Lifeloc Technologies Inc
For the period ended Jun 30, 2024. Filed Aug 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 8, 2024
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FINANCIAL INFORMATION
PART I FINANCIAL INFORMATION
Condensed Balance Sheets (Unaudited)
| ASSETS | June 30, 2024 | December 31, 2023 |
|---|---|---|
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $504,642 | $1,766,621 |
| Accounts receivable, net | 831,501 | 812,126 |
| Inventories, net | 2,962,071 | 3,024,834 |
| Federal and state income taxes receivable | 40,280 | — |
| Prepaid expenses and other | 176,928 | 105,967 |
| Total current assets | 4,515,422 | 5,709,548 |
| PROPERTY AND EQUIPMENT, at cost: | ||
| Land | 317,932 | 317,932 |
| Building | 1,928,795 | 1,928,795 |
| Real-time Alcohol Detection And Reporting equipment and software | 569,448 | 569,448 |
| Production equipment, software and space modifications | 1,337,919 | 1,154,803 |
| Training courses | 432,375 | 432,375 |
| Office equipment, software and space modifications | 233,190 | 216,618 |
| Sales and marketing equipment and space modifications | 226,356 | 226,356 |
| Research and development equipment, software and space modifications | 544,933 | 480,684 |
| Research and development equipment, software and space modifications not in service | 227,354 | — |
| Less accumulated depreciation | (3,435,629) | (3,326,837) |
| Total property and equipment, net | 2,382,673 | 2,000,174 |
| OTHER ASSETS: | ||
| Patents, net | 82,422 | 64,439 |
| Deposits and other | 34,790 | 111,157 |
| Deferred taxes | 996,005 | 806,652 |
| Total other assets | 1,113,217 | 982,248 |
| Total assets | $8,011,312 | $8,691,970 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| CURRENT LIABILITIES: | ||
| Accounts payable | $459,560 | $402,231 |
| Term loan payable, current portion | 52,386 | 51,588 |
| Income taxes payable | — | 44,952 |
| Customer deposits | 168,915 | 195,719 |
| Accrued expenses | 288,415 | 329,311 |
| Deferred revenue, current portion | 65,917 | 79,036 |
| Reserve for warranty expense | 46,500 | 46,500 |
| Total current liabilities | 1,081,693 | 1,149,337 |
| TERM LOAN PAYABLE, net of current portion and debt issuance costs | 1,144,876 | 1,170,243 |
| DEFERRED REVENUE, net of current portion | 5,712 | 11,565 |
| Total liabilities | 2,232,281 | 2,331,145 |
| COMMITMENTS AND CONTINGENCIES (Note 5) | — | — |
| STOCKHOLDERS' EQUITY: | ||
| Common stock, no par value; 50,000,000 shares authorized, 2,454,116 shares issued and outstanding as of June 30, 2024 and December 31, 2023 | 4,668,014 | 4,668,014 |
| Retained earnings | 1,111,017 | 1,692,811 |
| Total stockholders' equity | 5,779,031 | 6,360,825 |
| Total liabilities and stockholders' equity | $8,011,312 | $8,691,970 |
Condensed Statements of Income (Loss) (Unaudited)
| Three Months Ended June 30, | ||
|---|---|---|
| REVENUES: | 2024 | 2023 |
| Product sales | $2,370,433 | $2,246,407 |
| Royalties | 8,824 | 10,150 |
| Rental income | 8,073 | 23,789 |
| Total | 2,387,330 | 2,280,346 |
| COST OF SALES | 1,393,734 | 1,237,902 |
| GROSS PROFIT | 993,596 | 1,042,444 |
| OPERATING EXPENSES: | ||
| Research and development | 662,276 | 395,781 |
| Sales and marketing | 365,374 | 300,075 |
| General and administrative | 363,008 | 284,116 |
| Total | 1,390,658 | 979,972 |
| OPERATING INCOME (LOSS) | (397,062) | 62,472 |
| OTHER INCOME (EXPENSE): | ||
| Interest income | 8,677 | 19,200 |
| Interest expense | (10,057) | (10,290) |
| Total | (1,380) | 8,910 |
| NET INCOME (LOSS) BEFORE BENEFIT FROM (PROVISION FOR) TAXES | (398,442) | 71,382 |
| BENEFIT FROM (PROVISION FOR) FEDERAL AND STATE INCOME TAXES | 100,454 | (16,237) |
| NET INCOME (LOSS) | $(297,988) | $55,145 |
| NET INCOME (LOSS) PER SHARE, BASIC | $(0.12) | $0.02 |
| NET INCOME (LOSS) PER SHARE, DILUTED | $(0.12) | $0.02 |
| WEIGHTED AVERAGE SHARES, BASIC | 2,454,116 | 2,454,116 |
| WEIGHTED AVERAGE SHARES, DILUTED | 2,454,116 | 2,454,116 |
The accompanying notes to the condensed financial statements are an integral part of these financial statements.
** LIFELOC TECHNOLOGIES, INC.**
Condensed Statements of Income (Loss) (Unaudited)
| Six Months Ended June 30, | ||
|---|---|---|
| REVENUES: | 2024 | 2023 |
| Product sales | $4,504,867 | $4,379,766 |
| Royalties | 19,760 | 18,356 |
| Rental income | 16,146 | 46,778 |
| Total | 4,540,773 | 4,444,900 |
| COST OF SALES | 2,711,870 | 2,467,029 |
| GROSS PROFIT | 1,828,903 | 1,977,871 |
| OPERATING EXPENSES: | ||
| Research and development | 1,217,875 | 792,547 |
| Sales and marketing | 710,383 | 587,958 |
| General and administrative | 677,934 | 603,131 |
| Total | 2,606,192 | 1,983,636 |
| OPERATING (LOSS) | (777,289) | (5,765) |
| OTHER INCOME (EXPENSE): | ||
| Interest income | 26,349 | 29,000 |
| Interest expense | (20,207) | (20,825) |
| Total | 6,142 | 8,175 |
| NET INCOME (LOSS) BEFORE BENEFIT FROM (PROVISION FOR) TAXES | (771,147) | 2,410 |
| BENEFIT FROM (PROVISION FOR) FEDERAL AND STATE INCOME TAXES | 189,353 | (1,053) |
| NET INCOME (LOSS) | $(581,794) | $1,357 |
| NET INCOME (LOSS) PER SHARE, BASIC | $(0.24) | $— |
| NET INCOME (LOSS) PER SHARE, DILUTED | $(0.24) | $— |
| WEIGHTED AVERAGE SHARES, BASIC | 2,454,116 | 2,454,116 |
| WEIGHTED AVERAGE SHARES, DILUTED | 2,454,116 | 2,454,116 |
Lifeloc Technologies, Inc.
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