UCLE - US Nuclear Corp. Announces Third Quarter 2021 Results
Los Angeles, CA - (NewMediaWire) - November 15, 2021 - US Nuclear Corp. (OTCQB: 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, 2021.
- Sales for the three months ended September 30, 2021 were $683,771 compared to $484,318 for the same period in 2020, an increase of $199,453 or 41.2%
- Sales revenue continues to increase as the company recovers from COVID-19
- Selling, general, and administrative expense were $747,290 compared to $1,021,507 for the same period in 2020; the decrease of $274,217 or 26.8% was principally due to a decrease in stock-based compensation
- During the three months ended September 30, 2021, stock-based compensation was $72,250 compared to $542,560 during the same period in 2020
- Net loss of $444,383 compared to $850,386 for the same period in 2020
Robert Goldstein, CEO of US Nuclear Corp., commented:
“We had a very strong and productive third quarter, with sales revenue up 41.2% over the same period in 2020. While we are still affected by COVID-19 and supply chain issues, we continue to increase our revenue as we adapt and recover. September was a particularly busy month for us as we delivered on government contracts due by their fiscal year-end (September 30). We will keep up the momentum throughout the rest of the year as we work on fulfilling a large order backlog and several major contracts due by the calendar year-end. Recent news has focused on climate change, slowing global warming and tackling methane emissions, and we will address how US Nuclear is supporting climate change actions.”
| US NUCLEAR CORP. AND SUBSIDIARIES |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (unaudited) |
| Three Months Ended |
| Nine Months Ended |
| September 30, |
| September 30, |
| 2021 |
| 2020 |
| 2021 |
| 2020 |
| Sales |
| $ |
| 683,771 |
| $ |
| 484,318 |
| $ |
| 1,454,153 |
| $ |
| 1,108,758 |
| Cost of sales |
| 357,426 |
| 281,808 |
| 770,780 |
| 596,542 |
| Gross profit |
| 326,345 |
| 202,510 |
| 683,373 |
| 512,216 |
| Operating expenses |
| Selling, general and administrative expenses |
| 747,290 |
| 1,021,507 |
| 2,228,295 |
| 2,262,552 |
| Total operating expenses |
| 747,290 |
| 1,021,507 |
| 2,228,295 |
| 2,262,552 |
| Loss from operations |
| (420,945) |
| (818,997) |
| (1,544,922) |
| (1,750,336) |
| Other income (expense) |
| Interest expense |
| (3,016) |
| (10,905) |
| (9,872) |
| (36,451) |
| Change in value of derivative liability |
| - |
| 66,939 |
| - |
| 76,774 |
| Amortization of debt discount |
| - |
| (84,774) |
| - |
| (327,161) |
| Equity loss on investment |
| (20,422) |
| (2,649) |
| (835,462) |
| (5,698) |
| Total other income (expense) |
| (23,438) |
| (31,389) |
| (845,334) |
| (292,536) |
| Loss before provision for income taxes |
| (444,383) |
| (850,386) |
| (2,390,256) |
| (2,042,872) |
| Provision for income taxes |
| - |
| - |
| - |
| - |
| Net loss |
| $ |
| (444,383) |
| $ |
| (850,386) |
| $ |
| (2,390,256) |
| $ |
| (2,042,872) |
| Deemed dividend for downround provision in warrants |
| - |
| - |
| (52,861) |
| - |
| Net loss attributed to common stockholders |
| $ |
| (444,383) |
| $ |
| (850,386) |
| $ |
| (2,443,117) |
| $ |
| (2,042,872) |
| Weighted average shares outstanding - basic and diluted |
| 27,914,302 |
| 22,204,663 |
| 27,072,892 |
| 21,473,288 |
| Loss per shares - basic and diluted |
| $ |
| (0.02) |
| $ |
| (0.04) |
| $ |
| (0.09) |
| $ |
| (0.10) |
| The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. |
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. (OTCQB: UCLE)
Robert I. Goldstein, President, CEO, and Chairman
Rachel Boulds, Chief Financial Officer
(818) 883 7043
Email: info@usnuclearcorp.com