Los Angeles, CA, Dec. 01, 2020 (GLOBE NEWSWIRE) — via NewMediaWire — US Nuclear Corp. (OTC: UCLE), a leading manufacturer of advanced radiation, chemical, and biological detection and UAV instrumentation, recently announced the financial results for the third quarter ended September 30, 2020.
- Sales for the three months ended September 30, 2020 were $484,318 compared to $659,325 for the same period in 2019
- Decrease in sales due to the impact of COVID-19 on the company and customers
- Employee work hours reduced by half to help mitigate COVID-19 exposure and transmission, in addition to 14-day quarantine periods for employees who may have been exposed
- Selling, general, and administrative expense were $1,021,507 compared to $1,729,246 for the same period in 2019, the decrease of $707,739 or 40.9% was due to careful money management and lower stock-based compensation
- Stock based compensation was $542,560 for the three months ended September 30, 2020, compared to $1,150,321 during the same period in 2019
- Net loss of $850,386 due to impact of COVID-19
- $309,632 in accounts receivable, $484,012 in cash, and $1,132,000 in backlogged orders
Robert Goldstein, CEO of US Nuclear Corp., commented:
“Despite many challenges imposed by COVID-19, we managed to have a safe and productive third quarter. The temporary closure of one of our operating divisions, reduced and staggered worker hours, and 14-day self-quarantine periods have fortunately proved successful in ensuring all our workers are safe and COVID-19 free, and while these factors have led to a temporary slowdown in sales and production, the safety of our employees and their families is our highest priority.
With the extra support of new and talented sales staff, we booked several excellent orders in Q2 and Q3 which will help keep us busy as we progress into Q4 and 2021. Compared to the average sales revenue for Q1 and Q2, revenue for Q3 is increasing as we recover and come back to regular production levels. With a large order backlog and a healthy workforce, we project a strong year ahead, and are also excited to announce new developments from our investments in MIFTEC/MIFTI (fusion power and medical isotopes) and Grapheton (neurotechnology and bioelectronics).”
| US NUCLEAR CORP. AND SUBSIDIARIES | |||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
| (unaudited) | |||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||
| September 30, | September 30, | ||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||
| Sales | $ | 484,318 | $ | 659,325 | $ | 1,108,758 | $ | 2,818,901 | |||
| Cost of sales | 281,808 | 336,882 | 596,542 | 1,392,608 | |||||||
| Gross profit | 202,510 | 322,443 | 512,216 | 1,426,293 | |||||||
| Operating expenses | |||||||||||
| Selling, general and administrative expenses | 1,021,507 | 1,729,246 | 2,262,552 | 3,474,788 | |||||||
| Total operating expenses | 1,021,507 | 1,729,246 | 2,262,552 | 3,474,788 | |||||||
| Loss from operations | (818,997) | (1,406,803) | (1,750,336) | (2,048,495) | |||||||
| Other income (expense) | |||||||||||
| Interest expense | (10,905) | (3,103) | (36,451) | (14,849) | |||||||
| Amortization of debt discount | (84,774) | – | (327,161) | – | |||||||
| Change in value of derivative liability | 66,939 | – | 76,774 | – | |||||||
| Equity loss in investment | (2,649) | – | (5,698) | – | |||||||
| Total other income (expense) | (31,389) | (3,103) | (292,536) | (14,849) | |||||||
| Loss before provision for income taxes | (850,386) | (1,409,906) | (2,042,872) | (2,063,344) | |||||||
| Provision for income taxes | – | – | – | – | |||||||
| Net loss | $ | (850,386) | $ | (1,409,906) | $ | (2,042,872) | $ | (2,063,344) | |||
| Weighted average shares outstanding – basic and diluted | 22,204,663 | 18,654,300 | 21,473,288 | 17,748,583 | |||||||
| Loss per shares – basic and diluted | $ | (0.04) | $ | (0.08) | $ | (0.10) | $ | (0.12) | |||
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: UCLE)
Robert I. Goldstein, President, CEO, and Chairman
Rachel Boulds, Chief Financial Officer
(818) 883 7043
Email: [email protected]