USLG Posts Net Profit Despite Industry Downturn!
Recent Highlights*Net sales for the three months ended
"I'm very pleased to announce that USLG had an incredible quarter - with strong top line growth, record shipments, and profitable underlying results," said
"The Company remains on track for its best year ever, and we are investing in additional products and concepts while keeping an eye on cost as we work towards positive cash flow and generating higher returns for our shareholders. I'd like to thank our investors, employees, and customers for their passion in our company and its future; the best is yet to come."
First Quarter 2023 Results
Net sales for the three months ended
About USLG
Forward-Looking Statements
Certain statements in this news release, including, but not limited to, reference to distribution, demand, orders, sales goals, design effects, growth of the production and industries, may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934 and are subject to the safe harbor created by those rules. Statements included in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements are typically, but not always, identified by the words: believe, expect, anticipate, intend, estimate, and similar expressions or which by their nature refer to future events. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from those indicated by these statements.
Investor Relations Contact:
646-438-9385
cwitty@darrowir.com
Tables to Follow
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) / (Combined)
For the Three Months ended
2023
2022
Sales
$
1,205,235
$
76,000
Cost of goods sold
701,319
68,000
Gross profit
503,916
8,000
Operating expenses:
Selling, general and administrative expenses
472,349
266,000
Product development costs
-
-
Total operating expenses
472,349
266,000
Income (loss) from operations
31,567
(258,000
)
Other income (expense):
Other income, net
-
15,000
Unrealized loss
-
(157,000
)
Realized gain
-
31,000
Interest income
249
2,000
Interest expense
(7,046
)
(5,000
)
Interest expense, related party
-
(4,000
)
Total other expense
(6,797
)
(118,000
)
Net income (loss) from operations
24,769
(376,000
)
Net income (loss)
$
24,769
$
(376,000
)
Basic income (loss) per share
$
0.00
$
(0.00
)
Diluted income (loss) per share
$
0.00
$
(0.00
)
Weighted average common shares outstanding, basic
98,947,384
97,848,735
Weighted average common shares outstanding, diluted
98,947,384
97,848,735
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
ASSETS
Current Assets:
Cash
$
45,843
$
124,529
Accounts receivable
162,657
5,950
Prepaid expenses and other current assets
80,920
87,174
Inventory
$
188,666
$
200,162
Total Current Assets
478,086
417,815
Property and equipment, net
2,443,506
2,298,107
Total Assets
$
2,921,592
$
2,715,922
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Accounts payable
$
662,405
$
607,647
Accrued expenses
61,735
111,223
Accrued payroll to a former officer
125,167
125,167
Convertible notes payable
-
-
Loan payable- current portion
104,499
140,905
Loans payable, related party
442,126
176,000
Total Current Liabilities
1,395,932
1,160,942
Loans payable, net of current portion
295,984
300,351
Loans Payable, related party
6,788,503
7,004,629
Total Liabilities
$
8,480,419
$
8,465,922
Commitments and Contingencies
Shareholders' Equity:
Preferred stock,
-
-
Common stock,
10,376
10,209
Additional paid-in-capital
19,937,348
19,771,111
Accumulated deficit
(25,506,551
)
(25,531,320
)
Total Shareholders' Equity
(5,558,827
)
(5,750,000
)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
2,921,592
$
2,715,922
SOURCE:
Media Contact
Company
Contact Person:
Email: marketing@uslightinggroup.com
City:
State: OH
Country:
Website: https://uslightinggroup.com/
Source: www.abnewswire.com
.
(C) 2023 M2 COMMUNICATIONS, source