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RSCF - Reflect Scientific Inc News Story

$0.162 -0.0  -0.0%

Last Trade - 07/05/21

Sector
Healthcare
Size
Micro Cap
Market Cap £9.82m
Enterprise Value £9.51m
Revenue £1.15m
Position in Universe 6301st / 6858

Reflect Scientific Inc. Ends 2020 with Significant Increase in Revenues and Profits; Files Form 10 for Registration of Securities

Tue 30th March, 2021 2:00pm
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OREM, Utah, March 30, 2021 (GLOBE NEWSWIRE) -- Reflect Scientific, Inc.
(Symbol: RSCF), a provider of diverse products and services for biotechnology,
pharmaceutical, and transportation industries, today announced financial
results for the twelve months ended December 31, 2020.

“I am pleased to report that the 2020 end of year sales figures for Reflect
Scientific Inc. were significantly higher than for 2019. Our team has worked
hard to achieve those sales by providing market-driven low-temperature
refrigeration solutions to our customers and maintaining a steady supplies
business. Heading into 2021, we are leveraging our momentum and increasing our
market presence to achieve even greater success,” stated Mr. Kim Boyce, CEO
of Reflect Scientific.

Our full year 2020 revenue as compared to 2019 was as follows:

                                                                       
 Total revenues                                                        
                           Years Ended                                 
                           December 31                                 
 (in thousands)            2020               2019      % Change       
 ULT Freezers/chillers  $  1,950        $     732       166       %    
 Chromatography         $  843          $     877       -3.9      %    
 Total revenues         $  2,793        $     1,609     74        %    
                                                                       

ULT Freezers/Solvent Chillers

The ultra-low temperature (ULT) freezers and solvent chillers have been the
engine for the growth of Reflect Scientific and will continue to be in the
foreseeable future. The fiscal year 2020 ended with total revenue for the ULT
freezer/solvent chiller products of $1.95 million, a 166% increase in revenue
over the fiscal year 2019.

Cryometrix brand blast freezers have enabled many new technologies introduced
by pharmaceutical companies to achieve significant cost savings, production
throughput, and storage efficiency. The extremely rapid cooling of large
payloads while maintaining precise temperature control makes our Cryometrix
brand ULT freezers stand out as an exceptional product in the ULT freezer
market. As the demand for biopharmaceuticals grows, we expect a parallel
growth of the Cryometrix brand ULT freezers.

Reflect Scientific continues to innovate in the ULT freezer market,
introducing several new models and configurations in 2020. Because of their
unique ability to cool to very low temperatures without using mechanical
refrigeration pumps, the Cryometrix brand ULT freezers address many unmet
needs in the cold chain management market. We have responded by providing new
air and land transportation designs and will continue to innovate in 2021.

Solvent chillers were rapidly adopted in 2020 by the CBD market to extract
cannabinoids from hemp plants. The Cryometrix solvent chiller can rapidly cool
extraction solvents to a temperature that makes for more efficient extraction
of the desired product from the plant material. It is cost-effective and easy
to incorporate into the manufacturing process. We expect this product line to
expand into other areas of natural product extraction in 2021.

Chromatography Supplies

The supplies market is a steady source of revenue for Reflect Scientific. Much
of the 4% decrease in revenue can be attributed to supply issues and
distribution disruption caused by the COVID-19 pandemic. We expect this
product segment to remain steady throughout 2021, barring any continued
consequences of the pandemic.

Intellectual Property

Reflect Scientific maintains a robust program of intellectual property
protection. A total of 29 patents have been issued or assigned to Reflect
Scientific, with several more expected in 2021.

Financial Highlights*
* Total revenue for the full year 2020 increased to $2.79 million compared
to $1.61 million for the full year 2019, a year-over-year gain of 74%.
* The supplies business ended the full year 2020 at $843,000 a slight decrease
of 3.9% from the full-year revenue of $877,000 in 2019.
* The gross margin was 62% for the full year 2020, unchanged from the full
year 2019.
* Operating costs and expenses decreased by $116,000 to $1.07 million for
the full year 2020 compared to $1.19 million in the prior year.
* Net income of $660,000 for the full year 2020 compared to a loss of
$196,000 for the prior year.
* Reflect Scientific reported $643,000 in cash, cash equivalents, and
short-term investments as of December 31, 2020, compared with $555,000 as
of December 31, 2019. 
* On March 30, 2021, Reflect Scientific filed a Registration Statement on Form
10 with the Securities and Exchange Commission (the “SEC”), which
Registration Statement is subject to SEC review and amendment by Reflect
Scientific in response to any SEC comments.  Upon effectiveness of the Form
10, which we expect to occur 60 days after the filing date, Reflect Scientific
will return to “fully reporting” status with the SEC.  The Form 10 is
available for viewing on the SEC website (www.sec.gov) under the Reflect
Scientific name and ticker (RSCF).
Reflect Scientific’s audited financial statements for the calendar year
ended December 31, 2020, are included in its Form 10 Registration Statement,
and all financial highlights contained in this press release are modified in
their entirety by reference to such financial statements.   Additional
information about Reflect Scientific’s business and operations may also be
found in the Form 10. A link to the Form 10 as filed with the SEC is also
available on the “SEC Documents” link on the “Corporate Profile”
dropdown menu of Reflect Scientific’s website at www.reflectscientific.com.

*Numbers are rounded.

About Reflect Scientific, Inc.

Reflect Scientific, Inc., based in Orem, Utah, develops and markets
innovative, proprietary technologies in cryogenic cooling for the
biotechnology, pharmaceutical, medical, and transportation markets. Among
Reflect Scientific’s products are low-temperature freezers and refrigerated
systems for laboratory, transportation, and computer server room uses. Visit
www.reflectscientific.com for more information. See us on Twitter @ReflectSci
and LinkedIn www.linkedin.com/company/reflect-scientific.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking statements are
not a guarantee of future performance or results, and will not necessarily be
accurate indications of the times at, or by, which such performance or results
will be achieved. Forward-looking statements are based on information
available at the time the statements are made and involve known and unknown
risks, uncertainties and other factors that may cause our results, levels of
activity, performance or achievements to be materially different from the
information expressed or implied by the forward-looking statements in this
press release.  This press release should be considered in light of the
disclosures contained in the filings of the Company that are contained in the
OTC Markets Group, LLC under the trading symbol “RSCF” and related prior
filings by the Company that are referenced therein and contained in the EDGAR
Archives of the Securities and Exchange Commission under the heading
“Disclosure,” including those identified in such filings as
“forward-looking statements.”



REFLECT SCIENTIFIC, INC. AND SUBSIDIARIES
Consolidated Statements of Operations

                                                                         For the Years Ended December 31,                        
                                                                         2020                                2019                
                                                                                                                                 
 REVENUES                                                             $  2,792,623                   $       1,609,241           
                                                                                                                                 
 COST OF GOODS SOLD                                                      1,071,321                           617,599             
                                                                                                                                 
 GROSS PROFIT                                                            1,721,302                           991,642             
                                                                                                                                 
 OPERATING EXPENSES                                                                                                              
 Salaries and wages                                                      534,525                             568,102             
 Research and development expense                                        185,295                             210,014             
 General and administrative expense                                      350,477                             408,359             
 Total Operating Expenses                                                1,070,297                           1,186,475           
                                                                                                                                 
 INCOME (LOSS) FROM OPERATIONS                                           651,005                             (194,833    )       
                                                                                                                                 
 OTHER INCOME (EXPENSE)                                                                                                          
 Gain on EIDL Grant                                                      10,000                              -                   
 Interest expense                                                        (890        )                       (755        )       
                                                                                                                                 
 Total Other Income (Expenses)                                           9,110                               (755        )       
                                                                                                                                 
 INCOME (LOSS) BEFORE INCOME TAX EXPENSE                                 660,115                             (195,588    )       
                                                                                                                                 
 Income tax expense                                                      -                                   -                   
                                                                                                                                 
                                                                                                                                 
 NET INCOME (LOSS)                                                    $  660,115                     $       (195,588    )       
                                                                                                                                 
 NET INCOME (LOSS) PER SHARE – BASIC AND DILUTED                      $  0.01                        $       (0.00       )       
 WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING – BASIC AND DILUTED       84,739,086                          79,115,705          



REFLECT SCIENTIFIC, INC. AND SUBSIDIARIES
Consolidated Balance Sheets

ASSETS

                                         December 31, 2020          December 31, 2019     
                                                                                          
 CURRENT ASSETS                                                                           
                                                                                          
 Cash                                 $  642,542                 $  555,156               
 Accounts receivable, net                340,427                    118,455               
 Inventory, net                          438,606                    252,851               
 Prepaid assets                          24,134                     27,483                
                                                                                          
 Total Current Assets                    1,445,709                  953,945               
                                                                                          
 FIXED ASSETS, NET                       -                          3,786                 
                                                                                          
 OTHER ASSETS                                                                             
                                                                                          
 Operating lease right-of-use assets     167,641                    57,949                
 Goodwill                                60,000                     60,000                
 Deposits                                3,100                      3,100                 
                                                                                          
 Total Other Assets                      230,741                    121,049               
                                                                                          
 TOTAL ASSETS                         $  1,676,450               $  1,078,780             

LIABILITIES AND SHAREHOLDERS’ EQUITY

                                                                                                            December 31, 2020            December 31, 2019       
                                                                                                                                                                 
 CURRENT LIABILITIES                                                                                                                                             
                                                                                                                                                                 
 Accounts payable and accrued expenses                                                                   $  70,214                    $  108,607                 
 Loan - Short-term portion                                                                                  -                            8,738                   
 Contract liabilities                                                                                       113,643                      349,441                 
 Amortization of operating lease liability – short-term                                                     58,682                       46,318                  
 Income taxes payable                                                                                       100                          100                     
                                                                                                                                                                 
 Total Current Liabilities                                                                                  242,629                      513,204                 
                                                                                                                                                                 
                                                                                                                                                                 
 LONG-TERM LIABILITIES                                                                                                                                           
                                                                                                                                                                 
 Operating lease liability – long-term                                                                      109,838                      12,550                  
 Loan - long - term                                                                                         111,342                                              
                                                                                                                                                                 
 Total Liabilities                                                                                          463,409                      525,754                 
                                                                                                                                                                 
 Commitments and contingencies                                                                              -                            -                       
                                                                                                                                                                 
 SHAREHOLDERS’ EQUITY                                                                                                                                            
                                                                                                                                                                 
 Preferred stock, $0.01 par value, authorized 5,000,000 shares; no shares issued and outstanding            -                            -                       
 Common stock, $0.01 par value, authorized 100,000,000 shares; 84,739,086 shares issued and outstanding     847,390                      847,390                 
 Additional paid in capital                                                                                 20,201,931                   20,201,931              
 Accumulated deficit                                                                                        (19,836,180  )               (20,496,295  )          
                                                                                                                                                                 
 Total Shareholders’ Equity                                                                                 1,213,141                    553,026                 
                                                                                                                                                                 
 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY                                                              $  1,676,450                 $  1,078,780               



Contact
Thomas Tait
801-607-1039
investor_relations@reflectscientific.com

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