Net loss for the six months ended June 30, 2017, increased $720,193 over the prior year and totaled $1,932,706 as compared to $1,212,513 for the same period in 2016. While revenue decreased $11,523, the Company experienced an $862,730 net increase in expenses. The Company recorded other income of $201,774, primarily from the receipt of New Mexico state employee incentives, and non-cash income and expenses related to derivative liabilities and debt discounts.
As of June 30, 2017, the Company had $3,384,499 in cash on its balance sheet, compared to $398,391 in cash as of June 30, 2016 and a working capital surplus of $3,374,359 as of June 30, 2017, compared to a working capital surplus of $110,799 as of June 30, 2016.
Investor Conference Call
Management will host a conference call today, Monday, August 14, 2017 at 4:30pm to review financial results and corporate highlights. Following management’s formal remarks, there will be a question and answer session. To listen to the call by phone, interested parties within the U.S. should call 1-877-344-7529 and International callers should call 1-412-317-5134. All callers should ask for the Sigma Labs conference call. The conference call will also be available through a live webcast at www.sigmalabsinc.com. Details for the webcast may be found on the Company’s IR events page at
http://client.irwebkit.com/sigmalabsinc/events. A replay of the call will be available approximately one hour after the end of the call through September 14, 2017. The replay can be accessed via Sigma Labs' website or by dialing 877-344-7529 (domestic) or 412-317-0088 (international) or Canada Toll Free at 855-669-9658. The replay conference ID number is 10111326. The webcast replay will be available through November 14, 2017.
About Sigma Labs, Inc.
Sigma Labs, Inc. is a provider of quality assurance software under the PrintRite3D® brand and a developer of advanced, in-process, non-destructive quality assurance software for commercial firms worldwide seeking productive solutions for advanced manufacturing. For more information please visit us at
www.sigmalabsinc.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “prospects,” “outlook,” and similar words or expressions, or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could” are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any anticipated results, performance or achievements. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact the Company’s forward-looking statements, please see the Company’s Annual Report on Form 10-K (including but not limited to the discussion under “Risk Factors” therein) filed with the SEC on March 31, 2017 and which may be viewed at
http://www.sec.gov.
| Sigma Labs, Inc. | ||||||||
| Condensed Balance Sheets | ||||||||
| (Unaudited) | ||||||||
| June 30, 2017 | December 31, 2016 | |||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash | $ | 3,384,499 | $ | 398,391 | ||||
| Accounts Receivable, net | 235,467 | 288,236 | ||||||
| Note Receivable, net | 762,034 | - | ||||||
| Inventory | 227,827 | 187,241 | ||||||
| Prepaid Assets | 37,176 | 36,056 | ||||||
| Total Current Assets | 4,647,003 | 909,924 | ||||||
| Other Assets: | ||||||||
| Property and Equipment, net | 491,188 | 564,933 | ||||||
| Intangible Assets, net | 241,978 | 226,450 | ||||||
| Investment in Joint Venture | 500 | 500 | ||||||
| Prepaid Stock Compensation | 111,070 | 167,562 | ||||||
| Total Other Assets | 844,736 | 959,445 | ||||||
| TOTAL ASSETS | $ | 5,491,739 | $ | 1,869,369 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current Liabilities: | ||||||||
| Accounts Payable | 137,605 | 112,175 | ||||||
| Notes Payable, net of original issue discount $30,297 at
June 30, 2017 and net of original issue discount $69,703 and net of debt discount $358,280 at December 31, 2016 | 969,703 | 561,834 | ||||||
| Accrued Expenses | 165,336 | 125,116 | ||||||
| Total Current Liabilities | 1,272,644 | 799,125 | ||||||
| Long-Term Liabilities | ||||||||
| Derivative Liability | - | 93,206 | ||||||
| Total Long-Term Liability | - | 93,206 | ||||||
| TOTAL LIABILITIES | 1,272,644 | 892,331 | ||||||
| Stockholders' Equity | ||||||||
| Preferred Stock, $0.001 par; 10,000,000 shares
authorized; | ||||||||
| None issued and outstanding | - | - | ||||||
| Common Stock, $0.001 par; 7,500,000 shares
authorized; | ||||||||
| 4,570,199 and 3,133,789 issued and outstanding at
June 30, 2017 and 2016, respectively | 4,570 | 3,135 | ||||||
| Additional Paid-In Capital | 15,908,185 | 10,734,857 | ||||||
| Accumulated Deficit | (11,693,660 | ) | (9,760,954 | ) | ||||
| Total Stockholders' Equity | 4,219,095 | 977,038 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 5,491,739 | $ | 1,869,369 | ||||
