Los Angeles, CA, Sept. 22, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- 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 second quarter ended June 30, 2021.
- Sales for the three months ended June 30, 2021 were $352,558 compared to $302,201 for the same period in 2020, an increase of 16.7%
- The overall increase in sales principally due to US Nuclear starting to recover from the impact of COVID-19
- Selling, general, and administrative expense were $620,854 compared to $346,203 for the same period in 2020; the increase of $274,651 or 79.3% was principally due to an increase in stock-based compensation.
- During the three months ended June 30, 2021, stock-based compensation was $166,650 compared to $0 during the same period in 2020
- Other expense was $817,314, a decrease of $875,021 from other income of $57,707 for the same period in 2020. The decrease was due to an equity write down on investments in 2021 offset by a decrease in the amortization of the debt discount associated with the convertible debenture and by the change in the value of the derivative liability
- Net loss of $1,282,312 compared to $145,117 for the same period in 2020
Robert Goldstein, CEO of US Nuclear Corp., commented:
“We are pleased to announce that our sales revenue is continuing to steadily increase as we recover from the impact of COVID-19. We will be exceptionally busy the rest of the year, with many new sales booked in the second quarter, as well working on government fiscal year-end contracts due by September 30, and the calendar year-end which are both productive times for us. On other news fronts, we are excited about being shortlisted to progress into the next round of the ‘Charge On Innovation Challenge’ which aims to electrify ultra-class mining trucks to operate on electric power instead of diesel. Our proposal is based around using Grapheton’s novel supercapacitor technology, and numerical simulations of the entire system are promising. The next stage is comprised of a pitch-session, with final submission in November, and patrons identifying solutions in December 2021.”
| US NUCLEAR CORP. AND SUBSIDIARIES | |||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
| (unaudited) | |||||||||||
| Three Months Ended | Six Months Ended | ||||||||||
| June 30, | June 30, | ||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||
| Sales | $ | 352,558 | $ | 302,201 | $ | 770,382 | $ | 624,440 | |||
| Cost of sales | 196,702 | 158,822 | 413,354 | 314,734 | |||||||
| Gross profit | 155,856 | 143,379 | 357,028 | 309,706 | |||||||
| Operating expenses | |||||||||||
| Selling, general and administrative expenses | 620,854 | 346,203 | 1,481,005 | 1,241,045 | |||||||
| Total operating expenses | 620,854 | 346,203 | 1,481,005 | 1,241,045 | |||||||
| Loss from operations | (464,998) | (202,824) | (1,123,977) | (931,339) | |||||||
| Other income (expense) | |||||||||||
| Interest expense | (4,033) | (12,151) | (6,856) | (25,546) | |||||||
| Change in value of derivative liability | - | 146,997 | - | 9,835 | |||||||
| Amortization of debt discount | - | (74,897) | - | (242,387) | |||||||
| Equity loss in investment | (813,281) | (2,242) | (815,040) | (3,049) | |||||||
| Total other income (expense) | (817,314) | 57,707 | (821,896) | (261,147) | |||||||
| Loss before provision for income taxes | (1,282,312) | (145,117) | (1,945,873) | (1,192,486) | |||||||
| Provision for income taxes | - | - | - | - | |||||||
| Net loss | $ | (1,282,312) | $ | (145,117) | $ | (1,945,873) | $ | (1,192,486) | |||
| Deemed dividend for downround provision in warrants | (52,861) | - | (52,861) | - | |||||||
| Net loss attributed to common stockholders | $ | (1,335,173) | $ | (145,117) | $ | (1,998,734) | $ | (1,192,486) | |||
| Weighted average shares outstanding - basic and diluted | 27,526,920 | 21,647,837 | 26,645,215 | 21,103,582 | |||||||
| Loss per shares - basic and diluted | $ | (0.05) | $ | (0.01) | $ | (0.08) | $ | (0.06) | |||
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
