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US Nuclear Corp. Announces First Quarter 2023 Results

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LOS ANGELES, CA – (NewMediaWire) – July 05, 2023 – US Nuclear Corp. (OTC-QB: UCLE), a leading manufacturer of advanced radiation, chemical, and biological detection and UAV instrumentation, recently announced the financial results for the first quarter ended March 31, 2023.  

      Sales for the three months ended March 31, 2023 were $647,706 compared to $339,515 for the same period in 2022, an increase of 47.58%

      Gross profit was $435,589 compared to $227,277 for the same period in 2022, an increase of 49.45%

      Gross margins were 67.2% as compared to 66.9% for the same period last year

      Selling, general, and administrative expense were $735,825 compared to $873,503 for the same period last year, the decrease of $137,678 or 18.71% was due to careful management of expenses and overhead

      Other expense was $364,298, an increase of $360,881 for the same period in 2022 mainly due to an increase in the amortization of debt discounts associated with convertible debentures

      Net loss of $664,534

Robert Goldstein, CEO of US Nuclear Corp., commented:

“We had a strong start to the new year, with sales revenue up $308,191 or 47.5% from the same period last year.  We have several catalysts working for us to keep up the momentum throughout the year.  Most notably, nuclear power generation is on the rise as the world grapples with increasing energy demands and a need for a clean source of baseline energy.  Fusion power in particular is quickly gaining popularity and massive funding, and since tritium is the main fuel source needed for fusion reactions, our tritium monitoring division is poised to benefit.  We also expanded our product line adding special hazardous chemical detectors, such as the world’s first on-the-spot PFAS contamination detector, that have been of great interest lately.  We continue to strike a path towards profitability as we ramp up sales revenue, cut down on expenses, and negotiate better pricing with our vendors and consultants.”

PART I – FINANCIAL INFORMATION              
                 
Item 1. Financial Statements.              
                 
US NUCLEAR CORP. AND SUBSIDIARIES              
CONDENSED CONSOLIDATED BALANCE SHEETS                
                 
                 
ASSETS                
        March 31,     December 31, 
        2023     2022  
        (unaudited)     (audited) 
CURRENT ASSETS              
Cash     $ 214,236        $  126,109
Accounts receivable, net     184,378        329,858
Note receivable     14,000      –
Inventories     2,156,422        2,024,664
Prepaid expenses and other current assets        26,370
TOTAL CURRENT ASSETS     2,569,036        2,507,001
                 
Property and equipment, net     5,214        6,501
Investments     4,539        10,059
Acquisition deposit     15,000        15,000
Goodwill       570,176        570,176
TOTAL ASSETS     $ 3,163,965       $  3,108,737
                 
LIABILITIES AND SHAREHOLDERS’ EQUITY              
                 
CURRENT LIABILITIES              
Accounts payable     $ 61,313       $  100,398
Accounts payable – related party       322,000        280,000
Accrued liabilities       750,053        688,422
Accrued compensation – officers       740,000       695,000 
Customer deposit       93,694        88,694
Notes payable       5,272        9,574
Convertible debt, net of debt discount       510,135        412,953
Note payable to shareholder       916,979        874,679
Line of credit       307,937        307,321
TOTAL CURRENT LIABILITIES       3,707,383        3,457,041
                 
                 
TOTAL LIABILITIES     3,707,383        3,457,041
                 
SHAREHOLDERS’ EQUITY:              
Common stock, $0.0001 par value; 100,000,000 shares authorized,      
34,556,242 and 31,621,242 shares issued and outstanding       3,456        3,162
Common shares to be issued            39,000
Additional paid in capital     15,250,540        14,740,401
Accumulated deficit     -15,797,414        -15,130,867
TOTAL SHAREHOLDERS’ EQUITY     -543,418        -348,304
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY     $ 3,163,965       $  3,108,737
                 
                 
                 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
                 
1                
                 
                 
US NUCLEAR CORP. AND SUBSIDIARIES              
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS                
(unaudited)              
                 
            Three Months Ended 
            March 31,  
            2023   2022
                 
Sales         $ 647,706 $ 339,515
Cost of sales         212,117   112,238
Gross profit         435,589   227,277
                 
Operating expenses              
  Selling, general and administrative expenses   735,825   873,503
    Total operating expenses 735,825   873,503
                 
Loss from operations         -300,236   -646,226
                 
Other income (expense)              
  Interest expense         -22,140   -3,417
  Equity loss in investment         -8,059                            –
  Loss on deconsolidation         -2,539                            –
  Amortization of debt discount         -331,559                            –
    Total other income (expense)     -364,298   -3,417
                 
Loss before provision for income taxes         -664,534   -649,643
                 
Provision for income taxes                                –                        –
                 
Net loss         $ -664,534 $ -649,643
                 
Deemed dividend for down-round provision in warrants -2,013                          –
                 
Net loss attributed to common stockholders $ -666,547 $ -649,643
                 
Weighted average shares outstanding – basic and diluted 32,634,839   28,428,215
                 
Loss per shares – basic and diluted       $ -0.02 $ -0.02

Safe Harbor Act

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.

Investors may find additional information regarding US Nuclear Corp. at the SEC website at http://www.sec.gov, or the company’s website at www.usnuclearcorp.com.

CONTACT:

US Nuclear Corp. (OTC-QB: UCLE)

Robert I. Goldstein, President, CEO, and Chairman

Richard Landry, Chief Financial Officer

(818) 883 7043

Email: info@usnuclearcorp.com

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