Lifeloc Technologies, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Lifeloc Technologies, Inc. has filed its 2023 10-K annual report detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Lifeloc Technologies, Inc (LCTC) filed a Annual Report (10-K) with the SEC on April 1, 2024. Lifeloc Technologies, Inc. filed its 2023 10-K report on April 1, 2024. The company's fiscal year ends on December 31st. Lifeloc Technologies is in the business of Laboratory Analytical Instruments. The company's principal executive offices are located at 12441 West 49th Ave Unit #4, Wheat Ridge, CO 80033. The filing covers the fiscal year 2023, with comparative data for 2022 and 2021.

Why It Matters

For investors and stakeholders tracking Lifeloc Technologies, Inc, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Lifeloc Technologies' financial health, operational performance, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. Understanding the details within this filing is essential for stakeholders to evaluate the company's revenue streams, profitability, assets, liabilities, and any potential risks or opportunities identified by management.

Risk Assessment

Risk Level: low — Lifeloc Technologies, Inc shows low risk based on this filing. The provided text is a header/metadata section of a 10-K filing and does not contain substantive financial or operational details that would indicate high risk.

Analyst Insight

Review the full 10-K filing for detailed financial statements, management discussion and analysis, and risk factors to make informed investment decisions.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-04-01 — Filing Date (Filed as of date)
• 000-54319 — SEC File Number (SEC file number)
• 80033 — ZIP Code (Business address ZIP code)

Key Players & Entities

• Lifeloc Technologies, Inc. (company) — Filer name
• 10-K (document) — Filing type
• 2024-04-01 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 3826 (industry_code) — Standard Industrial Classification
• Wheat Ridge, CO (location) — Business address city and state
• 303-431-9500 (phone) — Business phone number
• LCTC (ticker) — Ticker symbol

FAQ

Industry Context

Lifeloc Technologies, Inc. operates within the Laboratory Analytical Instruments industry (SIC code 3826). This sector involves the manufacturing and sale of scientific and technical instruments.

Regulatory Implications

The filing is a standard 10-K annual report submitted to the U.S. Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Thoroughly review the financial statements (balance sheets, income statements, cash flow statements) for the fiscal years 2023, 2022, and 2021.
2. Analyze the Management's Discussion and Analysis of Financial Condition and Results of Operations section for insights into performance drivers and trends.
3. Examine the Risk Factors section for potential challenges and uncertainties facing the company.

Year-Over-Year Comparison

This is the initial extraction of metadata for the 2023 10-K filing. Comparative financial data for previous years (2022, 2021) is referenced within the filing structure.

Key Financial Figures

• $860,000 — .") from Track Group, Inc. ("TRCK") for $860,000 in cash. The purchased assets included
• $1,581,106 — loan in an original principal amount of $1,581,106, secured by a first-priority mortgage o
• $1,350,000 — he property, in the principal amount of $1,350,000 which matures in September 2031. Addi
• $1,835,164 — t in research and development. We spent $1,835,164 and $1,385,927 during 2023 and 2022, re
• $1,385,927 — nd development. We spent $1,835,164 and $1,385,927 during 2023 and 2022, respectively, on
• $449,237 — gineering. The amount spent in 2023 was $449,237 higher than the amount spent in 2022 du

Filing Documents

• lctc_10k.htm (10-K) — 856KB
• ex31x1.htm (EX-31.1) — 8KB
• ex31x2.htm (EX-31.2) — 8KB
• ex32x1.htm (EX-32.1) — 5KB
• ex32x2.htm (EX-32.2) — 4KB
• image_003.gif (GRAPHIC) — 6KB
• image_012.jpg (GRAPHIC) — 4KB
• 0001079973-24-000474.txt (&nbsp;) — 4771KB
• lctc-20231231.xsd (EX-101.SCH) — 39KB
• lctc-20231231_cal.xml (EX-101.CAL) — 54KB
• lctc-20231231_def.xml (EX-101.DEF) — 96KB
• lctc-20231231_lab.xml (EX-101.LAB) — 325KB
• lctc-20231231_pre.xml (EX-101.PRE) — 261KB
• lctc_10k_htm.xml (XML) — 666KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 9 Item 1B. Unresolved Staff Comments 16 Item 1C. Cybersecurity 16 Item 2.

Properties

Properties 17 Item 3.

Legal Proceedings

Legal Proceedings 17 Item 4. Mine Safety Disclosures 17 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 17 Item 6. [Reserved] 17 Item 7.

Management's Discussion and Analysis of Financial Condition

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 7A.

Quantitative and Qualitative Disclosures About Market

Quantitative and Qualitative Disclosures About Market Risk 23 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 24 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 39 Item 9A.

Controls and Procedures

Controls and Procedures 40 Item 9B. Other Information 40 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 40 PART III Item 10. Directors, Executive Officers and Corporate Governance 41 Item 11.

Executive Compensation

Executive Compensation 41 Item 12.

Security Ownership of Certain Beneficial Owners and

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 41 Item 13. Certain Relationships and Related Transactions, and Director Independence 41 Item 14. Principal Accounting Fees and Services 41 PART IV Item 15. Exhibits, Financial Statements Schedules 42 Item 16. Form 10-K Summary 42 Forward-Looking contained in this Annual Report on Form 10-K (this "Annual Report") include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and involve substantial risks and uncertainties that may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements in this Annual Report on Form 10-K, including, among other things, statements about: our strategies, expectations about new and existing products, market demand, acceptance of new and existing products, technologies and opportunities, market size and growth, and return on investments in products and market, as well as other statements regarding our future operations, financial condition and prospects, and business strategies. Forward-looking without limitation, the following sections: Part I, Item 1 "Business;" Part I, Item 1A "Risk Factors;" and Part II,

"Management's Discussion and Analysis of Financial Condition and Results of Operations." These forward-looking

Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations." These forward-looking "could", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" or the negative of such terms or other comparable terminology. Readers of this Annual Report on Form 10-K are strongly encouraged to review the section entitled "Risk Factors" . Lifeloc, Easycal, Phoenix and R.A.D.A.R. are registered trademarks of Lifeloc Technologies, Inc. Sentinel is a trademark of Lifeloc Technologies; SpinDx is a trademark of Sandia Corporation. This report may also contain trade names and trademarks of other companies. We do not intend our use or display of other companies' trade names or trademarks to imply an endorsement or sponsorship of us by such companies, or any relationship with any of these companies. 1 PART I Item 1. Business Overview Lifeloc Technologies, Inc., a Colorado corporation ("Lifeloc" or the "Company"), is a Colorado-based developer, manufacturer and marketer of portable hand-held and fixed station breathalyzers and related accessories, supplies and education. We design, produce and sell fuel-cell based breath alcohol testing equipment. We compete in all major segments of the portable breath alcohol testing instrument market, including law enforcement, workplace, corrections, original equipment manufacturing ("OEM") and consumer markets. In addition, we offer a line of supplies, accessories, services, and training to support customers' alcohol testing programs. We sell globally through distributors as well as directly to users. We define our business as providing "near and remote sensing and monitoring" products and soluti

View Full Filing

View this 10-K filing on SEC EDGAR