Reflect Scientific Inc. Releases Third Quarter 2021 Financials
Reflect Scientific, Inc. (OTCQB: RSCF) reported its third-quarter financial results for 2021, highlighting a revenue increase to $716,145 compared to $610,085 the previous year. Gross profit also rose to $473,802 from $357,973 in Q3 2020, demonstrating improved margins in their cryogenic product line. The company's operating income stood at $159,889, indicating continued profitability despite market uncertainties. CEO Mr. Boyce emphasized the firm’s resilience in delivering products and maintaining positive financial outcomes.
- Revenue increased to $716,145 for Q3 2021, up from $610,085 in Q3 2020.
- Gross profit rose to $473,802 in Q3 2021 from $357,973 in Q3 2020.
- Operating income was reported at $159,889, showcasing the company's profitability.
- None.
OREM, Utah., Nov. 16, 2021 (GLOBE NEWSWIRE) -- Reflect Scientific, Inc. (OTCQB: RSCF), a provider of diverse products and services for biotechnology, pharmaceutical, and transportation industries, today announced financial results for the third quarter of 2021.
Mr. Boyce, CEO of Reflect Scientific Inc., commented, “Another profitable quarter for Reflect. We continue to improve cryogenic product line margins improving overall gross profit. In uncertain times we have proven our ability to deliver products and maintain positive financial results.”
The following unaudited table summarizes revenue, cost of goods sold, and operating expenses for the three and nine months ended September 30, 2021 and 2020:
REFLECT SCIENTIFIC, INC.
Condensed Consolidated Statements of Operations
(Unaudited)
| For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
| September 30, | September 30, | ||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||
| REVENUES | $ | 716,145 | $ | 610,085 | $ | 1,985,640 | $ | 2,096,799 | |||||||||
| COST OF GOODS SOLD | 242,343 | 252,112 | 621,317 | 845,281 | |||||||||||||
| GROSS PROFIT | 473,802 | 357,973 | 1,364,323 | 1,251,518 | |||||||||||||
| OPERATING EXPENSES | |||||||||||||||||
| Salaries and wages | 146,697 | 77,701 | 429,417 | 406,611 | |||||||||||||
| Research and development expense | 17,544 | 754 | 45,697 | 190,610 | |||||||||||||
| General and administrative expense | 149,672 | 75,330 | 422,036 | 309,836 | |||||||||||||
| Total Operating Expenses | 313,913 | 153,785 | 897,150 | 907,057 | |||||||||||||
| OPERATING INCOME (LOSS) | 159,889 | 204,188 | 467,173 | 344,461 | |||||||||||||
| OTHER INCOME (EXPENSE) | |||||||||||||||||
| Gain on forgiveness of SBA loan | - | - | 111,265 | - | |||||||||||||
| Other income | - | - | - | (132 | ) | ||||||||||||
| Total Other Income (Expenses) | - | - | 111,265 | (132 | ) | ||||||||||||
| NET INCOME (LOSS) BEFORE TAXES | 159,889 | 204,188 | 578,438 | 344,329 | |||||||||||||
| Income tax benefit (expense) | - | - | - | - | |||||||||||||
| NET INCOME (LOSS) | $ | 159,889 | $ | 204,188 | $ | 578,438 | $ | 344,329 | |||||||||
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.”
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