“Increased cost of goods, increased shipping costs, delivery delays, and parts availability hit Reflect hard in the third quarter. Having said that, we are in a strong cash position to weather this downturn in revenue and anticipate a strong finish to the year. Our marketing efforts are continuing as we seek to expand market penetration and sales. Reflect will be exhibiting at the world’s largest cannabis show in
On the new business front we are working with a current customer to install 5-10 freezer units and a new customer that intends to install the blast freezer in up to 30 of their locations. Our new products have gained notice in the market. We just completed an alpha test using the mini-blast freezer with a vaccine manufacturer that should end in an order,” stated Mr.
The following unaudited table summarizes revenue, cost of goods sold, and operating expenses for the three months ended
Three Months Ended | |||||||
2022 | 2021 | ||||||
Revenues | $ | 253,233 | $ | 716,145 | |||
Cost of goods sold | 122,204 | 242,343 | |||||
Gross profit | 131,029 | 473,802 | |||||
Operating Expenses | |||||||
Salaries and wages | 154,648 | 146,697 | |||||
General and administrative | 94,781 | 149,672 | |||||
Research and development | 14,820 | 17,544 | |||||
Total Operating Expenses | 264,249 | 313,913 | |||||
INCOME (LOSS) FROM OPERATIONS | (133,220 | ) | 159,889 | ||||
Other Income | |||||||
Gain on forgiveness of debt | - | - | |||||
Total Other Income | - | - | |||||
NET INCOME (LOSS) BEFORE INCOME TAXES | (133,220 | ) | 159,889 | ||||
INCOME TAX BENEFIT (EXPENSE) | (702 | ) | - | ||||
NET INCOME (LOSS) | $ | (133,922 | ) | $ | 159,889 | ||
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Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of the disclosures contained in the filings of the Company that are contained in the
ContactThomas Tait 801-607-1039 investor_relations@reflectscientific.com
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