Business
Reflect Scientific 2021 10K Financials Show Record Profits
Reflect Scientific 2021 10K Financials Show Record Profits.
About this update from Reflect Scientific, Inc.
[{"type":"text","content":"\n OREM, Utah, March 31, 2022 (GLOBE NEWSWIRE) -- Reflect Scientific, Inc. (Symbol: RSCF), a provider of diverse products and services for biotechnology, pharmaceutical, and transportation industries announces the release and SEC filing of the annual 10K financial report. “We improved margins, maintained a healthy cash flow, and increased revenue in 2021. The product R&D that was started in 2020 paid off in 2021 with an improved product that has a wider market appeal. The focus for 2022 will be on greater market penetration and a continuous product improvement process to provide our customers with the very best refrigeration solutions.” -Kim Boyce, CEO, Reflect Scientific Inc. Financial Highlights* Total revenue for the full year 2021 increased to $2.81 million compared to $2.79 million for the full year 2020, a year-over-year gain of 0.8%.The gross margin improved to 69% for the full year 2021 from 62% in the full year 2020 primarily due to streamlined production costs of Cryometrix freezers. Net income of $939,065 for the full year 2021 compared to $660,115 for the prior year.Reflect Scientific reported $1.47 million in cash, cash equivalents, and short-term investments as of December 31, 2021, compared with $643,000 as of December 31, 2020. Reflect Scientific Inc. returned to “fully reporting” status with the SEC. The Form 10 is available for viewing on the SEC website (www.sec.gov) under the Reflect Scientific name and ticker (RSCF). The company also uplisted to the OTCQB venture market for greater access to capital for growth. Reflect Scientific’s audited financial statements for the calendar year ended December 31, 2021, 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 www.reflectscientific.com. *Numbers may be rounded. REFLECT SCIENTIFIC, INC. AND SUBSIDIARIESConsolidated Statements of...