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UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
FORM 8-K
CURRENT
REPORT
Pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported): August
8, 2024
LIFELOC TECHNOLOGIES,
INC.
(Exact name of registrant
as specified in its charter)
Colorado |
|
000-54319 |
|
84-1053680 |
(State or other jurisdiction of incorporation) |
|
(Commission File Number) |
|
(IRS Employer Identification Number) |
12441 West 49th Ave., Unit 4 |
|
|
Wheat Ridge, CO |
|
80033 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
(303) 431-9500
(Registrant’s
telephone number, including area code)
Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered
pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock |
LCTC |
N/A |
Indicate by check
mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition. |
On August 8, 2024,
Lifeloc Technologies, Inc. (the “Company”) issued a press release announcing its operating results for the period ended
June 30, 2024. This press release was made available on the Company’s website as of August 8, 2024. A copy of
the press release is furnished herewith as Exhibit 99.1.
The information in
this Form 8-K, including the exhibit attached hereto, is being “furnished” and shall not be deemed “filed”
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of
that section, nor shall it be deemed incorporated by reference in any Company filing under the Securities Act of 1933, as amended,
unless expressly set forth by specific reference in such filing that such information is incorporated by reference therein.
|
Item 9.01 |
Financial Statements and Exhibits. |
|
|
|
(d) Exhibits.
SIGNATURES
Pursuant to the
requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: August 8, 2024 |
LIFELOC TECHNOLOGIES, INC. |
|
|
|
|
By: |
/s/ Vern D. Kornelsen |
|
|
Chief Financial Officer and Secretary |
Exhibit 99.1
Lifeloc
Reports Second Quarter 2024 Results
WHEAT
RIDGE, Colo., August 8, 2024 -- Lifeloc Technologies, Inc. (OTC: LCTC), a global leader in the development and manufacturing
of breath alcohol and drug testing devices, has announced financial results for the quarter ended June 30, 2024.
Second
Quarter Financial Highlights
Lifeloc
posted quarterly net revenue of $2.387 million in the second quarter of 2024, resulting in a quarterly net loss of $(298)
thousand, or $(0.12) per diluted share. These results compare to net revenue of $2.280 million and quarterly net income
of $55 thousand, or $0.02 per diluted share in the second quarter of 2023. Revenue for the quarter increased 5% versus
the second quarter last year. Six-month net revenues of $4.541 million and a net loss of $(582) thousand, or $(0.24) per diluted share,
compared to net revenue of $4.445 million and a net profit of $1 thousand, or $0.00 per diluted share, for the same six months of 2023.
Total gross margin in the second quarter declined to 41.6% versus 45.7% for the same quarter last year. For the first six months of 2024
gross margin was 40.3% versus 44.5% for the same period last year, with the decline due primarily to increases in costs resulting from
inflation. The research and development investment of $662 thousand rose by 67% versus the second quarter last year, primarily for SpinDx
development, contributing significantly to the current period loss.
We
believe our core alcohol detection product line-up is strong. The L-series LX9 and LT7 units have features and performance that have
driven market penetration by meeting previously unaddressable market needs, such as wider temperature ranges and fast customization that
incorporates local languages. Additionally, LX9 units capable of smart phone pairing began to ship in this quarter.
“We
are excited to be able to offer and ship LX9 units with smart phone pairing to achieve better systems integration, which some customers
have been seeking commented Dr. Wayne Willkomm, President and CEO. "This demonstrates again our commitment to innovation.”
We
expect that sales of our newer L-series devices will be incremental to FC-series devices rather than displacing FC sales. The L-series
devices have been certified to meet the requirements of most modern registration standards, such as SAI’s (Standards Australia
International) latest AS 3547:2019 standards for Breath Alcohol Detectors. Our FC-series devices remain popular with many law enforcement
and international organizations. Our Easycal® automated calibration station, the only automated calibration available for portable
breath alcohol testers, builds valuable protection around our brand and contributes to market share gains by the workplace Phoenix®
6.0 BT and EV 30 devices.
We
believe our most important goal and best opportunity remains the convergence of the global need for rapid detection of drugs of abuse
with Lifeloc’s proven capability to build easy-to-use portable testing equipment. We are therefore focusing our research
and development efforts on leveraging the SpinDx™ technology platform, sometimes referred to
as “Lab on a Disk,” to develop a series of devices and tests that can be used at roadside and in emergency rooms, forensic
labs and workplace test sites to achieve a rapid and quantitative measure for a panel of drugs of abuse. The initial product release
is projected to be a device with a disk that allows for detection of delta-9-THC (the major intoxicating component of the cannabis plant)
from a test subject’s saliva, followed by a disk for a panel of other drugs. SpinDx has been demonstrated in our laboratory to
effectively detect for delta-9-THC, cocaine, fentanyl, amphetamine methamphetamine, morphine, MDMA, and benzodiazepines. Testing has
validated the SpinDx measurement technology against the definitive standard liquid chromatography-mass spectroscopy (LCMS) measurement
utilizing human samples. The LCMS data have validated the SpinDx test results on real-world human saliva tests at a limit of detection
of approximately 10 ng/ml. With our research and development work, we continue to improve our technology’s robustness, speed, and
convenience of operation. We plan to start of beta testing of our SpinDx saliva testing system utilizing the delta-9-THC disks later
in 2024 using prototype readers as shown in the photograph below. Commercial launch of our first SpinDx application is projected to occur
in 2025. Following initial commercialization, we expect more offerings from this technology platform to include expanded drug panels
and samples collected from blood and breath. Following the release of our SpinDx saliva testing system, we expect to accelerate development
of combining our LX9 breathalyzer with the THC SpinDx detection unit, to produce our roadside marijuana breathalyzer system.
“Our
top priority is pushing the SpinDx product platform across the finish line,” Dr. Willkomm said. “We anticipate continued
high research and development expenses in this final push toward commercialization. With the rising demand for saliva drug testing, the
initial release of SpinDx to the market becomes more urgent and valuable.”
Research
and development expenditures for SpinDx completion have consumed cash down to $505 thousand at the end of the second quarter. In anticipation
of declining cash, the company has sought to strengthen its financial resources. Early in the third quarter the Company closed on a $750,000
line of credit with Citywide Banks as well as a private placement of 210,000 shares of the Company’s common stock at $3.80 per
share, resulting in a $798,000 capital injection to assist the SpinDx development in moving forward to testing and commercialization.
About
Lifeloc Technologies
Lifeloc
Technologies, Inc. (OTC: LCTC) is a trusted U.S. manufacturer of evidential breath alcohol testers and related training and supplies
for Workplace, Law Enforcement, Corrections and International customers. Lifeloc stock trades over-the-counter under the symbol LCTC.
We are a fully reporting Company with our SEC filings available on our web site, www.lifeloc.com/investor.
Forward
Looking Statements
This
press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve
substantial risks and uncertainties that may cause actual results to differ materially from those indicated by the forward-looking statements.
All forward-looking statements expressed or implied in this press release, including statements about our strategies, performance, expectations
about new and existing products, market demand, economic conditions, acceptance of new and existing products, technologies and opportunities,
market size and growth, and return on investments in products and market, are based on information available to us on the date of this
document, and we assume no obligation to update such forward-looking statements. Investors are strongly encouraged to review the section
titled “Risk Factors” in our SEC filings.
Phoenix®
and Easycal® are registered trademarks of Lifeloc Technologies, Inc.
SpinDx™
is a trademark of Sandia Corporation.
Amy Evans
Lifeloc Technologies, Inc.
http://www.lifeloc.com
(303) 431-9500
LIFELOC
TECHNOLOGIES, INC.
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 | |
LIFELOC
TECHNOLOGIES, INC.
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 | |
| |
| | | |
| | |
| |
| | | |
| | |
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 | |
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 | |
| |
| | | |
| | |
| |
| | | |
| | |
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.
Condensed Statements of Stockholders' Equity (Unaudited)
| |
| | | |
| | | |
| | | |
| | |
| |
Three
Months Ended
June
30, | | |
Six
Months Ended
June
30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Beginning balances | |
4,668,014 | | |
4,668,014 | | |
4,668,014 | | |
4,668,014 | |
Beginning balances | |
1,409,005 | | |
1,433,409 | | |
1,692,811 | | |
1,487,197 | |
Total stockholders'
equity, beginning balances | |
$ | 6,077,019 | | |
$ | 6,101,423 | | |
$ | 6,360,825 | | |
$ | 6,155,211 | |
| |
| | | |
| | | |
| | | |
| | |
Common stock (no shares issued during periods): | |
| | | |
| | | |
| | | |
| | |
Beginning
balances | |
| 4,668,014 | | |
| 4,668,014 | | |
| 4,668,014 | | |
| 4,668,014 | |
Net
income (loss) | |
| — | | |
| — | | |
| — | | |
| — | |
Ending balances | |
| 4,668,014 | | |
| 4,668,014 | | |
| 4,668,014 | | |
| 4,668,014 | |
| |
| | | |
| | | |
| | | |
| | |
Retained earnings: | |
| | | |
| | | |
| | | |
| | |
Beginning balances | |
| 1,409,005 | | |
| 1,433,409 | | |
| 1,692,811 | | |
| 1,487,197 | |
Net
income (loss) | |
| (297,988 | ) | |
| 55,145 | | |
| (581,794 | ) | |
| 1,357 | |
Ending balances | |
| 1,111,017 | | |
| 1,488,554 | | |
| 1,111,017 | | |
| 1,488,554 | |
| |
| | | |
| | | |
| | | |
| | |
Beginning balances | |
| 6,077,019 | | |
| 6,101,423 | | |
| 6,360,825 | | |
| 6,155,211 | |
Net income (loss) | |
| (297,988 | ) | |
| 55,145 | | |
| (581,794 | ) | |
| 1,357 | |
Total stockholders'
equity, ending balances | |
$ | 5,779,031 | | |
$ | 6,156,568 | | |
$ | 5,779,031 | | |
$ | 6,156,568 | |
LIFELOC
TECHNOLOGIES, INC.
Condensed
Statements of Cash Flows (Unaudited)
| |
| | | |
| | |
| |
Six
Months Ended June 30, | |
CASH FLOWS FROM OPERATING ACTIVITIES:
| |
2024 | | |
2023 | |
Net
income (loss) | |
$ | (581,794 | ) | |
$ | 1,357 | |
Adjustments
to reconcile net income (loss) to net cash (used in) operating activities- | |
| | | |
| | |
Depreciation
and amortization | |
| 114,619 | | |
| 132,088 | |
Provision
for doubtful accounts, net change | |
| (3,175 | ) | |
| — | |
Provision
for inventory obsolescence, net change | |
| (35,000 | ) | |
| — | |
Deferred
taxes | |
| (189,353 | ) | |
| 1,053 | |
| |
| | | |
| | |
Changes
in operating assets and liabilities- | |
| | | |
| | |
Accounts
receivable | |
| (16,200 | ) | |
| (134,751 | ) |
Inventories | |
| 97,763 | | |
| (171,601 | ) |
Employee
retention credit and income taxes receivable | |
| (40,280 | ) | |
| 107,575 | |
Prepaid
expenses and other | |
| (70,961 | ) | |
| (149,575 | ) |
Deposits
and other | |
| 76,367 | | |
| — | |
Accounts
payable | |
| 57,329 | | |
| (84,118 | ) |
Income
taxes payable | |
| (44,952 | ) | |
| — | |
Customer
deposits | |
| (26,804 | ) | |
| (26,064 | ) |
Accrued
expenses | |
| (40,896 | ) | |
| (54,002 | ) |
Deferred
revenue | |
| (18,972 | ) | |
| (18,955 | ) |
Net cash
(used in) operating activities | |
| (722,309 | ) | |
| (396,993 | ) |
| |
| | | |
| | |
CASH FLOWS USED IN INVESTING ACTIVITIES:
| |
| | | |
| | |
Purchases
of property and equipment | |
| (263,937 | ) | |
| (14,811 | ) |
Purchases
of research and development equipment, software and space modifications not in service | |
| (227,354 | ) | |
| — | |
Patent
filing costs | |
| (21,708 | ) | |
| (1,404 | ) |
Net
cash used in investing activities | |
| (512,999 | ) | |
| (16,215 | ) |
| |
| | | |
| | |
CASH FLOWS USED IN FINANCING ACTIVITIES:
| |
| | | |
| | |
Principal
payments made on term loan payable | |
| (26,671 | ) | |
| (26,047 | ) |
Net
cash used in financing activities | |
| (26,671 | ) | |
| (26,047 | ) |
| |
| | | |
| | |
NET (DECREASE) IN CASH | |
| (1,261,979 | ) | |
| (439,255 | ) |
| |
| | | |
| | |
CASH, BEGINNING OF PERIOD
| |
| 1,766,621 | | |
| 2,352,754 | |
| |
| | | |
| | |
CASH, END OF PERIOD
| |
$ | 504,642 | | |
$ | 1,913,499 | |
| |
| | | |
| | |
SUPPLEMENTAL INFORMATION:
| |
| | | |
| | |
Cash
paid for interest | |
$ | 18,105 | | |
$ | 18,673 | |
| |
| | | |
| | |
Cash
paid for income tax | |
$ | 40,280 | | |
$ | — | |
| |
| | | |
| | |
Detail
of cash paid for income tax: | |
| | | |
| | |
Q1 federal
tax estimate | |
| 13,700 | | |
| | |
Q2 federal
tax estimate | |
| 13,700 | | |
| | |
Q1 Colorado
tax estimate | |
| 6,440 | | |
| | |
Q2
Colorado tax estimate | |
| 6,440 | | |
| | |
Total | |
| 40,280 | | |
| — | |
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