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Reflect Scientific Inc Announces Year-End Financial Results for 2022
[March 31, 2023]

Reflect Scientific Inc Announces Year-End Financial Results for 2022

OREM, Utah, March 31, 2023 (GLOBE NEWSWIRE) -- Reflect Scientific Inc (OTCQB: RSCF), a provider of ultra-low temperature freezers and chillers for the biotech, pharmaceutical, and cannabis industries, today announced its financial results for the year ended December 31, 2022.

Revenue for the year decreased by 27.5% to $2,041,297, compared to $2,814,670 in 2021, primarily due to a significant decrease in freezer and chiller sales during the third quarter and ongoing supply chain delays with manufacturers. However, the cost of goods sold decreased by 7.0% to $822,147, resulting in a gross profit margin of 59.7% for the year, compared to 68.6% in 2021.

Reflect Scientific's net income for the year was $89,396, compared to $939,065 in 2021. Management is actively seeking opportunities to increase sales, improve gross margins and control ongoing operating expenses.

Reflect Scientific's liquidity and capital resources remain strong, with current assets exceeding current liabilities by $2,179,237 and cash and cash equivalents totaling $1,381,927.

"We are pleased with the resilience of our business during these challenging times, and remain committed to expanding our product offerings and strengthening our position in the ultra-low temperature market," said Kim Boyce, CEO of Reflect Scientific. "Despite the ongoing supply chain issues, we have made significant progress in enhancing our ultra-cold freezer product line and believe this will provide a solid foundation for future growth."

Reflect Scientific remains focused on providing innovative solutions for the biotech, pharmaceutical, and cannabis industries, and continues to invest in research and development to support this goal.

Reflect Scientific’s audited financial statements for the calendar year ended December 31, 2022, are included in its Form 10 Registration Statement, and all financial highlights contained in this press release are modified in their entirety by reference to such financial statements. Additional information about Reflect Scientific’s business and operations may also be found in the Form 10. A link to the Form 10 as filed with the SEC is also available on the “SEC Documents” link on the “Corporate Profile” dropdown menu of Reflect Scientific’s website at

*Numbers may be rounded.

 Years Ended
December 31,
 2022  2021 
Revenues$2,041,297  $2,814,670 
Cost of goods sold 822,147   884,066 
Gross profit 1,219,150   1,930,604 
Operating Expenses       
Salaries and wages 636,038   608,065 
General and administrative 419,589   436,399 
Research and development 73,425   58,340 
Total Operating Expenses 1,129,052   1,102,804 
INCOME FROM OPERATIONS 90,098   827,800 
Other Income       
Gain on forgiveness of debt -   111,265 
Total Other Income -   111,265 
NET INCOME$89,396  $939,065 
Earnings per common share       
Basic$0.00  $0.01 
Diluted$0.00  $0.01 
Weighted average shares outstanding       
Basic 84,990,935   84,739,770 
Diluted 85,440,935   85,489,770 

 December 31, 2022  December 31, 2021 
Current Assets     
Cash and cash equivalents$1,381,927  $1,473,924 
Accounts receivable, net 129,329   175,649 
Inventories, net 797,352   624,486 
Prepaid expenses and other current assets 20,221   31,306 
Total Current Assets 2,328,829   2,305,365 
Operating lease right-of-use assets 54,265   110,483 
Goodwill 60,000   60,000 
Other long-term assets 3,100   3,100 
TOTAL ASSETS$2,446,194  $2,478,948 
Current Liabilities       
Accounts payable and accrued expenses$78,969  $66,837 
Customer deposits 13,230   118,566 
Current portion of operating lease liabilities 57,393   56,446 
Total Current Liabilities 149,592   241,849 
Operating lease liabilities, net of current portion -   57,393 
TOTAL LIABILITIES 149,592   299,242 
Stockholders' Equity       
Preferred Stock, $0.01 par value, 5,000,000 shares authorized; none issued and outstanding -   - 
Common stock, $0.01 par value, 100,000,000 shares authorized; 85,214,086 and 84,989,086 shares issued and outstanding as of December 31, 2022 and 2021, respectively 852,140   849,890 
Additional paid-in capital 20,252,181   20,226,931 
Accumulated deficit (18,807,719)  (18,897,115)
TOTAL STOCKHOLDERS’ EQUITY 2,296,602   2,179,706 

About Reflect Scientific, Inc.

Reflect Scientific, Inc., based in Orem, Utah, develops and markets innovative, proprietary technologies in cryogenic cooling for the biotechnology, pharmaceutical, medical, and transportation markets. Among Reflect Scientific’s products are low-temperature freezers and refrigerated systems for laboratory, transportation, and computer server room uses. Visit for more information. See us on Twitter @ReflectSci and LinkedIn

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 OTC Markets Group, LLC under the trading symbol “RSCF” and related prior filings by the Company that are referenced therein and contained in the EDGAR Archives of the Securities and Exchange Commission under the heading “Disclosure,” including those identified in such filings as “forward-looking statements.” 

Thomas Tait
[email protected]

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