US Nuclear Corp. Announces 2019 Annual Financial Results
Los Angeles, CA, July 07, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- US Nuclear Corp. (OTC: UCLE), a leading manufacturer of advanced radiation, chemical, and biological detection and UAV instrumentation, announced the annual results for the year ended December 31, 2019.
2019 Annual Highlights
- Total sales revenue of $3,540,387 compared to $3,634,560 the previous year
- Gross profit for 2019 was $1,934,940, an increase of 0.4% compared to the previous year
- Gross margin increased to 54.7% as compared to 53.0% the previous year
- Net loss of $3,160,773 primarily due to stock-based compensation ($2,353,959 for the year ended December 31, 2019)
- Write-down of investments of $508,000
- Purchased 40% stake in brain-machine interface startup Grapheton
- Secured an equity position in Magneto-Inertial Fusion Technology Inc. (MIFTI) and completed final payment for 10% interest in MIFTEC Laboratories in addition to sales and manufacturing rights
- $1,087,660 cash in bank with a large order backlog
Robert Goldstein, CEO of US Nuclear Corp., commented:
“We are very excited about the progress of US Nuclear this past year and for the outlook on the future. Sales revenue was strong for 2019, and the slight decrease in revenue from the previous year was primarily the timing of shipment for larger orders. We are working with a new business development company to help increase our online presence, inbound leads, and sales revenue.
The net loss we reported was due to stock-based compensation for acquiring 40% of Grapheton, also increasing our stake and our sales and manufacturing rights in MIFTEC and MIFTI fusion generator companies. Our early investment and involvement with these promising companies will not only reap huge rewards for us in the future, but will help US Nuclear grow and expand as a sensor manufacturer. Grapheton (in the same space as Elon Musk’s Neuralink) is at the forefront of the brain-machine interface revolution for treating injuries and disease with several patented advantages already, and MIFTI has a test planned at L3 Harris for 2020 that could be the first in history to achieve the “break even point” -- the gateway requirement for fusion power and medical isotope production.”
| US NUCLEAR CORP. AND SUBSIDIARIES | |||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
| FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018 | |||||||
| 2019 | 2018 | ||||||
| Sales | $ | 3,540,387 | $ | 3,634,560 | |||
| Cost of sales | 1,605,447 | 1,707,355 | |||||
| Gross profit | 1,934,940 | 1,927,205 | |||||
| Operating expenses | |||||||
| Consulting expense | 1,668,958 | 1,440,213 | |||||
| Professional fees | 380,951 | 330,536 | |||||
| Officer compensation | 896,000 | 110,000 | |||||
| Payroll and related expense | 858,152 | 689,874 | |||||
| Selling, general and administrative expenses | 590,783 | 664,162 | |||||
| Acquisition of manufacturing and supply rights | - | 1,084,000 | |||||
| Total operating expenses | 4,394,844 | 4,318,785 | |||||
| Loss from operations | (2,459,904) | (2,391,580) | |||||
| Other income (expense) | |||||||
| Other income | - | 14,000 | |||||
| Writedown of investments | (508,000) | - | |||||
| Interest expense and financing costs | (62,704) | (29,490) | |||||
| Loss on issuance of convertible debenture | (183,978) | - | |||||
| Change in value of derivative liability | 53,813 | - | |||||
| Total other expense | (700,869) | (15,490) | |||||
| Loss before provision for income taxes | (3,160,773) | (2,407,070) | |||||
| Provision for income taxes | - | - | |||||
| Net loss | $ | (3,160,773) | $ | (2,407,070) | |||
| Weighted average shares outstanding - basic and diluted | 18,300,793 | 15,972,462 | |||||
| Loss per shares - basic and diluted | $ | (0.17) | $ | (0.15) | |||
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 , or the company’s website at
CONTACT:
US Nuclear Corp. (OTC: UCLE)
Robert I. Goldstein, President, CEO, and Chairman
Rachel Boulds, Chief Financial Officer
(818) 883 7043
Email:
