We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lifeloc Technologies Inc (PK) | USOTC:LCTC | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.05 | 1.33% | 3.80 | 2.85 | 3.85 | 3.80 | 3.80 | 3.80 | 115 | 21:30:08 |
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
|
For the quarterly period ended September 30, 2017
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
|
For the transition period from to
|
Colorado
|
84-1053680
|
(State or other jurisdiction of
|
(I.R.S. Employer Identification No.)
|
incorporation or organization)
|
|
Large accelerated filer
☐
|
Accelerated filer
☐
|
|
|
Non-accelerated filer
☐
|
Smaller reporting company
☒
|
(Do not check if a smaller reporting company)
|
|
|
|
Emerging growth company
☐
|
|
Common Stock, no par value
|
2,454,116 Shares
|
(Class)
|
(outstanding at November 7, 2017)
|
|
|
Page
|
|
|
|
|
Number
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PART I.
FINANCIAL INFORMATION
|
|
|
|
|
|
|
|
|
|
ITEM 1 FINANCIAL STATEMENTS
|
|
|
|
|
|
|
|
|
|
Condensed Balance Sheets as of September 30, 2017 (Unaudited) and December 31, 2016
|
|
|
3
|
|
Condensed Statements of Income (Unaudited) for the three months ended September 30, 2017 and 2016
|
|
|
4
|
|
Condensed Statements of Income (Unaudited) for the nine months ended September 30, 2017 and 2016
|
|
|
5
|
|
Condensed Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2017 and 2016
|
|
|
6
|
|
Notes to Condensed Financial Statements (Unaudited)
|
|
|
7
|
|
|
|
|
|
|
ITEM 2 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
|
13
|
|
|
|
|
|
|
ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
|
|
21
|
|
|
|
|
|
|
ITEM 4 CONTROLS AND PROCEDURES
|
|
|
21
|
|
|
|
|
|
|
PART II.
OTHER INFORMATION
|
|
|
21
|
|
|
|
|
|
|
ITEM 1 LEGAL PROCEEDINGS
|
|
|
21
|
|
|
|
|
|
|
ITEM 1A RISK FACTORS
|
|
|
21
|
|
|
|
|
|
|
ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
|
|
21
|
|
|
|
|
|
|
ITEM 3 DEFAULTS UPON SENIOR SECURITIES
|
|
|
22
|
|
|
|
|
|
|
ITEM 4 MINE SAFETY DISCLOSURES
|
|
|
22
|
|
|
|
|
|
|
ITEM 5 OTHER INFORMATION
|
|
|
22
|
|
|
|
|
|
|
ITEM 6 EXHIBITS
|
|
|
22
|
|
|
|
|
|
|
SIGNATURES
|
|
|
23
|
|
Three Months Ended September 30,
|
||||||||
REVENUES:
|
2017
|
2016
|
||||||
Product sales
|
$
|
1,944,734
|
$
|
1,960,610
|
||||
Royalties
|
43,785
|
48,070
|
||||||
Rental income
|
12,160
|
21,725
|
||||||
Total
|
2,000,679
|
2,030,405
|
||||||
COST OF SALES
|
1,118,203
|
1,039,810
|
||||||
GROSS PROFIT
|
882,476
|
990,595
|
||||||
OPERATING EXPENSES:
|
||||||||
Research and development
|
242,005
|
208,085
|
||||||
Sales and marketing
|
367,101
|
380,448
|
||||||
General and administrative
|
268,667
|
251,234
|
||||||
Total
|
877,773
|
839,767
|
||||||
OPERATING INCOME
|
4,703
|
150,828
|
||||||
OTHER INCOME (EXPENSE):
|
||||||||
Interest income
|
1,036
|
1,896
|
||||||
Bad debt recovery
|
-
|
-
|
||||||
Interest expense
|
(15,261
|
)
|
(15,438
|
)
|
||||
Total
|
(14,225
|
)
|
(13,542
|
)
|
||||
NET (LOSS) INCOME BEFORE PROVISION FOR TAXES
|
(9,522
|
)
|
137,286
|
|||||
BENEFIT FROM (PROVISION FOR) FEDERAL AND STATE INCOME TAXES
|
9,712
|
(46,501
|
)
|
|||||
NET INCOME
|
$
|
190
|
$
|
90,785
|
||||
NET INCOME PER SHARE, BASIC
|
$
|
-
|
$
|
0.04
|
||||
NET INCOME PER SHARE, DILUTED
|
$
|
-
|
$
|
0.04
|
||||
WEIGHTED AVERAGE SHARES, BASIC
|
2,454,116
|
2,454,116
|
||||||
WEIGHTED AVERAGE SHARES, DILUTED
|
2,511,925
|
2,527,150
|
||||||
See accompanying notes.
|
|
2017
|
2016
|
||||||
Raw materials & deposits
|
$
|
759,718
|
$
|
592,771
|
||||
Work-in-process
|
36,273
|
42,366
|
||||||
Finished goods
|
466,766
|
287,972
|
||||||
Total gross inventories
|
1,262,757
|
923,109
|
||||||
Less reserve for obsolescence
|
(50,000
|
)
|
(87,500
|
)
|
||||
Total net inventories
|
$
|
1,212,757
|
$
|
835,609
|
Asset
|
Allocation
|
Depreciable Life and Method
|
Estimated Future Annual Depreciation
|
||||||
Software
|
$
|
396,948
|
15 years; straight line
|
$
|
26,463
|
||||
Rental equipment
|
172,500
|
5 years; double declining balance
|
Varies
|
||||||
Rental equipment not yet in service
|
178,052
|
5 years; double declining balance
|
Varies
|
||||||
Patents and patent applications
|
100,000
|
15 years; straight line
|
$
|
6,667
|
|||||
Production equipment
|
12,500
|
5 years; double declining balance
|
Varies
|
||||||
Total
|
$
|
860,000
|
|
|
Three Months Ended
|
|||||||
|
September 30, 2017
|
September 30, 2016
|
||||||
Net income
|
$
|
190
|
$
|
90,785
|
||||
Weighted average shares-basic
|
2,454,116
|
2,454,116
|
||||||
Effect of dilutive potential common shares
|
57,809
|
73,034
|
||||||
Weighted average shares-diluted
|
2,511,925
|
2,527,150
|
||||||
Net income per share-basic
|
$
|
-
|
$
|
.04
|
||||
Net income per share-diluted
|
$
|
-
|
$
|
.04
|
||||
Antidilutive employee stock options
|
50,000
|
-
|
|
Nine Months Ended
|
|||||||
|
September 30, 2017
|
September 30, 2016
|
||||||
Net income
|
$
|
146,051
|
$
|
410,107
|
||||
Weighted average shares-basic
|
2,454,116
|
2,454,116
|
||||||
Effect of dilutive potential common shares
|
66,298
|
78,185
|
||||||
Weighted average shares-diluted
|
2,520,414
|
2,532,301
|
||||||
Net income (loss) per share-basic
|
$
|
.06
|
$
|
.17
|
||||
Net income (loss) per share-diluted
|
$
|
.06
|
$
|
.16
|
||||
Antidilutive employee stock options
|
50,000
|
-
|
|
|
STOCK OPTIONS OUTSTANDING
|
|
STOCK OPTIONS EXERCISABLE
|
|
|||||||
Range of Exercise Prices
|
|
Number
Outstanding
|
|
Weighted-Average
Remaining Contractual
Life (in Years)
|
|
Weighted-Average
Exercise Price
per Share
|
|
Number
Exercisable
|
|
Weighted-Average
Exercise Price
per Share
|
|
|
$2.32 - $8.83
|
|
60,000
|
|
2.94
|
|
|
$7.75
|
|
10,000
|
|
$2.32
|
|
Year
|
Amount
|
||||
2017
|
$
|
13,744
|
|||
2018
|
42,535
|
||||
2019
|
44,292
|
||||
2020
|
45,964
|
||||
2021
|
48,021
|
||||
2022- 2024 |
1,280,604
|
||||
Total
|
1,475,160
|
||||
Less financing cost
|
(9,266
|
)
|
|||
Net term loan payable
|
1,465,894
|
||||
Less current portion
|
(41,655
|
)
|
|||
Long term portion
|
$
|
1,424,239
|
|
Nine Months Ended
September 30,
|
|||||||
|
2017
|
2016
|
||||||
Federal statutory rate
|
$
|
68,621
|
$
|
213,110
|
||||
Effect of:
|
||||||||
State taxes, net of federal tax benefit
|
(9,959
|
)
|
14,599
|
|||||
Estimated research and development credits
|
(44,863
|
)
|
(13,155
|
)
|
||||
Other
|
35,937
|
(11,852
|
)
|
|||||
Total
|
$
|
49,736
|
$
|
202,702
|
|
2017
|
2016
|
||||||
Revenue:
|
||||||||
Product Sales
|
$
|
1,944,734
|
$
|
1,960,610
|
||||
Royalties
|
43,785
|
48,070
|
||||||
Products Subtotal
|
1,988,519
|
2,008,680
|
||||||
Rentals
|
12,160
|
21,725
|
||||||
Total
|
$
|
2,000,679
|
$
|
2,030,405
|
||||
|
||||||||
Gross profit:
|
||||||||
Product Sales
|
$
|
868,506
|
$
|
935,761
|
||||
Royalties
|
43,785
|
48,070
|
||||||
Products Subtotal
|
912,291
|
983,831
|
||||||
Rentals
|
(29,815
|
)
|
6,764
|
|||||
Total
|
$
|
882,476
|
$
|
990,595
|
||||
|
||||||||
Interest expense:
|
||||||||
Product Sales
|
$
|
4,096
|
$
|
10,227
|
||||
Royalties
|
-
|
-
|
||||||
Products Subtotal
|
4,096
|
10,227
|
||||||
Rentals
|
11,165
|
5,211
|
||||||
Total
|
$
|
15,261
|
$
|
15,438
|
||||
|
||||||||
Net (loss) income before taxes:
|
||||||||
Product Sales
|
$
|
(12,327
|
)
|
$
|
87,663
|
|||
Royalties
|
43,785
|
48,070
|
||||||
Products Subtotal
|
31,458
|
135,733
|
||||||
Rentals
|
(40,980
|
)
|
1,553
|
|||||
Total
|
$
|
(9,522
|
)
|
$
|
137,286
|
|
2017
|
2016
|
||||||
Revenue:
|
||||||||
Product Sales
|
$
|
5,706,328
|
$
|
6,086,605
|
||||
Royalties
|
268,127
|
373,958
|
||||||
Products Subtotal
|
5,974,455
|
6,460,563
|
||||||
Rentals
|
57,075
|
77,289
|
||||||
Total
|
$
|
6,031,530
|
$
|
6,537,852
|
||||
|
||||||||
Gross profit:
|
||||||||
Product Sales
|
$
|
2,604,488
|
$
|
2,924,295
|
||||
Royalties
|
268,127
|
373,958
|
||||||
Products Subtotal
|
2,872,615
|
3,298,253
|
||||||
Rentals
|
(12,534
|
)
|
25,328
|
|||||
Total
|
$
|
2,860,081
|
$
|
3,323,581
|
||||
|
||||||||
Interest expense:
|
||||||||
Product Sales
|
$
|
23,893
|
$
|
28,421
|
||||
Royalties
|
-
|
-
|
||||||
Products Subtotal
|
23,893
|
28,421
|
||||||
Rentals
|
21,679
|
21,983
|
||||||
Total
|
$
|
45,572
|
$
|
50,404
|
||||
|
||||||||
Net income before taxes:
|
||||||||
Product Sales
|
$
|
(38,127
|
)
|
$
|
235,506
|
|||
Royalties
|
268,127
|
373,958
|
||||||
Products Subtotal
|
230,000
|
609,464
|
||||||
Rentals
|
(34,213
|
)
|
3,345
|
|||||
Total
|
$
|
195,787
|
$
|
612,809
|
Exhibit
No.
|
|
Description of Exhibit
|
|
10.1
|
|
Amended and Restated Employment Agreement dated October 5, 2017 by and between Lifeloc Technologies, Inc. and Wayne Willkomm, Ph.D.
(incorporated by reference to our Current Report on Form 8-K filed on October 10, 2017)
|
|
31.1
|
|
Certification of Principal Executive Officer Pursuant To Section 302 Of The Sarbanes—Oxley Act Of 2002
|
|
31.2
|
|
Certification of Principal Financial Officer Pursuant To Section 302 Of The Sarbanes—Oxley Act Of 2002
|
|
32.1
|
|
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
32.2
|
|
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
101.INS
|
|
XBRL Instance Document
|
|
101.SCH
|
|
XBRL Schema Document
|
|
101.CAL
|
|
XBRL Calculation Linkbase Document
|
|
101.LAB
|
|
XBRL Label Linkbase Document
|
|
101.PRE
|
|
XBRL Presentation Linkbase Document
|
|
101.DEF
|
|
XBRL Definition Linkbase Document
|
|
|
|
LIFELOC TECHNOLOGIES, INC.
|
|
|
|
|
|
|
|
November 14, 2017
|
|
By:
|
/s/ Wayne R. Willkomm
|
|
Date
|
|
|
Wayne R. Willkomm, Ph.D.
|
|
|
|
|
President and Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
|
|
|
November 14, 2017
|
|
By:
|
/s/ Kristie L. LaRose
|
|
Date
|
|
|
Kristie L. LaRose
|
|
|
|
|
Vice President of Finance and Administration
(Principal Accounting Officer)
|
|
Exhibit
No.
|
|
Description of Exhibit
|
|
101.INS
|
|
XBRL Instance Document
|
|
101.SCH
|
|
XBRL Schema Document
|
|
101.CAL
|
|
XBRL Calculation Linkbase Document
|
|
101.LAB
|
|
XBRL Label Linkbase Document
|
|
101.PRE
|
|
XBRL Presentation Linkbase Document
|
|
101.DEF
|
|
XBRL Definition Linkbase Document
|
|
1 Year Lifeloc Technologies (PK) Chart |
1 Month Lifeloc Technologies (PK) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions