OREANDA-NEWS. Sigma Labs, Inc. (OTCQB:SGLB) (“Sigma Labs” or the “Company”), a developer of advanced, in process, non-destructive quality inspection systems for metal-based additive manufacturing (“AM”) and other advanced manufacturing technologies, today announced financial results for the three months ended March 31, 2016.

Recent Highlights

  • Posted revenue of approximately $0.4 million for the quarter, principally driven by sales of PrintRite3D® systems and associated software licenses, versus approximately $0.2 million for the same period in 2015
  • Announced agreements to expand Sigma Labs’ presence in Europe and Asia through relationships with  Spartacus3D and Creatz3D, respectively, paving the way for international growth
  • Participated in many industry events including the Additive Manufacturing Users Group (AMUG) Conference in St. Louis and will be at the upcoming Rapid 2016 Conference in Orlando
  • Completed a reverse stock split of all issued and outstanding common shares, on a 1-for-100 basis, in order to, among other things, pursue an uplisting onto a national stock exchange
  • Met with shareholders at Annual Meeting and received approval on all ballot measures presented

“The year got off to a great start with many accomplishments under our belt,” said Mark Cola, President & CEO of Sigma Labs. “First quarter revenue nearly doubled year-over-year due to continued momentum across our core PrintRite3D® software applications, and we completed a reverse stock split that should help attract new investors to the Company going forward. At the same time, we participated in leading industry events and formed long-term partnerships with Spartacus3D and Creatz3D to accelerate our growth overseas – initiatives that we believe will lead to new contract awards in the quarters to come. Overall, we are energized by the initial underpinnings of demand we see forming in the marketplace and are dedicated to rapidly increasing software trials, driving customer adoption, and providing a path to profitability.”

2016 First Quarter Financial Results
Revenue for the three months ended March 31, 2016 was approximately $0.4 million versus approximately $0.2 million for the same period in 2015. The Company reported a net loss for the first quarter of approximately $0.5 million, or $(0.08) per diluted share, versus a similar loss of approximately $0.4 million, or $(0.06) per diluted share, for the first quarter of 2015.

About Sigma Labs, Inc.
Sigma Labs, Inc. develops and engineers advanced, in-process, non-destructive quality inspection systems for commercial firms worldwide seeking productive solutions for metal-based additive manufacturing or 3D printing, and other advanced manufacturing technologies. 

Sigma Labs, Inc.  
Unaudited Condensed Statements of Operations  
Three Months Ended March 31, 2016 and 2015  
       
  Three Months Ended Three Months Ended  
  March 31, 2016 March 31, 2015  
       
INCOME      
Services $   358,455   $   185,686    
Total Revenue     358,455       185,686    
       
COST OF SERVICE REVENUE     107,581       24,867    
       
GROSS PROFIT     250,874       160,819    
       
EXPENSES      
Other General and Administration   395,488       267,703    
Payroll Expense     215,589       72,660    
Stock-Based Compensation    71,511       122,750    
Research and Development     39,071       70,147    
Total Expenses     721,699       533,260    
       
OTHER INCOME (EXPENSE)      
Interest Income     158       560    
Total Other Income (Expense)     158       560    
       
INCOME (LOSS) BEFORE INCOME TAXES     (470,667 )     (371,881 )  
       
Current Income Tax Expense     -        -     
       
Deferred Income Tax Expense     -        -     
       
Net Income (Loss) $    (470,667 ) $    (371,881 )  
       
Loss per Common Share - Basic and Diluted $    (0.08 ) $    (0.06 )  
       
Weighted Average Number of Shares       
Outstanding - Basic and Diluted   6,233,729     6,206,220    
       
Sigma Labs, Inc.  
Unaudited Condensed Balance Sheets  
March 31, 2016 and December 31, 2015  
       
  March 31,
2016		 December 31,
2015		  
ASSETS      
Current Assets      
Cash $   1,086,363   $   1,539,809    
Accounts Receivable, net     381,309       280,222    
Inventory     94,186       20,129    
Prepaid Assets     38,862       55,484    
Total Current Assets     1,600,720       1,895,644    
       
       
Other Assets      
Property and Equipment, net     697,316       714,754    
Intangible Assets, net     197,630       167,644    
Investment in Joint Venture     9,222       9,222    
Total Other Assets     904,168       891,620    
       
TOTAL ASSETS $    2,504,888   $    2,787,264    
       
LIABILITIES AND STOCKHOLDERS' EQUITY       
Current Liabilities      
Accounts Payable $   144,026   $   38,393    
Accrued Expenses     82,630       71,523    
Total Current Liabilities     226,656       109,916    
       
TOTAL LIABILITIES     226,656       109,916    
       
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;      
6,232,778 issued and 6,210,278      
outstanding at March 31, 2016 and       
6,239,073 issued and 6,206,573      
outstanding at December 31, 2015 and     6,233     6,239    
Additional Paid-In Capital    10,579,536      10,636,979    
Less Deferred Compensation      
22,500 and 32,500 common shares, respectively     (272,750 )     (401,750 )  
Retained Earnings (Deficit)     (8,034,787 )     (7,564,120 )  
Total Stockholders' Equity      2,278,232       2,677,348    
       
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $    2,504,888   $    2,787,264