Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Lifeloc Reports 2022 Full Year Results By: ACCESSWIRE March 14, 2023 at 09:08 AM EDT WHEAT RIDGE, CO / ACCESSWIRE / March 14, 2023 / Lifeloc Technologies, Inc. (OTC PINK:LCTC), a global leader in the development and manufacturing of breath alcohol testing devices, has announced financial results for the 2022 fiscal year ended December 31, 2022. 2022 Financial Highlights Lifeloc Technologies posted annual net revenue of $8.482 million resulting in a net loss of $456 thousand in 2022, or ($0.19) per diluted share. These results compare to net revenue of $7.054 million for 2021, with net profit of $676 thousand, or $0.27 per diluted share. The 2022 results included a one-time gain of $108 thousand from the employee retention tax credit, while the 2021 results included a one-time gain of $936 thousand from the forgiveness of both the 2020 and 2021 Paycheck Protection Program loans through the SBA. Revenues for 2022 grew by 20% over 2021 sales, returning to pre-pandemic sales levels. Increasing research and development investment for SpinDx as well as supply chain disruption contributed to the net loss in this quarter despite increased revenue. Supply chain delays have added some costs, and component inflation has added more. The company implemented price increases during the year in response to rising costs, with additional increases planned for 2023. After releasing the R.A.D.A.R.® 200 device we found several features that needed additional refinement. Since they would require significant development time and staff commitments, we elected to arrange with a third party to work on proof of concept, which if successful, will result in the R.A.D.A.R. 300 device. This allows us to continue our focus on SpinDx and reduces the expense we were incurring to support R.A.D.A.R. development. New platform LX9 and LT7 devices are making significant contributions to revenue, as demonstrated by their 360% sales growth in 2022 versus 2021. The features and performance of the new L-series products have driven penetration by meeting previously unaddressable market needs, such as wider temperature ranges and fast customization that incorporates local languages. We expect that most L-series sales will be incremental to FC-series devices rather than displacing FC sales. The L-series devices are meeting the requirements of the most modern registration standards, such as SAI's (Standards Australia International) latest AS 3547:2019 standards for Breath Alcohol Detectors. We believe our most important goal and best opportunity remains the convergence of the global need for rapid detection of drugs of abuse with Lifeloc's proven capability to build easy-to-use portable testing equipment. We are focusing our research and development efforts on leveraging the SpinDx™ technology platform, sometimes referred to as "Lab on a Disk," to develop a series of devices and tests that can be used at roadside and in emergency rooms, forensic labs and workplace testing to get a rapid and quantitative measure for a panel of drugs of abuse, beginning with a device that allows for detection of delta-9-THC (the major intoxicating component of the cannabis plant) from a test subject's saliva. Testing has commenced to validate the SpinDx technology against the definitive standard liquid chromatography-mass spectroscopy (LCMS) measurement utilizing human samples. The LCMS data are validating the SpinDx test results on real-world human saliva tests at a limit of detection of approximately 10 ng/ml. Work continues to improve the robustness and convenience of operation. Following the release of the SpinDx saliva testing system, which is expected this year and is projected to result in commercialization in 2024, development will accelerate on combining our LX9 breathalyzer with the THC SpinDx detection unit with their coupling to be our marijuana breathalyzer system. "We saw sales recover in 2022 back to pre-pandemic levels, even though a few sales were pushed into 2023 because of component delays," commented Dr. Wayne Willkomm, President and CEO. "We are excited to see substantial sales growth with the L-series products. These sales are expected to continue to grow with additional certifications and expanded features, and to provide the continued funding to accelerate the SpinDx product platform across the finish line to commercialization. We expect our research and development expenses will continue to rise in this final push. Accurate and rapid drug screening continues to be an unmet market need and, we believe, our best opportunity for significant, long term value creation." About Lifeloc Technologies Lifeloc Technologies, Inc. (OTC: LCTC) is a trusted U.S. manufacturer of evidential breath alcohol testers and related training and supplies for Workplace, Law Enforcement, Corrections and International customers. Lifeloc stock trades over-the-counter under the symbol LCTC. We are a fully reporting Company with our SEC filings available on our web site, www.lifeloc.com. Forward Looking Statements This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve substantial risks and uncertainties that may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements expressed or implied in this press release, including statements about our strategies, expectations about new and existing products, market demand, acceptance of new and existing products, technologies and opportunities, market size and growth, and return on investments in products and market, are based on information available to us on the date of this document, and we assume no obligation to update such forward-looking statements. Investors are strongly encouraged to review the section titled "Risk Factors" in our SEC filings. R.A.D.A.R.® is a registered trademark of Lifeloc Technologies, Inc. SpinDx™ is a trademark of Sandia Corporation. Amy Evans Lifeloc Technologies, Inc. http://www.lifeloc.com (303) 431-9500 LIFELOC TECHNOLOGIES, INC. Balance Sheets ASSETS December 31, 2022 December 31, 2021 CURRENT ASSETS: Cash $ 2,352,754 $ 2,571,668 Accounts receivable, net 627,919 562,092 Inventories, net 2,732,463 2,668,789 Employee retention credit receivable 107,575 - Prepaid expenses and other 58,203 56,897 Total current assets 5,878,914 5,859,446 PROPERTY AND EQUIPMENT, at cost: Land 317,932 317,932 Building 1,928,795 1,928,795 Real-time Alcohol Detection And Recognition equipment and software 569,448 569,448 Production equipment, software and space modifications 1,147,992 958,785 Training courses 432,375 432,375 Office equipment, software and space modifications 216,618 216,618 Sales and marketing equipment and space modifications 226,356 226,356 Research and development equipment, software and space modifications 480,684 456,685 Less accumulated depreciation (3,072,961) (2,518,966) Total property and equipment, net 2,247,239 2,588,028 OTHER ASSETS: Patents, net 69,679 134,428 Deposits and other 500 163,480 Deferred taxes 321,429 204,449 Total other assets 391,608 502,357 Total assets $ 8,517,761 $ 8,949,831 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 413,957 $ 445,985 Term loan payable, current portion 50,028 48,513 Customer deposits 201,031 170,952 Accrued expenses 344,944 298,530 Deferred revenue, current portion 80,222 71,604 Reserve for warranty expense 46,500 46,500 Total current liabilities 1,136,682 1,082,084 TERM LOAN PAYABLE, net of current portion and Debt issuance costs 1,219,677 1,267,551 DEFERRED REVENUE, net of current portion 6,191 6,430 Total liabilities 2,362,550 2,356,065 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Common stock, no par value; 50,000,000 shares Authorized, 2,454,116 shares outstanding 4,668,014 4,650,812 Retained earnings 1,487,197 1,942,954 Total stockholders' equity 6,155,211 6,593,766 Total liabilities and stockholders' equity $ 8,517,761 $ 8,949,831 LIFELOC TECHNOLOGIES, INC. Statements of Income Years Ended December 31, REVENUES: 2022 2021 Product sales $ 8,350,463 $ 6,898,955 Royalties 40,674 67,526 Rental income 90,856 87,949 Total 8,481,993 7,054,430 COST OF SALES 5,407,042 3,994,334 GROSS PROFIT 3,074,951 3,060,096 OPERATING EXPENSES: Research and development 1,385,927 1,213,482 Sales and marketing 1,122,526 1,003,983 General and administrative 1,216,843 1,111,544 Total 3,725,296 3,329,009 OPERATING INCOME (LOSS) (650,345) (268,913) OTHER INCOME (EXPENSE): Forgiveness of Paycheck Protection loan - 936,444 Employee retention credit 107,575 - Interest income 13,114 3,401 Interest expense (43,081) (51,272) Total 77,608 888,573 NET INCOME (LOSS) BEFORE PROVISION FOR TAXES (572,737) 619,660 BENEFIT FROM FEDERAL AND STATE INCOME TAXES 116,980 56,307 NET INCOME (LOSS) $ (455,757) $ 675,967 NET INCOME (LOSS) PER SHARE, BASIC $ (0.19) $ 0.28 NET INCOME (LOSS) PER SHARE, DILUTED $ (0.19) $ 0.27 WEIGHTED AVERAGE SHARES, BASIC 2,454,116 2,454,116 WEIGHTED AVERAGE SHARES, DILUTED 2,454,116 2,518,895 Lifeloc Technologies, Inc. Statements of Stockholders' Equity Years Ended December 31, 2022 2021 Total stockholders' equity, beginning balances $ 6,593,766 $ 5,900,642 Common stock (no shares issued during periods): Beginning balances 4,650,812 4,633,655 Stock based compensation expense related to stock options 17,202 17,157 Ending balances 4,668,014 4,650,812 Retained earnings: Beginning balances 1,942,954 1,266,987 Net income (loss) (455,757) 675,967 Ending balances 1,487,197 1,942,954 Total stockholders' equity, ending balances $ 6,155,211 $ 6,593,766 LIFELOC TECHNOLOGIES, INC. Statements of Cash Flows Years Ended December 31, CASH FLOWS FROM OPERATING ACTIVITIES: 2022 2021 Net income (loss) $ (455,757) $ 675,967 Adjustments to reconcile net income to net cash provided from (used in) operating activities- Forgiveness of Paycheck Protection loans - (936,444) Depreciation and amortization 632,418 254,823 Provision for doubtful accounts, net change - (49,000) Provision for inventory obsolescence, net change 214,156 (5,000) Deferred taxes, net change (116,980) (56,307) Stock based compensation expense related to stock options 17,202 17,157 Changes in operating assets and liabilities- Accounts receivable (65,827) 10,511 Inventories (277,830) (165,663) Employee retention credit and income taxes receivable (107,575) 220,657 Prepaid expenses and other (1,306) 21,065 Deposits and other 162,980 1,318 Accounts payable (32,028) 112,134 Customer deposits 30,079 15,657 Accrued expenses 46,414 32,264 Deferred revenue 8,379 33,804 Net cash provided from (used in) operating activities 54,325 182,943 CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: Purchases of property and equipment (213,206) (265,867) Patent filing expense (9,370) (2,609) Net cash (used in) investing activities (222,576) (268,476) CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: Principal payments made on term loan (50,663) (1,341,059) Proceeds from refinancing term loan - 1,350,000 Cost of refinancing term loan - (18,157) Proceeds from Paycheck Protection loan (round 2) - 471,347 Net cash provided from (used in) financing activities (50,663) 462,131 NET INCREASE (DECREASE) IN CASH (218,914) 376,598 CASH, BEGINNING OF PERIOD 2,571,668 2,195,070 CASH, END OF PERIOD $ 2,352,754 $ 2,571,668 SUPPLEMENTAL INFORMATION: Cash paid for interest $ 38,777 $ 39,815 Cash paid for income tax $ - $ - SOURCE: Lifeloc Technologies, Inc. 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Lifeloc Reports 2022 Full Year Results By: ACCESSWIRE March 14, 2023 at 09:08 AM EDT WHEAT RIDGE, CO / ACCESSWIRE / March 14, 2023 / Lifeloc Technologies, Inc. (OTC PINK:LCTC), a global leader in the development and manufacturing of breath alcohol testing devices, has announced financial results for the 2022 fiscal year ended December 31, 2022. 2022 Financial Highlights Lifeloc Technologies posted annual net revenue of $8.482 million resulting in a net loss of $456 thousand in 2022, or ($0.19) per diluted share. These results compare to net revenue of $7.054 million for 2021, with net profit of $676 thousand, or $0.27 per diluted share. The 2022 results included a one-time gain of $108 thousand from the employee retention tax credit, while the 2021 results included a one-time gain of $936 thousand from the forgiveness of both the 2020 and 2021 Paycheck Protection Program loans through the SBA. Revenues for 2022 grew by 20% over 2021 sales, returning to pre-pandemic sales levels. Increasing research and development investment for SpinDx as well as supply chain disruption contributed to the net loss in this quarter despite increased revenue. Supply chain delays have added some costs, and component inflation has added more. The company implemented price increases during the year in response to rising costs, with additional increases planned for 2023. After releasing the R.A.D.A.R.® 200 device we found several features that needed additional refinement. Since they would require significant development time and staff commitments, we elected to arrange with a third party to work on proof of concept, which if successful, will result in the R.A.D.A.R. 300 device. This allows us to continue our focus on SpinDx and reduces the expense we were incurring to support R.A.D.A.R. development. New platform LX9 and LT7 devices are making significant contributions to revenue, as demonstrated by their 360% sales growth in 2022 versus 2021. The features and performance of the new L-series products have driven penetration by meeting previously unaddressable market needs, such as wider temperature ranges and fast customization that incorporates local languages. We expect that most L-series sales will be incremental to FC-series devices rather than displacing FC sales. The L-series devices are meeting the requirements of the most modern registration standards, such as SAI's (Standards Australia International) latest AS 3547:2019 standards for Breath Alcohol Detectors. We believe our most important goal and best opportunity remains the convergence of the global need for rapid detection of drugs of abuse with Lifeloc's proven capability to build easy-to-use portable testing equipment. We are focusing our research and development efforts on leveraging the SpinDx™ technology platform, sometimes referred to as "Lab on a Disk," to develop a series of devices and tests that can be used at roadside and in emergency rooms, forensic labs and workplace testing to get a rapid and quantitative measure for a panel of drugs of abuse, beginning with a device that allows for detection of delta-9-THC (the major intoxicating component of the cannabis plant) from a test subject's saliva. Testing has commenced to validate the SpinDx technology against the definitive standard liquid chromatography-mass spectroscopy (LCMS) measurement utilizing human samples. The LCMS data are validating the SpinDx test results on real-world human saliva tests at a limit of detection of approximately 10 ng/ml. Work continues to improve the robustness and convenience of operation. Following the release of the SpinDx saliva testing system, which is expected this year and is projected to result in commercialization in 2024, development will accelerate on combining our LX9 breathalyzer with the THC SpinDx detection unit with their coupling to be our marijuana breathalyzer system. "We saw sales recover in 2022 back to pre-pandemic levels, even though a few sales were pushed into 2023 because of component delays," commented Dr. Wayne Willkomm, President and CEO. "We are excited to see substantial sales growth with the L-series products. These sales are expected to continue to grow with additional certifications and expanded features, and to provide the continued funding to accelerate the SpinDx product platform across the finish line to commercialization. We expect our research and development expenses will continue to rise in this final push. Accurate and rapid drug screening continues to be an unmet market need and, we believe, our best opportunity for significant, long term value creation." About Lifeloc Technologies Lifeloc Technologies, Inc. (OTC: LCTC) is a trusted U.S. manufacturer of evidential breath alcohol testers and related training and supplies for Workplace, Law Enforcement, Corrections and International customers. Lifeloc stock trades over-the-counter under the symbol LCTC. We are a fully reporting Company with our SEC filings available on our web site, www.lifeloc.com. Forward Looking Statements This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve substantial risks and uncertainties that may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements expressed or implied in this press release, including statements about our strategies, expectations about new and existing products, market demand, acceptance of new and existing products, technologies and opportunities, market size and growth, and return on investments in products and market, are based on information available to us on the date of this document, and we assume no obligation to update such forward-looking statements. Investors are strongly encouraged to review the section titled "Risk Factors" in our SEC filings. R.A.D.A.R.® is a registered trademark of Lifeloc Technologies, Inc. SpinDx™ is a trademark of Sandia Corporation. Amy Evans Lifeloc Technologies, Inc. http://www.lifeloc.com (303) 431-9500 LIFELOC TECHNOLOGIES, INC. Balance Sheets ASSETS December 31, 2022 December 31, 2021 CURRENT ASSETS: Cash $ 2,352,754 $ 2,571,668 Accounts receivable, net 627,919 562,092 Inventories, net 2,732,463 2,668,789 Employee retention credit receivable 107,575 - Prepaid expenses and other 58,203 56,897 Total current assets 5,878,914 5,859,446 PROPERTY AND EQUIPMENT, at cost: Land 317,932 317,932 Building 1,928,795 1,928,795 Real-time Alcohol Detection And Recognition equipment and software 569,448 569,448 Production equipment, software and space modifications 1,147,992 958,785 Training courses 432,375 432,375 Office equipment, software and space modifications 216,618 216,618 Sales and marketing equipment and space modifications 226,356 226,356 Research and development equipment, software and space modifications 480,684 456,685 Less accumulated depreciation (3,072,961) (2,518,966) Total property and equipment, net 2,247,239 2,588,028 OTHER ASSETS: Patents, net 69,679 134,428 Deposits and other 500 163,480 Deferred taxes 321,429 204,449 Total other assets 391,608 502,357 Total assets $ 8,517,761 $ 8,949,831 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 413,957 $ 445,985 Term loan payable, current portion 50,028 48,513 Customer deposits 201,031 170,952 Accrued expenses 344,944 298,530 Deferred revenue, current portion 80,222 71,604 Reserve for warranty expense 46,500 46,500 Total current liabilities 1,136,682 1,082,084 TERM LOAN PAYABLE, net of current portion and Debt issuance costs 1,219,677 1,267,551 DEFERRED REVENUE, net of current portion 6,191 6,430 Total liabilities 2,362,550 2,356,065 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Common stock, no par value; 50,000,000 shares Authorized, 2,454,116 shares outstanding 4,668,014 4,650,812 Retained earnings 1,487,197 1,942,954 Total stockholders' equity 6,155,211 6,593,766 Total liabilities and stockholders' equity $ 8,517,761 $ 8,949,831 LIFELOC TECHNOLOGIES, INC. Statements of Income Years Ended December 31, REVENUES: 2022 2021 Product sales $ 8,350,463 $ 6,898,955 Royalties 40,674 67,526 Rental income 90,856 87,949 Total 8,481,993 7,054,430 COST OF SALES 5,407,042 3,994,334 GROSS PROFIT 3,074,951 3,060,096 OPERATING EXPENSES: Research and development 1,385,927 1,213,482 Sales and marketing 1,122,526 1,003,983 General and administrative 1,216,843 1,111,544 Total 3,725,296 3,329,009 OPERATING INCOME (LOSS) (650,345) (268,913) OTHER INCOME (EXPENSE): Forgiveness of Paycheck Protection loan - 936,444 Employee retention credit 107,575 - Interest income 13,114 3,401 Interest expense (43,081) (51,272) Total 77,608 888,573 NET INCOME (LOSS) BEFORE PROVISION FOR TAXES (572,737) 619,660 BENEFIT FROM FEDERAL AND STATE INCOME TAXES 116,980 56,307 NET INCOME (LOSS) $ (455,757) $ 675,967 NET INCOME (LOSS) PER SHARE, BASIC $ (0.19) $ 0.28 NET INCOME (LOSS) PER SHARE, DILUTED $ (0.19) $ 0.27 WEIGHTED AVERAGE SHARES, BASIC 2,454,116 2,454,116 WEIGHTED AVERAGE SHARES, DILUTED 2,454,116 2,518,895 Lifeloc Technologies, Inc. Statements of Stockholders' Equity Years Ended December 31, 2022 2021 Total stockholders' equity, beginning balances $ 6,593,766 $ 5,900,642 Common stock (no shares issued during periods): Beginning balances 4,650,812 4,633,655 Stock based compensation expense related to stock options 17,202 17,157 Ending balances 4,668,014 4,650,812 Retained earnings: Beginning balances 1,942,954 1,266,987 Net income (loss) (455,757) 675,967 Ending balances 1,487,197 1,942,954 Total stockholders' equity, ending balances $ 6,155,211 $ 6,593,766 LIFELOC TECHNOLOGIES, INC. Statements of Cash Flows Years Ended December 31, CASH FLOWS FROM OPERATING ACTIVITIES: 2022 2021 Net income (loss) $ (455,757) $ 675,967 Adjustments to reconcile net income to net cash provided from (used in) operating activities- Forgiveness of Paycheck Protection loans - (936,444) Depreciation and amortization 632,418 254,823 Provision for doubtful accounts, net change - (49,000) Provision for inventory obsolescence, net change 214,156 (5,000) Deferred taxes, net change (116,980) (56,307) Stock based compensation expense related to stock options 17,202 17,157 Changes in operating assets and liabilities- Accounts receivable (65,827) 10,511 Inventories (277,830) (165,663) Employee retention credit and income taxes receivable (107,575) 220,657 Prepaid expenses and other (1,306) 21,065 Deposits and other 162,980 1,318 Accounts payable (32,028) 112,134 Customer deposits 30,079 15,657 Accrued expenses 46,414 32,264 Deferred revenue 8,379 33,804 Net cash provided from (used in) operating activities 54,325 182,943 CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: Purchases of property and equipment (213,206) (265,867) Patent filing expense (9,370) (2,609) Net cash (used in) investing activities (222,576) (268,476) CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: Principal payments made on term loan (50,663) (1,341,059) Proceeds from refinancing term loan - 1,350,000 Cost of refinancing term loan - (18,157) Proceeds from Paycheck Protection loan (round 2) - 471,347 Net cash provided from (used in) financing activities (50,663) 462,131 NET INCREASE (DECREASE) IN CASH (218,914) 376,598 CASH, BEGINNING OF PERIOD 2,571,668 2,195,070 CASH, END OF PERIOD $ 2,352,754 $ 2,571,668 SUPPLEMENTAL INFORMATION: Cash paid for interest $ 38,777 $ 39,815 Cash paid for income tax $ - $ - SOURCE: Lifeloc Technologies, Inc. View source version on accesswire.com: https://www.accesswire.com/743568/Lifeloc-Reports-2022-Full-Year-Results
WHEAT RIDGE, CO / ACCESSWIRE / March 14, 2023 / Lifeloc Technologies, Inc. (OTC PINK:LCTC), a global leader in the development and manufacturing of breath alcohol testing devices, has announced financial results for the 2022 fiscal year ended December 31, 2022. 2022 Financial Highlights Lifeloc Technologies posted annual net revenue of $8.482 million resulting in a net loss of $456 thousand in 2022, or ($0.19) per diluted share. These results compare to net revenue of $7.054 million for 2021, with net profit of $676 thousand, or $0.27 per diluted share. The 2022 results included a one-time gain of $108 thousand from the employee retention tax credit, while the 2021 results included a one-time gain of $936 thousand from the forgiveness of both the 2020 and 2021 Paycheck Protection Program loans through the SBA. Revenues for 2022 grew by 20% over 2021 sales, returning to pre-pandemic sales levels. Increasing research and development investment for SpinDx as well as supply chain disruption contributed to the net loss in this quarter despite increased revenue. Supply chain delays have added some costs, and component inflation has added more. The company implemented price increases during the year in response to rising costs, with additional increases planned for 2023. After releasing the R.A.D.A.R.® 200 device we found several features that needed additional refinement. Since they would require significant development time and staff commitments, we elected to arrange with a third party to work on proof of concept, which if successful, will result in the R.A.D.A.R. 300 device. This allows us to continue our focus on SpinDx and reduces the expense we were incurring to support R.A.D.A.R. development. New platform LX9 and LT7 devices are making significant contributions to revenue, as demonstrated by their 360% sales growth in 2022 versus 2021. The features and performance of the new L-series products have driven penetration by meeting previously unaddressable market needs, such as wider temperature ranges and fast customization that incorporates local languages. We expect that most L-series sales will be incremental to FC-series devices rather than displacing FC sales. The L-series devices are meeting the requirements of the most modern registration standards, such as SAI's (Standards Australia International) latest AS 3547:2019 standards for Breath Alcohol Detectors. We believe our most important goal and best opportunity remains the convergence of the global need for rapid detection of drugs of abuse with Lifeloc's proven capability to build easy-to-use portable testing equipment. We are focusing our research and development efforts on leveraging the SpinDx™ technology platform, sometimes referred to as "Lab on a Disk," to develop a series of devices and tests that can be used at roadside and in emergency rooms, forensic labs and workplace testing to get a rapid and quantitative measure for a panel of drugs of abuse, beginning with a device that allows for detection of delta-9-THC (the major intoxicating component of the cannabis plant) from a test subject's saliva. Testing has commenced to validate the SpinDx technology against the definitive standard liquid chromatography-mass spectroscopy (LCMS) measurement utilizing human samples. The LCMS data are validating the SpinDx test results on real-world human saliva tests at a limit of detection of approximately 10 ng/ml. Work continues to improve the robustness and convenience of operation. Following the release of the SpinDx saliva testing system, which is expected this year and is projected to result in commercialization in 2024, development will accelerate on combining our LX9 breathalyzer with the THC SpinDx detection unit with their coupling to be our marijuana breathalyzer system. "We saw sales recover in 2022 back to pre-pandemic levels, even though a few sales were pushed into 2023 because of component delays," commented Dr. Wayne Willkomm, President and CEO. "We are excited to see substantial sales growth with the L-series products. These sales are expected to continue to grow with additional certifications and expanded features, and to provide the continued funding to accelerate the SpinDx product platform across the finish line to commercialization. We expect our research and development expenses will continue to rise in this final push. Accurate and rapid drug screening continues to be an unmet market need and, we believe, our best opportunity for significant, long term value creation." About Lifeloc Technologies Lifeloc Technologies, Inc. (OTC: LCTC) is a trusted U.S. manufacturer of evidential breath alcohol testers and related training and supplies for Workplace, Law Enforcement, Corrections and International customers. Lifeloc stock trades over-the-counter under the symbol LCTC. We are a fully reporting Company with our SEC filings available on our web site, www.lifeloc.com. Forward Looking Statements This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve substantial risks and uncertainties that may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements expressed or implied in this press release, including statements about our strategies, expectations about new and existing products, market demand, acceptance of new and existing products, technologies and opportunities, market size and growth, and return on investments in products and market, are based on information available to us on the date of this document, and we assume no obligation to update such forward-looking statements. Investors are strongly encouraged to review the section titled "Risk Factors" in our SEC filings. R.A.D.A.R.® is a registered trademark of Lifeloc Technologies, Inc. SpinDx™ is a trademark of Sandia Corporation. Amy Evans Lifeloc Technologies, Inc. http://www.lifeloc.com (303) 431-9500 LIFELOC TECHNOLOGIES, INC. Balance Sheets ASSETS December 31, 2022 December 31, 2021 CURRENT ASSETS: Cash $ 2,352,754 $ 2,571,668 Accounts receivable, net 627,919 562,092 Inventories, net 2,732,463 2,668,789 Employee retention credit receivable 107,575 - Prepaid expenses and other 58,203 56,897 Total current assets 5,878,914 5,859,446 PROPERTY AND EQUIPMENT, at cost: Land 317,932 317,932 Building 1,928,795 1,928,795 Real-time Alcohol Detection And Recognition equipment and software 569,448 569,448 Production equipment, software and space modifications 1,147,992 958,785 Training courses 432,375 432,375 Office equipment, software and space modifications 216,618 216,618 Sales and marketing equipment and space modifications 226,356 226,356 Research and development equipment, software and space modifications 480,684 456,685 Less accumulated depreciation (3,072,961) (2,518,966) Total property and equipment, net 2,247,239 2,588,028 OTHER ASSETS: Patents, net 69,679 134,428 Deposits and other 500 163,480 Deferred taxes 321,429 204,449 Total other assets 391,608 502,357 Total assets $ 8,517,761 $ 8,949,831 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 413,957 $ 445,985 Term loan payable, current portion 50,028 48,513 Customer deposits 201,031 170,952 Accrued expenses 344,944 298,530 Deferred revenue, current portion 80,222 71,604 Reserve for warranty expense 46,500 46,500 Total current liabilities 1,136,682 1,082,084 TERM LOAN PAYABLE, net of current portion and Debt issuance costs 1,219,677 1,267,551 DEFERRED REVENUE, net of current portion 6,191 6,430 Total liabilities 2,362,550 2,356,065 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Common stock, no par value; 50,000,000 shares Authorized, 2,454,116 shares outstanding 4,668,014 4,650,812 Retained earnings 1,487,197 1,942,954 Total stockholders' equity 6,155,211 6,593,766 Total liabilities and stockholders' equity $ 8,517,761 $ 8,949,831 LIFELOC TECHNOLOGIES, INC. Statements of Income Years Ended December 31, REVENUES: 2022 2021 Product sales $ 8,350,463 $ 6,898,955 Royalties 40,674 67,526 Rental income 90,856 87,949 Total 8,481,993 7,054,430 COST OF SALES 5,407,042 3,994,334 GROSS PROFIT 3,074,951 3,060,096 OPERATING EXPENSES: Research and development 1,385,927 1,213,482 Sales and marketing 1,122,526 1,003,983 General and administrative 1,216,843 1,111,544 Total 3,725,296 3,329,009 OPERATING INCOME (LOSS) (650,345) (268,913) OTHER INCOME (EXPENSE): Forgiveness of Paycheck Protection loan - 936,444 Employee retention credit 107,575 - Interest income 13,114 3,401 Interest expense (43,081) (51,272) Total 77,608 888,573 NET INCOME (LOSS) BEFORE PROVISION FOR TAXES (572,737) 619,660 BENEFIT FROM FEDERAL AND STATE INCOME TAXES 116,980 56,307 NET INCOME (LOSS) $ (455,757) $ 675,967 NET INCOME (LOSS) PER SHARE, BASIC $ (0.19) $ 0.28 NET INCOME (LOSS) PER SHARE, DILUTED $ (0.19) $ 0.27 WEIGHTED AVERAGE SHARES, BASIC 2,454,116 2,454,116 WEIGHTED AVERAGE SHARES, DILUTED 2,454,116 2,518,895 Lifeloc Technologies, Inc. Statements of Stockholders' Equity Years Ended December 31, 2022 2021 Total stockholders' equity, beginning balances $ 6,593,766 $ 5,900,642 Common stock (no shares issued during periods): Beginning balances 4,650,812 4,633,655 Stock based compensation expense related to stock options 17,202 17,157 Ending balances 4,668,014 4,650,812 Retained earnings: Beginning balances 1,942,954 1,266,987 Net income (loss) (455,757) 675,967 Ending balances 1,487,197 1,942,954 Total stockholders' equity, ending balances $ 6,155,211 $ 6,593,766 LIFELOC TECHNOLOGIES, INC. Statements of Cash Flows Years Ended December 31, CASH FLOWS FROM OPERATING ACTIVITIES: 2022 2021 Net income (loss) $ (455,757) $ 675,967 Adjustments to reconcile net income to net cash provided from (used in) operating activities- Forgiveness of Paycheck Protection loans - (936,444) Depreciation and amortization 632,418 254,823 Provision for doubtful accounts, net change - (49,000) Provision for inventory obsolescence, net change 214,156 (5,000) Deferred taxes, net change (116,980) (56,307) Stock based compensation expense related to stock options 17,202 17,157 Changes in operating assets and liabilities- Accounts receivable (65,827) 10,511 Inventories (277,830) (165,663) Employee retention credit and income taxes receivable (107,575) 220,657 Prepaid expenses and other (1,306) 21,065 Deposits and other 162,980 1,318 Accounts payable (32,028) 112,134 Customer deposits 30,079 15,657 Accrued expenses 46,414 32,264 Deferred revenue 8,379 33,804 Net cash provided from (used in) operating activities 54,325 182,943 CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: Purchases of property and equipment (213,206) (265,867) Patent filing expense (9,370) (2,609) Net cash (used in) investing activities (222,576) (268,476) CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: Principal payments made on term loan (50,663) (1,341,059) Proceeds from refinancing term loan - 1,350,000 Cost of refinancing term loan - (18,157) Proceeds from Paycheck Protection loan (round 2) - 471,347 Net cash provided from (used in) financing activities (50,663) 462,131 NET INCREASE (DECREASE) IN CASH (218,914) 376,598 CASH, BEGINNING OF PERIOD 2,571,668 2,195,070 CASH, END OF PERIOD $ 2,352,754 $ 2,571,668 SUPPLEMENTAL INFORMATION: Cash paid for interest $ 38,777 $ 39,815 Cash paid for income tax $ - $ - SOURCE: Lifeloc Technologies, Inc. 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