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Lifeloc Technologies Inc (LCTC+1.49%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Lifeloc's operations as a developer and manufacturer of breathalyzers and related products. The company competes in markets such as law enforcement and workplace safety, and offers training and support services.
Lifeloc reported product sales of $8,470,985 for 2024, a decrease from $9,228,843 in 2023. Total revenues, including royalties and rental income, were $8,538,145, down from $9,329,566 in the previous year.
The company's gross profit for 2024 was $3,446,099, a decline from $4,039,670 in 2023. The decrease is attributed to lower sales and increased costs due to inflation.
Research and development expenses increased to $2,242,869 in 2024 from $1,835,164 in 2023, reflecting investment in new product development, including the SpinDx technology.
Sales and marketing expenses rose to $1,358,211 in 2024, up from $1,225,381 in 2023, due to expanded marketing efforts and increased personnel.
General and administrative expenses were $1,253,236 in 2024, compared to $1,170,260 in 2023, impacted by inflation.
Lifeloc reported a net loss of $1,052,948 for 2024, compared to a net income of $205,614 in 2023. The loss is attributed to decreased sales and increased operating expenses.
The company continues to focus on developing the SpinDx technology, which is expected to be commercialized by 2026, with beta testing planned for 2025.
Lifeloc's cash and cash equivalents were $1,243,746 as of December 31, 2024, with net liquid assets of $1,232,712. The company believes its cash resources will be sufficient to fund operations for the next twelve months.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lifeloc Technologies Inc annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.