EUCLID, OH / ACCESSWIRE / November 23, 2022 / USLG, Inc. (OTC PINK:USLG) today announced its financial results for the third quarter of 2022, the three months ended September 30, 2022.
Recent Highlights
- Net sales for the three months ended September 30, 2022 were approximately $0.5 million, almost 25 times that of the prior-year period
- Net loss from continuing operations was $0.7 million, versus $0.2 million in the third quarter of 2021, reflecting investments in staffing, marketing, and expansion
- As of September 30, 2022, the Company's backlog was approximately $5.06 million, versus $5.1 million as of June 30, 2022
- The Company continues to add new states to its dealership territories - including, most recently, California - and remains on track for increased deliveries of Cortes Campers in the fourth quarter in 2022
- USLG met with investors and analysts at the LD Micro Conference on October 26, and the associated webcast presentation is available for viewing on the Company's website
"As promised, we delivered a record number of Cortes Campers during the third quarter and are on track for even higher shipments going forward," said Anthony Corpora, Chief Executive Officer. "Revenue rose to $0.5 million, and we continued to invest in expanding our dealership base to key states across the U.S. including, after the quarter, California, where our partnership with Hamilton & Jackson Investments is already resulting in inquiries and additional orders. We're also on schedule with regard to higher production levels which, we anticipate, will drive the Company to become cash flow positive during the first half of 2023. With our current backlog, manufacturing technology, unique camper attributes and strong demand, we are well positioned to see rapid growth in the quarters to come."
Third Quarter 2022 Results
Net sales for the three months ended September 30, 2022 were $0.5 million compared with $21,000 in the prior-year period, reflecting sales by the Company's Cortes Campers subsidiary. Selling, general, and administrative expenses ("SG&A") were $0.5 million in the third quarter of 2022 versus $0.2 million in 2021 - primarily due to investments in marketing, sales, and staffing - and the Company posted a net loss from continuing operations of $0.7 million in 2022 versus $0.2 million in the prior-year period.
Balance Sheet Highlights
As of September 30, 2022, the Company had approximately $68,000 of cash compared with $286,000 of cash as of December 31, 2021. Total current liabilities as of the end of the third quarter were $1.8 million compared with $2.4 million as of December 31, 2021.
About USLG
US Lighting Group (OTC:USLG) has three subsidiaries which design and market various products: Cortes Campers, LLC, for molded fiberglass travel trailers and campers; Fusion X Marine, LLC, for high-performance boats; Futuro Houses, LLC, for fiberglass houses; and one subsidiary, Mig Marine Corp., which manufacturers composite products. The Company and its subsidiaries have manufacturing and R&D facilities in Cleveland, Ohio. For additional information: uslightinggroup.com
Forward-Looking Statements
Certain statements in this news release, including, but not limited to, reference to distribution, demand, orders, sales goals, design effects, growth of the production and industries, may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934 and are subject to the safe harbor created by those rules. Statements included in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements are typically, but not always, identified by the words: believe, expect, anticipate, intend, estimate, and similar expressions or which by their nature refer to future events. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from those indicated by these statements.
Investor Relations Contact:
Chris Witty
646-438-9385
cwitty@darrowir.com
Tables to Follow
US LIGHTING GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited) / (Combined)
| | For the Three Months ended
September 30, | | | For the Nine Months ended September 30, | |
| | 2022 | | | 2021 | | | 2022 | | | 2021 | |
Sales | | $ | 516,000 | | | $ | 21,000 | | | $ | 641,000 | | | $ | 23,000 | |
Cost of goods sold | | | 528,000 | | | | - | | | | 754,000 | | | | 3,000 | |
Gross profit (loss) | | | (12,000 | ) | | | 21,000 | | | | (113,000 | ) | | | 20,000 | |
Operating expenses: | | | | | | | | | | | | | | | | |
Selling, general and administrative expenses | | | 526,000 | | | | 240,000 | | | | 1,134,000 | | | | 859,000 | |
Product development costs | | | 78,000 | | | | 2,000 | | | | 123,000 | | | | 41,000 | |
Total operating expenses | | | 604,000 | | | | 242,000 | | | | 1,257,000 | | | | 900,000 | |
Loss from operations | | | (616,000 | ) | | | (221,000 | ) | | | (1,370,000 | ) | | | (880,000 | ) |
Other income (expense): | | | | | | | | | | | | | | | | |
Other income (expense), net | | | (4,000 | ) | | | 3,000 | | | | 60,000 | | | | 3,000 | |
Extinguishment of debt - related party | | | - | | | | - | | | | - | | | | 9,000 | |
Extinguishment of debt | | | - | | | | 52,000 | | | | - | | | | 52,000 | |
Unrealized gain (loss) | | | (32,000 | ) | | | (9,000 | ) | | | (288,000 | ) | | | 195,000 | |
Realized gain (loss) | | | 18,000 | | | | - | | | | (18,000 | ) | | | - | |
Interest income | | | 1,000 | | | | 7,000 | | | | 4,000 | | | | 7,000 | |
Interest expense, net | | | (40,000 | ) | | | (17,000 | ) | | | (56,000 | ) | | | (17,000 | ) |
Interest expense, related party | | | - | | | | (19,000 | ) | | | - | | | | (75,000 | ) |
Gain on disposal of fixed assets | | | 10,000 | | | | - | | | | 23,000 | | | | - | |
Total other income (expense) | | | (47,000 | ) | | | 17,000 | | | | (275,000 | ) | | | 174,000 | |
Net loss from continuing operations | | | (663,000 | ) | | | (204,000 | ) | | | (1,645,000 | ) | | | (706,000 | ) |
Net income from sale of discontinued operations | | | - | | | | - | | | | - | | | | 3,915,000 | |
Net loss from discontinued operations | | | - | | | | (7,000 | ) | | | - | | | | (158,000 | ) |
Net income (loss) | | $ | (663,000 | ) | | $ | (211,000 | ) | | $ | (1,645,000 | ) | | $ | 3,051,000 | |
Basic loss per share from continuing operations | | $ | (0.00 | ) | | $ | (0.00 | ) | | $ | (0.02 | ) | | $ | (0.01 | ) |
Basic income (loss) per share from discontinued operations | | $ | - | | | $ | (0.00 | ) | | $ | - | | | $ | 0.04 | |
Basic income (loss) per share | | $ | (0.00 | ) | | $ | (0.00 | ) | | $ | (0.02 | ) | | $ | 0.03 | |
Diluted income (loss) per share from discontinued operations | | $ | - | | | $ | (0.00 | ) | | $ | - | | | $ | 0.03 | |
Weighted average common shares outstanding, basic | | | 97,848,735 | | | | 97,834,996 | | | | 97,982,618 | | | | 97,310,548 | |
Weighted average common shares outstanding, diluted | | | 97,848,735 | | | | 97,834,996 | | | | 97,982,618 | | | | 97,310,548 | |
US LIGHTING GROUP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
| | September 30,
2022 | | | December 31,
2021 | |
ASSETS | | (Unaudited) | | | (Combined) | |
Current Assets: | | | | | | |
Cash | | $ | 68,000 | | | $ | 289,000 | |
Accounts Receivable | | | 32,000 | | | | - | |
Prepaid expenses and other current assets | | | 82,000 | | | | 157,000 | |
Inventory | | | 177,000 | | | | 65,000 | |
Deposits and other assets | | | - | | | | 9,000 | |
Investment in trading securities | | | - | | | | 1,647,000 | |
Total Current Assets | | | 359,000 | | | | 2,167,000 | |
Property and equipment, net | | | 1,982,000 | | | | 1,848,000 | |
Total Assets | | $ | 2,341,000 | | | $ | 4,015,000 | |
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | | | | | | | | |
Current Liabilities: | | | | | | | | |
Accounts payable | | $ | 341,000 | | | $ | 77,000 | |
Accrued expenses | | | - | | | | 33,000 | |
Customer advance payments | | | - | | | | 10,000 | |
Accrued payroll to a former officer | | | 125,000 | | | | 686,000 | |
Convertible notes payable | | | - | | | | 60,000 | |
Loan payable- current portion | | | 101,000 | | | | 82,000 | |
Loans payable, related party | | | 1,202,000 | | | | 1,458,000 | |
Total Current Liabilities | | | 1,769,000 | | | | 2,406,000 | |
Loans payable, net of current portion, related party | | | 5,709,000 | | | | - | |
Loans payable, net of current portion | | | 280,000 | | | | 344,000 | |
Total Liabilities | | | 7,758,000 | | | | 2,750,000 | |
Commitments and Contingencies | | | | | | | | |
Shareholders' Equity (Deficit): | | | | | | | | |
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued and outstanding | | | - | | | | - | |
Common stock, $0.0001 par value, 100,000,000 shares authorized; 98,648,735 and 97,848,735 shares issued and outstanding, respectively | | | 10,000 | | | | 10,000 | |
Additional paid-in-capital | | | 19,519,000 | | | | 17,796,000 | |
Accumulated deficit | | | (24,946,000 | ) | | | (16,541,000 | ) |
Total Shareholders' (Deficit) Equity | | | (5,417,000 | ) | | | 1,265,000 | |
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT | | $ | 2,341,000 | | | $ | 4,015,000 | |
SOURCE: US Lighting Group, Inc.
View source version on accesswire.com:
オハイオ州ユークリッド/ACCESSWIRE/2022年11月23日/USMG，Inc.(OTC PINK：USMG)は本日、2022年第3四半期の財務業績を発表し、2022年9月30日までの3カ月間となった。
最近のハイライト
- 2022年9月30日までの3カ月間の純売上高は約50万ドルで、前年同期のほぼ25倍だった
- 継続運営の純損失は70万ドルであるが、2021年第3四半期は20万ドルであり、人員整備、マーケティング、拡張への投資を反映している
- 同社の滞納額は2022年9月30日現在で約506万ドルであるが，2022年6月30日現在の滞納額は510万ドルである
- 同社はその販売地域に新しい州を追加し続けています-最近のカリフォルニア州を含めて-計画通り2022年第4四半期にCortesキャンピングカーの配信を増加させます
- USMGは10月26日にLD Micro Conferenceで投資家やアナリストと面会し、関連するネットワークライブプレゼンテーションは会社のサイトで見ることができる
“約束したように、私たちは第3四半期に記録的な数のCortesキャンプ者を交付し、将来的により高い出荷量を得ることが期待されています”とアンソニー·コラ最高経営責任者は述べた。収入は50万ドルに上昇し、私たちは投資を続け、私たちのディーラー基盤をアメリカの重要な州に拡大し、本四半期後のカリフォルニア州を含め、私たちとハミルトン·ジャクソン投資会社との協力はすでに価格の問い合わせと追加の注文を招いています。私たちはまた計画通りに生産量を向上させており、2023年上半期に会社の現金流動が増加することを推進すると予想しています。私たちの現在の在庫、製造技術、独特のキャンプ属性、強力な需要によって、私たちは有利な地位にあり、今後数四半期に急速な成長を見ることになります
2022年第3四半期の業績
2022年9月30日までの3カ月間の純売上高は50万ドルだったが、前年同期は2.1万ドルで、同社のCortesキャンパー子会社の売上を反映している。2022年第3四半期の販売、一般·行政費(“SG&A”)は50万ドルだったが、2021年には20万ドル--主にマーケティング、販売、従業員への投資によるものである。同社は2022年に運営を継続した純損失70万ドルを発表したが、前年同期は20万ドルだった。
貸借対照表のハイライト
同社の現金は2022年9月30日現在で約6.8万ドルだが、2021年12月31日現在の現金は28.6万ドル。第3四半期末現在の流動負債総額は180万ドルであるが、2021年12月31日現在の流動負債総額は240万ドルである。
USMGについて
アメリカ照明グループ(場外取引コード：USMG)には3つの子会社が様々な製品を設計·販売している：ガラス繊維旅行トレーラーとキャンピングカー用Cortes Campers，LLC；高性能ヨット用Fusion X Marine，LLC；ガラス繊維家屋用Futuro Houses，LLC；及び複合材料製品を生産する子会社Mig Marine Corp.である。同社とその子会社はオハイオ州クリーブランドに製造·研究開発施設を設置している。もっと情報を知りたい場合は、uslightingGroup.comにアクセスしてください
前向きに陳述する
本プレスリリースのいくつかの陳述は、流通、需要、注文、販売目標、設計効果、生産、および業界成長への言及を含むが、これらに限定されず、1933年証券法第175条および1934年証券取引法第3 b-6条に適合する展望的情報を含み、これらの規則によって作られた安全港の制約を受ける可能性がある。歴史的事実に関する陳述を除いて、本プレスリリースに含まれる陳述はすべて前向き陳述である。前向きな陳述は、一般に、以下の言葉によって常に識別されるわけではない：信じ、予想、予想、意図、推定、および同様の表現、またはそれらは本質的に未来のイベントを指す。同社はこれらの前向き陳述に反映された予想が合理的であると考えているにもかかわらず、これらの予想が正しいことが証明されることを保証することはできない。実際の結果は，これらの陳述が示した結果とは大きく異なる可能性がある.
投資家関係連絡先：
クリス·ウィティ
646-438-9385
メール：cwitty@darrowir.com
従うべき表
アメリカ照明グループ会社です。そして付属会社
業務報告書を簡明に合併する
(監査を受けていない)/(合併)
| | 次の3か月まで
九月三十日 | | | 現在までの9ヶ月間で 九月三十日 | |
| | 2022 | | | 2021 | | | 2022 | | | 2021 | |
売上高 | | $ | 516,000 | | | $ | 21,000 | | | $ | 641,000 | | | $ | 23,000 | |
販売原価 | | | 528,000 | | | | - | | | | 754,000 | | | | 3,000 | |
毛利(損) | | | (12,000 | ) | | | 21,000 | | | | (113,000 | ) | | | 20,000 | |
運営費用： | | | | | | | | | | | | | | | | |
販売、一般、行政費用 | | | 526,000 | | | | 240,000 | | | | 1,134,000 | | | | 859,000 | |
製品開発コスト | | | 78,000 | | | | 2,000 | | | | 123,000 | | | | 41,000 | |
総運営費 | | | 604,000 | | | | 242,000 | | | | 1,257,000 | | | | 900,000 | |
運営損失 | | | (616,000 | ) | | | (221,000 | ) | | | (1,370,000 | ) | | | (880,000 | ) |
その他の収入(支出)： | | | | | | | | | | | | | | | | |
その他の収入，純額 | | | (4,000 | ) | | | 3,000 | | | | 60,000 | | | | 3,000 | |
債務関連側の弁済 | | | - | | | | - | | | | - | | | | 9,000 | |
債務の弁済 | | | - | | | | 52,000 | | | | - | | | | 52,000 | |
未達成収益 | | | (32,000 | ) | | | (9,000 | ) | | | (288,000 | ) | | | 195,000 | |
すでに損益を実現した | | | 18,000 | | | | - | | | | (18,000 | ) | | | - | |
利子収入 | | | 1,000 | | | | 7,000 | | | | 4,000 | | | | 7,000 | |
利子支出，純額 | | | (40,000 | ) | | | (17,000 | ) | | | (56,000 | ) | | | (17,000 | ) |
利子支出、関係者 | | | - | | | | (19,000 | ) | | | - | | | | (75,000 | ) |
固定資産収益を処分する | | | 10,000 | | | | - | | | | 23,000 | | | | - | |
その他収入合計 | | | (47,000 | ) | | | 17,000 | | | | (275,000 | ) | | | 174,000 | |
経営純損失を続ける | | | (663,000 | ) | | | (204,000 | ) | | | (1,645,000 | ) | | | (706,000 | ) |
非持続経営業務を売却する純収益 | | | - | | | | - | | | | - | | | | 3,915,000 | |
非持続経営の純損失 | | | - | | | | (7,000 | ) | | | - | | | | (158,000 | ) |
純収益(赤字) | | $ | (663,000 | ) | | $ | (211,000 | ) | | $ | (1,645,000 | ) | | $ | 3,051,000 | |
経営を続けている1株当たりの基本損失 | | $ | (0.00 | ) | | $ | (0.00 | ) | | $ | (0.02 | ) | | $ | (0.01 | ) |
非持続経営の1株当たり基本収益(赤字) | | $ | - | | | $ | (0.00 | ) | | $ | - | | | $ | 0.04 | |
1株当たりの基本収益 | | $ | (0.00 | ) | | $ | (0.00 | ) | | $ | (0.02 | ) | | $ | 0.03 | |
非持続経営の1株当たり損益 | | $ | - | | | $ | (0.00 | ) | | $ | - | | | $ | 0.03 | |
加重平均は普通株式を発行し、基本株は | | | 97,848,735 | | | | 97,834,996 | | | | 97,982,618 | | | | 97,310,548 | |
加重平均は普通株式を発行し、希釈した後 | | | 97,848,735 | | | | 97,834,996 | | | | 97,982,618 | | | | 97,310,548 | |
アメリカ照明グループ会社です。子会社と
簡明合併貸借対照表
| | 九月三十日
2022 | | | 十二月三十一日
2021 | |
資産 | | (未監査) | | | (合併) | |
流動資産： | | | | | | |
現金 | | $ | 68,000 | | | $ | 289,000 | |
売掛金 | | | 32,000 | | | | - | |
前払い費用と他の流動資産 | | | 82,000 | | | | 157,000 | |
在庫品 | | | 177,000 | | | | 65,000 | |
預金とその他の資産 | | | - | | | | 9,000 | |
証券取引への投資 | | | - | | | | 1,647,000 | |
流動資産総額 | | | 359,000 | | | | 2,167,000 | |
財産と設備、純額 | | | 1,982,000 | | | | 1,848,000 | |
総資産 | | $ | 2,341,000 | | | $ | 4,015,000 | |
負債と株主権益(赤字) | | | | | | | | |
流動負債： | | | | | | | | |
売掛金 | | $ | 341,000 | | | $ | 77,000 | |
費用を計算する | | | - | | | | 33,000 | |
取引先前払い | | | - | | | | 10,000 | |
元将校の給料を支給する | | | 125,000 | | | | 686,000 | |
転換支払手形 | | | - | | | | 60,000 | |
ローンに対応しています | | | 101,000 | | | | 82,000 | |
ローンに対応し、関係者 | | | 1,202,000 | | | | 1,458,000 | |
流動負債総額 | | | 1,769,000 | | | | 2,406,000 | |
ローンに対応し、当期分を差し引くと、関連先 | | | 5,709,000 | | | | - | |
ローンに応じて当期分を差し引く | | | 280,000 | | | | 344,000 | |
総負債 | | | 7,758,000 | | | | 2,750,000 | |
引受金とその他の事項 | | | | | | | | |
株主権益(赤字)： | | | | | | | | |
優先株、額面0.0001ドル、授権株式10，000，000株；無発行と発行済み株 | | | - | | | | - | |
普通株、額面0.0001ドル、発行許可1億株；発行済み株と発行済み株はそれぞれ98，648，735株と97，848，735株である | | | 10,000 | | | | 10,000 | |
実収資本を追加する | | | 19,519,000 | | | | 17,796,000 | |
赤字を累計する | | | (24,946,000 | ) | | | (16,541,000 | ) |
株主権益総額 | | | (5,417,000 | ) | | | 1,265,000 | |
総負債と株主赤字 | | $ | 2,341,000 | | | $ | 4,015,000 | |
資料源：アメリカ照明グループ会社は
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