US Nuclear Corp. Announces Annual 2020 Financial Results
LOS ANGELES, CA - (NewMediaWire) - August 02, 2021 - US Nuclear Corp. (OTCQB: UCLE), a leading manufacturer of advanced radiation, chemical, and biological detection and UAV instrumentation, announced the annual results for the year ended December 31, 2020.
2020 Annual Highlights
Total sales revenue of $1,752,976 compared to $3,540,387 the previous year
Net loss of $3,538,103 due to impact of COVID-19
Equity loss of investment $818,611
Amortization of debt discount $462,963
Total operating expenses reduced 42% to $2,558,553 as compared to $4,394,844 the previous year
Robert Goldstein, CEO of US Nuclear Corp., commented:
“2020 was a challenging year for us due to COVID-19. The health and safety of our employees and their families was an urgent concern, and we took the necessary measures to ensure everyone stayed healthy. These measures included a temporary shut-down of one of our operating divisions, staggered and reduced work hours, and 14-day quarantine periods. Sales and production were especially slow in Q1 and Q2 due to the impact of COVID-19 on our company and customers, but started to recover in Q3 ($484,318) and Q4 ($644,218) as we came back to more regular production levels. In particular, our novel DroneRAD products (aerial radiation and chemical detection system) and real-time water quality monitors for radiation, chemical, and biological pollutants have been rising in popularity and demand and we expect this trend to continue due to the unique functionality offered by these systems as well as tighter safety regulations and increased transparency to the public.
“On March 12, 2020 we closed a deal to purchase 40% of Grapheton which we are incredibly excited about. Grapheton is a start-up company that is developing cutting-edge bioelectronics and neurotechnology for treating injuries and disease, implantable neural devices for brain-computer interfaces, and a new generation of enhanced micro and super capacitors using glassy carbon. Grapheton is building a rich portfolio of forward-looking solutions, proprietary technology, and IP in cutting-edge areas and rapidly growing industries such as fast chargers for EV’s, more capable IC chips, and the brain machine interface.
“Despite a rough start to the year, we weathered the COVID-19 pandemic well, kept our employees safe, and are happy to announce that we are poised to continue growing and expanding as a sensor system developer and manufacturer.”