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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 June 30, 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 August 7, 2018)
|
Page
|
||||
Number
|
||||
PART I.
FINANCIAL INFORMATION
|
3
|
|||
ITEM 1
|
FINANCIAL STATEMENTS (UNAUDITED)
|
|||
Condensed Balance Sheets as of June 30, 2018 (Unaudited) and December 31, 2017
|
3
|
|||
Condensed Statements of Income (Unaudited) for the three months ended June 30, 2018 and 2017
|
4
|
|||
Condensed Statements of Income (Unaudited) for the six months ended June 30, 2018 and 2017
|
5
|
|||
Condensed Statements of Cash Flows (Unaudited) for the six months ended June 30, 2018 and 2017
|
6
|
|||
Notes to Condensed Financial Statements (Unaudited)
|
7
|
|||
ITEM 2
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
14
|
||
ITEM 3
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
19
|
||
ITEM 4
|
CONTROLS AND PROCEDURES
|
19
|
||
PART II.
OTHER INFORMATION
|
20
|
|||
ITEM 1
|
LEGAL PROCEEDINGS
|
20
|
||
ITEM 1A
|
RISK FACTORS
|
20
|
||
ITEM 2
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
20
|
||
ITEM 3
|
DEFAULTS UPON SENIOR SECURITIES
|
20
|
||
ITEM 4
|
MINE SAFETY DISCLOSURES
|
20
|
||
ITEM 5
|
OTHER INFORMATION
|
20
|
||
ITEM 6
|
EXHIBITS
|
20
|
||
SIGNATURES
|
21
|
LIFELOC TECHNOLOGIES, INC.
|
Condensed Balance Sheets
|
LIFELOC TECHNOLOGIES, INC.
|
Condensed Statements of Income (Unaudited)
|
Three Months Ended June 30,
|
||||||||
REVENUES:
|
2018
|
2017
|
||||||
Product sales
|
$
|
2,013,790
|
$
|
1,879,405
|
||||
Royalties
|
96,358
|
144,517
|
||||||
Rental income
|
19,101
|
22,458
|
||||||
Total
|
2,129,249
|
2,046,380
|
||||||
COST OF SALES
|
1,133,779
|
1,033,654
|
||||||
GROSS PROFIT
|
995,470
|
1,012,726
|
||||||
OPERATING EXPENSES:
|
||||||||
Research and development
|
253,229
|
251,825
|
||||||
Sales and marketing
|
330,657
|
367,474
|
||||||
General and administrative
|
296,124
|
286,726
|
||||||
Total
|
880,010
|
906,025
|
||||||
OPERATING INCOME
|
115,460
|
106,701
|
||||||
OTHER INCOME (EXPENSE):
|
||||||||
Interest income
|
4,253
|
2,230
|
||||||
Interest expense
|
(17,374
|
)
|
(15,187
|
)
|
||||
Total
|
(13,121
|
)
|
(12,957
|
)
|
||||
NET INCOME BEFORE PROVISION FOR TAXES
|
102,339
|
93,744
|
||||||
(PROVISION FOR) FEDERAL AND STATE INCOME TAXES
|
(24,210
|
)
|
(25,876
|
)
|
||||
NET INCOME
|
$
|
78,129
|
$
|
67,868
|
||||
NET INCOME PER SHARE, BASIC
|
$
|
0.03
|
$
|
0.03
|
||||
NET INCOME PER SHARE, DILUTED
|
$
|
0.03
|
$
|
0.03
|
||||
WEIGHTED AVERAGE SHARES, BASIC
|
2,454,116
|
2,454,116
|
||||||
WEIGHTED AVERAGE SHARES, DILUTED
|
2,509,221
|
2,512,183
|
||||||
See accompanying notes.
|
LIFELOC TECHNOLOGIES, INC.
|
Condensed Statements of Income (Unaudited)
|
Six Months Ended June 30,
|
||||||||
REVENUES:
|
2018
|
2017
|
||||||
Product sales
|
$
|
4,136,033
|
$
|
3,761,594
|
||||
Royalties
|
161,423
|
224,342
|
||||||
Rental income
|
33,702
|
44,915
|
||||||
Total
|
4,331,158
|
4,030,851
|
||||||
COST OF SALES
|
2,335,525
|
2,053,246
|
||||||
GROSS PROFIT
|
1,995,633
|
1,977,605
|
||||||
OPERATING EXPENSES:
|
||||||||
Research and development
|
591,555
|
448,193
|
||||||
Sales and marketing
|
666,058
|
707,118
|
||||||
General and administrative
|
593,457
|
590,320
|
||||||
Total
|
1,851,070
|
1,745,631
|
||||||
OPERATING INCOME
|
144,563
|
231,974
|
||||||
OTHER INCOME (EXPENSE):
|
||||||||
Interest income
|
6,437
|
3,646
|
||||||
Interest expense
|
(32,088
|
)
|
(30,311
|
)
|
||||
Total
|
(25,651
|
)
|
(26,665
|
)
|
||||
NET INCOME BEFORE PROVISION FOR TAXES
|
118,912
|
205,309
|
||||||
(PROVISION FOR) FEDERAL AND STATE INCOME TAXES
|
(29,583
|
)
|
(59,448
|
)
|
||||
NET INCOME
|
$
|
89,329
|
$
|
145,861
|
||||
NET INCOME PER SHARE, BASIC
|
$
|
0.04
|
$
|
0.06
|
||||
NET INCOME PER SHARE, DILUTED
|
$
|
0.04
|
$
|
0.06
|
||||
WEIGHTED AVERAGE SHARES, BASIC
|
2,454,116
|
2,454,116
|
||||||
WEIGHTED AVERAGE SHARES, DILUTED
|
2,509,697
|
2,524,663
|
||||||
See accompanying notes.
|
LIFELOC TECHNOLOGIES, INC.
|
|
Condensed Statements of Cash Flows (Unaudited)
|
Six Months Ended June 30,
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
2018
|
2017
|
||||||
Net income
|
$
|
89,329
|
$
|
145,861
|
||||
Adjustments to reconcile net income to net cash
|
||||||||
provided from (used in) operating activities-
|
||||||||
Depreciation and amortization
|
226,007
|
143,426
|
||||||
Provision for doubtful accounts, net change
|
1,000
|
-
|
||||||
Provision for inventory obsolescence, net change
|
32,500
|
42,500
|
||||||
Deferred taxes, net change
|
(10,405
|
)
|
14,897
|
|||||
Reserve for warranty expense, net change
|
-
|
-
|
||||||
Stock based compensation expense related to
|
||||||||
stock options
|
8,734
|
12,329
|
||||||
Changes in operating assets and liabilities-
|
||||||||
Accounts receivable
|
(67,423
|
)
|
(140,371
|
)
|
||||
Inventories
|
(129,781
|
)
|
(215,065
|
)
|
||||
Income taxes receivable
|
39,988
|
30,707
|
||||||
Prepaid expenses and other
|
(62,504
|
)
|
(7,480
|
)
|
||||
Deposits and other
|
253,893
|
(57,121
|
)
|
|||||
Accounts payable
|
32,511
|
(25,825
|
)
|
|||||
Customer deposits
|
(33,711
|
)
|
19,500
|
|||||
Accrued expenses
|
(65,885
|
)
|
(70,725
|
)
|
||||
Deferred revenue
|
(743
|
)
|
(3,284
|
)
|
||||
Net cash provided from (used in)
|
||||||||
operating activities
|
313,510
|
(110,651
|
)
|
|||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchases of property and equipment
|
(373,368
|
)
|
(139,736
|
)
|
||||
Cash paid for software acquired in asset acquisition
|
-
|
(396,948
|
)
|
|||||
Cash paid for equipment acquired in asset acquisition
|
-
|
(351,250
|
)
|
|||||
Cash paid for patents and patent applications acquired
|
||||||||
in asset acquisition
|
-
|
(100,000
|
)
|
|||||
Patent filing expense
|
-
|
(17,217
|
)
|
|||||
Net cash (used in) investing activities
|
(373,368
|
)
|
(1,005,151
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Principal payments made on term loan
|
(21,293
|
)
|
(23,697
|
)
|
||||
Net cash (used in) financing
|
||||||||
activities
|
(21,293
|
)
|
(23,697
|
)
|
||||
NET INCREASE (DECREASE) IN CASH
|
(81,151
|
)
|
(1,139,499
|
)
|
||||
CASH, BEGINNING OF PERIOD
|
2,669,455
|
3,772,064
|
||||||
CASH, END OF PERIOD
|
$
|
2,588,304
|
$
|
2,632,565
|
||||
SUPPLEMENTAL INFORMATION:
|
||||||||
Cash paid for interest
|
$
|
29,828
|
$
|
30,040
|
||||
Cash paid for income tax
|
$
|
-
|
$
|
13,844
|
||||
See accompanying notes.
|
2018
|
2017
|
|||||||
Raw materials & deposits
|
$
|
1,099,582
|
$
|
809,867
|
||||
Work-in-process
|
24,906
|
181,976
|
||||||
Finished goods
|
240,396
|
243,260
|
||||||
Total gross inventories
|
1,364,884
|
1,235,103
|
||||||
Less reserve for obsolescence
|
(92,500
|
)
|
(60,000
|
)
|
||||
Total net inventories
|
$
|
1,272,384
|
$
|
1,175,103
|
Three Months Ended June 30,
|
||||||||
Product sales:
|
2018
|
2017
|
||||||
Product sales and supplies
|
$
|
1,805,206
|
$
|
1,691,102
|
||||
Training, certification and data recording
|
182,885
|
157,658
|
||||||
Service plans and equipment rental
|
25,699
|
30,645
|
||||||
Product sales subtotal
|
2,013,790
|
1,879,405
|
||||||
Royalties
|
96,358
|
144,517
|
||||||
Rental income
|
19,101
|
22,458
|
||||||
Total revenues
|
$
|
2,129,249
|
$
|
2,046,380
|
Six Months Ended June 30,
|
||||||||
Product sales:
|
2018
|
2017 | ||||||
Product sales and supplies
|
$
|
3,740,212
|
$
|
3,414,336
|
||||
Training, certification and data recording
|
340,626
|
286,229
|
||||||
Service plans and equipment rental
|
55,195
|
61,029
|
||||||
Product sales subtotal
|
4,136,033
|
3,761,594
|
||||||
Royalties
|
161,423
|
224,342
|
||||||
Rental income
|
33,702
|
44,915
|
||||||
Total revenues
|
$
|
4,331,158
|
$
|
4,030,851
|
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
|
||||||||
June 30, 2018
|
June 30, 2017
|
|||||||
Net income
|
$
|
78,129
|
$
|
67,868
|
||||
Weighted average shares-basic
|
2,454,116
|
2,454,116
|
||||||
Effect of dilutive potential common shares
|
55,105
|
58,067
|
||||||
Weighted average shares-diluted
|
2,509,221
|
2,512,183
|
||||||
Net income per share-basic
|
$
|
.03
|
$
|
.03
|
||||
Net income per share-diluted
|
$
|
.03
|
$
|
.03
|
||||
Antidilutive employee stock options
|
50,000
|
50,000
|
Six Months Ended
|
||||||||
June 30, 2018
|
June 30, 2017
|
|||||||
Net income
|
$
|
89,329
|
$
|
145,861
|
||||
Weighted average shares-basic
|
2,454,116
|
2,454,116
|
||||||
Effect of dilutive potential common shares
|
55,581
|
70,547
|
||||||
Weighted average shares-diluted
|
2,509,697
|
2,524,663
|
||||||
Net income per share-basic
|
$
|
.04
|
$
|
.06
|
||||
Net income per share-diluted
|
$
|
.04
|
$
|
.06
|
||||
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
|
3.38
|
$5.39
|
10,000
|
$2.32
|
Year
|
Amount
|
||||
2018
|
$
|
21,241
|
|||
2019
|
44,292
|
||||
2020
|
45,964
|
||||
2021
|
48,021
|
||||
2022
|
50,005
|
||||
2023– 2024
|
1,230,600
|
||||
Total
|
1,440,123
|
||||
Less financing cost
|
(6,870
|
)
|
|||
Net term loan payable
|
1,433,253
|
||||
Less current portion
|
(42,312
|
)
|
|||
Long term portion
|
$
|
1,390,941
|
Six Months Ended
|
||||||||
June 30, 2018
|
June 30, 2017
|
|||||||
Federal statutory rate
|
$
|
24,971
|
$
|
71,858
|
||||
Effect of:
|
||||||||
State taxes, net of federal tax benefit
|
(6,462
|
)
|
(10,790
|
)
|
||||
Estimated research and development credits
|
(4,437
|
)
|
(29,133
|
)
|
||||
Other
|
15,511
|
27,513
|
||||||
Total
|
$
|
29,583
|
$
|
59,448
|
2018
|
2017
|
|||||||
Product sales
|
$
|
2,013,790
|
$
|
1,879,405
|
||||
Royalties
|
96,358
|
144,517
|
||||||
Products subtotal
|
2,110,148
|
2,023,922
|
||||||
Rentals
|
19,101
|
22,458
|
||||||
Total
|
$
|
2,129,249
|
$
|
2,046,380
|
||||
Gross profit (loss):
|
||||||||
Product sales
|
$
|
900,849
|
$
|
859,604
|
||||
Royalties
|
96,358
|
144,517
|
||||||
Products subtotal
|
997,207
|
1,004,121
|
||||||
Rentals
|
(1,737
|
)
|
8,605
|
|||||
Total
|
$
|
995,470
|
$
|
1,012,726
|
||||
Interest expense:
|
||||||||
Product sales
|
$
|
10,350
|
$
|
9,919
|
||||
Royalties
|
-
|
-
|
||||||
Products subtotal
|
10,350
|
9,919
|
||||||
Rentals
|
7,024
|
5,268
|
||||||
Total
|
$
|
17,374
|
$
|
15,187
|
||||
Net income (loss) before taxes:
|
||||||||
Product sales
|
$
|
14,742
|
$
|
(54,110
|
)
|
|||
Royalties
|
96,358
|
144,517
|
||||||
Products subtotal
|
111,100
|
90,407
|
||||||
Rentals
|
(8,761
|
)
|
3,337
|
|||||
Total
|
$
|
102,339
|
$
|
93,744
|
2018
|
2017
|
|||||||
Product sales
|
$
|
4,136,033
|
$
|
3,761,594
|
||||
Royalties
|
161,423
|
224,342
|
||||||
Products subtotal
|
4,297,456
|
3,985,936
|
||||||
Rentals
|
33,702
|
44,915
|
||||||
Total
|
$
|
4,331,158
|
$
|
4,030,851
|
||||
Gross profit (loss):
|
||||||||
Product sales
|
$
|
1,843,591
|
$
|
1,735,982
|
||||
Royalties
|
161,423
|
224,342
|
||||||
Products subtotal
|
2,005,014
|
1,960,324
|
||||||
Rentals
|
(9,381
|
)
|
17,281
|
|||||
Total
|
$
|
1,995,633
|
$
|
1,977,605
|
||||
Interest expense:
|
||||||||
Product sales
|
$
|
18,066
|
$
|
19,797
|
||||
Royalties
|
-
|
-
|
||||||
Products subtotal
|
18,066
|
19,797
|
||||||
Rentals
|
14,022
|
10,514
|
||||||
Total
|
$
|
32,088
|
$
|
30,311
|
||||
Net income (loss) before taxes:
|
||||||||
Product sales
|
$
|
(19,108
|
)
|
$
|
(25,800
|
)
|
||
Royalties
|
161,423
|
224,342
|
||||||
Products subtotal
|
142,315
|
198,542
|
||||||
Rentals
|
(23,403
|
)
|
6,767
|
|||||
Total
|
$
|
118,912
|
$
|
205,309
|
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.
|
|||
August 9, 2018
|
By:
|
/s/ Wayne R. Willkomm
|
|
Date
|
Wayne R. Willkomm, Ph.D.
|
||
President and Chief Executive Officer
(Principal Executive Officer)
|
|||
August 9, 2018
|
By:
|
/s/ Kristie L. LaRose
|
|
Date
|
Kristie L. LaRose
|
||
Vice President of Finance and Administration
(Principal Accounting Officer)
|
Exhibit
No.
|
Description of Exhibit
|
||
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
|
1 Year Lifeloc Technologies (PK) Chart |
1 Month Lifeloc Technologies (PK) Chart |
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