US Nuclear Corp. Announces First Quarter 2023 Results

LOS ANGELES, CA, July 05, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- US Nuclear Corp. (OTC-QB: UCLE), a leading manufacturer of advanced radiation, chemical, and biological detection and UAV instrumentation, recently announced the financial results for the first quarter ended March 31, 2023.

• Sales for the three months ended March 31, 2023 were $647,706 compared to $339,515 for the same period in 2022, an increase of 47.58%
• Gross profit was $435,589 compared to $227,277 for the same period in 2022, an increase of 49.45%
• Gross margins were 67.2% as compared to 66.9% for the same period last year
• Selling, general, and administrative expense were $735,825 compared to $873,503 for the same period last year, the decrease of $137,678 or 18.71% was due to careful management of expenses and overhead
• Other expense was $364,298, an increase of $360,881 for the same period in 2022 mainly due to an increase in the amortization of debt discounts associated with convertible debentures
• Net loss of $664,534

Robert Goldstein, CEO of US Nuclear Corp., commented:

“We had a strong start to the new year, with sales revenue up $308,191 or 47.5% from the same period last year. We have several catalysts working for us to keep up the momentum throughout the year. Most notably, nuclear power generation is on the rise as the world grapples with increasing energy demands and a need for a clean source of baseline energy. Fusion power in particular is quickly gaining popularity and massive funding, and since tritium is the main fuel source needed for fusion reactions, our tritium monitoring division is poised to benefit. We also expanded our product line adding special hazardous chemical detectors, such as the world’s first on-the-spot PFAS contamination detector, that have been of great interest lately. We continue to strike a path towards profitability as we ramp up sales revenue, cut down on expenses, and negotiate better pricing with our vendors and consultants.”

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
US NUCLEAR CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
				March 31,			December 31,
				2023			2022
				(unaudited)			(audited)
CURRENT ASSETS
Cash			$	214,236			$	126,109
Accounts receivable, net				184,378				329,858
Note receivable				14,000				-
Inventories				2,156,422				2,024,664
Prepaid expenses and other current assets		-						26,370
TOTAL CURRENT ASSETS				2,569,036				2,507,001
Property and equipment, net				5,214				6,501
Investments				4,539				10,059
Acquisition deposit				15,000				15,000
Goodwill				570,176				570,176
TOTAL ASSETS			$	3,163,965			$	3,108,737
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable			$	61,313			$	100,398
Accounts payable - related party				322,000				280,000
Accrued liabilities				750,053				688,422
Accrued compensation - officers				740,000				695,000
Customer deposit				93,694				88,694
Notes payable				5,272				9,574
Convertible debt, net of debt discount				510,135				412,953
Note payable to shareholder				916,979				874,679
Line of credit				307,937				307,321
TOTAL CURRENT LIABILITIES				3,707,383				3,457,041
TOTAL LIABILITIES				3,707,383				3,457,041
SHAREHOLDERS' EQUITY:
Common stock, $0.0001 par value; 100,000,000 shares authorized,
34,556,242 and 31,621,242 shares issued and outstanding				3,456				3,162
Common shares to be issued				-				39,000
Additional paid in capital				15,250,540				14,740,401
Accumulated deficit				-15,797,414				-15,130,867
TOTAL SHAREHOLDERS' EQUITY				-543,418				-348,304
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			$	3,163,965			$	3,108,737
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
1
US NUCLEAR CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
						Three Months Ended
						March 31,
						2023		2022
Sales					$	647,706	$	339,515
Cost of sales						212,117		112,238
Gross profit						435,589		227,277
Operating expenses
	Selling, general and administrative expenses					735,825		873,503
		Total operating expenses				735,825		873,503
Loss from operations						-300,236		-646,226
Other income (expense)
	Interest expense					-22,140		-3,417
	Equity loss in investment					-8,059		-
	Loss on deconsolidation					-2,539		-
	Amortization of debt discount					-331,559		-
		Total other income (expense)				-364,298		-3,417
Loss before provision for income taxes						-664,534		-649,643
Provision for income taxes						-		-
Net loss					$	-664,534	$	-649,643
Deemed dividend for down-round provision in warrants						-2,013		-
Net loss attributed to common stockholders					$	-666,547	$	-649,643
Weighted average shares outstanding - basic and diluted						32,634,839		28,428,215
Loss per shares - basic and diluted					$	-0.02	$	-0.02

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-QB: UCLE)
Robert I. Goldstein, President, CEO, and Chairman
Richard Landry, Chief Financial Officer
(818) 883 7043
Email: info@usnuclearcorp.com