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 First Quarter 2023 Results By: ACCESSWIRE May 09, 2023 at 16:52 PM EDT WHEAT RIDGE, CO / ACCESSWIRE / May 9, 2023 / Lifeloc Technologies, Inc. (OTC PINK:LCTC), a global leader in the development and manufacturing of breath alcohol and drug testing devices, has announced financial results for the first quarter ended March 31, 2023. First Quarter Financial Highlights Lifeloc posted quarterly net revenue of $2.165 million resulting in a quarterly net loss of $(54) thousand, or $(0.02) per diluted share. These results compare to net revenue of $2.161 million and quarterly net loss of ($145) thousand, or ($0.06) per diluted share in the first quarter of 2022. Revenue change for the quarter was flat, increasing just $4 thousand versus the first quarter last year. Sales were moderately constrained by supply shortages in both quarters. Gross margin in the first quarter improved to 43.2% versus 39.0% last year, due primarily to price increases and lower depreciation. Increased research and development investment for SpinDx, combined with increased sales and marketing expense, somewhat offset by lower general and administrative expenses, contributed to the net loss in this quarter. Supply chain delays added some costs, and component inflation added more. The company implemented price increases last year in response to rising costs, with additional increases planned and some already implemented for 2023. Our product line-up is strong. The new platforms LX9 and LT7 have features and performance that 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. Our FC-series devices remain favored in many law enforcement and international organizations. The workplace Phoenix® 6.0 BT and EV30 models have been gaining market share. And our Easycal® automated calibration station builds important protection around our brand with the only automated calibration available for portable breath alcohol testers. 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. With our research and development work, we continue to improve our technology's robustness and convenience of operation. Following the release of our SpinDx saliva testing system, which is expected this year and is projected to result in commercialization in 2024, we expect to accelerate development on combining our LX9 breathalyzer with the THC SpinDx detection unit, to produce our roadside marijuana breathalyzer system. "Our first quarter sales were held back by continued supply constraints. We expect to be nearing the end of these constraints with quoted lead times for components now shortening. We expect much of our backlog to be fulfilled in the second quarter," commented Dr. Wayne Willkomm, President and CEO. "We rely on growing sales of our current products to fund our biggest opportunity, pushing the SpinDx product platform across the finish line to commercialization. We anticipate that our research and development expenses will continue to rise in this final push. With the U.S. Department of Transportation recently issuing their rule change allowing oral fluid drug testing, the timing of SpinDx coming to market as an oral fluid tester becomes more urgent and valuable." 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/investor. 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. Easycal® and Phoenix® are registered trademarks 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 March 31, 2023 (Unaudited) December 31, 2022 CURRENT ASSETS: Cash $ 2,052,444 $ 2,352,754 Accounts receivable, net 543,830 627,919 Inventories, net 2,862,879 2,732,463 Employee retention credit receivable 107,575 107,575 Prepaid expenses and other 214,066 58,203 Total current assets 5,780,794 5,878,914 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 1,147,992 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 480,684 480,684 Less accumulated depreciation (3,142,707) (3,072,961) Total property and equipment, net 2,177,493 2,247,239 OTHER ASSETS: Patents, net 69,415 69,679 Deposits and other 500 500 Deferred taxes 336,613 321,429 Total other assets 406,528 391,608 Total assets $ 8,364,815 $ 8,517,761 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 502,763 $ 413,957 Term loan payable, current portion 50,285 50,028 Customer deposits 189,147 201,031 Accrued expenses 187,377 344,944 Deferred revenue, current portion 75,317 80,222 Reserve for warranty expense 46,500 46,500 Total current liabilities 1,051,389 1,136,682 TERM LOAN PAYABLE, net of current portion and debt issuance costs 1,207,596 1,219,677 DEFERRED REVENUE, net of current portion 4,407 6,191 Total liabilities 2,263,392 2,362,550 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Common stock, no par value; 50,000,000 shares authorized, 2,454,116 shares outstanding 4,668,014 4,668,014 Retained earnings 1,433,409 1,487,197 Total stockholders' equity 6,101,423 6,155,211 Total liabilities and stockholders' equity $ 8,364,815 $ 8,517,761 LIFELOC TECHNOLOGIES, INC. Condensed Statements of Income (Unaudited) Three Months Ended March 31, REVENUES: 2023 2022 Product sales $ 2,133,359 $ 2,111,757 Royalties 8,206 26,640 Rental income 22,989 22,239 Total 2,164,554 2,160,636 COST OF SALES 1,229,127 1,318,747 GROSS PROFIT 935,427 841,889 OPERATING EXPENSES: Research and development 396,766 390,024 Sales and marketing 287,883 276,637 General and administrative 319,015 352,833 Total 1,003,664 1,019,494 OPERATING INCOME (LOSS) (68,237) (177,605) OTHER INCOME (EXPENSE): Interest income 9,800 432 Interest expense (10,535) (10,910) Total (735) (10,478) NET INCOME (LOSS) BEFORE PROVISION FOR TAXES (68,972) (188,083) BENEFIT FROM FEDERAL AND STATE INCOME TAXES 15,184 43,575 NET INCOME (LOSS) $ (53,788) $ (144,508) NET INCOME (LOSS) PER SHARE, BASIC $ (0.02) $ (0.06) NET INCOME (LOSS) PER SHARE, DILUTED $ (0.02) $ (0.06) WEIGHTED AVERAGE SHARES, BASIC 2,454,116 2,454,116 WEIGHTED AVERAGE SHARES, DILUTED 2,454,116 2,454,116 Lifeloc Technologies, Inc. Condensed Statements of Stockholders' Equity (Unaudited) Three Months Ended March 31, 2023 2022 Total stockholders' equity, beginning balances $ 6,155,211 $ 6,593,766 Common stock (no shares issued during periods): Beginning balances 4,668,014 4,650,812 Stock based compensation expense related to stock options - 17,202 Ending balances 4,668,014 4,668,014 Retained earnings: Beginning balances 1,487,197 1,942,954 Net income (loss) (53,788) (144,508) Ending balances 1,433,409 1,798,446 Total stockholders' equity, ending balances $ 6,101,423 $ 6,466,460 LIFELOC TECHNOLOGIES, INC. Condensed Statements of Cash Flows (Unaudited) Three Months Ended March 31, CASH FLOWS FROM OPERATING ACTIVITIES: 2023 2022 Net income (loss) $ (53,788) $ (144,508) Adjustments to reconcile net income to net cash provided from (used in) operating activities- Depreciation and amortization 72,490 129,088 Provision for inventory obsolescence, net change - 34,789 Deferred taxes, net change (15,184) (43,575) Stock based compensation expense related to stock options - 17,202 Changes in operating assets and liabilities- Accounts receivable 84,089 (236,656) Inventories (130,416) 119,888 Prepaid expenses and other (155,863) (110,109) Accounts payable 88,806 (150,462) Customer deposits (11,884) (4,852) Accrued expenses (157,567) (143,231) Deferred revenue (6,689) 2,912 Net cash provided from (used in) operating activities (286,006) (529,514) CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: Purchases of property and equipment - (10,800) Patent filing expense (1,404) - Net cash (used in) investing activities (1,404) (10,800) CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: Principal payments made on term loan (12,900) (12,526) Net cash provided from (used in) financing activities (12,900) (12,526) NET INCREASE (DECREASE) IN CASH (300,310) (552,840) CASH, BEGINNING OF PERIOD 2,352,754 2,571,668 CASH, END OF PERIOD $ 2,052,444 $ 2,018,828 SUPPLEMENTAL INFORMATION: Cash paid for interest $ 9,459 $ 9,834 SOURCE: Lifeloc Technologies, Inc. View source version on accesswire.com: https://www.accesswire.com/753819/Lifeloc-Reports-First-Quarter-2023-Results Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Lifeloc Reports First Quarter 2023 Results By: ACCESSWIRE May 09, 2023 at 16:52 PM EDT WHEAT RIDGE, CO / ACCESSWIRE / May 9, 2023 / Lifeloc Technologies, Inc. (OTC PINK:LCTC), a global leader in the development and manufacturing of breath alcohol and drug testing devices, has announced financial results for the first quarter ended March 31, 2023. First Quarter Financial Highlights Lifeloc posted quarterly net revenue of $2.165 million resulting in a quarterly net loss of $(54) thousand, or $(0.02) per diluted share. These results compare to net revenue of $2.161 million and quarterly net loss of ($145) thousand, or ($0.06) per diluted share in the first quarter of 2022. Revenue change for the quarter was flat, increasing just $4 thousand versus the first quarter last year. Sales were moderately constrained by supply shortages in both quarters. Gross margin in the first quarter improved to 43.2% versus 39.0% last year, due primarily to price increases and lower depreciation. Increased research and development investment for SpinDx, combined with increased sales and marketing expense, somewhat offset by lower general and administrative expenses, contributed to the net loss in this quarter. Supply chain delays added some costs, and component inflation added more. The company implemented price increases last year in response to rising costs, with additional increases planned and some already implemented for 2023. Our product line-up is strong. The new platforms LX9 and LT7 have features and performance that 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. Our FC-series devices remain favored in many law enforcement and international organizations. The workplace Phoenix® 6.0 BT and EV30 models have been gaining market share. And our Easycal® automated calibration station builds important protection around our brand with the only automated calibration available for portable breath alcohol testers. 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. With our research and development work, we continue to improve our technology's robustness and convenience of operation. Following the release of our SpinDx saliva testing system, which is expected this year and is projected to result in commercialization in 2024, we expect to accelerate development on combining our LX9 breathalyzer with the THC SpinDx detection unit, to produce our roadside marijuana breathalyzer system. "Our first quarter sales were held back by continued supply constraints. We expect to be nearing the end of these constraints with quoted lead times for components now shortening. We expect much of our backlog to be fulfilled in the second quarter," commented Dr. Wayne Willkomm, President and CEO. "We rely on growing sales of our current products to fund our biggest opportunity, pushing the SpinDx product platform across the finish line to commercialization. We anticipate that our research and development expenses will continue to rise in this final push. With the U.S. Department of Transportation recently issuing their rule change allowing oral fluid drug testing, the timing of SpinDx coming to market as an oral fluid tester becomes more urgent and valuable." 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/investor. 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. Easycal® and Phoenix® are registered trademarks 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 March 31, 2023 (Unaudited) December 31, 2022 CURRENT ASSETS: Cash $ 2,052,444 $ 2,352,754 Accounts receivable, net 543,830 627,919 Inventories, net 2,862,879 2,732,463 Employee retention credit receivable 107,575 107,575 Prepaid expenses and other 214,066 58,203 Total current assets 5,780,794 5,878,914 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 1,147,992 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 480,684 480,684 Less accumulated depreciation (3,142,707) (3,072,961) Total property and equipment, net 2,177,493 2,247,239 OTHER ASSETS: Patents, net 69,415 69,679 Deposits and other 500 500 Deferred taxes 336,613 321,429 Total other assets 406,528 391,608 Total assets $ 8,364,815 $ 8,517,761 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 502,763 $ 413,957 Term loan payable, current portion 50,285 50,028 Customer deposits 189,147 201,031 Accrued expenses 187,377 344,944 Deferred revenue, current portion 75,317 80,222 Reserve for warranty expense 46,500 46,500 Total current liabilities 1,051,389 1,136,682 TERM LOAN PAYABLE, net of current portion and debt issuance costs 1,207,596 1,219,677 DEFERRED REVENUE, net of current portion 4,407 6,191 Total liabilities 2,263,392 2,362,550 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Common stock, no par value; 50,000,000 shares authorized, 2,454,116 shares outstanding 4,668,014 4,668,014 Retained earnings 1,433,409 1,487,197 Total stockholders' equity 6,101,423 6,155,211 Total liabilities and stockholders' equity $ 8,364,815 $ 8,517,761 LIFELOC TECHNOLOGIES, INC. Condensed Statements of Income (Unaudited) Three Months Ended March 31, REVENUES: 2023 2022 Product sales $ 2,133,359 $ 2,111,757 Royalties 8,206 26,640 Rental income 22,989 22,239 Total 2,164,554 2,160,636 COST OF SALES 1,229,127 1,318,747 GROSS PROFIT 935,427 841,889 OPERATING EXPENSES: Research and development 396,766 390,024 Sales and marketing 287,883 276,637 General and administrative 319,015 352,833 Total 1,003,664 1,019,494 OPERATING INCOME (LOSS) (68,237) (177,605) OTHER INCOME (EXPENSE): Interest income 9,800 432 Interest expense (10,535) (10,910) Total (735) (10,478) NET INCOME (LOSS) BEFORE PROVISION FOR TAXES (68,972) (188,083) BENEFIT FROM FEDERAL AND STATE INCOME TAXES 15,184 43,575 NET INCOME (LOSS) $ (53,788) $ (144,508) NET INCOME (LOSS) PER SHARE, BASIC $ (0.02) $ (0.06) NET INCOME (LOSS) PER SHARE, DILUTED $ (0.02) $ (0.06) WEIGHTED AVERAGE SHARES, BASIC 2,454,116 2,454,116 WEIGHTED AVERAGE SHARES, DILUTED 2,454,116 2,454,116 Lifeloc Technologies, Inc. Condensed Statements of Stockholders' Equity (Unaudited) Three Months Ended March 31, 2023 2022 Total stockholders' equity, beginning balances $ 6,155,211 $ 6,593,766 Common stock (no shares issued during periods): Beginning balances 4,668,014 4,650,812 Stock based compensation expense related to stock options - 17,202 Ending balances 4,668,014 4,668,014 Retained earnings: Beginning balances 1,487,197 1,942,954 Net income (loss) (53,788) (144,508) Ending balances 1,433,409 1,798,446 Total stockholders' equity, ending balances $ 6,101,423 $ 6,466,460 LIFELOC TECHNOLOGIES, INC. Condensed Statements of Cash Flows (Unaudited) Three Months Ended March 31, CASH FLOWS FROM OPERATING ACTIVITIES: 2023 2022 Net income (loss) $ (53,788) $ (144,508) Adjustments to reconcile net income to net cash provided from (used in) operating activities- Depreciation and amortization 72,490 129,088 Provision for inventory obsolescence, net change - 34,789 Deferred taxes, net change (15,184) (43,575) Stock based compensation expense related to stock options - 17,202 Changes in operating assets and liabilities- Accounts receivable 84,089 (236,656) Inventories (130,416) 119,888 Prepaid expenses and other (155,863) (110,109) Accounts payable 88,806 (150,462) Customer deposits (11,884) (4,852) Accrued expenses (157,567) (143,231) Deferred revenue (6,689) 2,912 Net cash provided from (used in) operating activities (286,006) (529,514) CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: Purchases of property and equipment - (10,800) Patent filing expense (1,404) - Net cash (used in) investing activities (1,404) (10,800) CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: Principal payments made on term loan (12,900) (12,526) Net cash provided from (used in) financing activities (12,900) (12,526) NET INCREASE (DECREASE) IN CASH (300,310) (552,840) CASH, BEGINNING OF PERIOD 2,352,754 2,571,668 CASH, END OF PERIOD $ 2,052,444 $ 2,018,828 SUPPLEMENTAL INFORMATION: Cash paid for interest $ 9,459 $ 9,834 SOURCE: Lifeloc Technologies, Inc. View source version on accesswire.com: https://www.accesswire.com/753819/Lifeloc-Reports-First-Quarter-2023-Results
WHEAT RIDGE, CO / ACCESSWIRE / May 9, 2023 / Lifeloc Technologies, Inc. (OTC PINK:LCTC), a global leader in the development and manufacturing of breath alcohol and drug testing devices, has announced financial results for the first quarter ended March 31, 2023. First Quarter Financial Highlights Lifeloc posted quarterly net revenue of $2.165 million resulting in a quarterly net loss of $(54) thousand, or $(0.02) per diluted share. These results compare to net revenue of $2.161 million and quarterly net loss of ($145) thousand, or ($0.06) per diluted share in the first quarter of 2022. Revenue change for the quarter was flat, increasing just $4 thousand versus the first quarter last year. Sales were moderately constrained by supply shortages in both quarters. Gross margin in the first quarter improved to 43.2% versus 39.0% last year, due primarily to price increases and lower depreciation. Increased research and development investment for SpinDx, combined with increased sales and marketing expense, somewhat offset by lower general and administrative expenses, contributed to the net loss in this quarter. Supply chain delays added some costs, and component inflation added more. The company implemented price increases last year in response to rising costs, with additional increases planned and some already implemented for 2023. Our product line-up is strong. The new platforms LX9 and LT7 have features and performance that 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. Our FC-series devices remain favored in many law enforcement and international organizations. The workplace Phoenix® 6.0 BT and EV30 models have been gaining market share. And our Easycal® automated calibration station builds important protection around our brand with the only automated calibration available for portable breath alcohol testers. 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. With our research and development work, we continue to improve our technology's robustness and convenience of operation. Following the release of our SpinDx saliva testing system, which is expected this year and is projected to result in commercialization in 2024, we expect to accelerate development on combining our LX9 breathalyzer with the THC SpinDx detection unit, to produce our roadside marijuana breathalyzer system. "Our first quarter sales were held back by continued supply constraints. We expect to be nearing the end of these constraints with quoted lead times for components now shortening. We expect much of our backlog to be fulfilled in the second quarter," commented Dr. Wayne Willkomm, President and CEO. "We rely on growing sales of our current products to fund our biggest opportunity, pushing the SpinDx product platform across the finish line to commercialization. We anticipate that our research and development expenses will continue to rise in this final push. With the U.S. Department of Transportation recently issuing their rule change allowing oral fluid drug testing, the timing of SpinDx coming to market as an oral fluid tester becomes more urgent and valuable." 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/investor. 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. Easycal® and Phoenix® are registered trademarks 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 March 31, 2023 (Unaudited) December 31, 2022 CURRENT ASSETS: Cash $ 2,052,444 $ 2,352,754 Accounts receivable, net 543,830 627,919 Inventories, net 2,862,879 2,732,463 Employee retention credit receivable 107,575 107,575 Prepaid expenses and other 214,066 58,203 Total current assets 5,780,794 5,878,914 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 1,147,992 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 480,684 480,684 Less accumulated depreciation (3,142,707) (3,072,961) Total property and equipment, net 2,177,493 2,247,239 OTHER ASSETS: Patents, net 69,415 69,679 Deposits and other 500 500 Deferred taxes 336,613 321,429 Total other assets 406,528 391,608 Total assets $ 8,364,815 $ 8,517,761 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 502,763 $ 413,957 Term loan payable, current portion 50,285 50,028 Customer deposits 189,147 201,031 Accrued expenses 187,377 344,944 Deferred revenue, current portion 75,317 80,222 Reserve for warranty expense 46,500 46,500 Total current liabilities 1,051,389 1,136,682 TERM LOAN PAYABLE, net of current portion and debt issuance costs 1,207,596 1,219,677 DEFERRED REVENUE, net of current portion 4,407 6,191 Total liabilities 2,263,392 2,362,550 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Common stock, no par value; 50,000,000 shares authorized, 2,454,116 shares outstanding 4,668,014 4,668,014 Retained earnings 1,433,409 1,487,197 Total stockholders' equity 6,101,423 6,155,211 Total liabilities and stockholders' equity $ 8,364,815 $ 8,517,761 LIFELOC TECHNOLOGIES, INC. Condensed Statements of Income (Unaudited) Three Months Ended March 31, REVENUES: 2023 2022 Product sales $ 2,133,359 $ 2,111,757 Royalties 8,206 26,640 Rental income 22,989 22,239 Total 2,164,554 2,160,636 COST OF SALES 1,229,127 1,318,747 GROSS PROFIT 935,427 841,889 OPERATING EXPENSES: Research and development 396,766 390,024 Sales and marketing 287,883 276,637 General and administrative 319,015 352,833 Total 1,003,664 1,019,494 OPERATING INCOME (LOSS) (68,237) (177,605) OTHER INCOME (EXPENSE): Interest income 9,800 432 Interest expense (10,535) (10,910) Total (735) (10,478) NET INCOME (LOSS) BEFORE PROVISION FOR TAXES (68,972) (188,083) BENEFIT FROM FEDERAL AND STATE INCOME TAXES 15,184 43,575 NET INCOME (LOSS) $ (53,788) $ (144,508) NET INCOME (LOSS) PER SHARE, BASIC $ (0.02) $ (0.06) NET INCOME (LOSS) PER SHARE, DILUTED $ (0.02) $ (0.06) WEIGHTED AVERAGE SHARES, BASIC 2,454,116 2,454,116 WEIGHTED AVERAGE SHARES, DILUTED 2,454,116 2,454,116 Lifeloc Technologies, Inc. Condensed Statements of Stockholders' Equity (Unaudited) Three Months Ended March 31, 2023 2022 Total stockholders' equity, beginning balances $ 6,155,211 $ 6,593,766 Common stock (no shares issued during periods): Beginning balances 4,668,014 4,650,812 Stock based compensation expense related to stock options - 17,202 Ending balances 4,668,014 4,668,014 Retained earnings: Beginning balances 1,487,197 1,942,954 Net income (loss) (53,788) (144,508) Ending balances 1,433,409 1,798,446 Total stockholders' equity, ending balances $ 6,101,423 $ 6,466,460 LIFELOC TECHNOLOGIES, INC. Condensed Statements of Cash Flows (Unaudited) Three Months Ended March 31, CASH FLOWS FROM OPERATING ACTIVITIES: 2023 2022 Net income (loss) $ (53,788) $ (144,508) Adjustments to reconcile net income to net cash provided from (used in) operating activities- Depreciation and amortization 72,490 129,088 Provision for inventory obsolescence, net change - 34,789 Deferred taxes, net change (15,184) (43,575) Stock based compensation expense related to stock options - 17,202 Changes in operating assets and liabilities- Accounts receivable 84,089 (236,656) Inventories (130,416) 119,888 Prepaid expenses and other (155,863) (110,109) Accounts payable 88,806 (150,462) Customer deposits (11,884) (4,852) Accrued expenses (157,567) (143,231) Deferred revenue (6,689) 2,912 Net cash provided from (used in) operating activities (286,006) (529,514) CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: Purchases of property and equipment - (10,800) Patent filing expense (1,404) - Net cash (used in) investing activities (1,404) (10,800) CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: Principal payments made on term loan (12,900) (12,526) Net cash provided from (used in) financing activities (12,900) (12,526) NET INCREASE (DECREASE) IN CASH (300,310) (552,840) CASH, BEGINNING OF PERIOD 2,352,754 2,571,668 CASH, END OF PERIOD $ 2,052,444 $ 2,018,828 SUPPLEMENTAL INFORMATION: Cash paid for interest $ 9,459 $ 9,834 SOURCE: Lifeloc Technologies, Inc. View source version on accesswire.com: https://www.accesswire.com/753819/Lifeloc-Reports-First-Quarter-2023-Results