OREANDA-NEWS. Sigma Labs, Inc. (OTCQB:SGLB) (“Sigma Labs” or the “Company”), a provider of quality assurance software under the PrintRite3D® brand, today announced financial results for the three months ended June 30, 2016.

Recent Highlights

  • Announced that aerospace and defense supplier Woodward, Inc. has joined the Company’s Early Adopter Program. Woodward obtained a non-exclusive license to use Sigma Labs’ PrintRite3D® software modules – INSPECT™, CONTOUR™ and ANALYTICS™ – for an EOS M290 machine being installed at its Aircraft Turbine Systems Division in Zeeland, Michigan
  • Murray Williams was hired as the Company’s new CFO, bringing indepth financial and entrepreneurial expertise. Mr. Williams has served on the board of directors of fifteen public and private companies and was one of the founders of Buy.com

“The second quarter of 2016 was somewhat challenging due to delays in certain expected awards and the timing of revenue recognition for contracts already in hand,” said Mark Cola, President & CEO of Sigma Labs. “However, this did not diminish the fact that it’s been a very busy period in terms of both customer outreach and bid activity. In fact, as I mentioned at our Annual Meeting earlier this year, we’re seeing more interest than ever – including with a variety of large OEMs such as Woodward. This recent win illustrates the steps we’re taking to expand the Company’s client base and drive overall recognition of our technology and unique applications. We continue to participate in a number of industry events both in North America and abroad. With a new CFO on board and numerous opportunities in our line of sight, we believe the Company is evolving into an established player to meet the AM needs of today and tomorrow.”

2016 Second Quarter Financial Results 
Revenue for the three months ended June 30, 2016 was approximately $0.1 million versus approximately $0.2 million for the same period in 2015. The Company reported a net loss for the second quarter of approximately $0.7 million, or $(0.12) per diluted share, versus a loss of approximately $0.4 million, or $(0.07) per diluted share, for the second quarter of 2015.

 

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements often contain words such as "expects," "anticipates," "intends," "believes" or "will." Our forward-looking statements are subject to a number of risks, uncertainties and assumptions that could adversely affect us, including the risks set forth in our annual report on Form 10-K. The forward-looking statements in this press release are made only as of the date of this press release. We undertake no obligation to update our forward-looking statements, whether as a result of new information, future events or otherwise.

 
Sigma Labs, Inc.
Unaudited Condensed Statements of Operations
Three Months and Six Months Ended June 30, 2016 and 2015
         
  Three Months Ended Six Months Ended
  June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015
         
INCOME        
Services $ 93,824   $ 196,263   $ 452,279   $ 381,949  
Total Revenue     93,824       196,263       452,279       381,949  
         
COST OF SERVICE REVENUE   30,904     88,262     138,485     113,129  
         
GROSS PROFIT     62,920       108,001       313,794       268,820  
         
EXPENSES        
Other General and Administration   480,697     326,075     876,185     593,778  
Payroll Expense   252,895     74,474     468,484     147,134  
Stock-Based Compensation   59,362     134,250     130,913     257,000  
Research and Development   11,907     13,881     50,978     84,028  
Total Expenses     804,861       548,680       1,526,560       1,081,940  
         
OTHER INCOME (EXPENSE)        
Interest Income   95     312     253     872  
Total Other Income (Expense)     95       312       253       872  
         
INCOME (LOSS) BEFORE INCOME TAXES     (741,846 )     (440,367 )     (1,212,513 )     (812,248 )
         
Current Income Tax Expense   -     -     -     -  
         
Deferred Income Tax Expense   -     -     -     -  
         
Net Income (Loss) $    (741,846 ) $    (440,367 ) $    (1,212,513 ) $    (812,248 )
         
Loss per Common Share - Basic and Diluted $    (0.12 ) $    (0.07 ) $    (0.19 ) $    (0.13 )
         
Weighted Average Number of Shares         
Outstanding - Basic and Diluted   6,235,704     6,233,448     6,235,702     6,219,909  
         

 

Sigma Labs, Inc.  
Unaudited Condensed Balance Sheets  
June 30, 2016 and December 31, 2015  
       
  June 30, 2016 December 31, 2015  
ASSETS      
Current Assets      
Cash $ 552,988   $ 1,539,809    
Accounts Receivable, net   252,658     280,222    
Inventory   90,894     20,129    
Prepaid Assets   34,510     38,687    
Total Current Assets     931,050       1,878,847    
       
       
Other Assets      
Property and Equipment, net   653,130     714,754    
Intangible Assets, net   208,715     167,644    
Investment in Joint Venture   9,119     9,222    
Prepaid Stock Compensation   157,380     418,547    
Total Other Assets     1,028,344       1,310,167    
       
TOTAL ASSETS $    1,959,394   $    3,189,014    
       
LIABILITIES AND STOCKHOLDERS' EQUITY       
Current Liabilities      
Accounts Payable $ 102,367   $ 38,393    
Accrued Expenses   117,529     71,523    
Total Current Liabilities     219,896       109,916    
       
TOTAL LIABILITIES   219,896     109,916    
       
Stockholders' Equity       
Preferred Stock, $0.001 par; 10,000,000 shares authorized;      
None issued and outstanding   -     -    
Common Stock, $0.001 par; 15,000,000 shares authorized;      
6,232,410 issued and 6,219,910      
outstanding at June 30, 2016 and      
6,239,073 issued and 6,206,573      
outstanding at December 31, 2015   6,231     6,239    
Additional Paid-In Capital   10,509,900     10,636,979    
Accumulated Deficit   (8,776,633 )   (7,564,120 )  
Total Stockholders' Equity      1,739,498       3,079,098    
       
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $    1,959,394   $    3,189,014