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US Nuclear Corp. Announces First Quarter 2023 Results

LOS ANGELES, CA - (NewMediaWire) - July 05, 2023 - US Nuclear Corp. (OTC-QB: UCLE), a leading manufacturer of advanced radiation, chemical, and biological detection and UAV instrumentation, recently announced the financial results for the first quarter ended March 31, 2023.  

      Sales for the three months ended March 31, 2023 were $647,706 compared to $339,515 for the same period in 2022, an increase of 47.58%

      Gross profit was $435,589 compared to $227,277 for the same period in 2022, an increase of 49.45%

      Gross margins were 67.2% as compared to 66.9% for the same period last year

      Selling, general, and administrative expense were $735,825 compared to $873,503 for the same period last year, the decrease of $137,678 or 18.71% was due to careful management of expenses and overhead

      Other expense was $364,298, an increase of $360,881 for the same period in 2022 mainly due to an increase in the amortization of debt discounts associated with convertible debentures

      Net loss of $664,534

Robert Goldstein, CEO of US Nuclear Corp., commented:

“We had a strong start to the new year, with sales revenue up $308,191 or 47.5% from the same period last year.  We have several catalysts working for us to keep up the momentum throughout the year.  Most notably, nuclear power generation is on the rise as the world grapples with increasing energy demands and a need for a clean source of baseline energy.  Fusion power in particular is quickly gaining popularity and massive funding, and since tritium is the main fuel source needed for fusion reactions, our tritium monitoring division is poised to benefit.  We also expanded our product line adding special hazardous chemical detectors, such as the world’s first on-the-spot PFAS contamination detector, that have been of great interest lately.  We continue to strike a path towards profitability as we ramp up sales revenue, cut down on expenses, and negotiate better pricing with our vendors and consultants.”

PART I - FINANCIAL INFORMATION       
         
Item 1. Financial Statements.       
         
US NUCLEAR CORP. AND SUBSIDIARIES       
CONDENSED CONSOLIDATED BALANCE SHEETS        
         
         
ASSETS        
    March 31,  December 31, 
    2023  2022  
    (unaudited)  (audited) 
CURRENT ASSETS       
Cash  $214,236     $ 126,109
Accounts receivable, net  184,378    329,858
Note receivable  14,000   -
Inventories  2,156,422    2,024,664
Prepaid expenses and other current assets -   26,370
TOTAL CURRENT ASSETS  2,569,036    2,507,001
         
Property and equipment, net  5,214    6,501
Investments  4,539    10,059
Acquisition deposit  15,000    15,000
Goodwill   570,176    570,176
TOTAL ASSETS  $3,163,965    $ 3,108,737
         
LIABILITIES AND SHAREHOLDERS' EQUITY       
         
CURRENT LIABILITIES       
Accounts payable  $61,313    $ 100,398
Accounts payable - related party   322,000    280,000
Accrued liabilities   750,053    688,422
Accrued compensation - officers   740,000   695,000 
Customer deposit   93,694    88,694
Notes payable   5,272    9,574
Convertible debt, net of debt discount   510,135    412,953
Note payable to shareholder   916,979    874,679
Line of credit   307,937    307,321
TOTAL CURRENT LIABILITIES   3,707,383    3,457,041
         
         
TOTAL LIABILITIES  3,707,383    3,457,041
         
SHAREHOLDERS' EQUITY:       
Common stock, $0.0001 par value; 100,000,000 shares authorized,   
34,556,242 and 31,621,242 shares issued and outstanding   3,456    3,162
Common shares to be issued  -    39,000
Additional paid in capital  15,250,540    14,740,401
Accumulated deficit  -15,797,414    -15,130,867
TOTAL SHAREHOLDERS' EQUITY  -543,418    -348,304
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY  $3,163,965    $ 3,108,737
         
         
         
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
         
1        
         
         
US NUCLEAR CORP. AND SUBSIDIARIES       
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS        
(unaudited)       
         
      Three Months Ended 
      March 31,  
      2023 2022
         
Sales    $647,706$339,515
Cost of sales    212,117 112,238
Gross profit    435,589 227,277
         
Operating expenses       
 Selling, general and administrative expenses 735,825 873,503
  Total operating expenses735,825 873,503
         
Loss from operations    -300,236 -646,226
         
Other income (expense)       
 Interest expense    -22,140 -3,417
 Equity loss in investment    -8,059                          -
 Loss on deconsolidation    -2,539                          -
 Amortization of debt discount    -331,559                          -
  Total other income (expense)   -364,298 -3,417
         
Loss before provision for income taxes    -664,534 -649,643
         
Provision for income taxes                           -                       -
         
Net loss    $-664,534$-649,643
         
Deemed dividend for down-round provision in warrants-2,013                        -
         
Net loss attributed to common stockholders$-666,547$-649,643
         
Weighted average shares outstanding - basic and diluted32,634,839 28,428,215
         
Loss per shares - basic and diluted   $-0.02$-0.02


Safe Harbor Act

This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.

Investors may find additional information regarding US Nuclear Corp. at the SEC website at http://www.sec.gov, or the company’s website at www.usnuclearcorp.com.

CONTACT:

US Nuclear Corp. (OTC-QB: UCLE)

Robert I. Goldstein, President, CEO, and Chairman

Richard Landry, Chief Financial Officer

(818) 883 7043

Email: info@usnuclearcorp.com