain on forgiveness of debt | - | - | |||||
| Total Other Income | - | - | |||||
| NET INCOME (LOSS) BEFORE INCOME TAXES | (133,220 | ) | 159,889 | ||||
| INCOME TAX BENEFIT (EXPENSE) | (702 | ) | - | ||||
| NET INCOME (LOSS) | $ | (133,922 | ) | $ | 159,889 | ||
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.”
