OREM, Utah, May 12, 2023 (GLOBE NEWSWIRE) -- Reflect Scientific, Inc. (OTCQB: RSCF), a provider of diverse products and services for the biotechnology, pharmaceutical, and transportation industries today reported financial results for the first quarter ended March 31, 2023. Revenues decreased by $512,449, or 68.0%, to $241,127 for the three months ended March 31, 2023 from $753,576 for the three months ended March 31, 2022. The decrease was primarily due to a significant reduction in freezer and chiller sales and ongoing supply chain delays with manufacturers.
Reflect Scientific has been able to manage its expenses effectively, with salaries and wages decreasing by $8,004, or 4.7%, to $162,275 for the three months ended March 31, 2023 from $170,279 for the three months ended March 31, 2022. General and administrative expenses decreased by $10,186, or 8.7%, to $106,992 for the three months ended March 31, 2023 from $117,178 for the three months ended March 31, 2022. Research and development expenses decreased by $19,259, or 76.0%, to $6,066 for the three months ended March 31, 2023 from $25,325 for the three months ended March 31, 2022.
Reflect Scientific's current assets exceeded current liabilities by $2,052,802 and $2,179,237 as of March 31, 2023 and December 31, 2022, respectively, and the Company had cash and cash equivalents of $1,199,069 and $1,381,927, respectively.
Reflect Scientific's CEO, Mr. Kim Boyce, commented, "We faced some significant challenges in the first quarter, including ongoing supply chain delays and decreased sales, particularly in our freezer and chiller product lines. However, we remain committed to our goal of providing our customers with the best solution for their needs and we continue to focus on expanding our product portfolio to align with and capitalize on market needs. To that end, Reflect is collaborating with a company to explore new applications for the chiller products. We are optimistic about the future and are confident that our ongoing efforts to increase sales, improve gross margins, and control ongoing operating expenses will yield positive results."
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 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."
