US Nuclear Corp.,(UCLE) a leading provider of nuclear radiation detection and safety equipment, has released its financial statements for the first quarter of 2023. The company reported a net loss of $664,534 for the quarter, reflecting certain operating expenses and other factors. However, the company's revenue experienced a significant increase, reaching $647,706, compared to $339,515 in the same period last year.
The condensed consolidated balance sheet of US Nuclear Corp. reveals that the company's total assets amounted to $3,163,965 as of March 31, 2023, compared to $3,108,737 at the end of the previous year. Current assets, including cash, accounts receivable, inventories, and prepaid expenses, totaled $2,569,036. The company's property and equipment, investments, acquisition deposit, and goodwill constituted the remaining assets.
The condensed consolidated statements of operations illustrate that US Nuclear Corp. achieved sales revenue of $647,706 in the first quarter of 2023, showing substantial growth compared to $339,515 in the same period last year. After deducting the cost of sales, the company reported a gross profit of $435,589. However, due to selling, general, and administrative expenses, the company recorded a loss from operations amounting to $300,236.
The condensed consolidated statement of changes in shareholders' equity demonstrates the changes in the company's financial position. As of March 31, 2023, the company's shareholders' equity was reported as $(543,418), reflecting the accumulated deficit. The statement also includes details of common stock, additional paid-in capital, and common shares to be issued.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
The condensed consolidated statements of cash flows outline the company's cash inflows and outflows during the first quarter of 2023. The company's operating activities resulted in a net cash used of $66,052, while investing activities accounted for a net cash outflow of $16,539. Financing activities, on the other hand, generated a net cash inflow of $38,614. The statement also provides additional disclosures regarding cash flow information and non-cash transactions.
while US Nuclear Corp. experienced a net loss of $664,534 in the first quarter of 2023, the company's revenue witnessed a significant surge, reaching $647,706. The financial statements reveal the company's assets, liabilities, shareholders' equity, and cash flow activities, providing insights into its financial performance during the reported period.