Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 10, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Information [Line Items] | ||
Entity Registrant Name | REFLECT SCIENTIFIC, INC. | |
Entity Central Index Key | 0001103090 | |
Entity File Number | 000-31377 | |
Entity Tax Identification Number | 87-0642556 | |
Entity Incorporation, State or Country Code | UT | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Contact Personnel [Line Items] | ||
Entity Address, Address Line One | 1266 South 1380 West | |
Entity Address, City or Town | Orem | |
Entity Address, State or Province | UT | |
Entity Address, Postal Zip Code | 84058 | |
Entity Phone Fax Numbers [Line Items] | ||
City Area Code | (801) | |
Local Phone Number | 226-4100 | |
Entity Listings [Line Items] | ||
Entity Common Stock, Shares Outstanding | 85,664,086 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Current Assets | ||
Cash and cash equivalents | $ 1,009,424 | $ 1,277,951 |
Accounts receivable, net | 335,003 | 108,191 |
Inventories, net | 950,917 | 972,293 |
Prepaid expenses and other current assets | 10,301 | 11,715 |
Total Current Assets | 2,395,645 | 2,370,150 |
Operating lease right-of-use assets | 218,025 | 235,653 |
Goodwill | 60,000 | 60,000 |
Other long-term assets | 3,100 | 3,100 |
TOTAL ASSETS | 2,676,770 | 2,668,903 |
Current Liabilities | ||
Accounts payable and accrued expenses | 101,272 | 86,241 |
Customer deposits | 486,229 | 447,444 |
Current portion of operating lease liabilities | 67,675 | 62,681 |
Total Current Liabilities | 655,176 | 596,366 |
Operating lease liabilities, net of current portion | 160,991 | 179,963 |
TOTAL LIABILITIES | 816,167 | 776,329 |
Stockholders' Equity | ||
Preferred Stock, $0.01 par value, 5,000,000 shares authorized; none issued and outstanding as of March 31, 2024 and December 31, 2023 | ||
Common stock, $0.01 par value, 100,000,000 shares authorized; 85,664,086 shares issued and outstanding as of March 31, 2024 and December 31, 2023 | 856,640 | 856,640 |
Additional paid-in capital | 20,302,681 | 20,302,681 |
Accumulated deficit | (19,298,718) | (19,266,747) |
TOTAL STOCKHOLDERS’ EQUITY | 1,860,603 | 1,892,574 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 2,676,770 | $ 2,668,903 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 85,664,086 | 85,664,086 |
Common stock, shares outstanding | 85,664,086 | 85,664,086 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Revenues | $ 428,755 | $ 241,127 |
Cost of goods sold | 186,966 | 113,633 |
Gross profit | 241,789 | 127,494 |
Operating Expenses | ||
Salaries and wages | 142,614 | 162,275 |
General and administrative | 132,304 | 106,992 |
Research and development | 7,375 | 6,066 |
Total Operating Expenses | 282,293 | 275,333 |
LOSS FROM OPERATIONS | (40,504) | (147,839) |
Other income | 8,533 | |
NET LOSS BEFORE INCOME TAXES | (31,971) | (147,839) |
INCOME TAX EXPENSE | ||
NET LOSS | $ (31,971) | $ (147,839) |
Loss per common share | ||
Basic (in Dollars per share) | $ 0 | $ 0 |
Weighted average shares outstanding | ||
Basic (in Shares) | 85,664,086 | 85,214,086 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Diluted | $ 0 | $ 0 |
Diluted | 85,664,086 | 85,214,086 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders’ Equity - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Balance at Dec. 31, 2022 | $ 852,140 | $ 20,252,181 | $ (18,807,719) | $ 2,296,602 |
Balance (in Shares) at Dec. 31, 2022 | 85,214,086 | |||
Stock-based compensation | 6,875 | 6,875 | ||
Net loss | (147,839) | (147,839) | ||
Balance at Mar. 31, 2023 | $ 852,140 | 20,259,056 | (18,955,558) | 2,155,638 |
Balance (in Shares) at Mar. 31, 2023 | 85,214,086 | |||
Balance at Dec. 31, 2023 | $ 856,640 | 20,302,681 | (19,266,747) | 1,892,574 |
Balance (in Shares) at Dec. 31, 2023 | 85,664,086 | |||
Net loss | (31,971) | (31,971) | ||
Balance at Mar. 31, 2024 | $ 856,640 | $ 20,302,681 | $ (19,298,718) | $ 1,860,603 |
Balance (in Shares) at Mar. 31, 2024 | 85,664,086 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (31,971) | $ (147,839) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 6,875 | |
Amortization of right-of-use assets | 17,628 | 14,529 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (226,812) | 20,961 |
Inventories | 21,376 | (53,268) |
Prepaid expenses and other current assets | 1,414 | 14,221 |
Accounts payable and accrued expenses | 15,031 | (10,773) |
Customer deposits | 38,785 | (12,420) |
Operating lease liabilities | (13,978) | (15,144) |
Net cash used in operating activities | (178,527) | (182,858) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net cash provided by investing activities | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net cash provided by financing activities | ||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (178,527) | (182,858) |
CASH AND CASH EQUIVALENTS | ||
Beginning of the period | 1,277,951 | 1,381,927 |
End of the period | 1,099,424 | 1,199,069 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Cash paid for interest | ||
Cash paid for income taxes |
Basis of Presentation and Other
Basis of Presentation and Other Information | 3 Months Ended |
Mar. 31, 2024 | |
Basis of Presentation and Other Information [Abstract] | |
BASIS OF PRESENTATION AND OTHER INFORMATION | NOTE 1—BASIS OF PRESENTATION AND OTHER INFORMATION The accompanying unaudited condensed consolidated financial statements of Reflect Scientific, Inc. (the “Company,” “we,” “us,” or “our”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q of Regulation S-X. They do not include all the information and footnotes required by GAAP for complete financial statements. The December 31, 2023 consolidated balance sheet data was derived from audited financial statements but do not include all disclosures required by GAAP. However, except as disclosed herein, there has been no material change in the information disclosed in the notes to the consolidated financial statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 29, 2024. The interim unaudited condensed consolidated financial statements should be read in conjunction with those consolidated financial statements included in the Form 10-K. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements, consisting solely of normal recurring adjustments, have been made. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, “ Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, “ Income Taxes (Topic 740): Improvements to Income Tax Disclosures The Company currently believes there are no other issued and not yet effective accounting standards that are materially relevant to our condensed consolidated financial statements. |
Disaggregation of Revenues
Disaggregation of Revenues | 3 Months Ended |
Mar. 31, 2024 | |
Disaggregation of Revenues [Abstract] | |
DISAGGREGATION OF REVENUES | NOTE 2—DISAGGREGATION OF REVENUES Our revenue is disaggregated based on product category and geographical region. We recognize revenue from the sale of scientific equipment for the life sciences and manufacturing industries. Our products include non-mechanical Cyrometrix freezers, chillers, and original equipment manufacturer (“OEM”) value-added products and components for the life sciences industry. The Company’s revenues for the three months ended March 31, 2024 and 2023 are disaggregated as follows: For the Three Months Ended March 31, 2024 United States International Total Revenues Freezers and chillers $ 264,270 $ - $ 264,270 OEM and other 137,796 26,689 164,485 Total Revenues $ 402,066 $ 26,689 $ 428,755 For the Three Months Ended March 31, 2023 United States International Total Revenues Freezers and chillers $ 45,250 $ - $ 45,250 OEM and other 127,880 67,997 195,877 Total Revenues $ 173,130 $ 67,997 $ 241,127 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2024 | |
Inventories [Abstract] | |
INVENTORIES | NOTE 3—INVENTORIES Inventories at March 31, 2024 and December 31, 2023 consisted of the following: March 31, December 31, 2024 2023 Finished goods $ 460,001 $ 493,565 Raw materials 596,960 584,772 Total inventories 1,056,961 1,078,337 Less reserve for obsolescence (106,044 ) (106,044 ) Total inventories, net $ 950,917 $ 972,293 Inventory balances are composed of finished goods and raw materials. Work in process inventory is immaterial to the condensed consolidated financial statements. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
LEASES | NOTE 4—LEASES The following was included in our condensed consolidated balance sheets at March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 Operating lease right-of-use assets $ 218,025 $ 235,653 Lease liabilities, current portion 67,675 62,681 Lease liabilities, long-term 160,991 179,963 Total operating lease liabilities $ 228,666 $ 242,644 Weighted-average remaining lease term (months) 32 35 Weighted average discount rate 10.5 % 10.5 % Total lease expense for the three months ended March 31, 2024 and 2023 is as follows: For the Three Months Ended March 31, 2024 2023 Operating lease expense $ 23,875 $ 15,216 Variable lease expense - 4,437 Total lease expense $ 23,875 $ 19,653 Cash payments included in the measurement of our operating lease liabilities were $20,225 and $15,831 for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, maturities of operating lease liabilities were as follows: Year Ending December 31, Amount 2024 $ 65,084 2025 98,532 2026 101,708 Total 265,324 Less: imputed interest (36,658 ) Total operating lease liabilities $ 228,666 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 5—STOCKHOLDERS’ EQUITY Common Stock As of March 31, 2024 and December 31, 2023, the Company was authorized to issue 100,000,000 common shares, of which 85,664,086 common shares were issued and outstanding. Potential Common Stock Equivalents As of March 31, 2024, there were no potential common share equivalents from restricted stock awards. As of December 31, 2023, there were 450,000, potential common share equivalents from restricted stock awards excluded from the diluted loss per share calculations as their effect is anti-dilutive. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (31,971) | $ (147,839) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Basis of Presentation and Other Information [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, “ Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, “ Income Taxes (Topic 740): Improvements to Income Tax Disclosures The Company currently believes there are no other issued and not yet effective accounting standards that are materially relevant to our condensed consolidated financial statements. |
Disaggregation of Revenues (Tab
Disaggregation of Revenues (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Disaggregation of Revenues [Abstract] | |
Schedule of Disaggregated Revenues | The Company’s revenues for the three months ended March 31, 2024 and 2023 are disaggregated as follows: For the Three Months Ended March 31, 2024 United States International Total Revenues Freezers and chillers $ 264,270 $ - $ 264,270 OEM and other 137,796 26,689 164,485 Total Revenues $ 402,066 $ 26,689 $ 428,755 For the Three Months Ended March 31, 2023 United States International Total Revenues Freezers and chillers $ 45,250 $ - $ 45,250 OEM and other 127,880 67,997 195,877 Total Revenues $ 173,130 $ 67,997 $ 241,127 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventories [Abstract] | |
Schedule of Inventories | Inventories at March 31, 2024 and December 31, 2023 consisted of the following: March 31, December 31, 2024 2023 Finished goods $ 460,001 $ 493,565 Raw materials 596,960 584,772 Total inventories 1,056,961 1,078,337 Less reserve for obsolescence (106,044 ) (106,044 ) Total inventories, net $ 950,917 $ 972,293 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of Consolidated Balance Sheet | The following was included in our condensed consolidated balance sheets at March 31, 2024 and December 31, 2023: March 31, December 31, 2024 2023 Operating lease right-of-use assets $ 218,025 $ 235,653 Lease liabilities, current portion 67,675 62,681 Lease liabilities, long-term 160,991 179,963 Total operating lease liabilities $ 228,666 $ 242,644 Weighted-average remaining lease term (months) 32 35 Weighted average discount rate 10.5 % 10.5 % |
Schedule of Lease Expense | Total lease expense for the three months ended March 31, 2024 and 2023 is as follows: For the Three Months Ended March 31, 2024 2023 Operating lease expense $ 23,875 $ 15,216 Variable lease expense - 4,437 Total lease expense $ 23,875 $ 19,653 |
Schedule of Maturities of Operating Lease Liabilities | As of March 31, 2024, maturities of operating lease liabilities were as follows: Year Ending December 31, Amount 2024 $ 65,084 2025 98,532 2026 101,708 Total 265,324 Less: imputed interest (36,658 ) Total operating lease liabilities $ 228,666 |
Disaggregation of Revenues (Det
Disaggregation of Revenues (Details) - Schedule of Disaggregated Revenues - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule of Disaggregated Revenues [Line Items] | ||
Total Revenues | $ 428,755 | $ 241,127 |
United States [Member] | ||
Schedule of Disaggregated Revenues [Line Items] | ||
Total Revenues | 402,066 | 173,130 |
International [Member] | ||
Schedule of Disaggregated Revenues [Line Items] | ||
Total Revenues | 26,689 | 67,997 |
Freezers and Chillers [Member] | ||
Schedule of Disaggregated Revenues [Line Items] | ||
Total Revenues | 264,270 | 45,250 |
Freezers and Chillers [Member] | United States [Member] | ||
Schedule of Disaggregated Revenues [Line Items] | ||
Total Revenues | 264,270 | 45,250 |
Freezers and Chillers [Member] | International [Member] | ||
Schedule of Disaggregated Revenues [Line Items] | ||
Total Revenues | ||
OEM and Other [Member] | ||
Schedule of Disaggregated Revenues [Line Items] | ||
Total Revenues | 164,485 | 195,877 |
OEM and Other [Member] | United States [Member] | ||
Schedule of Disaggregated Revenues [Line Items] | ||
Total Revenues | 137,796 | 127,880 |
OEM and Other [Member] | International [Member] | ||
Schedule of Disaggregated Revenues [Line Items] | ||
Total Revenues | $ 26,689 | $ 67,997 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of Inventories - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Inventories [Abstract] | ||
Finished goods | $ 460,001 | $ 493,565 |
Raw materials | 596,960 | 584,772 |
Total inventories | 1,056,961 | 1,078,337 |
Less reserve for obsolescence | (106,044) | (106,044) |
Total inventories, net | $ 950,917 | $ 972,293 |
Leases (Details)
Leases (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Operating lease | $ 20,225 | $ 15,831 |
Leases (Details) - Schedule of
Leases (Details) - Schedule of Condensed Consolidated Balance Sheet - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Consolidated Balance Sheet [Abstract] | ||
Operating lease right-of-use assets | $ 218,025 | $ 235,653 |
Lease liabilities, current portion | 67,675 | 62,681 |
Lease liabilities, long-term | 160,991 | 179,963 |
Total operating lease liabilities | $ 228,666 | $ 242,644 |
Weighted-average remaining lease term (months) | 32 months | 35 months |
Weighted average discount rate | 10.50% | 10.50% |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of Lease Expense - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule of Lease Expense [Abstract] | ||
Operating lease expense | $ 23,875 | $ 15,216 |
Variable lease expense | 4,437 | |
Total lease expense | $ 23,875 | $ 19,653 |
Leases (Details) - Schedule o_3
Leases (Details) - Schedule of Maturities of Operating Lease Liabilities - Operating Lease Liabilities [Member] | Mar. 31, 2024 USD ($) |
Leases (Details) - Schedule of Maturities of Operating Lease Liabilities [Line Items] | |
2024 | $ 65,084 |
2025 | 98,532 |
2026 | 101,708 |
Total | 265,324 |
Less: imputed interest | (36,658) |
Total operating lease liabilities | $ 228,666 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Mar. 31, 2024 | |
Stockholders' Equity [Line Items] | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 85,664,086 | 85,664,086 |
Common stock, shares outstanding | 85,664,086 | 85,664,086 |
Common share equivalents from restricted stock awards | 450,000 |