DRAPER, UT / ACCESSWIRE / April 1, 2020 / Flexpoint Sensor Systems, Inc. (OTC PINK:FLXT) today announced the company's financial results for the Full Year 2019 ending December 31, 2019.
Financial Highlights:
Full Year Financial Results for the twelve months ended December 31, 2019:
- Revenue Increased 211.1% to $833,036 compared to $267,766 during 2018. The majority of this revenue increase came from a $550,000 in licensing agreements that will include royalties once those products are released to market during the current quarter. Additionally, the company will receive $400,000 in deferred licensing fees over the next few years.
- Operating Expenses decreased 13.4% from $1,028,154 in 2018 to $890,108 during 2019. This is a result of greater efficiencies and cost reductions. Primarily, administrative and marketing expenses decreased.
- Operating Losses decreased 92.5% from $760,388 (.01 EPS) during 2018 to $57,072 (.00 EPS) in 2019.
- Total assets increased 3.2% to $5,130,149 versus $4,972,498 at the end of the prior year. The increase was primarily a result of an increased cash position.
- Total liabilities decreased to 10.9% to $2,945,308 from $3,306,614 on December 31, 2018.
- Net cash generated by operating activities was $52,206 for the year ended December 30, 2019 compared to net cash used in operating activities of $290,034 during 2018.
- Cash increased from $17,798 at the end of 2018 to $170,004 on 12/31/19, an increase of $152,206.
2019 highlights and significant developments:
- Flexpoint signs exclusive development and licensing agreement with Audio Technology company subVo. Combining KlaraT technology with Flexpoint's bend sensor will change the way people not only hear but also feel music. Multiple revenue streams are expected beginning in Q2 2020 as a result.
- Flexpoint Sensor Systems, entered into a five-year, half-million-dollar Licensing Agreement with Neptune Controls, LLC, an environmentally conscience, Utah-based company dedicated to the conservation of water. The agreement included the first payment of $100,000 with the execution of the agreement and the balance to be paid in four additional installments over the course of next four year. Neptune Controls licenses the use of Flexpoint's Bend Sensor technology to detect the presence of moisture in soil, effectively shutting down a sprinkler system when a precise and optimum level of moisture is reached.
- Flexpoint entered into Development and Collaboration Partnerships with three Fortune 100 Companies involving its battery expansion sensor.
- Flexpoint announced it had signed a five-year manufacturing and supply agreement to provide crucial technology to help confront the deadly opioid crisis. The Company expects that commercial production to begin in the late 2020, increasing throughout 2021 and beyond.
- The company continues to receive substantial purchase orders as it expands its global medical and medical IoT wearables.
- The company is now cash flow positive and continues to negotiate additional significant orders with major revenue potential as the bend sensor gains global awareness.
Clark Mower, Flexpoint President stated, "We are pleased, but not satisfied with the results. We anticipate even larger growth in the current year as some of additional products come to market and new customers and partnerships are finalized. We expect the momentum continuing during 2020."
Flexpoint Sensor Systems, Inc. will host a conference call at 4:15 PM ET on April 2, 2020 to discuss 2019 full year results. To attend the call, please use the information below for dial-in access.
Participant conference numbers: (530) 881-1212, Conference ID 615-253-385#
Please dial in at least 5 minutes prior to the call to ensure timely participation.
For the full earnings report please view our entire filing at www.sec.gov.
Please visit http://www.flexpoint.com/ for more information.
About Flexpoint Sensor Systems, Inc.
Flexpoint Sensor Systems, Inc. (FLXT) is an innovative technology firm specializing in developing, producing, manufacturing and licensing products that feature the Company's patented Bend Sensor® and related technology. The Bend Sensor® is a groundbreaking sensing solution that is revolutionizing applications in the automotive, safety, medical and industrial industries. The Bend Sensor® single-layer, thin film construction cuts costs and mechanical bulk while introducing a range of functions and stylistic design possibilities that have never before been available in sensing technology. Flexpoint's technology and expertise have been recognized by the world's elite business and academic innovators for over 17 years. The company is setting a new standard for sensing solutions in the "smart" age of technology.
Forward-Looking Statements
This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward-looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results.
CONTACT:
Flexpoint Sensor Systems
Clark Mower, President
801-568-5111
Brokers and Analysts
Chesapeake Group
410-825-3930
SOURCE: Flexpoint Sensor Systems, Inc.
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