0001079973-11-000721.txt : 20110824 0001079973-11-000721.hdr.sgml : 20110824 20110824151559 ACCESSION NUMBER: 0001079973-11-000721 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20110630 FILED AS OF DATE: 20110824 DATE AS OF CHANGE: 20110824 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Lifeloc Technologies Inc CENTRAL INDEX KEY: 0001493137 STANDARD INDUSTRIAL CLASSIFICATION: LABORATORY ANALYTICAL INSTRUMENTS [3826] IRS NUMBER: 841053680 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-54319 FILM NUMBER: 111053956 BUSINESS ADDRESS: STREET 1: 12441 WEST 49TH AVE UNIT #4 CITY: WHEAT RIDGE STATE: CO ZIP: 80033 BUSINESS PHONE: 303-431-9500 MAIL ADDRESS: STREET 1: 12441 WEST 49TH AVE UNIT #4 CITY: WHEAT RIDGE STATE: CO ZIP: 80033 10-Q/A 1 lifeloc_10qa-063011.htm FORM 10-Q/A lifeloc_10qa-063011.htm
UNITED STATE
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
 
Form 10-Q/A

x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
 
For the quarterly period ended June 30, 2011
 
OR

o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
 
For the transition period from                      to
 
Commission file number     000-54319
 
LIFELOC TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)

Colorado
84-1053680
(State or other jurisdiction of
(I.R.S. Employer Identification No.)
incorporation or organization)
  
 
12441 West 49th Ave., Unit 4
Wheat Ridge, Colorado  80033
(Address of principal executive offices)
 
(303) 431-9500
(Registrant’s telephone number)
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes     o     No     x
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes   x     No   o
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer   o
Accelerated filer   o
   
Non-accelerated filer   o
Smaller reporting company   x
(Do not check if a smaller reporting company)
  
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes     o     No     x
 
Indicate the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date:

Common Stock, no par value
2,422,416 Shares
(Class)
(outstanding at July 31, 2011)

 
 
 
 

 
EXPLANATORY NOTE
 
 
Lifeloc Technologies, Inc. is filing this Amendment No. 1 (the “Form 10-Q/A”) to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2011 (the “Form 10-Q”), filed with the Securities and Exchange Commission (“SEC”) on August 15, 2011, for the sole purpose of furnishing Amended XBRL Interactive Data Files as Exhibit 101 in accordance with Rule 405 of Regulation S-T.
 
No other changes have been made to the Form 10-Q. This Form 10-Q/A continues to speak as of the original filing date of the Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update any related disclosures made in the Form 10-Q.
 
 
 
 
 
 
 
 
 
 
 
ITEM 6.   EXHIBITS
 
The following exhibits are filed with this report on Form 10-Q/A or are incorporated by reference:
 
Exhibit No.
  
Description of Exhibit
3.1
  
Articles of Incorporation, dated as of December 29, 1983 (1)
3.2
  
Articles of Amendment to the Articles of Incorporation, dated as of July 10, 1986 (1)
3.3
  
Articles of Amendment to the Articles of Incorporation, dated as of August 18, 1986 (1)
3.4
  
Articles of Amendment to the Articles of Incorporation, dated as of April 18, 1988 (1)
3.5
  
Articles of Amendment to the Articles of Incorporation, dated as of April 1, 1991 (1)
3.6
  
Articles of Amendment to the Articles of Incorporation, dated as of  May 10, 1993 (1)
3.7
  
Articles of Amendment to the Articles of Incorporation, dated as of  May 11, 1992 (1)
3.8
  
Articles of Amendment to the Articles of Incorporation, dated as of  November 17, 1997 (1)
3.9
  
Articles of Amendment to the Articles of Incorporation, dated as of  July 15, 1998 (1)
3.10
  
Articles of Amendment to the Articles of Incorporation, dated as of  April 1, 1994 (1)
3.11
  
Bylaws  (1)
4.1
  
Form of Certificate representing Common Stock  (1)
10.1
  
2002 Stock Option Plan  (1)
10.2
  
Lease by and between Lifeloc Technologies, Inc. and Ward West Properties LLC, dated December 12, 2006 (1)
10.3
  
First Lease Amendment and Extension, dated May 1, 2010, to the Lease by and between Lifeloc Technologies, Inc. and Ward West Properties LLC, dated December 12, 2006 (1)
10.4
  
Contract No. 071B0200005 between the State of Michigan and Lifeloc Technologies, Inc., dated October 5, 2009 (1)
10.5
  
Technology Transfer Agreement between Lifeloc Technologies, Inc. and Fuel Cell Sensors, dated June 1, 2010 (1)
10.6
  
Form of Standard Distribution Agreement (1)
10.7
  
Business Loan Agreement between Lifeloc Technologies, Inc. and Citywide Banks, dated May 11, 2010, as amended (1)
10.8
  
Representation Agreement between Crossco Manufacturers Representatives, Inc. and Lifeloc Technologies, Inc., dated February 2, 2009 (2)
31.1 *
  
Certification of Principal Executive Officer Pursuant To Section 302 Of The Sarbanes—Oxley Act Of 2002
31.2 *
  
Certification of Principal Financial Officer Pursuant To Section 302 Of The Sarbanes—Oxley Act Of 2002
32.1 *
  
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2 *
  
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101 **  
Amended Interactive Date Files Pursuant to Rule 405 of Regulation S-T.
 
 
(1)      
Incorporated by reference to our Registration Statement on Form 10-12G, filed on March 31, 2011.
 
(2)
Incorporated by reference to our Registration Statement on Form 10-12G (Amendment 1), filed on May 11, 2011.
 
* These exhibits were previously included or incorporated by reference in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2011, filed with the Securities and Exchange Commission on August 15, 2011.

**          Furnished herewith.
 2
 
 
 
 
SIGNATURE
 
Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
    Lifeloc Technologies, Inc.  
       
August 24, 2011          
   /s/ Kristie L. LaRose              
Date  
Kristie L. LaRose
  
   
Vice President of Finance and Administration
(Principal Accounting Officer)
  
       

 
 
 
 
 
3
 
 
 
Exhibit Index
 

Exhibit No.
  
Description of Exhibit
3.1
  
Articles of Incorporation, dated as of December 29, 1983 (1)
3.2
  
Articles of Amendment to the Articles of Incorporation, dated as of July 10, 1986 (1)
3.3
  
Articles of Amendment to the Articles of Incorporation, dated as of August 18, 1986 (1)
3.4
  
Articles of Amendment to the Articles of Incorporation, dated as of April 18, 1988 (1)
3.5
  
Articles of Amendment to the Articles of Incorporation, dated as of April 1, 1991 (1)
3.6
  
Articles of Amendment to the Articles of Incorporation, dated as of  May 10, 1993 (1)
3.7
  
Articles of Amendment to the Articles of Incorporation, dated as of  May 11, 1992 (1)
3.8
  
Articles of Amendment to the Articles of Incorporation, dated as of  November 17, 1997 (1)
3.9
  
Articles of Amendment to the Articles of Incorporation, dated as of  July 15, 1998 (1)
3.10
  
Articles of Amendment to the Articles of Incorporation, dated as of  April 1, 1994 (1)
3.11
  
Bylaws  (1)
4.1
  
Form of Certificate representing Common Stock  (1)
10.1
  
2002 Stock Option Plan  (1)
10.2
  
Lease by and between Lifeloc Technologies, Inc. and Ward West Properties LLC, dated December 12, 2006 (1)
10.3
  
First Lease Amendment and Extension, dated May 1, 2010, to the Lease by and between Lifeloc Technologies, Inc. and Ward West Properties LLC, dated December 12, 2006 (1)
10.4
  
Contract No. 071B0200005 between the State of Michigan and Lifeloc Technologies, Inc., dated October 5, 2009 (1)
10.5
  
Technology Transfer Agreement between Lifeloc Technologies, Inc. and Fuel Cell Sensors, dated June 1, 2010 (1)
10.6
  
Form of Standard Distribution Agreement (1)
10.7
  
Business Loan Agreement between Lifeloc Technologies, Inc. and Citywide Banks, dated May 11, 2010, as amended (1)
10.8
  
Representation Agreement between Crossco Manufacturers Representatives, Inc. and Lifeloc Technologies, Inc., dated February 2, 2009 (2)
31.1 *
  
Certification of Principal Executive Officer Pursuant To Section 302 Of The Sarbanes—Oxley Act Of 2002
31.2 *
  
Certification of Principal Financial Officer Pursuant To Section 302 Of The Sarbanes—Oxley Act Of 2002
32.1 *
  
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2 *
  
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101 **  
Amended Interactive Date Files Pursuant to Rule 405 of Regulation S-T.
 
(1)      
Incorporated by reference to our Registration Statement on Form 10-12G, filed on March 31, 2011.
 
(2)
Incorporated by reference to our Registration Statement on Form 10-12G (Amendment 1), filed on May 11, 2011.
 
 
* These exhibits were previously included or incorporated by reference in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2011, filed with the Securities and Exchange Commission on August 15, 2011.

**          Furnished herewith.

 
4
 
 
 
 
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COST OF SALES 1,265,652 797,742 2,165,947 1,448,738
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General and administrative 307,862 255,604 541,362 447,537
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OTHER INCOME (EXPENSE):        
Loss on currency exchange (42,340) (30,832) (69,405) (44,970)
Interest income 3,660 2,154 5,521 4,142
Interest Expense 0 (37) 0 (37)
Total (38,680) (28,715) (63,884) (40,865)
NET INCOME BEFORE PROVISION FOR TAXES 417,679 147,096 718,847 354,183
PROVISION FOR FEDERAL AND STATE INCOME TAXES (126,822) (54,419) (229,611) (131,261)
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NET INCOME PER SHARE, BASIC $ 0.12 $ 0.04 $ 0.20 $ 0.09
NET INCOME PER SHARE, DILUTED $ 0.12 $ 0.04 $ 0.20 $ 0.09
WEIGHTED AVERAGE SHARES, BASIC 2,422,416 2,388,130 2,422,416 2,353,466
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Entity Central Index Key 0001493137  
Document Type 10-Q  
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Entity Filer Category Smaller Reporting Company  
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Entity Common Stock, Shares Outstanding   2,422,416
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2011  
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Basic and Diluted Income Per Common Share
 6 Months Ended
Jun. 30, 2011
Notes to Financial Statements  
Basic and Diluted Income Per Common Share

3.  BASIC AND DILUTED INCOME PER COMMON SHARE

 

We report both basic and diluted net income (loss) per share.  Basic net income or loss per common share is computed by dividing net income or loss for the period by the weighted average number of common shares outstanding for the period.  Diluted net income or loss per common share is computed by dividing the net income or loss for the period by the weighted average number of common and potential common shares outstanding during the period if the effect of the potential common shares is dilutive.  The shares used in the calculation of dilutive potential common shares exclude options to purchase shares where the exercise price was greater than the average market price of common shares for the period.

 

The following table presents the calculation of basic and diluted net income (loss) per share: 

 

    Three  Months Ended
    June  30, 2011 June  30, 2010
Net income $ 290,857 92,677
Weighted-average shares — basic   2,422,416 2,388,130
Effect of dilutive potential common shares   — 13,291
Weighted-average shares — diluted   2,422,416 2,401,421
Net income per share — basic $ 0.12 0.04
Net income per share — diluted $ 0.12 0.04
Antidilutive employee stock options   0 0
       
    Six  Months Ended
    June  30, 2011 June  30, 2010
Net income $ 489,236 222,922
Weighted-average shares — basic   2,422,416 2,353,466
Effect of dilutive potential common shares   — 26,728
Weighted-average shares — diluted   2,422,416 2,380,194
Net income per share — basic $ 0.2 0.09
Net income per share — diluted $ 0.2 0.09
Antidilutive employee stock options   0 0
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Organization and Nature of Business
 6 Months Ended
Jun. 30, 2011
Notes to Financial Statements  
Organization and Nature of Business

1.  ORGANIZATION AND NATURE OF BUSINESS

 

Lifeloc Technologies, Inc. is a Colorado based developer, manufacturer and marketer of portable hand-held breathalyzers and related 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 and sales agents, as well as directly to users.

XML 15 R9.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Stockholders' Equity
 6 Months Ended
Jun. 30, 2011
Notes to Financial Statements  
Stockholders' Equity

4. STOCKHOLDERS’ EQUITY

 

On May 1, 2010 all 104,000 outstanding stock options were exercised at their exercise price of $0.40 apiece, for a total of $41,600.

 

At their annual meeting on May 3, 2010, our stockholders approved a reverse stock split of our no par value common stock. Every two shares of common stock were combined into one share.  No fractional shares were issued as a result of the reverse stock split.  Instead, each resulting fractional share of common stock was rounded to the nearest whole share.  The reverse stock split reduced the number of shares of common stock outstanding from 4,844,832 to 2,422,416 (which gives effect to the options exercised on May 1, 2010 as described above).  The total number of authorized shares of common stock continues to be 50,000,000, with no change in the par value per share of $0. All shares and per share data in the accompanying financial statements reflect the effects of the 1-for-2 reverse stock split that became effective on May 3, 2010.

 
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Line of Credit
 6 Months Ended
Jun. 30, 2011
Notes to Financial Statements  
Line of Credit

5. LINE OF CREDIT

 

In May, 2011, we extended our line of credit for $150,000 with Citywide Bank. The credit facility will mature on May 11, 2012, and the interest rate is calculated at the prime rate plus 1%. There was no balance due on the line of credit as of December 31, 2010 and June 30, 2011.

 
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Subsequent Events
 6 Months Ended
Jun. 30, 2011
Notes to Financial Statements  
Subsequent Events

6. SUBSEQUENT EVENTS

 

We evaluated all of our activity and concluded that no subsequent events have occurred that would require recognition in our financial statements or disclosed in the notes to our financial statements.
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Statements of Cash Flows (Unaudited) (USD $)
 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 489,236 $ 222,922
Adjustments to reconcile net income to net cash provided by operating activities-    
Depreciation and amortization 61,855 28,421
Provision for bad debt 50,000 0
Changes in operating assets and liabilities-    
Accounts receivable (137,775) (198,720)
Inventories (4,969) (127,019)
Deferred taxes (23,343) (3,328)
Prepaid expenses and other (1,171) (27,883)
Accounts payable (28,307) 195,827
Notes payable 0 (8,000)
Customer deposits (126,503) 3,263
Accrued expenses 37,351 74,725
Deferred income (19,850) (2,162)
Income taxes 129,258 0
Reserve for warranty expense 1,000 3,000
Net cash provided from (used in) operating activities 426,782 161,046
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (65,817) (31,528)
Purchase of technology licenses (25,000) 0
Note receivable, funds advanced (62,500) 0
Net cash (used in) investing activities (153,317) (31,528)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the exercise of stock options 0 41,600
Net cash provided from financing activities 0 41,600
NET INCREASE (DECREASE) IN CASH 273,465 171,118
CASH, BEGINNING OF PERIOD 1,461,900 1,021,135
CASH, END OF PERIOD $ 1,735,365 $ 1,192,253
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Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2011
Notes to Financial Statements  
Summary of Significant Accounting Policies

2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

These financial statements have been prepared by us, without audit, and reflect normal recurring adjustments which, in the opinion of management, are necessary for a fair statement of the results of the second quarter of 2011. These financial statements do not include all disclosures associated with annual financial statements and, accordingly, should be read in conjunction with footnotes contained in our financial statements for the year ended December 31, 2010 included in our Form 10 which became effective on May 31, 2011. All shares and per share data reflect the 1-for-2 reverse stock split that became effective on May 3, 2010.

  

Use of Estimates in the Preparation of Financial Statements.   The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities as well as disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and expense during the reporting period. Actual results could differ from those estimates.

 

Note Receivable

 

We made a loan of $62,500 to Tipping Point, Inc. (TPI), an early stage company during the second quarter of 2011. Although the loan was paid down by $10,000 in the third quarter of 2011, we do not expect to realize any significant sales to TPI in the near term. We have provided a reserve against the loan of $50,000, leaving a net amount of $12,500, which is included in our balance sheet at June 30, 2011. Two of our directors also serve as directors of TPI. This note has a provision entitling us to convert it into stock of Tipping Point, Inc. If converted, we would become a 20% equity holder.

 

Inventories.   Inventories are stated at the lower of cost (first-in, first-out basis) or market. We reduce inventory for estimated obsolete or unmarketable inventory equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory write-downs may be required. At June 30, 2011 and December 31, 2010, inventory consisted of the following:

 

 

    2011   2010  
Raw materials & deposits   $ 301,839   $ 342,101  
Work-in process     168,478     189,235  
Finished goods   500,837   425,127  
Total gross inventories      971,154      956,463  
Less reserve for obsolescence   (29,722)   (20,000)  
Total net inventories   $ 941,432   $ 936,463  

 

Income Taxes. We account for income taxes under the provisions of Accounting Standards Codification Topic 740, “Accounting for Income Taxes” (“ASC 740”). We have determined an estimated annual effective tax rate.  The rate will be revised, if necessary, as of the end of each successive interim period during our fiscal year to our best current estimate.

 

The estimated annual effective tax rate is applied to the year-to-date ordinary income (or loss) at the end of the interim period.

 

ASC 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.  This pronouncement also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.

 

Fair Value of Financial Instruments.   Our financial instruments consist of cash and cash equivalents, short-term trade receivables, note receivable and payables. The carrying values of cash and cash equivalents, short-term receivables and payables approximate their fair value due to their short term maturities.

 

Recent Accounting Pronouncements. We have reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on our financial condition or the results of our operations.
XML 21 R2.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Balance Sheets (Unaudited) (USD $)
Jun. 30, 2011
Dec. 31, 2010
ASSETS    
Cash $ 1,735,365 $ 1,461,900
Accounts receivable, net 530,893 393,118
Note receivable 12,500 0
Inventories, net 941,432 936,463
Deferred taxes 73,655 48,400
Prepaid expenses and other 75,315 74,644
Total current assets 3,369,160 2,914,525
PROPERTY AND EQUIPMENT, at cost:    
Production equipment 228,297 212,880
Office equipment 129,566 105,989
Sales and marketing equipment 132,880 118,400
Purchased software 48,679 36,336
Less accumulated depreciation (311,574) (268,933)
Total property and equipment, net 227,848 204,672
OTHER ASSETS:    
Technology licenses, net 126,946 120,000
Patents, net 13,191 14,351
Deferred taxes, long term 4,218 6,130
Deposits 4,742 4,242
Total other assets 149,097 144,723
Total assets 3,746,105 3,263,920
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 275,221 303,528
Customer deposits 0 126,503
Accrued expenses 301,018 263,667
Deferred income, current portion 68,520 83,339
Income taxes payable 129,258 0
Reserve for warranty expense 16,000 15,000
Total current liabilities 790,017 792,037
DEFERRED INCOME, net of current portion 11,101 16,132
STOCKHOLDERS' EQUITY:    
Common stock, no par value; 50,000,000 shares authorized, 2,422,416 shares outstanding 4,277,497 4,277,497
Accumulated (deficit) (1,332,510) (1,821,746)
Total stockholders' equity 2,944,987 2,455,751
Total liabilities and stockholders' equity $ 3,746,105 $ 3,263,920
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