US Nuclear Corp. Announces First Quarter 2023 Results
LOS ANGELES, CA, July 05, 2023 (GLOBE NEWSWIRE) — via NewMediaWire — US Nuclear Corp. (OTC-QB: UCLE), a leading manufacturer of advanced radiation, chemical, and biological detection and UAV instrumentation, recently announced the financial results for the first quarter ended March 31, 2023.
- Sales for the three months ended March 31, 2023 were $647,706 compared to $339,515 for the same period in 2022, an increase of 47.58%
- Gross profit was $435,589 compared to $227,277 for the same period in 2022, an increase of 49.45%
- Gross margins were 67.2% as compared to 66.9% for the same period last year
- Selling, general, and administrative expense were $735,825 compared to $873,503 for the same period last year, the decrease of $137,678 or 18.71% was due to careful management of expenses and overhead
- Other expense was $364,298, an increase of $360,881 for the same period in 2022 mainly due to an increase in the amortization of debt discounts associated with convertible debentures
- Net loss of $664,534
Robert Goldstein, CEO of US Nuclear Corp., commented:
“We had a strong start to the new year, with sales revenue up $308,191 or 47.5% from the same period last year. We have several catalysts working for us to keep up the momentum throughout the year. Most notably, nuclear power generation is on the rise as the world grapples with increasing energy demands and a need for a clean source of baseline energy. Fusion power in particular is quickly gaining popularity and massive funding, and since tritium is the main fuel source needed for fusion reactions, our tritium monitoring division is poised to benefit. We also expanded our product line adding special hazardous chemical detectors, such as the world’s first on-the-spot PFAS contamination detector, that have been of great interest lately. We continue to strike a path towards profitability as we ramp up sales revenue, cut down on expenses, and negotiate better pricing with our vendors and consultants.”
| PART I – FINANCIAL INFORMATION | ||||||||
| Item 1. Financial Statements. | ||||||||
| US NUCLEAR CORP. AND SUBSIDIARIES | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| ASSETS | ||||||||
| March 31, | December 31, | |||||||
| 2023 | 2022 | |||||||
| (unaudited) | (audited) | |||||||
| CURRENT ASSETS | ||||||||
| Cash | $ | 214,236 | $ | 126,109 | ||||
| Accounts receivable, net | 184,378 | 329,858 | ||||||
| Note receivable | 14,000 | – | ||||||
| Inventories | 2,156,422 | 2,024,664 | ||||||
| Prepaid expenses and other current assets | – | 26,370 | ||||||
| TOTAL CURRENT ASSETS | 2,569,036 | 2,507,001 | ||||||
| Property and equipment, net | 5,214 | 6,501 | ||||||
| Investments | 4,539 | 10,059 | ||||||
| Acquisition deposit | 15,000 | 15,000 | ||||||
| Goodwill | 570,176 | 570,176 | ||||||
| TOTAL ASSETS | $ | 3,163,965 | $ | 3,108,737 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable | $ | 61,313 | $ | 100,398 | ||||
| Accounts payable – related party | 322,000 | 280,000 | ||||||
| Accrued liabilities | 750,053 | 688,422 | ||||||
| Accrued compensation – officers | 740,000 | 695,000 | ||||||
| Customer deposit | 93,694 | 88,694 | ||||||
| Notes payable | 5,272 | 9,574 | ||||||
| Convertible debt, net of debt discount | 510,135 | 412,953 | ||||||
| Note payable to shareholder | 916,979 | 874,679 | ||||||
| Line of credit | 307,937 | 307,321 | ||||||
| TOTAL CURRENT LIABILITIES | 3,707,383 | 3,457,041 | ||||||
| TOTAL LIABILITIES | 3,707,383 | 3,457,041 | ||||||
| SHAREHOLDERS’ EQUITY: | ||||||||
| Common stock, $0.0001 par value; 100,000,000 shares authorized, | ||||||||
| 34,556,242 and 31,621,242 shares issued and outstanding | 3,456 | 3,162 | ||||||
| Common shares to be issued | – | 39,000 | ||||||
| Additional paid in capital | 15,250,540 | 14,740,401 | ||||||
| Accumulated deficit | -15,797,414 | -15,130,867 | ||||||
| TOTAL SHAREHOLDERS’ EQUITY | -543,418 | -348,304 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 3,163,965 | $ | 3,108,737 | ||||
| The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. | ||||||||
| 1 | ||||||||
| US NUCLEAR CORP. AND SUBSIDIARIES | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| (unaudited) | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2023 | 2022 | |||||||
| Sales | $ | 647,706 | $ | 339,515 | ||||
| Cost of sales | 212,117 | 112,238 | ||||||
| Gross profit | 435,589 | 227,277 | ||||||
| Operating expenses | ||||||||
| Selling, general and administrative expenses | 735,825 | 873,503 | ||||||
| Total operating expenses | 735,825 | 873,503 | ||||||
| Loss from operations | -300,236 | -646,226 | ||||||
| Other income (expense) | ||||||||
| Interest expense | -22,140 | -3,417 | ||||||
| Equity loss in investment | -8,059 | – | ||||||
| Loss on deconsolidation | -2,539 | – | ||||||
| Amortization of debt discount | -331,559 | – | ||||||
| Total other income (expense) | -364,298 | -3,417 | ||||||
| Loss before provision for income taxes | -664,534 | -649,643 | ||||||
| Provision for income taxes | – | – | ||||||
| Net loss | $ | -664,534 | $ | -649,643 | ||||
| Deemed dividend for down-round provision in warrants | -2,013 | – | ||||||
| Net loss attributed to common stockholders | $ | -666,547 | $ | -649,643 | ||||
| Weighted average shares outstanding – basic and diluted | 32,634,839 | 28,428,215 | ||||||
| Loss per shares – basic and diluted | $ | -0.02 | $ | -0.02 | ||||
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
