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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.15 | -4.00% | 3.60 | 2.85 | 4.00 | 3.60 | 3.60 | 3.60 | 296 | 21:15:12 |
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended March 31, 2018
|
☐
|
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 May 7, 2018)
|
Page
|
||||
Number
|
||||
PART I.
FINANCIAL INFORMATION
|
3
|
|||
ITEM 1
|
FINANCIAL STATEMENTS (UNAUDITED)
|
|||
Condensed Balance Sheets as of March 31, 2018 (Unaudited) and December 31, 2017
|
3
|
|||
Condensed Statements of Income (Unaudited) for the three months ended March 31, 2018 and 2017
|
4
|
|||
Condensed Statements of Cash Flows (Unaudited) for the three months ended March 31, 2018 and 2017
|
5
|
|||
Notes to Condensed Financial Statements (Unaudited)
|
6
|
|||
ITEM 2
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
13
|
||
ITEM 3
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
18
|
||
ITEM 4
|
CONTROLS AND PROCEDURES
|
18
|
||
PART II.
OTHER INFORMATION
|
19
|
|||
ITEM 1
|
LEGAL PROCEEDINGS
|
19
|
||
ITEM 1A
|
RISK FACTORS
|
19
|
||
ITEM 2
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
19
|
||
ITEM 3
|
DEFAULTS UPON SENIOR SECURITIES
|
19
|
||
ITEM 4
|
MINE SAFETY DISCLOSURES
|
19
|
||
ITEM 5
|
OTHER INFORMATION
|
19
|
||
ITEM 6
|
EXHIBITS
|
19
|
||
SIGNATURES
|
20
|
|
||||||||
|
||||||||
Three Months Ended March 31,
|
||||||||
REVENUES:
|
2018
|
2017
|
||||||
Product sales
|
$
|
2,122,243
|
$
|
1,882,189
|
||||
Royalties
|
65,065
|
79,825
|
||||||
Rental income
|
14,601
|
22,457
|
||||||
Total
|
2,201,909
|
1,984,471
|
||||||
COST OF SALES
|
1,201,746
|
1,019,592
|
||||||
GROSS PROFIT
|
1,000,163
|
964,879
|
||||||
OPERATING EXPENSES:
|
||||||||
Research and development
|
338,326
|
196,368
|
||||||
Sales and marketing
|
335,401
|
339,644
|
||||||
General and administrative
|
297,333
|
303,594
|
||||||
Total
|
971,060
|
839,606
|
||||||
OPERATING INCOME
|
29,103
|
125,273
|
||||||
OTHER INCOME (EXPENSE):
|
||||||||
Interest income
|
2,184
|
1,416
|
||||||
Interest expense
|
(14,714
|
)
|
(15,124
|
)
|
||||
Total
|
(12,530
|
)
|
(13,708
|
)
|
||||
NET INCOME BEFORE PROVISION FOR TAXES
|
16,573
|
111,565
|
||||||
(PROVISION FOR) FEDERAL AND STATE INCOME TAXES
|
(5,373
|
)
|
(33,572
|
)
|
||||
NET INCOME
|
$
|
11,200
|
$
|
77,993
|
||||
NET INCOME PER SHARE, BASIC
|
$
|
-
|
$
|
0.03
|
||||
NET INCOME PER SHARE, DILUTED
|
$
|
-
|
$
|
0.03
|
||||
WEIGHTED AVERAGE SHARES, BASIC
|
2,454,116
|
2,454,116
|
||||||
WEIGHTED AVERAGE SHARES, DILUTED
|
2,510,699
|
2,536,710
|
|
||||||||
|
||||||||
Three Months Ended March 31,
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
2018
|
2017
|
||||||
Net income
|
$
|
11,200
|
$
|
77,993
|
||||
Adjustments to reconcile net income to net cash
|
||||||||
provided from (used in) operating activities-
|
||||||||
Depreciation and amortization
|
107,878
|
61,752
|
||||||
Provision for doubtful accounts, net change
|
1,500
|
1,500
|
||||||
Provision for inventory obsolescence, net change
|
27,500
|
(43,417
|
)
|
|||||
Deferred taxes, net change
|
935
|
17,200
|
||||||
Reserve for warranty expense, net change
|
1,500
|
1,500
|
||||||
Stock based compensation expense related to
|
||||||||
stock options
|
5,714
|
6,164
|
||||||
Changes in operating assets and liabilities-
|
||||||||
Accounts receivable
|
(165,780
|
)
|
(263,351
|
)
|
||||
Inventories
|
(34,908
|
)
|
(32,246
|
)
|
||||
Income taxes receivable
|
4,438
|
12,823
|
||||||
Prepaid expenses and other
|
(82,032
|
)
|
(49,585
|
)
|
||||
Deposits and other
|
256,853
|
(1,557
|
)
|
|||||
Accounts payable
|
242,673
|
(42,046
|
)
|
|||||
Customer deposits
|
(4,144
|
)
|
2,236
|
|||||
Accrued expenses
|
36,406
|
9,548
|
||||||
Deferred revenue
|
(6,648
|
)
|
(6,846
|
)
|
||||
Net cash provided from (used in)
|
||||||||
operating activities
|
403,085
|
(248,332
|
)
|
|||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchases of property and equipment
|
(355,512
|
)
|
(48,795
|
)
|
||||
Cash paid for software acquired in asset acquisition
|
-
|
(396,948
|
)
|
|||||
Cash paid for equipment acquired in asset acquisition
|
-
|
(363,052
|
)
|
|||||
Cash paid for patents and patent applications acquired
|
||||||||
in asset acquisition
|
-
|
(100,000
|
)
|
|||||
Patent filing expense
|
-
|
(7,717
|
)
|
|||||
Net cash (used in) investing activities
|
(355,512
|
)
|
(916,512
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Principal payments made on term loan
|
(10,673
|
)
|
(13,496
|
)
|
||||
Net cash (used in) financing
|
||||||||
activities
|
(10,673
|
)
|
(13,496
|
)
|
||||
NET INCREASE (DECREASE) IN CASH
|
36,900
|
(1,178,340
|
)
|
|||||
CASH, BEGINNING OF PERIOD
|
2,669,455
|
3,772,064
|
||||||
CASH, END OF PERIOD
|
$
|
2,706,355
|
$
|
2,593,724
|
||||
SUPPLEMENTAL INFORMATION:
|
||||||||
Cash paid for interest
|
$
|
14,579
|
$
|
14,988
|
||||
Cash paid for income tax
|
$
|
-
|
$
|
12,408
|
2018
|
2017
|
|||||||
Raw materials & deposits
|
$
|
777,413
|
$
|
809,867
|
||||
Work-in-process
|
31,628
|
181,976
|
||||||
Finished goods
|
433,470
|
243,260
|
||||||
Total gross inventories
|
1,242,511
|
1,235,103
|
||||||
Less reserve for obsolescence
|
(60,000
|
)
|
(60,000
|
)
|
||||
Total net inventories
|
$
|
1,182,511
|
$
|
1,175,103
|
Product sales:
|
2018
|
2017
|
||||||
Product sales and supplies
|
$
|
1,935,006
|
$
|
1,723,234
|
||||
Training, certification and data recording
|
157,741
|
128,571
|
||||||
Service plans and equipment rental
|
29,496
|
30,384
|
||||||
Products subtotal
|
2,122,243
|
1,882,189
|
||||||
Royalties
|
65,065
|
79,825
|
||||||
Building rentals
|
14,601
|
22,457
|
||||||
Total revenues
|
$
|
2,201,909
|
$
|
1,984,471
|
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
|
|||||
Inventory
|
178,052
|
N/A | N/A | |||||
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
|
||||||||
March 31, 2018
|
March 31, 2017
|
|||||||
Net income
|
$
|
11,200
|
$
|
77,993
|
||||
Weighted average shares-basic
|
2,454,116
|
2,454,116
|
||||||
Effect of dilutive potential common shares
|
56,583
|
82,594
|
||||||
Weighted average shares-diluted
|
2,510,699
|
2,536,710
|
||||||
Net income per share-basic
|
$
|
-
|
$
|
.03
|
||||
Net income per share-diluted
|
$
|
-
|
$
|
.03
|
||||
Antidilutive employee stock options
|
50,000
|
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 - $6.00
|
60,000
|
2.44
|
$5.00
|
10,000
|
$2.32
|
Year
|
Amount
|
||||
2018
|
$
|
31,861
|
|||
2019
|
44,292
|
||||
2020
|
45,964
|
||||
2021
|
48,021
|
||||
2022
|
50,005
|
||||
2023– 2024 |
1,230,600
|
||||
Total
|
1,450,743
|
||||
Less financing cost
|
(9,480
|
)
|
|||
Net term loan payable
|
1,441,263
|
||||
Less current portion
|
(42,541
|
)
|
|||
Long term portion
|
$
|
1,398,722
|
Three Months Ended
|
||||||||
March 31, 2018
|
March 31, 2017
|
|||||||
Federal statutory rate
|
3,480
|
$
|
39,048
|
|||||
Effect of:
|
||||||||
State taxes, net of federal tax benefit
|
(1,479
|
)
|
(5,645
|
)
|
||||
Estimated research and development credits
|
(2,538
|
)
|
(12,764
|
)
|
||||
Other
|
5,910
|
12,933
|
||||||
Total
|
5,373
|
$
|
33,572
|
2018
|
2017
|
|||||||
Product sales
|
$
|
2,122,243
|
$
|
1,882,189
|
||||
Royalties
|
65,065
|
79,825
|
||||||
Products subtotal
|
2,187,308
|
1,962,014
|
||||||
Rentals
|
14,601
|
22,457
|
||||||
Total
|
$
|
2,201,909
|
$
|
1,984,471
|
||||
Gross profit (loss):
|
||||||||
Product sales
|
$
|
942,742
|
$
|
876,378
|
||||
Royalties
|
65,065
|
79,825
|
||||||
Products subtotal
|
1,007,807
|
956,203
|
||||||
Rentals
|
(7,644
|
)
|
8,676
|
|||||
Total
|
$
|
1,000,163
|
$
|
964,879
|
||||
Interest expense:
|
||||||||
Product sales
|
$
|
7,716
|
$
|
9,878
|
||||
Royalties
|
-
|
-
|
||||||
Products subtotal
|
7,716
|
9,878
|
||||||
Rentals
|
6,998
|
5,246
|
||||||
Total
|
$
|
14,714
|
$
|
15,124
|
||||
Net income before taxes:
|
||||||||
Product sales
|
$
|
(33,850
|
)
|
$
|
28,310
|
|||
Royalties
|
65,065
|
79,825
|
||||||
Products subtotal
|
31,215
|
108,135
|
||||||
Rentals
|
(14,642
|
)
|
3,430
|
|||||
Total
|
$
|
16,573
|
$
|
111,565
|
(a) |
Evaluation of Disclosure Controls and Procedures
|
(b) |
Changes in Internal Control over Financial Reporting
|
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
|
LIFELOC TECHNOLOGIES, INC.
|
|||
May 11, 2018
|
By:
|
/s/ Wayne R. Willkomm
|
|
Date
|
Wayne R. Willkomm, Ph.D.
|
||
President and Chief Executive Officer
(Principal Executive Officer)
|
|||
May 11, 2018
|
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