US Nuclear Corp. Announces Annual 2022 Financial Results
LOS ANGELES, CA, May 15, 2023 (GLOBE NEWSWIRE) — via NewMediaWire — US Nuclear Corp. (OTC-QB: UCLE), a leading manufacturer of advanced radiation, chemical, and biological detection and smart UAV instrumentation, announced the annual results for the year ended December 31, 2022.
2022 Annual Highlights
- Total sales revenue of $2,091,366 compared to $2,137,607 the previous year
- Minor decrease in revenue indicative of economic conditions as revenue across all subsidiaries post-Coronavirus pandemic remains constant
- Growth was slow in 2022 due to political and economic uncertainties
- Decreased Selling and General and Administrative expenses by $454,742 or 19.1% by a reduction in payroll costs
- Important new products added for monitoring chemical and biological hazards, plus new hazmat sensors for drone line
Robert Goldstein, CEO of US Nuclear Corp., commented:
“We had a productive and solid year despite several hardships faced from political and economic uncertainties, such as the rising cost of parts and labor and supply chain constraints. We were able to decrease our SG&A expenses through payroll reductions while maintaining productivity across the board. Revenue from all our subsidiaries remained constant while we positioned ourselves for new growth from several channels.
“In February 2023, we resumed our trade show based sales program which had been on hold since the start of the pandemic. These trade shows are a core component of our sales and marketing campaigns and we are looking forward to networking, boosting our revenue through new sales opportunities, showcasing our products, meeting old and new customers and investors.
“We have several other exciting catalysts moving forward to boost our growth and revenue. In 2022 we expanded our product offerings to include many new novel chemical and biological sensors such as PFAS and fentanyl contamination monitors, hazardous chemical/material detectors, and new hazmat sensors for our fully instrumented drones. Our drone monitors are now able to measure all types of chemical, biological, and radiological hazards. Since we were already deep into the air and water quality markets, we can now sell significantly more products to our existing as well as new customers. We expect demand for these will continue to surge, and given the continuing string of toxic disasters that have occurred recently and the concern for our health and safety, these hazmat detectors will be essential.”
| US NUCLEAR CORP. AND SUBSIDIARIES | |||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
| FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 | |||||||
| 2022 (USD) | 2021 (USD) | ||||||
| Sales | 2,091,366 | 2,137,607 | |||||
| Cost of sales | 1,303,298 | 760,955 | |||||
| Gross profit | 788,068 | 1,376,652 | |||||
| Operating expenses | |||||||
| Consulting expense | – | 592,659 | |||||
| Professional fees | 326,118 | 171,024 | |||||
| Officer compensation | 170,000 | 372,978 | |||||
| Payroll and related expense | 957,954 | 939,061 | |||||
| Selling, general and administrative expenses | 830,027 | 663,119 | |||||
| Total operating expenses | 2,284,099 | 2,738,841 | |||||
| Loss from operations | -1,496,031 | -1,362,189 | |||||
| Other income (expense) | |||||||
| Interest expense | -63,912 | -11,001 | |||||
| Other income | – | 2,950 | |||||
| Amortization of debt discount | -482,852 | – | |||||
| Gain on forgiveness of debt | – | 329,018 | |||||
| Equity loss in investment | – | -835,462 | |||||
| Total other income (expense) | -546,764 | -514,495 | |||||
| Loss before provision for income taxes | -2,042,795 | -1,876,684 | |||||
| Provision for income taxes | – | – | |||||
| Net loss | -2,042,795 | -1,876,684 | |||||
| Deemed dividend for down-round provision in warrants | -17,924 | -52,861 | |||||
| Net loss attributed to common stockholders | -2,060,719 | -1,929,545 | |||||
| Weighted average shares outstanding – basic and diluted | 29,504,433 | 27,375,508 | |||||
| Loss per share – basic and diluted | -0.07 | -0.07 | |||||
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. (OTC-QB: UCLE)
Robert I. Goldstein, President, CEO, and Chairman
Richard Landry, Chief Financial Officer
(818) 883 7043
Email: info@usnuclearcorp.com
