LOS ANGELES, CA, Aug. 02, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – US Nuclear Corp. (OTCQB: UCLE), a leading manufacturer of advanced radiation, chemical, and biological detection and UAV instrumentation, announced the annual results for the year ended December 31, 2020.
2020 Annual Highlights
- Total sales revenue of $1,752,976 compared to $3,540,387 the previous year
- Net loss of $3,538,103 due to impact of COVID-19
- Equity loss of investment $818,611
- Amortization of debt discount $462,963
- Total operating expenses reduced 42% to $2,558,553 as compared to $4,394,844 the previous year
Robert Goldstein, CEO of US Nuclear Corp., commented:
“2020 was a challenging year for us due to COVID-19. The health and safety of our employees and their families was an urgent concern, and we took the necessary measures to ensure everyone stayed healthy. These measures included a temporary shut-down of one of our operating divisions, staggered and reduced work hours, and 14-day quarantine periods. Sales and production were especially slow in Q1 and Q2 due to the impact of COVID-19 on our company and customers, but started to recover in Q3 ($484,318) and Q4 ($644,218) as we came back to more regular production levels. In particular, our novel DroneRAD products (aerial radiation and chemical detection system) and real-time water quality monitors for radiation, chemical, and biological pollutants have been rising in popularity and demand and we expect this trend to continue due to the unique functionality offered by these systems as well as tighter safety regulations and increased transparency to the public.
“On March 12, 2020 we closed a deal to purchase 40% of Grapheton which we are incredibly excited about. Grapheton is a start-up company that is developing cutting-edge bioelectronics and neurotechnology for treating injuries and disease, implantable neural devices for brain-computer interfaces, and a new generation of enhanced micro and super capacitors using glassy carbon. Grapheton is building a rich portfolio of forward-looking solutions, proprietary technology, and IP in cutting-edge areas and rapidly growing industries such as fast chargers for EV’s, more capable IC chips, and the brain machine interface.
“Despite a rough start to the year, we weathered the COVID-19 pandemic well, kept our employees safe, and are happy to announce that we are poised to continue growing and expanding as a sensor system developer and manufacturer.”
| US NUCLEAR CORP. AND SUBSIDIARIES | ||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
| FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019 | ||||||||||||
| 2020 | 2019 | |||||||||||
| Sales | $ | 1,752,976 | $ | 3,540,387 | ||||||||
| Cost of sales | 1,278,469 | 1,605,447 | ||||||||||
| Gross profit | 474,507 | 1,934,940 | ||||||||||
| Operating expenses | ||||||||||||
| Consulting expense | 1,005,655 | 1,668,958 | ||||||||||
| Professional fees | 218,760 | 380,951 | ||||||||||
| Officer compensation | 220,000 | 896,000 | ||||||||||
| Payroll and related expense | 827,343 | 858,152 | ||||||||||
| General and administrative | 286,795 | 590,783 | ||||||||||
| Total operating expenses | 2,558,553 | 4,394,844 | ||||||||||
| Loss from operations | (2,084,046 | ) | (2,459,904 | ) | ||||||||
| Other income (expense) | ||||||||||||
| Writedown of investments | - | (508,000 | ) | |||||||||
| Interest expense | (45,860 | ) | (25,667 | ) | ||||||||
| Loss on issuance of convertible debenture | - | (183,978 | ) | |||||||||
| Change in value of derivative liability | (126,623 | ) | 53,813 | |||||||||
| Amortization of debt discount | (462,963 | ) | (37,037 | ) | ||||||||
| Equity loss in investment | (818,611 | ) | - | |||||||||
| Total other income (expense) | (1,454,057 | ) | (700,869 | ) | ||||||||
| Loss before provision for income taxes | (3,538,103 | ) | (3,160,773 | ) | ||||||||
| Provision for income taxes | - | - | ||||||||||
| Net loss | $ | (3,538,103 | ) | $ | (3,160,773 | ) | ||||||
| Weighted average shares outstanding - basic and diluted | 22,080,873 | 18,300,793 | ||||||||||
| Loss per shares - basic and diluted | $ | (0.16 | ) | $ | (0.17 | ) | ||||||
Safe Harbor Act
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.
Investors may find additional information regarding US Nuclear Corp. at the SEC website at http://www.sec.gov, or the company’s website at www.usnuclearcorp.com
CONTACT:
US Nuclear Corp. (OTCQB: UCLE)
Robert I. Goldstein, President, CEO, and Chairman
Rachel Boulds, Chief Financial Officer
(818) 883 7043
Email: info@usnuclearcorp.com