0001079973-20-000208.txt : 20200324 0001079973-20-000208.hdr.sgml : 20200324 20200324161254 ACCESSION NUMBER: 0001079973-20-000208 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 65 CONFORMED PERIOD OF REPORT: 20191231 FILED AS OF DATE: 20200324 DATE AS OF CHANGE: 20200324 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-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-54319 FILM NUMBER: 20738517 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 FORMER COMPANY: FORMER CONFORMED NAME: Lifeloc Technologies Inc DATE OF NAME CHANGE: 20100601 10-K 1 lifeloc_10k-123119.htm FORM 10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

(Mark One)

☒

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2019

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from__________ to __________

Commission File No.: 000-54319

LIFELOC TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

Colorado	84-1053680
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

12441 W 49th Ave., Wheat Ridge, Colorado	80033
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: (303) 431-9500

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange on which registered
Common Stock, no par value	None

Securities registered under Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act.

Yes ☒ No ☐

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 ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, 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 ☒ No ☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☒
	Emerging growth company ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

As of June 30, 2019 (the last business day of the registrant's most recently completed second fiscal quarter), the aggregate market value, computed by reference to the price at which the registrant's common equity was last sold, of the 372,192 shares of common stock held by non-affiliates of the issuer on such date was $1,674,864.

The number of shares outstanding of each of the issuer's classes of common equity, as of March 10, 2020:

Common Stock, no par value	2,454,116

Documents Incorporated by Reference: Items 10, 11, 13 and 14, and a portion of Item 12 of Part III are incorporated by reference from portions of the registrant's Definitive Proxy Statement for the 2019 Annual Shareholders' Meeting, expected to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year ended December 31, 2019.

Table of Contents

		Page
PART I
Item 1.	Business	1
Item 1A.	Risk Factors	7
Item 1B.	Unresolved Staff Comments	13
Item 2.	Properties	13
Item 3.	Legal Proceedings	13
Item 4.	Mine Safety Disclosures	13

PART II
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	14
Item 6.	Selected Financial Data	14
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	14
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	19
Item 8.	Financial Statements and Supplementary Data	19
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	35
Item 9A.	Controls and Procedures	35
Item 9B.	Other Information	35

PART III
Item 10.	Directors, Executive Officers and Corporate Governance	36
Item 11.	Executive Compensation	36
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters	36
Item 13.	Certain Relationships and Related Transactions, and Director Independence	36
Item 14.	Principal Accounting Fees and Services	36

PART IV
Item 15.	Exhibits, Financial Statements Schedules	37
Item 16.	Form 10-K Summary	37

Forward-Looking Statements

Statements 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 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, are based on information available to us on the date of this document, and we assume no obligation to update such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "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®, Lifeguard®, 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.

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 solutions. Today, the majority of our revenues are derived from products and services for alcohol detection and measurement. We remain committed to growing our breath alcohol testing business. In the future, we anticipate the commercialization of new sensing and measurement products that may allow Lifeloc to successfully expand our business into new growth areas where we do not presently compete or where no satisfactory product solutions exist today.

In addition, with the October 2014 purchase of our corporate headquarters and certain adjacent property, we added a new reporting segment focused on the ownership and rental of real property through existing commercial leases.

Lifeloc incorporated in Colorado in December 1983. We filed a registration statement on Form 10 with the Securities and Exchange Commission, which became effective on May 31, 2011. Our fiscal year end is December 31. Our principal executive offices are located at 12441 West 49th Avenue, Unit 4, Wheat Ridge, Colorado 80033-3338. Our telephone number is (303) 431-9500. Our websites are www.lifeloc.com, www.stsfirst.com and www.lifeguardbreathtester.com. Information contained on our websites does not constitute part of this Form 10-K.

Alcohol Breath Testers

In 1989, we introduced our first breath alcohol tester, the PBA3000. Our Phoenix® Classic was completed and released for sale in 1998, superseding the PBA3000. In turn, the Phoenix® Classic has been superseded by our FC Series and Workplace Series of portable breath alcohol testers, which are discussed below. Neither the PBA3000 nor the Phoenix® Classic is actively sold today.

In 2001, we completed and released for sale our new FC Series, designed specifically for domestic and international law enforcement and corrections markets. The portable breath alcohol testers comprising our FC Series are currently being sold worldwide, having contributed to our growth since their introduction. The FC Series is designed to meet the needs of domestic and international law enforcement for roadside drink/drive testing and alcohol offender monitoring. The FC Series is approved by the U.S. Department of Transportation ("DOT") as an evidential breath tester, making it suitable for sale to state law enforcement agencies for preliminary roadside breath alcohol testing. The FC Series is routinely updated with firmware, software and component improvements as they become available. It is readily adaptable to the specific requirements and regulations of domestic and international markets.

In 2005 and 2006, we introduced two new models, the EV30 and Phoenix® 6.0 Evidential Breath Tester ("Phoenix® 6.0"), which constitute our Workplace Series of testing devices. Like their predecessor, the Phoenix® Classic, and our FC Series, these instruments are DOT approved. The DOT's specifications support the DOT's workplace alcohol testing programs, including those applicable to workplace alcohol testing for the federally regulated transportation industry. We also sell component parts used in alcohol testing devices, such as mouthpieces used by our breathalyzers, as well as forms and labels used for record keeping, and calibration products for user re-calibration of our devices. We offer optional service agreements on our equipment, re-calibration services, and spare parts, and we sell supporting instrument training and user certification training to our workplace customers.

In 2006, we commenced selling breath alcohol equipment components that we manufacture to other OEMs for inclusion as subassemblies or components in their breath alcohol testing devices.

In late 2009, Lifeloc released the LifeGuard® Personal Breathalyzer ("LifeGuard®"), a personal alcohol breath tester that incorporates the same fuel-cell technology used in our professional devices. Intended for the global consumer breathalyzer market, LifeGuard® is marketed internationally through global distributors.

In 2011 and 2012, Lifeloc introduced Bluetooth wireless keyboard and printer communication options for our Phoenix® 6.0 along with a series of web based workplace training courses. We believe these two product innovations have been key to our success and leadership in workplace breath testing.

In 2013, Lifeloc expanded our FC Series of professional breath alcohol testers targeted at domestic and international law enforcement and corrections markets with the addition of the FC5 Hornet (the "FC5"). The FC5 is a passive (no mouthpieces required) portable handheld alcohol screening device that competes directly with passive alcohol screeners from our competitors in the education, law enforcement, workplace and corrections markets.

In 2013, we also introduced the Sentinel™ zero tolerance alcohol screening station, a fully automated wall mounted screening station for use in safety sensitive industries such as oil and gas and mining. Both devices expand Lifeloc's products for passive alcohol screening.

In the third quarter of 2014, we received approval from DOT for our EASYCAL® automatic calibration station for use with our Phoenix ® 6.0 Evidential Breath Testers, and we began shipments of the EASYCAL® to our law enforcement, corrections, workplace and international customers. The EASYCAL® calibration station is a first of its kind device that automatically performs breath tester instrument calibration, calibration verification and gas management. As compared to manual instrument calibration, the EASYCAL® reduces the opportunity for human error, saves time and reduces operating costs. In May of 2019, we received DOT approval on a second generation EASYCAL® with broader capabilities called the EASYCAL® G2.

In October 2015, we expanded our Sentinel™ line with the Sentinel™ VA alcohol screening station, a fully automated station to control vehicular access to safety critical facilities, such as mines, refineries, power stations and nuclear facilities. The Sentinel™ VA alcohol screening station is intended to allow all drivers entering a secure area to be tested quickly and efficiently without leaving their vehicle.

In November 2019, we received approval from DOT for our LX9 and LT7 base unit alcohol breathalyzers.

Testers for Drugs of Abuse

In August 2016, we entered into an exclusive patent license agreement with Sandia Corporation, Albuquerque, NM, pursuant to which we acquired the exclusive rights to develop, manufacture and market Sandia's patented SpinDx™ technology for the detection of drugs of abuse. SpinDx™ uses a centrifugal disk with micro fluidic flow paths allowing multiple tests to be carried out on a single small sample. Sandia Corporation developed a prototype using the SpinDx™ technology under our Cooperative Research and Development Agreement. We received the prototype in 2018 and are now commercializing. The SpinDx™ platform has the potential to improve real-time screening for a panel of high-abuse drugs, with the ability to efficiently and quantitatively measure relatively low concentrations of drugs such as cocaine, heroin, methamphetamine, fentanyl and other high-abuse drugs. We intend to use this technology, sometimes referred to as "Lab on a Disk", to develop devices and tests that could be used at roadside, emergency rooms and in workplace testing to get a rapid and quantitative measure for a panel of such drugs of abuse. We have detected delta-9-THC (the primary psychoactive component of marijuana) down to concentrations of 5 nanograms per milliliter in our laboratory. This includes resolving the psychoactive delta-9-THC from its inactive metabolites, an important step in establishing impairment. We completed the upgrade of our base breathalyzer platform in 2019 (the LX9), and we remain committed to combining it with the SpinDx™ technology. Our goal is to use this combination to develop a THC breathalyzer. There is no assurance that our efforts to develop a marijuana breathalyzer will be successful or that significant sales will result from such development if successful.

In March 2017 we acquired substantially all of the assets related to the Real-time Alcohol Detection and Reporting product ("R.A.D.A.R.®") from Track Group, Inc. ("TRCK") for $860,000 in cash. The purchased assets included the R.A.D.A.R.® device with cellular reporting for real-time alcohol monitoring, database infrastructure to tabulate and manage subscriber behavior, and biometric methodology and intellectual property to fully automate identity verification. The R.A.D.A.R.® device was designed to be part of an offender supervision program as an alternative to incarceration, and it is assigned to offenders as a condition of parole or probation with random testing throughout the day to demonstrate that they are meeting the conditions of their sentence. We are nearing completion of work in testing and improving the manufacturability of R.A.D.A.R.® devices, which we expect to launch in Q1 of 2020.

Training

Drug and alcohol testing is highly regulated; thus quality training is an important component of our business. Initially, our network of Master Trainers provided classroom training which generated certification fees. This was expanded to include instructor materials, online training modules and direct (live) training via webcam. In 2011, we launched Lifeloc University, a Learning Management System (LMS), defined as "a software application for the administration, documentation, tracking, reporting and delivery of educational courses or training programs." Lifeloc University is a critical component for online training courses since it provides student accountability. In 2018, we updated and revised the Lifeloc University LMS utilizing responsive design so it could be viewed on mobile devices.

In December 2014, we acquired substantially all of the assets of Superior Training Solutions, Inc. ("STS"), a company that develops and sells online drug and alcohol training and refresher courses. We have augmented and updated the assets we acquired from STS to enable mobile device usage. These assets complement our existing drug and alcohol training courses.

Real Property

On October 31, 2014, we purchased the commercial property we use as our corporate headquarters and certain adjacent property in Wheat Ridge, Colorado. The building consists of 22,325 square feet, of which 14,412 square feet are occupied by us and 7,913 square feet are currently leased to two tenants under leases that expire at various times in 2020. We intend to continue to lease the space we are not occupying, but in the future may elect to expand our own operations into space currently leased to other tenants. Our purchase of the property was partially financed through a term loan in an original principal amount of $1,581,106, secured by a first-priority mortgage on the property. The loan matures in October 2024.

Additional Areas of Interest

Consistent with our business goal of providing "near and remote sensing and monitoring" products and solutions, our acquisition strategy involves purchasing companies, development resources and assets that are aligned with our areas of interest and that can further aid in our entering additional markets. We expect to actively research and engage in the acquisition of resources that can expedite our entrance into new markets or strengthen our position in existing ones.

Competition and Markets

We sell our products in a highly competitive market and we compete for business with both foreign and domestic manufacturers. Most of our competitors are larger and have substantially greater resources than we do. In addition, there is an ongoing risk that other domestic or foreign companies who do not currently service or manufacture products for our target markets may seek to produce products or services that compete directly with ours.

We believe that considerations regarding competition for sales of alcohol monitoring products and services include regulatory approvals, product performance, product delivery, quality, service, training, price, device reliability, ease of use and speed. We sell certain of our components to customers for incorporation into their own product lines and for resale under their own name. We believe that, while our resources are more limited than those of our competitors, we will continue to compete successfully on the basis of product innovation, quality, reputation and continued customer service excellence.

One of our leading competitors is Intoximeters, Inc. of St. Louis, Missouri, a long-established company with strong name recognition in the field of alcohol testing. It has well established sales channels, a large customer base, and a broad product line. CMI, Inc. of Owensboro, Kentucky, another major competitor, also has a well-established name, a strong position in stationary units used in police work, and international market coverage. Drägerwerk AG & Co. KGaA, based in Germany, manufactures safety and gas testing equipment. Its breath alcohol testers are respected for their quality and performance.

In addition, other technologies for the measurement of breath alcohol exist and are employed in other market and application segments where the technology may be more suitable or developed to specific requirements. These include:

•

Infrared devices, which use infrared light absorption to detect breath alcohol. These devices generally lack portability, and are usually found in fixed locations, such as police stations, where subjects are brought for testing. This technology has the advantage of being mandated by law in most states for evidential use in breath testing.

•

Semiconductor breath testing technology, which is used primarily in consumer breathalyzers. Its primary advantage is low cost, but the technology is not widely accepted by professional users as being as accurate as fuel cell technology.

•

Chemical tests, which are based on urine and saliva testing. This approach to alcohol testing is more invasive, less convenient than breath testing, and may require subsequent analysis for results.

•

Blood alcohol tests, which require blood samples. These tests are widely believed to be the most accurate form of alcohol testing because they measure blood alcohol content directly from a sample of the subject's blood. However, the results are not instantaneous, and the tests are more invasive and expensive than breath alcohol testing.

Marketing

Marketing activities associated with our business include the communication of our value proposition through direct mail, direct and indirect sales channels, trade shows and an information-rich online presence. We sell our products to the workplace and international markets primarily through distributors. We sell our law enforcement, corrections and consumer products directly to the end user and our OEM products directly to manufacturers. Leveraging our installed base is important, as is maintaining a well-trained distributor network. In 2009, we revised our workplace distributor program to place additional emphasis on volume incentives for growth in the form of a rebate program. Under the program, distributors in good standing receive a progressively greater percentage rebate based on the dollar sales they generate. We believe this program helps incentivize our distributors to achieve a higher level of sales than would otherwise be the case.

Domestic Distribution

The majority of our sales into the workplace market are made through distributors. Sales are made by these distributors pursuant to agreements that renew automatically each year unless terminated by either party with advance notice, and such agreements typically grant protected lead generation areas.

International Distribution

Over 90% of our international sales for all product lines are made by local distributors, who are given territories generally pursuant to agreements that renew automatically each year unless terminated by either party with advance notice. Based on reports from our international distributors, we believe that many countries around the world are instituting tougher alcohol abuse prevention laws, strengthening the enforcement of current laws, or both. These laws set limits on the amount of alcohol an individual may have in the blood at specific times (e.g., while driving or during safety-sensitive work activities), or at any time for certain parolees and probationers. Lifeloc has sold instruments to customers in over 65 countries on six continents worldwide.

Research and Development

Lifeloc defines its business broadly to include "near and remote sensing and monitoring" applications in markets including those outside of traditional alcohol testing. We believe that our future success depends to a large degree on our ability to conceive and develop improved alcohol detection and measurement products, as well as to identify attractive opportunities for growth outside of breath alcohol testing. Accordingly, we expect to continue to invest in research and development. We spent $1,038,227 and $1,121,827 during 2019 and 2018, respectively, on research and development, and on sustaining engineering. The amount spent in 2019 was lower than the amount spent in 2018 due primarily to nearing completion of upgrading the R.A.D.A.R.® assets and our base product. We expect to increase our emphasis on new product development efforts for existing and new markets with particular emphasis on developing the SpinDx™ technology.

Raw Materials and Principal Suppliers

A basic component of our instrument product line is the fuel cell, which we obtain from only a few suppliers. We believe that our demand for this component is small relative to the total supply, and that the materials and services required for the production of our products are currently available in sufficient quantities and will be available for the foreseeable future. However, there are relatively few suppliers of the high-quality fuel cells which our breathalyzers require. Any sudden disruption to the supply of our fuel cells would pose a significant risk to our business. New sources of fuel cells are uncertain at this time and changes to our fuel cells require approval by the DOT, which, if not received, could have a material effect on our revenues. While we have traditionally used only one supplier of fuel cells, we have been developing our own fuel cell assembly capability using purchased sensors, which we finalized in 2018. These Lifeloc-assembled fuel cells have been incorporated into breathalyzers which have been submitted to and approved by the Department of Transportation. Even with the approval of our own assembled fuel cells, we will continue to purchase a portion of our total fuel cell requirements from our current supplier as necessary to meet the needs of the Company.

Patents, Intellectual Property and Royalties

We rely, in part, upon patents, trade secrets and proprietary knowledge as well as personnel policies and employee confidentiality agreements concerning inventions and other creative efforts (collectively, "Lifeloc IP") to develop and to maintain our competitive position. We do not believe that our business is dependent upon any patent, patent pending or license, although we believe that trade secrets and confidential know-how may be important to our commercial success.

We file for patents, copyrights and trademarks to protect our intellectual property rights to the extent practicable. We hold the rights to seven United States patents and have two patent applications pending, along with international patent applications on our EASYCAL^® calibration station and on certain R.A.D.A.R.® assets. Two pending international applications were granted in 2019. These patents have expiration dates ranging from July 2020 to August 2034. We do not expect the expiration of patents in 2020 to have a material effect on our business. In 2017, we acquired seven United States patents and several active international patent applications in connection with our purchase of the R.A.D.A.R.® assets. The R.A.D.A.R.® patents and patent applications provide protection around the biometric identification methods used in the R.A.D.A.R.® devices along with a removable sampling chamber for maximum hygienics. We act to protect our patents from infringement in each instance where we determine that doing so would be economical in light of the expense involved and the level and availability of our financial resources. While we believe that each of our pending applications relate to a patentable device or concept, there is no guarantee that the patents will be issued.

We also enter into royalty and licensing agreements where we license or otherwise confer our intellectual property rights on a licensor in exchange for specified payment terms. In 2012 we entered into a royalty agreement with an OEM customer which provides for the monthly payment of royalties to us on all products containing certain of our software sold by our customer. The agreement is of perpetual duration, but is terminable by the OEM customer upon six months' notice. In 2013 we began receiving royalties from another customer as a result of entering into a second royalty agreement, which provides for the monthly payment of royalties to us on all products containing certain of our software sold by our customer. The agreement is of perpetual duration, but is terminable by the customer upon six months' notice or by us upon 12 months’ notice.

Employees

As of December 31, 2019, we had 36 full-time employees and 3 part-time employees. We are not a party to any collective bargaining agreements.

Customers

Revenues from our largest customers, as a percentage of total revenues, for 2019 and 2018 were as follows:

	2019			2018
Customer A		7	%		7	%
Customer B		6	%		5	%
Customer C		4	%		4	%
All others		83	%		84	%
Total		100	%		100	%

Environmental Matters

Our operations are subject to a variety of federal, state and local laws and regulations relating to the discharge of materials into the environment or otherwise related to the protection of the environment. Lifeloc sells cylinders of ethanol in nitrogen (UN1956, Class 2.2) for use in calibrating breath alcohol testers. The gas mixture is a hazardous material as defined by the DOT (see 49 CFR 172). We believe we are in substantial compliance with the appropriate DOT regulations for the handling and shipment of dry gas containers, as well as all other state or local laws governing the transportation of hazardous materials. The DOT regulations include strict labeling and packaging requirements, as well as requirements pertaining to shipping papers and declaration forms that must be completed by the shipper. In addition, we provide a Safety Data Sheet ("SDS") with every tank, and all employees involved in shipping hazardous materials are required to have appropriate certification. Failure to comply with these regulations could result in, among other things, revocation of required licenses, administrative enforcement actions, fines and civil and criminal liability, which could have a material impact on our business. The cost of complying with these regulations is considered as an ongoing cost of operations, and is not material.

Government Regulation of the Business

All breath testers manufactured in the United States explicitly for personal use are regulated as Class I medical devices by the Food and Drug Administration ("FDA"). These regulations apply to the manufacture and sale of our LifeGuard® product, and we are subject to inspections by the FDA to determine our compliance with these regulations. FDA inspections are conducted periodically at the discretion of the FDA. On June 26, 2017, we were inspected by the FDA and no violations were issued.

In connection with its distribution of cylinders of ethanol in nitrogen for use in calibrating breath alcohol testers (described above under "—Environmental Matters"), Lifeloc has trained on and is following the requirements of OSHA's Hazardous Communications Standard of 2012 (referred to as "HazCom 2012"). Compliance with HazCom 2012 requires providing employee information and training, labeling of chemicals used by Lifeloc and updating MSDS to the new harmonized Safety Data Sheets ("SDS") as they become available. It also requires us to prepare and implement a hazard communication program to follow for workers potentially exposed to hazardous chemicals.

We are also subject to regulation by the United States Department of Transportation ("DOT") and by various state departments of transportation. The Omnibus Transportation Employee Testing Act of 1991 requires drug and alcohol testing of safety-sensitive transportation employees in aviation, trucking, railroads, mass transit, pipelines, and other transportation industries. The DOT Office of Drug & Alcohol Policy & Compliance ("ODAPC") publishes, implements, and provides authoritative interpretations of these rules. These regulations cover all transportation employers, safety-sensitive transportation employees, and service agents. Manufacturers submit devices to the DOT for testing and approval. Instruments are tested according to their model specifications and, if passed, included on the Conforming Products List of Evidential Breath Alcohol Measurement Devices (the "CPL") published periodically in the Federal Register. Law enforcement applications also require that portable breath testing instruments be included on the CPL. Lifeloc's FC10, FC10Plus, FC20, FC20BT, EV30, and Phoenix® 6.0 are included on the CPL. Lifeloc’s LX9 and LT7 have received conformance letters from the DOT and should appear in the next publication of the CPL. We believe that we were in substantial compliance with the regulations described above as of December 31, 2019 for our products sold into these markets and states.

See also Item 1A. Risk Factors – "We are subject to a high degree of regulatory oversight and, if we do not continue to receive the necessary regulatory approvals, our revenues may decline."

International Regulations

Outside of the United States, Lifeloc is subject to applicable regional and foreign regulations. In order to sell our products in the European Union, a CE mark is required, which declares product conformity to relevant directives. Product directives include electromagnetic compatibility and environmental directives which restrict the use of certain hazardous substances in electronic equipment. Lifeloc has a number of CE marked products and we follow other foreign regulations as they apply.

Many countries into which our products are sold recognize the CPL in their selection criteria or have no regulations applicable to the sale of our products. In the case of sales into countries that do not recognize the CPL in their selection criteria, our products conform to in-country developed specifications or are not subject to significant government regulation.

State and Local Regulations

In certain states, the results of portable fuel-cell breath testers are admissible as evidence of intoxication in DUI prosecution. In other states, infra-red technology is considered the standard for evidence of intoxication, because of its ability to perform real-time analysis of the entire breath exhalation thereby giving it the ability to detect interference from mouth alcohol. In those states, portable fuel-cell based breath testers are not admissible as evidence of intoxication, although they may still be used to establish "probable cause."

Insurance

We are covered under comprehensive general liability insurance policies, which have per occurrence and aggregate limits of $1 million and $2 million, respectively, and a $5 million umbrella policy. We maintain customary property and casualty, workers' compensation, employer liability and other commercial insurance policies.

Item 1A. Risk Factors

You should carefully consider the risk factors described below. If any of the following risk factors actually occur, our business, prospects, financial condition or results of operations would likely suffer. In such case, the trading price of our common stock could fall, resulting in the loss of all or part of your investment. You should look at all these risk factors in total. Some risk factors may stand on their own. Some risk factors may affect (or be affected by) other risk factors. You should not assume we have identified these connections. You should not assume that we will always update these and future risk factors in a timely manner. Except as required under applicable securities laws, we are not undertaking any obligation to update these risk factors to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events.

Risks Related to Our Business and Industry

Global economic conditions could have a negative impact on our business, operating results and financial condition.

Our business can be positively or negatively affected by fluctuations in exchange rates and country by country economic conditions. Our international customers may increase, reduce, delay or cancel their purchases of our products if exchange rates are unfavorable to importation. Unfavorable economic and currency situations may force us to adjust prices downward to remain competitive. We could incur losses if a customer's business fails and the customer is unable to pay us, or pay us on a timely basis. Likewise, if our suppliers have difficulty in obtaining credit or in operating their businesses, they may not be able to provide us with the materials we use to manufacture our products. Our law enforcement business is dependent on the availability of federal and state grants to fund new equipment purchases. Should this funding be unavailable or delayed, our volume may be negatively affected. Our workplace business may be affected by the health of industries with safety sensitive jobs such as oil and gas and transportation. Demand for our products may be affected by downturns in these segments. These actions could result in reduced revenues and higher operating costs, and have an adverse effect on our results of operations and financial condition.

We rely on customers who may not consistently purchase our products in the future and if we lose any one of these customers, our revenues may decline.

Eighteen percent of our product sales in 2019 were attributable to three customers, with whom we do not have long-term contracts. If orders from those customers are not renewed, our revenues may be adversely affected. Furthermore, at December 31, 2019, our accounts receivable balance included approximately $194,043 or 30% from one customer, and $93,962, or 15%, from a second customer.

In the future, a small number of customers may continue to represent a significant portion of our total revenues in any given period. These customers may not consistently purchase our products at a particular rate over any subsequent period. A loss of any of these customers could adversely affect our revenues.

We rely heavily upon the talents of our Chief Executive Officer, the loss of whom could severely damage our business.

Our performance depends to a large extent on a small number of key managerial personnel. In particular, we believe our success is highly dependent upon the services and reputation of our Chief Executive Officer and President, Dr. Wayne R. Willkomm. Loss of Dr. Willkomm's services could severely damage our business.

We must continue to be able to attract employees with the scientific and technical skills that our business requires, and if we are unable to attract and retain such individuals, our business could be severely damaged.

Our ability to attract employees with a high degree of scientific and technical talent is crucial to the success of our business. There is intense competition for the services of such persons, and we cannot guarantee that we will continue to be able to attract and retain individuals possessing the necessary qualifications. If we cannot attract such individuals, we may not be able to keep our products current, bring new innovation to market or produce our products. As a result, our business could be damaged.

Our ongoing investment in new products, services, and technologies is inherently risky, and could disrupt our ongoing businesses.

We have invested and expect to continue to invest in new products, services, and technologies. Such endeavors may involve significant risks and uncertainties, including distraction of management from current operations, insufficient revenues to offset liabilities assumed and expenses associated with these new investments, inadequate return of capital on our investments, and unidentified issues not discovered in our due diligence of such strategies and offerings. Because these new ventures are inherently risky, no assurance can be given that such strategies and offerings will be successful and will not adversely affect our reputation, financial condition, and operating results.

We are subject to a high degree of regulatory oversight, and, if we do not continue to receive the necessary regulatory approvals, our revenues may decline.

We are subject to regulation by the United States Department of Transportation ("DOT") and by various state departments of transportation. The Omnibus Transportation Employee Testing Act of 1991 requires drug and alcohol testing of safety-sensitive transportation employees in aviation, trucking, railroads, mass transit, pipelines, and other transportation industries. The DOT Office of Drug & Alcohol Policy & Compliance ("ODAPC") publishes, implements, and provides authoritative interpretations of these rules. These regulations cover all transportation employers, safety-sensitive transportation employees, and service agents. Manufacturers submit devices to the DOT for testing and approval. Instruments are tested according to their model specifications and, if passed, included on the CPL. Law enforcement applications also require that portable breath testing instruments be included on the CPL. Lifeloc's FC10, FC10Plus, FC20, FC20BT, EV30, and Phoenix® 6.0 are included on the Conforming Products List of Evidential Breath Alcohol Measurement Devices (“CPL”). Lifeloc’s LX9 and LT7 have received conformance letters from the DOT and should appear in the next publication of the CPL. We believe that we were in substantial compliance with the regulations described above as of December 31, 2019 for our products sold into these markets and states. In addition, our LifeGuard® product is regulated as a Class I medical device by the Food and Drug Administration ("FDA").

The FDA and the DOT have cleared us to market the alcohol monitoring products we currently sell in the United States. However, further FDA or DOT approval will be required before we can domestically market additional alcohol monitoring products that we may develop in the future. We may also seek to sell new medical or drug-related products, or market current products for new uses, either of which could require us to obtain FDA or DOT clearance to market such products. We may also be required to obtain regulatory approvals or licenses from other federal, state or local agencies or comparable agencies in other countries.

We may not continue to receive FDA or DOT clearance to market our current products or we may not obtain the necessary regulatory clearance, approvals or licenses for the marketing of any of our future products. Also, we cannot predict the impact on our business of FDA or DOT regulations or determinations arising from future legislation or administrative action. If we lose FDA or DOT permission to market our current products or we do not obtain regulatory permission to market our future products, our revenues may decline and our business may be harmed.

Our business in the domestic law enforcement area is susceptible to changes in state policies and DUI laws.

Portable breath testers ("PBTs") are not used to the same degree in each state. Usage is determined by a complex combination of individual state DUI laws, historical practice, and individual state directions for alcohol testing. Some states do not accept breath alcohol testing as evidence. Other states may prefer different breath alcohol testing technology, such as infrared. Lifeloc cannot control the direction or timing of changes to individual state DUI laws, public and political sentiment toward the use of PBTs, or individual state preferences for a specific breath alcohol testing technology. These factors may threaten current state contracts and future state contracts and our revenues may decline, harming our business.

Our business relies on state contracts, governed by state contracting policies that are beyond our control.

Many state purchases of PBTs are governed by state contracts with competitive price bids, multiple year terms and without guarantees of purchases. Other states prefer to share PBT usage across several vendors, also without guarantees of volume. These state practices limit Lifeloc's ability to retain current business, forecast volumes and win new business. Furthermore, a significant amount of our law enforcement business is concentrated in eight states (Arizona, Arkansas, California, Colorado, Michigan, Idaho, Texas and Nevada). Loss of this business, or delays or cancellations in purchasing by these states, could seriously impact our law enforcement business.

Third parties may infringe on our patents, and as a result, we could incur significant expense in protecting our patents or not have sufficient resources to protect them.

We hold several patents that are important to our business. We plan to protect these patents from infringement and obtain additional patents whenever feasible. To this end, we have obtained confidentiality agreements from our employees and consultants and others who have access to the design of our products and other proprietary information. Protecting and obtaining patents, however, is both time consuming and expensive. We therefore may not have the resources necessary to assert all potential patent infringement claims or pursue all patents that might be available to us. If our competitors or other third parties infringe on our patents, our business may be harmed.

Third parties may claim that we have infringed on their patents and as a result, we could be prohibited from using all or part of any technology used in our products.

Should third parties claim a proprietary right to all or part of any technology that we use in our products, such a claim, regardless of its merit, could involve us in costly litigation. If successful, such a claim could also result in us being unable to freely use the technology that was the subject of the claim, or sell products embodying such technology. If we engage in litigation, our expenses may increase and our business may be harmed. If we are prohibited from using a particular technology in our products, our revenues may decline and our business may be harmed.

Third parties to whom we have licensed our patents may choose to enforce them through litigation, over which we would exert little or no control.

Should third parties who have licensed our intellectual property determine it is in their best interest to pursue litigation based on those patents, we would have no control in the direction of that litigation or the resulting publicity. Litigation may result in unfavorable findings by courts regarding the nature or protectability of our intellectual property. Litigation may result in additional expenditures or harm the business. Additionally, we would have no control over the publicity any such litigation may garner, which could negatively affect the company in the marketplace. In any of these situations, revenues may decline and our business may be harmed.

We depend on the availability of certain key supplies and services that are available from only a few sources, and if we experience difficulty with a supplier, we may have difficulty finding alternative sources of supply.

We require certain key supplies for our products, particularly fuel cells, that are available from only a few sources. Based upon our ordering experience to date, we believe the materials and services required for the production of our products are currently available in sufficient quantities. However, this does not mean that we will continue to have timely access to adequate supplies of essential materials and services in the future or that supplies of these materials and services will be available on satisfactory terms when the need arises. Our business could be severely damaged if we become unable to procure essential materials and services in adequate quantities and at acceptable prices.

From time to time, subcontractors may produce certain of our products for us, and our business is subject to the risk that these subcontractors may fail to make timely delivery and/or become unable to acquire essential supplies and services from third parties in a timely fashion. If this occurs, we may not be able to deliver our products on a timely basis and our revenues may decline. Our products and services are also from time to time used as components in the products of other manufacturers. We are therefore subject to the risk that manufacturers that integrate our products or services into their own products may change their source of supply to other vendors, may change their product designs in a way that eliminates our components, and/or may choose to have their components manufactured by other means. If this occurs, our sales may decline and our business may be harmed.

We may be exposed to claims of liability.

Like any manufacturer, we are and always have been exposed to liability claims resulting from the use of our products. We maintain product liability insurance to cover us in the event of liability claims, and as of December 31, 2019, no such claims have been asserted or threatened against us. However, our insurance may not be sufficient to cover all possible future product liabilities.

We could be liable if our business operations harmed the environment, and a failure to maintain compliance with environmental laws could severely damage our business.

Our operations are subject to a variety of federal, state and local laws and regulations relating to the protection of the environment. From time to time, we use hazardous materials in our operations. Although we believe that we are in material compliance with all applicable environmental laws and regulations, our business could be severely damaged by any failure to maintain such compliance.

Our quarterly financial results vary quarter to quarter, which may adversely affect our stock price. We cannot predict with any certainty our operating results in any particular fiscal quarter.

Our quarterly operating results may vary significantly depending upon factors such as:

▪	the timing of completion of significant orders;
▪	the timing and amount of our research and development expenditures;
▪	the costs of initial production in connection with new products;
▪	the availability, quality and cost of key components that go into the assembly of our products;
▪	the timing of new product introductions — both by us and by our competitors;
▪	changes in the regulatory environment and regulations under which we operate;
▪	the loss of a major customer;
▪	the timing and level of market acceptance of new products or enhanced versions of our existing products;
▪	our ability to retain existing employees, customers and our customers' continued demand for our products and services;
▪	our customers' inventory levels, and levels of demand for our customers' products and services; and
▪	competitive pricing pressures.

We may not be able to grow or sustain revenues or achieve or maintain profitability on a quarterly or annual basis, and levels of revenue and/or profitability may vary from one such period to another.

Identification of material weakness in internal control may adversely affect our financial results.

We are subject to the ongoing internal control provisions of Section 404 of the Sarbanes-Oxley Act of 2002. Those provisions provide for the identification of material weaknesses in internal control. If such a material weakness is identified, it could indicate a lack of adequate controls to generate accurate financial statements. We routinely assess our internal controls, but we cannot assure you that we will be able to timely remediate any material weaknesses that may be identified in future periods, or maintain all of the controls necessary for continued compliance.

We may require additional capital in the future, which may not be available or may only be available on unfavorable terms.

We monitor our capital adequacy on an ongoing basis. To the extent that our funds are insufficient to fund future operating requirements, we may need to raise additional funds through corporate finance transactions or curtail our growth and reduce our liabilities. Any equity, hybrid or debt financing, if available at all, may be on terms that are not favorable to us. If we cannot obtain adequate capital on favorable terms or at all, our business, financial condition and operating results could be adversely affected.

We have a number of large, well-financed competitors who have research and marketing capabilities that are superior to ours.

The industry in which we operate is highly competitive. Many of our existing and potential competitors have greater financial resources and manufacturing capabilities, more established and larger marketing and sales organizations and larger technical staffs than we have. Other companies, some with greater experience in the alcohol monitoring industry, produce products and services that compete with our products and services. If any of our competitors are successful in developing products that are superior to our products, or competing products that sell for lower prices, this may cause a reduction in the demand for our products and a reduction in our revenue and our profits.

Our products rely on technology that may become outdated or out of favor.

All of Lifeloc's products use fuel cell technology for the measurement of breath alcohol results. This technology has been developed and refined over many years by Lifeloc and our major competitors. While we expect it to remain as the dominant technology in breath testing devices, other technologies for the measurement of breath alcohol exist and are employed in other market and application segments where the technology is more suitable or developed to the specific requirements. It is possible that future development of these technologies could pose a risk to Lifeloc's business. See "Item 1. Business – Competition and Markets" for more information about these other technologies.

Natural disasters, public health crises, political crises, and other catastrophic events or other events outside of our control may damage our facilities or the facilities of third parties on which we depend and could impact customer priorities and consumer spending.

We have global third parties upon whom we rely and who may be impacted by events outside of our control. An earthquake or other natural disaster or power shortages or outages could disrupt operations or impair sales. In addition, if any facilities of our suppliers, third-party service providers, vendors, or customers, is affected by natural disasters, such as earthquakes, tsunamis, power shortages or outages, floods or monsoons, public health crises, such as pandemics and epidemics, political crises, such as terrorism, war, political instability or other conflict, or other events outside of our control, our business and operating results could suffer. Any of these disruptions or other events outside of our control could affect our business negatively, harming our operating results.

For example, we rely upon international vendors who are experiencing delayed and limited production capability due to the ongoing outbreak of a strain of coronavirus which surfaced in Wuhan, China. This outbreak has resulted in the extended shutdown of certain businesses in this and other regions which may in turn result in disruptions to our supply chain and our customers’ business operations. These could include disruptions from the temporary closure of third-party supplier and manufacturer facilities, interruptions in product supply, or restrictions on the export or shipment of our products or components. Global health concerns, such as coronavirus, could also result in social, economic, and labor instability in the countries in which we or our customers and suppliers operate. These uncertainties could have a material adverse effect on our business and our results of operation and financial condition.

Risks Related to Our Stock

Shares of our common stock lack a significant trading market.

Shares of our common stock are not eligible for trading on any national securities exchange. Our common stock may be quoted in the over-the-counter market on the OTC Bulletin Board or in what are commonly referred to as "pink sheets." However, these markets are highly illiquid. There is no assurance that an active trading market in our common stock will develop, or if such a market develops, that it will be sustained. In addition, there is a greater chance for market volatility for securities quoted on the OTC Bulletin Board and pink sheets as compared with securities traded on a national exchange. This volatility may be caused by a variety of factors, including the lack of readily available quotations, the absence of consistent administrative supervision of "bid" and "ask" quotations and generally lower trading volume.

Under certain circumstances, shares of our common stock may be sold without registration pursuant to the safe harbor provided in Exchange Act Rule 144 ("Rule 144"). Any sale under Rule 144 or under any other exemption from the Securities Act of 1933, as amended (the "Securities Act"), if available, or pursuant to registration of shares of common stock of present stockholders, may have a depressive effect upon the price of our common stock in any market that may develop.

Additionally, the price of our securities may be volatile as a result of a number of factors, including, but not limited to, the following:

●

our ability to successfully conceive and to develop new products and services to enhance the performance characteristics and methods of manufacture of existing products;

● our ability to retain existing customers and customers' continued demand for our products and services;

●

the timing of our research and development expenditures and of new product introductions;

●

the timing and level of acceptance of new products or enhanced versions of our existing products;

●

price and volume fluctuations in the stock market at large which do not relate to our operating performance; and

●

outside news reports which may or may not accurately convey information about us, our products, our prospects and opportunities.

Our principal stockholder has significant voting power and may take actions that may not be in the best interests of other stockholders.

Vern D. Kornelsen, Chairman of our Board of Directors, Secretary, and Chief Financial Officer, beneficially owned approximately 77% of our outstanding common stock as of December 31, 2019. Through this ownership, Mr. Kornelsen is able to control the composition of our Board and direct our management and policies. Accordingly, Mr. Kornelsen has the direct or indirect power to:

●

amend our bylaws and some provisions of our articles of incorporation; and

●

cause or prevent mergers, consolidations, sales of all or substantially all our assets or other extraordinary transactions.

Mr. Kornelsen's significant ownership interest could adversely affect investors' perceptions of our corporate governance. In addition, Mr. Kornelsen may have an interest in pursuing acquisitions, divestitures and other transactions that involve risks to us and you. For example, Mr. Kornelsen could cause us to make acquisitions that increase our indebtedness or to sell revenue generating assets. Mr. Kornelsen may from time to time acquire and hold interests in businesses that compete directly or indirectly with us.

Blue Sky considerations may limit sales in certain states.

The holders of our securities and persons who desire to purchase them in any trading market that might develop in the future should be aware that there may be significant state law restrictions upon the ability of investors to resell our securities. Investors should consider any secondary market for our securities to be a limited one. The "manual exemption" permits a security to be distributed in a particular state without being registered if the company issuing the security has a listing for that security in a securities manual recognized by the state. However, it is not enough for the security to be listed in a recognized manual. The listing entry must contain (1) the names of issuers, officers, and directors, (2) an issuer's balance sheet, and (3) a profit and loss statement for either the fiscal year preceding the balance sheet or for the most recent fiscal year of operations. Since June 14, 2011, we have been listed in Standard & Poor's. While many states expressly recognize this manual, a smaller number of states declare that they "recognize securities manuals" but do not specify the recognized manuals, making applicability of the manual exemption uncertain in those states. The following states do not have provisions expressly recognizing the manual exemption: Alabama, Illinois, Kentucky, Louisiana, Montana, New York, Pennsylvania, Tennessee and Virginia. While we may, in our discretion, cause our securities to be registered under the state securities laws of these or other states, there is no guarantee that we will do so.

Compliance with changing regulations of corporate governance and public disclosure may result in additional expenses.

We are subject to certain federal, state and other rules and regulations, including those required by the Sarbanes-Oxley Act of 2002, new regulations promulgated by the SEC and the rules of the OTC Market. The expense of compliance with these and other laws relating to corporate governance and public disclosure is included in our general and administrative expenses. These laws, regulations and standards are subject to varying interpretations in many cases, and as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies, which could result in higher costs necessitated by ongoing revisions to disclosure and governance practices. We are committed to maintaining high standards of corporate governance and public disclosure. As a result, we invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative expenses and a diversion of management time and attention from revenue-generating activities to compliance activities. If our efforts to comply with new or changed laws, regulations and standards result in different outcomes from those intended by regulatory or governing bodies, our business may be harmed.

We may issue shares in the future, diluting your interest in us.

We issue options to purchase shares of our common stock to compensate employees, consultants and directors under our 2013 Stock Option Plan, and we may issue additional shares to raise capital. Any such issuances will have the effect of further diluting the interest of the holders of our securities.

Stockholders should not anticipate receiving cash dividends on our stock.

We have never declared or paid any cash dividends or distributions on our capital stock. We currently intend to retain future earnings to support operations and to finance expansion and therefore do not anticipate paying any cash dividends on our common stock in the foreseeable future.

Increasingly common data privacy and cybersecurity regulations could impact the use of or market for our products.

Information collected with our products may be governed by certain data privacy and cyber security regulations, breach of which could cause negative publicity or otherwise harm the company. As a Company with information stored online, the company may be vulnerable to cybersecurity attacks which may trigger reporting requirements and legal liability. Responding to a cybersecurity threat or breach would require financial resources, may cause a loss of productivity, and may open the Company to legal liability.

U.S. Trade relations could negatively impact the availability of materials or the international market for the Company’s product.

Changes in U.S. trade relations, particularly the impositions of tariffs by the U.S. and China, have had and are expected to have material effects on the performance of many companies. The Company could be negatively affected by tariffs on any component materials required for a company product. Trade relations also may decrease any potential international market for the Company products, affecting the Company’s potential for growth.

Item 1B. Unresolved Staff Comments

Not required for smaller reporting companies.

Item 2. Properties

On October 31, 2014, we purchased the commercial property the Company uses as its corporate headquarters and certain adjacent property in Wheat Ridge, Colorado. The building consists of 22,325 square feet, of which approximately 14,412 square feet are occupied by us and approximately 7,913 square feet are currently leased to two tenants under leases that expire at various times in 2020. We intend to continue to lease the space we are not occupying, but in the future may elect to expand our own operations into space currently leased to other tenants. Our purchase of the property was partially financed through a term loan in an original principal amount of $1,581,106, secured by a first-priority mortgage on the property. The loan matures in October 2024.

Item 3. Legal Proceedings

We may be involved from time to time in litigation, negotiation and settlement matters that may have a material effect on our operations or finances. We are not aware of any material pending legal proceedings, other than ordinary routine litigation incidental to our business, to which we are a party or of which any of our property is subject.

Item 4. Mine Safety Disclosures

Not applicable.

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

As of December 31, 2019, we had 70 shareholders of record. Our common stock is not listed on an established public trading market. Since January 17, 2012, our stock has been quoted by the OTC Markets Group, Inc., in the non-NASDAQ over the counter market. The symbol for our shares is LCTC. Trading in our common stock is limited and sporadic. Subject to the foregoing qualification, the following table sets forth the range of bid quotations for the fiscal quarters indicated, as quoted by OTC Markets Group, Inc., and reflects inter-dealer prices, without retail mark up, mark down or commission and may not necessarily represent actual transactions.

Fiscal 2019

Bid Price

Fiscal 2018

Bid Price

1st Quarter

4.19 – 6.25

1^stQuarter

4.80 – 8.75

2nd Quarter

3.50 – 6.00

2nd Quarter

4.35 – 5.40

3rd Quarter

4.50 – 6.25

3rd Quarter

3.95 – 5.39

4th Quarter

4.50 – 5.99

4th Quarter

4.25 – 5.65

Dividend Policy

We have never declared or paid any cash dividend on shares of our common stock. We do not anticipate paying any cash dividends in the foreseeable future. We currently intend to retain future earnings, if any, to finance our operations and expand our business. Any future determination to pay cash dividends will be at the discretion of the board of directors and will be dependent upon our financial condition, operating results, capital requirements, and other factors the board of directors deems relevant.

Recent Sales of Unregistered Securities

None.

Item 6. Selected Financial Data

Not required for smaller reporting companies.

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

The following is a discussion of our financial condition and results of operations, and should be read in conjunction with our financial statements and the related notes included elsewhere in this Form 10-K. Certain statements contained in this section are not historical facts, including statements about our strategies and expectations about new and existing products, market demand, acceptance of new and existing products, technologies and opportunities, market and industry segment growth, and return on investments in products and markets. These statements are forward-looking statements 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 section are based on information available to us on the date of this document, and we assume no obligation to update such forward-looking statements. Readers of this Form 10-K are strongly encouraged to review the section titled "Risk Factors."

Overview

Lifeloc incorporated in Colorado in December 1983. We filed a registration statement on Form 10 with the Securities and Exchange Commission, which became effective on May 31, 2011. Our fiscal year end is December 31. Our principal executive offices are located at 12441 West 49th Avenue, Unit 4, Wheat Ridge, Colorado 80033-3338. Our telephone number is (303) 431-9500. Our websites are www.lifeloc.com, www.lifeguardbreathtester.com and www.stsfirst.com. Information contained on our websites does not constitute part of this Form 10-K.

Outlook

Installed Base of Breathalyzers. We believe the installed base of our breathalyzers will increase as the inherent risks associated with drinking while driving or while working in safety sensitive jobs become more widely acknowledged and as our network of distributors and our direct sales force grows. We believe that increased marketing efforts, the introduction of new products and the expansion of our sales network may provide the basis for increased sales and continuing profitable operations. However, these measures, or any others that we may adopt or determine not to adopt, may not result in either increased sales or continuing profitable operations.

Possibility of Operating Losses. Over the past several years we have operated profitably; however, prior to that we incurred losses. There is no assurance that we will not incur losses in any given quarter or year in the future.

Sales Growth. We expect to increase sales in the U.S. and worldwide as our network of direct customers and distributors grows and becomes more proficient and expands the number of new accounts. Our growth efforts have focused on expanding our global reach and broadening our product offering in alcohol and drug detection. Orders for all of our products, particularly ignition interlock components, are on an intermittent purchase order basis and there is no assurance they will continue at any given rate, or that orders will repeat.

Sales and Marketing Expenses. We continue our efforts to expand our domestic and international distribution capability, and we believe that sales and marketing expenses will need to be maintained at a healthy level in order to do so. Sales and marketing expenses are expected to increase as we increase our direct sales representatives and marketing efforts.

Research and Development Expenses. We expect to increase our research and development expenses to support refinements to our products, and the development of additional new products.

Recent Developments

In August 2016 we entered into an exclusive patent license agreement with Sandia Corporation pursuant to which we acquired the exclusive rights to develop, manufacture and market Sandia's patented SpinDx™ technology for the detection of drugs of abuse. We believe this license agreement signifies the beginning of a relationship that will become material to the Company in the future. A prototype was built by Sandia under our Cooperative Research and Development Agreement and received in 2018, after which we commenced work on commercializing the device. SpinDx™ uses a centrifugal disk with micro fluidic flow paths allowing multiple tests to be carried out on a single small sample. The SpinDx™ platform has the potential to revolutionize real-time screening for a panel of high abuse drugs, with the ability to quickly and quantitatively measure very low concentrations of drugs such as cocaine, heroin, methamphetamine and others. We intend to use this technology, sometimes referred to as "Lab on a Disk", to develop devices and tests that could be used at roadside, emergency rooms and in workplace testing to get a rapid and quantitative measure for a panel of such drugs of abuse. We have detected delta-9-THC (the primary psychoactive component of marijuana) down to concentrations of 5 nanograms per milliliter in our laboratory. This includes resolving the psychoactive delta-9-THC from its inactive metabolites. Resolving the psychoactive levels from metabolites is an important step in establishing impairment. We completed the upgrade of our base breathalyzer platform in 2019 (the LX9), and we remain committed to combining it with the SpinDx technology. If successful, this combination will result in a THC breathalyzer. There is no assurance that our efforts to develop a marijuana breathalyzer will be successful or that significant sales will result from such development if successful.

On March 8, 2017, we entered into an Asset Purchase Agreement (the "Asset Purchase Agreement") with Track Group Inc., a Delaware corporation, and its wholly owned subsidiary, Integrated Monitoring Systems, LLC, a Colorado limited liability company. Pursuant to the terms and conditions of the Asset Purchase Agreement, we acquired certain assets comprised of: (1) handheld hardware device technology (the "R.A.D.A.R.® Mobile Devices"), designed to measure breath alcohol content of the user; and (2) software technology called R.A.D.A.R.® (Real-time Alcohol Detection and Reporting) Reporting Center designed to allow the Device to be configured and to capture and manage the data being returned from the Device (together with the Device, the "R.A.D.A.R.® Assets"). The purchase price under the Asset Purchase Agreement was $860,000. Under the Asset Purchase Agreement, we assumed certain liabilities and obligations, including contractual obligations, and various other liabilities and obligations arising out of or relating to the R.A.D.A.R.® Assets, including obligations related to current customers of the R.A.D.A.R.® Assets. The Asset Purchase Agreement contains customary representations, warranties, and covenants and provides for indemnification rights with respect to a breach of a representation, warranty or covenant by either party. Although there is no assurance of market acceptance, widespread adoption of the R.A.D.A.R.® Mobile Devices may provide an alternative to, and thus lower, incarceration rates through better offender monitoring. We expect to complete updating the R.A.D.A.R.® Mobile Device in the first quarter of 2020.

Results of Operations

For the year ended December 31, 2019 compared to the year ended December 31, 2018.

Net sales. Our product sales for the year ended December 31, 2019 were $8,251,570, an increase of 2% from $8,104,003 for the same period a year ago. This increase is primarily attributable to prevailing market conditions. When royalties of $411,111 and rental income of $89,142 are included, total revenues of $8,751,823 increased by $314,169, or 4%, for the year ended December 31, 2019 when compared to the same 12 months a year ago. Rental income increased by $3,256 due to the replacement of a tenant lease that was previously terminated, and royalties increased by $163,346 due to an increase in sales by royalty-paying customers.

Gross profit. Gross profit for the year ended December 31, 2019 of $3,936,003 represented an increase of 3% from total gross profit of $3,809,251 for the year ended December 31, 2018, primarily as a result of increased sales volume and increased royalties in 2019. Cost of product sales increased from $4,556,100 in the year ended December 31, 2018 to $4,757,905 in the same period in 2019, an increase of $201,805 (4%), primarily as a result of increased labor and materials required for the increased sales volume as well as costs associated with the R.A.D.A.R. mobile device product line, which was not yet accompanied by a proportionate increase in revenues. Gross profit margin on products decreased to 42.3% in the year ended December 31, 2019 from 43.8% in the year ended December 31, 2018 primarily for the same reason and because of the continued increase in tariffs.

Research and development expenses. Research and development expenses were $1,038,227 for the year ended December 31, 2019, representing a decrease of $83,600 (8%) over the $1,121,827 in the same period a year ago. This decrease resulted mostly from decreased use of outside contractors as a result of nearing completion of our base product and R.A.D.A.R.® upgrades.

Sales and marketing expenses. Sales and marketing expenses of $1,240,773 for the year ended December 31, 2019 were relatively unchanged from the $1,251,388 spent in the same period a year ago.

General and administrative expenses. General and administrative expenses were $1,175,788 for the year ended December 31, 2019 vs. $1,165,413 for the year ended December 31, 2018, also relatively unchanged.

Other income (expense). Other income includes settlement proceeds, a payment to us, which we received in Q4 of 2019, from one of our licensees to whom we licensed certain technologies including the right to enforce those technologies while retaining the right to receive a percentage of recovery from any enforcement action. The licensed technology became the partial basis for a dispute between our licensee and one of their competitors. This dispute was resolved and the parties entered into a confidential settlement agreement pursuant to which we received this one-time payment of $225,199 from our licensee. Interest income increased from $25,624 a year ago to $38,750 in the current year, mostly as a result of increased cash. Interest expense of $57,802 in the year ended December 31, 2019 was down from $61,650 in the previous year as a result of the decrease in the loan on our building.

Net income. We realized net income of $625,826 for the year ended December 31, 2019 compared to net income of $217,164 for the year ended December 31, 2018. This increase of $408,662 was the result of the increase in gross profit, as well as the settlement proceeds discussed above, and of the changes in operating expenses discussed above, offset in part by an increase in income taxes of $44,103.

Trends and Uncertainties That May Affect Future Results

Revenues in the year 2019 were higher compared to revenues in 2018. We believe increased sales efforts, along with the re-launch of the R.A.D.A.R.® Mobile Devices, may result in improved revenues in 2020 and beyond. We expect our quarter-to-quarter revenue fluctuations to continue, due to the unpredictable timing of large orders from customers and the size of those orders in relation to total revenues. Going forward, we intend to focus our development efforts on products we believe offer the best prospects to increase our intermediate and near-term revenues, with particular emphasis on completing SpinDx™.

Our 2020 operating plan is focused on growing sales, increasing gross profits, and increasing research and development efforts on new products, including SpinDx™, for long-term growth. We cannot predict with certainty the expected sales, gross profit, net income or loss, or usage of cash and cash equivalents for 2020. However, we believe that cash resources and borrowing capacity will be sufficient to fund our operations for the next twelve months under our current operating plan. If we are unable to manage the business operations in line with our budget expectations, it could have a material adverse effect on business viability, financial position, results of operations and cash flows. Further, if we are not successful in sustaining profitability and remaining at least cash flow break-even, additional capital may be required to maintain ongoing operations.

Interest expense. In connection with the financing of our building purchase on October 31, 2014 we obtained a 10-year term loan from Bank of America in an initial principal amount of $1,581,106 bearing interest at 4.45% per annum (which was decreased to 4% in 2016) and secured by a first-priority mortgage in the acquired property, as well as a one-year $250,000 line of credit (which was increased to $750,000 in 2017) bearing interest at a rate equal to the LIBOR daily floating rate plus 2.5%, secured by all assets of the Company.

Liquidity and Capital Resources

We compete in a highly technical, very competitive and, in most cases, price driven alcohol testing marketplace, where products can take years to develop and introduce to distributors and end users. Furthermore, manufacturing, marketing and distribution activities are regulated by the FDA, the DOT, and other regulatory bodies that, while intended to enhance the ultimate quality and functionality of products produced, can contribute to the cost and time needed to maintain existing products and develop and introduce new products.

On October 31, 2014, we purchased the commercial property we use as our corporate headquarters and certain adjacent property in Wheat Ridge, Colorado for a total purchase price of $1,949,139, of which we paid $368,033 in cash and financed the remaining $1,581,106 through a 10-year term loan from Bank of America bearing interest at 4.45% per annum (amended to 4% per annum in 2016), secured by a first-priority security interest in the property we acquired with the loan. In connection with the term loan, we arranged for a one-year $250,000 line of credit (increased to $750,000 in 2017) from Bank of America secured by all assets of the Company. The line of credit bears interest at a rate calculated at the LIBOR daily floating rate plus 2.5%. At December 31, 2019 this credit facility had not been used.

Except for normal operating contractual commitments and purchase orders, and aside from the commitments under our term loan and line of credit with Bank of America, we do not have any material contractual commitments requiring settlement in the future. See "Note 6 – Commitments and Contingencies" to our Financial Statements in Part II - Item 8.

We have traditionally funded working capital needs through product sales and close management of working capital components of our business. Historically, we have also received cash from private offerings of our common stock, warrants to purchase shares of our common stock, and notes. In our earlier years, we incurred quarter to quarter operating losses to develop current product applications, utilizing a number of proprietary and patent-pending technologies. Although we have been profitable in recent years, we can provide no assurances that operating losses will not occur in the future. Should that situation arise, we may not be able to obtain working capital funds necessary in the time frame needed and at satisfactory terms, if at all.

As of December 31, 2019, cash and cash equivalents was $3,185,996, trade accounts receivable were $641,239 and current liabilities were $902,040 resulting in net liquid assets of $2,925,195. We believe that the introduction of several new products during the last several years, along with new and on-going customer relationships, will continue to generate sufficient revenues, which are required in order for us to maintain profitability. If these revenues are not achieved on a timely basis, we may be required to seek additional sources of capital and/or to implement cost reduction measures, as necessary.

Equipment, software and space modification expenditures during FY 19 were $256,906 compared to $402,147 for FY 18, a decrease of $145,241, which mostly consisted of production equipment. We filed patent applications at a cost to us of $6,750 in 2018 versus none in 2019.

We generally provide a standard one-year limited warranty on materials and workmanship to our customers. We provide for estimated warranty costs at the time product revenue is recognized. Warranty costs are included as a component of cost of goods sold in the accompanying statements of operations. For the year ended December 31, 2019 and for the year ended December 31, 2018, warranty costs were not deemed significant.

Critical Accounting Policies and Estimates

Our financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis. The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.

We regularly evaluate the accounting policies and estimates that we use to prepare our financial statements. In general, management's estimates are based on historical experience, on information from third party professionals, and on various other assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ from those estimates made by management.

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, sales and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including those related to bad debts, inventories, sales returns, warranty, contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. We believe the following critical accounting policies affect the more significant judgments and estimates used in the preparation of our financial statements.

We have concluded that we have two operating segments, including our primary business which is as a developer, manufacturer and marketer of portable hand-held breathalyzers and related accessories, supplies and education, and a second segment consisting of renting portions of our building to existing tenants.

We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. If the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances would be required, which would increase our expenses during the periods in which any such allowances were made. The amount recorded as a provision for bad debts in each period is based upon our assessment of the likelihood that we will be paid on our outstanding receivables, based on customer-specific as well as general considerations. To the extent that our estimates prove to be too high, and we ultimately collect a receivable previously determined to be impaired, we may record a reversal of the provision in the period of such determination.

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. Any write-downs of inventory would reduce our reported net income during the period in which such write-downs were applied.

Property and equipment are stated at cost, with depreciation computed over the estimated useful lives of the assets, generally five years (three years for software and technology licenses). We use the declining method of depreciation for property, including space modifications, and the straight line method for software and technology licenses. We purchased all of the assets of STS, an online education company, in 2014, which consisted of training courses that are amortized over 15 years using the straight line method. In October 2014, we purchased our building. A majority of the cost of the building is depreciated over 39 years using the straight line method. In addition, based on the results of a third party analysis, a portion of the cost was allocated to components integral to the building. Such components are depreciated over 5 and 15 years, using the declining method. The R.A.D.A.R.® mobile devices, and the R.A.D.A.R.® software and patents that were purchased in March 2017 are depreciated over 5 years using the declining balance method, and amortized over 15 years, using the straight line method, respectively. Maintenance and repairs are expensed as incurred and major additions, replacements and improvements are capitalized.

Revenue from product sales and supplies is generally recorded when we ship the product and title has passed to the customer, or when agreed milestones are met in the case of product developments, provided that we have evidence of a customer arrangement and can conclude that collection is probable. The prices at which we sell our products are fixed and determinable at the time we accept a customer's order. We recognize revenue from sales to stocking distributors when there is no right of return, other than for normal warranty claims, and generally have no ongoing obligations related to product sales, except for normal warranty.

The sales of licenses to our training courses are recognized as revenue at the time of sale. Training and certification revenues are recognized at the time the training and certification occurs. Data recording revenue is recognized based on each day’s usage of enrolled devices.

Revenues arising from extended warranty contracts are booked as sales over their life on a straight-line basis. We provide customer financing and leasing ourselves, which we recognize as revenue over the applicable lease term. Occasionally, we rent used equipment to customers, and in those cases, we recognize the revenues as they are earned over the life of the contract.

Royalty income is recognized in accordance with agreed upon terms, when performance obligations are satisfied, the amount is fixed or determinable and collectability is reasonably assured.

Rental income from space leased to our tenants is recognized in the month in which it is due.

On occasion we receive customer deposits for future product orders and for product development. Customer deposits are initially recorded as a liability and recognized as revenue when the product is shipped and title has passed to the customer, or in the case of product development, when agreed milestones are met.

Stock-based compensation is presented in accordance with the guidance of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 718, Compensation — Stock Compensation ("ASC 718"). Under the provisions of ASC 718, companies are required to estimate the fair value of share-based payment awards made to employees and directors including employee stock options based on estimated fair values on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in our statement of operations.

Off-Balance Sheet Arrangements

We currently have no off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Not required for smaller reporting companies.

Item 8. Financial Statements and Supplementary Data

The following financial statements are included in this Report:


	Page
Report of Independent Registered Public Accounting Firm for the Years Ended December 31, 2019 and 2018	21

Balance Sheets as of December 31, 2019 and 2018	20

Statements of Income for the Years Ended December 31, 2019 and 2018	21

Statements of Stockholders' Equity for the Years Ended December 31, 2019 and 2018	22

Statements of Cash Flows for the Years Ended December 31, 2019 and 2018	23

Notes to Financial Statements	24

Causey Demgen & Moore P.C.

1099 Eighteenth Street

Suite 2300

Denver, Colorado 80202

Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders of

Lifeloc Technologies, Inc.

Opinion on the Financial Statements

We have audited the accompanying balance sheets of Lifeloc Technologies, Inc. (the “Company”) as of December 31, 2019 and 2018, the related statements of income, stockholders' equity and cash flows for the years then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2019 and 2018 and the results of its operations and its cash flows for the years then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Causey Demgen & Moore P.C.

Causey Demgen & Moore P.C.

We have served as the Company’s auditor since 2016.

Denver, Colorado

March 24, 2020

LIFELOC TECHNOLOGIES, INC.

Balance Sheets

ASSETS
		December 31,
CURRENT ASSETS:		2019			2018
Cash	$	3,185,996		$	2,788,327
Accounts receivable, net		641,239			675,136
Inventories, net		1,986,299			1,290,607
Income taxes receivable		6,750			90,629
Prepaid expenses and other		18,857			35,155
Total current assets		5,839,141			4,879,854

PROPERTY AND EQUIPMENT, at cost:
Land		317,932			317,932
Building		1,928,795			1,928,795
Real-time Alcohol Detection And Recognition equipment and software		569,448			569,448
Production equipment, software and space modifications		976,621			800,569
Training courses		432,375			432,375
Office equipment, software and space modifications		208,986			241,836
Sales and marketing equipment, and space modifications		232,600			219,797
Research and development equipment, software and space modifications		172,429			159,810
Less accumulated depreciation		(1,959,541	)		(1,649,203	)
Total property and equipment, net		2,879,645			3,021,359

OTHER ASSETS:
Patents, net		145,323			158,147
Deposits and other		74,027			140,452
Deferred taxes		86,658			79,869
Total other assets		306,008			378,468

Total assets	$	9,024,794		$	8,279,681

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	261,798		$	343,783
Term loan payable, current portion		44,879			43,207
Customer deposits		214,031			19,265
Accrued expenses		290,458			250,912
Deferred revenue, current portion		45,874			44,218
Reserve for warranty expense		45,000			40,000
Total current liabilities		902,040			741,385

TERM LOAN PAYABLE, net of current portion and
debt issuance costs		1,324,467			1,369,347

DEFERRED REVENUE, net of current portion		6,066			8,212
Total liabilities		2,232,573			2,118,944

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:
Common stock, no par value; 50,000,000 shares
authorized, 2,454,116 shares outstanding		4,603,304			4,597,646
Retained earnings		2,188,917			1,563,091
Total stockholders' equity		6,792,221			6,160,737

Total liabilities and stockholders' equity	$	9,024,794		$	8,279,681

See accompanying notes.

LIFELOC TECHNOLOGIES, INC.

Statements of Income

	Years Ended December 31,
REVENUES:	2019			2018
Product sales	$	8,251,570		$	8,104,003
Royalties		411,111			247,765
Rental income		89,142			85,886
Total		8,751,823			8,437,654

COST OF SALES		4,815,820			4,628,403

GROSS PROFIT		3,936,003			3,809,251

OPERATING EXPENSES:
Research and development		1,038,227			1,121,827
Sales and marketing		1,240,773			1,251,388
General and administrative		1,175,788			1,165,413
Total		3,454,788			3,538,628

OPERATING INCOME		481,215			270,623

OTHER INCOME (EXPENSE):
Settlement proceeds		225,199			—
Interest income		38,750			25,624
Interest expense		(57,802	)		(61,650	)
Total		206,147			(36,026	)

NET INCOME BEFORE PROVISION FOR TAXES		687,362			234,597

(PROVISION FOR) FEDERAL AND STATE INCOME TAXES		(61,536	)		(17,433	)

NET INCOME	$	625,826		$	217,164

NET INCOME PER SHARE, BASIC	$	0.26		$	0.09

NET INCOME PER SHARE, DILUTED	$	0.26		$	0.09

WEIGHTED AVERAGE SHARES, BASIC		2,454,116			2,454,116

WEIGHTED AVERAGE SHARES, DILUTED		2,454,116			2,512,445

See accompanying notes.

Lifeloc Technologies, Inc.

Statements of Stockholders' Equity

	Years Ended December 31,
	2019		2018
Total stockholders' equity, beginning balances	$	6,160,737	$	5,926,104

Common stock (no shares issued during periods):
Beginning balances		4,597,646		4,580,177
Stock based compensation expense related
to stock options		5,658		17,469
Ending balances		4,603,304		4,597,646

Retained earnings:
Beginning balances		1,563,091		1,345,927
Net income		625,826		217,164
Ending balances		2,188,917		1,563,091

Total stockholders' equity, ending balances	$	6,792,221		6,160,737

See accompanying notes.

LIFELOC TECHNOLOGIES, INC.

Statements of Cash Flows

	Years Ended December 31,
CASH FLOWS FROM OPERATING ACTIVITIES:	2019			2018
Net income	$	625,826		$	217,164
Adjustments to reconcile net income to net cash
provided from operating activities-
Depreciation and amortization		412,529			416,896
Provision for doubtful accounts, net change		—			(5,000	)
Provision for inventory obsolescence, net change		20,000			60,000
Deferred taxes, net change		(6,789	)		(13,338	)
Reserve for warranty expense, net change		5,000			—
Stock based compensation expense related to
stock options		5,658			17,469
Changes in operating assets and liabilities-
Accounts receivable		33,897			(76,810	)
Inventories		(715,692	)		(175,504	)
Income taxes receivable		83,879			30,772
Prepaid expenses and other		16,298			(13,351	)
Deposits and other		66,425			118,585
Accounts payable		(81,985	)		46,687
Customer deposits		194,766			(29,498	)
Accrued expenses		39,546			(13,378	)
Deferred revenue		(490	)		(10,390	)
Net cash provided from
operating activities		698,868			570,304

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, equipment and space modifications		(256,906	)		(402,147	)
Patent filing expense		—			(6,750	)
Net cash (used in) investing activities		(256,906	)		(408,897	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments made on term loan		(44,293	)		(42,535	)
Net cash (used in) financing
activities		(44,293	)		(42,535	)

NET INCREASE IN CASH		397,669			118,872

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		2,788,327			2,669,455

CASH AND CASH EQUIVALENTS, END OF PERIOD	$	3,185,996		$	2,788,327

SUPPLEMENTAL INFORMATION:
Cash paid for interest	$	56,717		$	58,847

Cash paid for income tax	$	38,000		$	—

See accompanying notes.

LIFELOC TECHNOLOGIES, INC.

Notes to Financial Statements

December 31, 2019 and 2018

1. ORGANIZATION AND NATURE OF BUSINESS

Lifeloc Technologies, Inc. ("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 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.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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.

Debt Issuance Costs. In 2016, the Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). This standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. Deferred loan costs are amortized over the 20-year life of the term loan on a straight line basis, which approximates the effective interest method. Total amortization during the years ended December 31, 2019 and 2018 was $1,085 and $2,803 respectively, and is included within interest expense on the statements of income.

Deferred Taxes. In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). This standard requires that deferred income tax assets and liabilities be presented as noncurrent assets or liabilities in the balance sheet. ASU 2015-17 is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods, and may be applied either prospectively to all deferred tax assets or liabilities or retrospectively to all periods presented. We adopted this new standard in 2017.

Fair Value Measurement. Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures ("ASC 820"), provides a comprehensive framework for measuring fair value and expands disclosures which are required about fair value measurements. Specifically, ASC 820 sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. ASC 820 defines the hierarchy as follows:

Level 1 - Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equity securities listed on the New York Stock Exchange.

Level 2 - Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reported date. The types of assets and liabilities in Level 2 are typically either comparable to actively traded securities or contracts or priced with models using highly observable inputs.

Level 3 - Significant inputs to pricing that are unobservable as of the reporting date. The types of assets and liabilities included in Level 3 are those with inputs requiring significant management judgment or estimation, such as complex and subjective models and forecasts used to determine the fair value of financial transmission rights.

Cash and Cash Equivalents. For purposes of reporting cash flows, we consider all cash and highly liquid investments with an original maturity of three months or less to be cash equivalents.

Fair Value of Financial Instruments. Our financial instruments consist of cash, short-term trade receivables, payables and a term loan secured by a first mortgage. The carrying values of cash, short-term receivables, and payables approximate their fair value due to their short term maturities. The carrying value of the term loan approximates its fair value based on interest rates currently obtainable.

Concentration of Credit Risk. Financial instruments with significant credit risk include cash and accounts receivable. The amount of cash on deposit with two financial institutions exceeded the $250,000 federally insured limit at December 31, 2019 by $2,238,307. However, we believe that the financial institutions are financially sound and the risk of loss is minimal.

We have no significant off-balance sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements.

Accounts Receivable. Accounts receivable are typically unsecured and are derived from transactions with and from entities primarily located in the United States or from international distributors with a proven payment history. Accordingly, we may be exposed to credit risks generally associated with the alcohol monitoring industry. Our credit policy calls for payment in accordance with prevailing industry standards, generally 30 days with occasional exceptions of up to 60 days for large established customers. We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. A summary of the activity in our allowance for doubtful accounts is as follows:

Years Ended December 31	2019			2018
Balance, beginning of year	$	30,000		$	35,000
Provision for estimated losses		4,898			(7,583	)
Recovery (write-off) of uncollectible accounts		(4,898	)		2,583
Balance, end of year	$	30,000		$	30,000

The net accounts receivable balance at December 31, 2019 of $641,239 included an account from one customer of $194,043 (30%), $93,962 from a second customer (15%), and no more than 10% from any other single customer. The net accounts receivable balance at December 31, 2018 of $675,136 included an account from one customer of $181,701 (27%), $84,964 from a second customer (13%), and no more than 10% from any other single customer.

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 December 31, 2019 and December 31, 2018, inventory consisted of the following:

	2019			2018
Raw materials & deposits	$	1,601,354		$	937,276
Work-in-process		32,006			37,338
Finished goods		492,939			435,993
Total gross inventories		2,126,299			1,410,607
Less reserve for obsolescence		(140,000	)		(120,000	)
Total net inventories	$	1,986,299		$	1,290,607

A summary of the activity in our inventory reserve for obsolescence is as follows:

Years Ended December 31	2019			2018
Balance, beginning of year	$	120,000		$	60,000
Provision for estimated obsolescence		73,440			105,092
Write-off of obsolete inventory		(53,440	)		(45,092	)
Balance, end of year	$	140,000		$	120,000

Property and Equipment. Property and equipment are stated at cost, with depreciation computed over the estimated useful lives of the assets, generally five years; three years for software and technology licenses; 15 years for space modifications and for training courses; 39 years for the cost of the building we purchased in October 2014. We utilize the declining method of depreciation for property, equipment and space modifications, and the straight-line method of depreciation for software, training courses, and the building, due to the expected usage of these assets over time. These methods are expected to continue throughout the life of the assets. Maintenance and repairs are expensed as incurred and major additions, replacements and improvements are capitalized. Depreciation expense for the years ended December 31, 2019 and 2018 was $398,620 and $388,246 respectively.

Long-Lived Assets. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. A long-lived asset is considered impaired when estimated future cash flows related to the asset, undiscounted and without interest, are insufficient to recover the carrying amount of the asset. If deemed impaired, the long-lived asset is reduced to its estimated fair value. Long-lived assets to be disposed of are reported at the lower of their carrying amount or estimated fair value less cost to sell. No impairments were recorded for the years ended December 31, 2019 and 2018 respectively.

Patents. The costs of applying for patents are capitalized and amortized on a straight-line basis over the lesser of the patent's economic or legal life (20 years for utility patents in the United States, and 14 years for design patents). Amortization expense, including impairments, for the years ended December 31, 2019 and 2018 was $12,824 and $25,847 respectively. Amortization expense for each of the next 5 years is estimated to be $12,479 per year. Capitalized costs are expensed if patents are not granted. We review the carrying value of our patents periodically to determine whether the patents have continuing value and such reviews could result in the conclusion that the recorded amounts have been impaired. Impairments of $0 and $0 were included in amortization expense for the years ended December 31, 2019 and 2018 respectively. A summary of our patents at December 31, 2019 and 2018 is as follows:

	2019			2018
Patents issued	$	100,008		$	88,855
Patent applications		6,750			17,903
Patents and patent applications acquired in asset acquisition		100,000			100,000
Accumulated amortization		(61,435	)		(48,611	)
Total net patents	$	145,323		$	158,147

Deposits and Other Assets. We include the long-term portion of installment receivables with deposits.

Accrued Expenses. We have accrued various expenses in our December 31 balance sheets, as follows.

	2019		2018
Compensation	$	167,027	$	163,814
Property and other taxes		72,868		61,538
Rebates		30,500		25,560
Federal income tax		20,063		—
	$	290,458	$	250,912

Product Warranty Reserve. We provide for the estimated cost of product warranties at the time sales are recognized. Our warranty obligation is based upon historical experience and will be affected by product failure rates and material usage incurred in correcting a product failure. Should actual product failure rates or material usage costs differ from our estimates, revisions to the estimated warranty liability would be required. A summary of the activity in our product warranty reserve is as follows:

Years Ended December 31	2019			2018
Balance, beginning of year	$	40,000		$	40,000
Provision for estimated warranty claims		41,643			29,295
Claims made		(36,643	)		(29,295	)
Balance, end of year	$	45,000		$	40,000

Income Taxes. We account for income taxes under the provisions of ASC Topic 740, Accounting for Income Taxes ("ASC 740"). ASC 740 requires recognition of deferred income tax assets and liabilities for the expected future income tax consequences, based on enacted tax laws, of temporary differences between the financial reporting and tax bases of assets and liabilities. ASC 740 also requires recognition of deferred tax assets for the expected future tax effects of all deductible temporary differences, loss carryforwards and tax credit carryforwards. Deferred tax assets are then reduced, if deemed necessary, by a valuation allowance for the amount of any tax benefits which, more likely than not based on current circumstances, are not expected to be realized.

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements, uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. For the years ended December 31, 2019 and 2018, we did not have any interest or penalties or any significant uncertain tax positions.

Revenue Recognition. In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. We adopted this ASU on January 1, 2018 retrospectively, with the cumulative effect of initial application (which was zero) recognized in retained earnings on that date.

Revenues arising from extended warranty contracts are booked as sales over their life on a straight-line basis. We have discontinued arranging for customer financing and leasing through unrelated third parties and instead are providing for customer financing and leasing ourselves, which we recognize as revenue over the applicable lease term. Occasionally, we rent used equipment to customers, and in those cases, we recognize the revenues as they are earned over the life of the contract.

Royalty income is recognized in accordance with agreed upon terms, when performance obligations are satisfied, the amount is fixed or determinable and collectability is reasonably assured.

Rental income from space leased to our tenants is recognized in the month in which it is due, which approximates if it were recognized on a straight-line basis over the term of the related lease.

On occasion we receive customer deposits for future product orders and product developments. Customer deposits are initially recorded as a liability and recognized as revenue when the product is shipped and title has passed to the customer, or when agreed milestones are met in the case of product developments.

Topic 606 requires the disaggregation of revenue into broad categories, which we have defined as shown below.

	Year Ended December 31,
Product sales:	2019		2018
Product sales and supplies	$	7,499,094	$	7,373,820
Training, certification and data recording		647,734		634,567
Service plans and equipment rental		104,742		95,616
Product sales subtotal		8,251,570		8,104,003
Royalties		411,111		247,765
Rental income		89,142		85,886
Total revenues	$	8,751,823	$	8,437,654

Deferred Revenue. Deferred revenues arise from service contracts and from development contracts. Revenues from service contracts are recognized on a straight-line basis over the life of the contract, generally one year, and are included in product revenue in our statements of income. However, there are occasions when they are written for longer terms up to four years. The revenues from that portion of the contract that extend beyond one year are shown in our balance sheets as long term. Deferred revenues also result from progress payments received on development contracts; those revenues are recognized when the contract is complete, and are included in product revenue in our statements of income. All development contracts are for less than one year and all deferred revenues from this source are shown in our balance sheets as short term.

Grants. We apply for and receive job training and other grants, which are recognized as reductions of expense when received. In September 2014 we were notified that we had been awarded a $250,000 grant from the Colorado Office of Economic Development to accelerate development of a marijuana breathalyzer that is currently under development. The grant completion date was August 31, 2018, at which point $126,793 of grant funds remained unused and are no longer available. We received grants of $31,646 and $2,721 in 2019 and 2018 respectively.

Rebates. Our rebate program is available to certain of our North American workplace distributors in good standing who are responsible for sales equaling at least $25,000 in one calendar year. Distributors in good standing who meet the required sales threshold earn a rebate equal to between 1 and 10 percent of that distributor's total sales of the Company's products. We accrue for these rebates monthly; they are shown in our balance sheets as accrued expenses.

Recent Accounting Pronouncements. We have reviewed all recently issued, but not yet effective, accounting pronouncements.

In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"). This update substantially revises standards for the recognition, measurement and presentation of financial instruments. This standard revises an entity's accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. It also amends certain disclosure requirements associated with the fair value of financial instruments. ASU 2016-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods, with early adoption permitted for certain requirements. We adopted this new standard effective January 1, 2018. This new standard did not have a material impact on our financial statements or related disclosures.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The amendments in this ASU revise the accounting related to lessee accounting. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases. The new lease guidance also simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. The amendments in this ASU are effective for us beginning on January 1, 2019 and should be applied through a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted. We adopted this new standard in 2019, which did not have a material impact on our financial statements or related disclosures.

Research and Development Expenses. We expense research and development costs for products and processes as incurred.

Stock-Based Compensation. Stock-based compensation is presented in accordance with the guidance of ASC Topic 718, Compensation – Stock Compensation ("ASC 718"). Under the provisions of ASC 718, companies are required to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in our statement of income.

ASC 718 requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the accompanying statement of income.

Stock-based compensation expense recognized during the period is based on the value of the portion of share-based payment awards that is ultimately expected to vest during the period. We used the Black-Scholes option-pricing model ("Black-Scholes model") to determine fair value. Our determination of fair value of share-based payment awards on the date of grant using an option-pricing model is affected by our stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to our expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. Although the fair value of employee stock options is determined in accordance with ASC 718 using an option-pricing model, that value may not be indicative of the fair value observed in a willing buyer/willing seller market transaction.

Stock-based compensation expense recognized under ASC 718 for years 2019 and 2018 was $5,658 and $17,469 respectively. Stock-based compensation expense related to employee stock options under ASC 718 is allocated to General and Administrative Expense when incurred.

Segment Reporting. We have concluded that we have two operating segments, including our primary business which is as a developer, manufacturer and marketer of portable hand-held breathalyzers and related accessories, supplies and education. As a result of purchasing our building on October 31, 2014, we have a second segment consisting of renting portions of our building to existing tenants, whose leases expire at various times until July 31, 2020.

Basic and Diluted Income and Loss per Common Share. Net income or loss per share is calculated in accordance with ASC Topic 260, Earnings Per Share ("ASC 260"). Under the provisions of ASC 260, 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 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. Dilution from potential common shares outstanding at December 31, 2019 and 2018 was $0 and $0 per share, respectively.

3. BASIC AND DILUTED INCOME AND LOSS PER COMMON SHARE

We report both basic and diluted net income per common share. Basic net income per common share is computed by dividing net income for the period by the weighted average number of common shares outstanding for the period. Diluted net income per common share is computed by dividing the net income 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 per common share:

	Years Ended December 31,
	2019		2018
Net income	$	625,826	$	217,164
Weighted average shares-basic		2,454,116		2,454,116
Effect of dilutive potential common shares		—		58,329
Weighted average shares-diluted		2,454,116		2,512,445
Net income per share-basic	$	.26	$	.09
Net income per share-diluted	$	.26	$	.09
Antidilutive employee stock options		—		—

4. STOCKHOLDERS' EQUITY

Stock Option Plan. In January 2013, we adopted our 2013 Stock Option Plan (the "2013 Plan") to promote the Company's and its stockholders' interests by helping us to attract, retain and motivate our key employees and associates. Under the terms of the 2013 Plan, our Board of Directors (the "Board") can grant either "nonqualified" or "incentive" stock options, as defined by the Internal Revenue Code and related regulations. The purchase price of the shares subject to a stock option is the fair market value of our common stock on the date the stock option is granted. Generally, all stock options must be exercised within five years from the date granted. The number of common shares reserved for issuance under the 2013 Plan is 150,000 shares of common stock, subject to adjustment for dividend, stock split or other relevant changes in our capitalization. The 2013 Plan was approved by our shareholders at their regular annual meeting on April 1, 2013.

Under ASC 718, the value of each employee stock option was estimated on the date of grant using the Black-Scholes model for the purpose of financial information in accordance with ASC 718. The use of a Black-Scholes model requires the use of actual employee exercise behavior data and the use of a number of assumptions including expected volatility, risk-free interest rate and expected dividends. Options to purchase 50,000 shares of stock at $6.00 apiece were granted in 2017 with vesting conditioned on meeting performance standards. In accordance with the terms of the grant, the number of options was reduced to 25,000 on December 31, 2019. Options to purchase 3,000 shares at $5.51 apiece were granted in 2019 and are fully vested.

Cumulative compensation cost recognized in net income or loss with respect to options that are forfeited prior to vesting is adjusted as a reduction of compensation expense in the period of forfeiture. The volatility of the stock is based on a comparable public company's historical volatility since our stock is rarely traded. Fair value computations are highly sensitive to the volatility factor; the greater the volatility, the higher the computed fair value of options granted.

The Black-Scholes model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. In addition, option valuation models require the use of assumptions, including the expected stock price volatility. Because our employee stock options have characteristics significantly different than those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management's opinion, the existing models do not necessarily provide a reliable single measure of the fair value of our employee stock options. A summary of our stock option activity and related information for equity compensation plans approved by security holders for each of the fiscal years ended December 31, 2019 and 2018 is as follows:

	STOCK OPTIONS OUTSTANDING
	Number Outstanding			Weighted Average Exercise Price Per Share
BALANCE AT DECEMBER 31, 2017	60,000		$	5.39
Granted	—			—
Exercised	—			—
Forfeited/expired	(10,000	)		—
BALANCE AT DECEMBER 31, 2018	50,000		$	6.00
Granted	3,000
Exercised	—			—
Forfeited/expired	(25,000	)		—
BALANCE AT DECEMBER 31, 2019	28,000		$	5.95

The following table summarizes information about employee stock options outstanding and exercisable at December 31, 2019:

	STOCK OPTIONS OUTSTANDING			STOCK OPTIONS EXERCISABLE
Range of Exercise Prices	Number Outstanding	Weighted-Average Remaining Contractual Life (in Years)	Weighted-Average Exercise Price per Share	Number Exercisable	Weighted-Average Exercise Price per Share
$6.00	25,000	2.75	$6.00	—	—
$5.51	3,000	4.58	$5.51	3,000	$5.51

The exercise price of all options granted through December 31, 2019 has been equal to or greater than the fair market value as of the date of grant, as determined by the Board. As of December 31, 2019, 115,300 options for our common stock remain available for grant under the 2013 Plan.

Options to purchase 50,000 shares of stock at $8.83 apiece were granted during the year ended December 31, 2016. These options were forfeited and replaced with options to purchase 50,000 shares of stock at $6.00 apiece in 2018 in conjunction with the amendment of an employment agreement. In accordance with the terms of the grant, the number of options was reduced to 25,000 on December 31, 2019. Vesting of these options is subject to performance achieved during the years ending December 31, 2020 and 2021. The provisions of ASC 718-10-55 require the measurement and recognition of compensation expense for all share-based payment awards made to our employees and directors, including employee stock options, based on estimated fair values. Share-based compensation cost for stock options is measured at the grant date, based on the fair value as calculated by the Black-Scholes-Merton ("BSM") option-pricing model. The BSM option pricing model requires the use of actual employee exercise behavior data and the application of a number of assumptions, including expected volatility, risk free interest rate and expected dividends. For the options granted in 2019, the pricing model assumptions were: risk-free interest rate 1.84%, expected life 5 years, expected volatility 22%, expected dividend rate 0%. Applying these assumptions resulted in a fair value of $3,846, all of which was charged against operations with a corresponding credit to capital. Total share-based compensation cost for the year ended December 31, 2019 was $5,658 and $17,469 for the year ended December 31, 2018.

No options were exercised during the years ended December 31, 2019 and 2018.

The total number of authorized shares of common stock continues to be 50,000,000, with no change in the par value per share.

5. COMMITMENTS AND CONTINGENCIES

Mortgage Expense. We purchased our facilities in Wheat Ridge, Colorado on October 31, 2014 for $1,949,139 and took out a term loan secured by a first mortgage on the property in the amount of $1,581,106 with Bank of America for a portion of the purchase price. Effective June 30, 2016 the note was amended to revise the interest rate from 4.45% to 4.00% per annum. The revised note is payable in 99 equal monthly installments of $8,417, including interest, plus a final payment of $1,138,104 (excluding interest) on October 31, 2024. Our minimum future principal payments on this term loan, by year, are as follows:

Year		Amount
	2020	$	45,964
	2021		48,021
	2022		50,005
	2023		52,072
	2024		1,178,528
	Total		1,374,590
	Less financing cost		(5,244	)
	Net term loan payable		1,369,346
	Less current portion		(44,879	)
	Long term portion	$	1,324,467

Employee Severance Benefits. Our obligation with respect to employee severance benefits is minimized by the "at will" nature of the employee relationships. As of December 31, 2019 we had no obligation with respect to contingent severance benefit obligations other than the Company's obligations under the employment agreement with its chief executive officer, Dr. Wayne Willkomm. In the event that Dr. Willkomm's employment is terminated by the Company without Cause (including through a decision by the Company not to renew the employment agreement) or by Dr. Willkomm with Good Reason (as each are defined in the employment agreement), Dr. Willkomm will be eligible, upon satisfaction of certain conditions, for severance equal to two months of salary continuation plus 12 months of health insurance continuation.

Contractual Commitments and Purchase Orders. Contractual commitments under development agreements and outstanding purchase orders issued to vendors in the ordinary course of business totaled $2,045,455 at December 31, 2019.

Regulatory Commitments. With respect to our LifeGuard® product, we are subject to regulation by the United States Food and Drug Administration ("FDA"). The FDA provides regulations governing the manufacture and sale of our LifeGuard® product, and we are subject to inspections by the FDA to determine our compliance with these regulations. FDA inspections are conducted periodically at the discretion of the FDA. On June 26, 2017, we were inspected by the FDA and no violations were issued. We are also subject to regulation by the DOT and by various state departments of transportation so far as our other products are concerned. We believe that we are in substantial compliance with all known applicable regulations.

6. LINE OF CREDIT

As part of the long-term financing of our property purchased on October 31, 2014, we obtained a one-year $250,000 revolving line of credit facility with Bank of America, which matured on October 31, 2015 and was extended to June 30, 2018, and bears interest at a rate equal to the LIBOR daily floating rate of 2.39238% and 1.4375% on December 31, 2019 and 2018, respectively, plus 2.5%. The agreement was amended to increase the amount of the line to $750,000 and extend the maturity date to June 30, 2020. The revolving line of credit facility is secured by all personal property and assets, whether now owned or hereafter acquired, wherever located. There was no balance due on the line of credit as of December 31, 2019 and December 31, 2018.

7. INCOME TAXES

We account for income taxes under ASC 740, which requires the use of the liability method. ASC 740 provides that deferred tax assets and liabilities are recorded based on the differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, referred to as temporary differences. Deferred tax assets and liabilities at the end of each period are determined using the currently enacted tax rates applied to taxable income in the periods in which the deferred tax assets and liabilities are expected to be settled or realized. We had a Federal General Business Credit carryover available for 2019 of $69,603, of which we used $68,247, leaving a carryover available for 2020 of $1,356.

Our income tax provision is summarized below:

Years Ended	December 31, 2019			December 31, 2018
Current:
Federal	$	33,051		$	12,985
State		35,274			17,787
Total current		68,325			30,772
Deferred:
Federal		(5,563	)		(10,929	)
State		(1,226	)		(2,410	)
Total deferred		(6,789	)		(13,339	)
Total	$	61,536		$	17,433

The items accounting for the difference between income taxes computed at the federal statutory rate and the provision for income taxes consists of the following:

Years Ended	December 31, 2019			December 31, 2018
Federal statutory rate	$	144,346		$	49,265
Effect of:
State taxes, net of federal tax benefit		(34,048	)		(15,377	)
Research & development credit		(124,154	)		(63,954	)
Other		75,392			47,499
Total	$	61,536		$	17,433

The components of the deferred tax asset are as follows:

	Years Ended December 31,
	2019		2018
Current Deferred Tax Assets:
Bad debt reserve	$	7,689	$	7,689
Inventory reserve		35,882		30,756
Accrued vacation		18,241		17,610
Deferred income		13,312		13,562
Warranty reserve		11,534		10,252
Total deferred tax assets	$	86,658	$	79,869

Our income tax returns are no longer subject to Federal tax examinations by tax authorities for years before 2016 or state examinations for years before 2015.

8. LEGAL PROCEEDINGS

We were not involved or party to any legal proceedings at December 31, 2019 or December 31, 2018, and therefore made no accruals for legal proceedings in either 2019 or 2018.

9. MAJOR CUSTOMERS/SUPPLIERS

We depend on sales that are generated from our customers' ongoing usage of alcohol testing instruments.

One customer contributed 8% ($622,563) to our product sales in 2019, a second customer contributed 6% ($484,607), a third customer contributed 5% ($379,938), and no other customer contributed more than 3%. One customer contributed 7% ($630,644) to our total sales in 2018, a second customer contributed 5% ($401,228), a third customer contributed 4% ($346,259), and no other customer contributed more than 3%. In making this determination, we considered the federal government, state governments, local governments, and foreign governments each as a single customer.

In 2019, we depended upon three vendors for approximately 24% of our purchases (three vendors and 23% respectively in 2018).

10. DEFINED CONTRIBUTION EMPLOYEE BENEFIT PLAN

We have adopted a 401(k) Profit Sharing Plan ("401(k) Plan") which covers all full-time employees who have completed 3 months of full-time continuous service and are age eighteen or older. Participants may defer up to 100% of their gross pay up to 401(k) Plan limits. Participants are immediately vested in their contributions. We make monthly discretionary matching contributions of 3% of the total payroll of the participating employees. In 2019 and 2018 we contributed $54,669 and $53,268 respectively. The participants vest in Company contributions based on years of service, with a participant fully vested after six years of credited service.

11. BUSINESS SEGMENTS

We currently have two business segments: (i) the sale of physical products, including portable hand-held breathalyzers and related accessories, supplies, education, training ("Product Sales"), and royalties from development contracts with OEM manufacturers ("Royalties" and, together with Product Sales, the "Products" segment), and (ii) rental of a portion of our building (the "Rentals" segment). The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 2.

Operating profits for these segments exclude unallocated corporate items. Administrative and staff costs were commonly used by all business segments and were indistinguishable.

The following sets forth information about the operations of the business segments for the years ended December 31, 2019 and 2018.

	2019		2018
Product sales	$	8,251,570	$	8,104,003
Royalties		411,111		247,765
Products subtotal		8,662,681		8,351,768
Rentals		89,142		85,886
Total	$	8,751,823	$	8,437,654

Gross profit:
Product sales	$	3,493,665	$	3,547,903
Royalties		411,111		247,765
Products subtotal		3,904,776		3,795,668
Rentals		31,227		13,583
Total	$	3,936,003	$	3,809,251

Interest expense:
Product sales	$	36,743	$	33,582
Royalties		—		—
Products subtotal		36,743		33,582
Rentals		21,059		28,068
Total	$	57,802	$	61,650

Net income (loss) before taxes:
Product sales	$	266,083	$	1,317
Royalties		411,111		247,765
Products subtotal		677,194		249,082
Rentals		10,168		(14,485	)
Total	$	687,362	$	234,597

There were no intersegment revenues.

At December 31, 2019, $616,183 of our assets were used in the Rentals segment, with the remainder, $8,408,504, used in the Products and unallocated segments.

Future rental income and related expenses will depend on whether existing leases are renewed. Minimum base rents for leases in place at December 31, 2019 are scheduled to be $33,178 in 2020 and $0 in 2021.

12. 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 disclosure in the notes to our financial statements, except for the following.

On March 1, 2020 we granted 110,500 options to key employees, including 3,000 options to directors, which have a term of 5 years, and which are immediately and fully vested. Under ASC 718, the value of each stock option was estimated on the date of grant using the Black-Scholes model for the purpose of financial information in accordance with ASC 718. The use of a Black-Scholes model requires the use of actual employee exercise behavior data and the use of a number of assumptions including expected volatility, risk-free interest rate and expected dividends. Cumulative compensation cost recognized in net income or loss with respect to options that are forfeited prior to vesting is adjusted as a reduction of compensation expense in the period of forfeiture. The volatility of the stock is based on a comparable public company's historical volatility since our stock is rarely traded. Fair value computations are highly sensitive to the volatility factor; the greater the volatility, the higher the computed fair value of options granted. The Black-Scholes model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. In addition, option valuation models require the use of assumptions, including the expected stock price volatility.

The factors used to estimate the value of the revised option grant on March 1, 2020 and the resulting fair market value, are as follows.

Stock price			$3.80
Exercise price per share			$3.80
Original term (years)			5
Volatility			23.00%
Annual rate of quarterly dividends			None
Risk free interest rate			.88%
Fair market value of options			$92,698

The above fair market value of these options will be a charge to our statement of income, with an offsetting credit to capital, for the quarter ending March 31, 2020.

Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this Annual Report on Form 10-K, our management has evaluated, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) (the "Exchange Act"). Disclosure controls and procedures are designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's ("SEC") rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of December 31, 2019.

Internal Control over Financial Reporting

(a)

Management's Annual Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, 2019 based on the criteria in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") in 2014. Based on our evaluation under the framework in Internal Control-Integrated Framework issued by the COSO in 2014, our management concluded that our internal control over financial reporting was effective as of December 31, 2019.

(b)

Attestation report of the registered public accounting firm.

This Annual Report does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by our independent registered public accounting firm pursuant to rules of the SEC, which permit us to provide only management's report in this Annual Report.

(c)

Changes in Internal Control over Financial Reporting

There were no significant changes in our internal controls over financial reporting during the fiscal quarter ended December 31, 2019 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

Limitations on the Effectiveness of Controls

A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. Our management, including our Chief Executive Officer and our Chief Financial Officer, do not expect that the Company's disclosure controls will prevent or detect all errors and all fraud. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with associated policies or procedures. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

Item 9B. Other Information

None.

PART III

Item 10. Directors, Executive Officers and Corporate Governance

Information in response to this item is incorporated by reference from the registrant's definitive proxy statement for its 2020 Annual Meeting of Shareholders to be filed within 120 days after December 31, 2019.

Item 11. Executive Compensation

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

The following table summarizes certain information regarding our equity compensation plan as of December 31, 2019:

Plan Category	Number of securities to be issued upon exercise of outstanding options		Weighted-average exercise price of outstanding options		Number of securities remaining available for future issuance under equity compensation plans
Equity compensation plans approved by security holders		28,000	$	5.95		115,300
Equity compensation plans not approved by security holders		-		-		-
Total		28,000	$	5.95		115,300

Item 13. Certain Relationships and Related Transactions, and Director Independence

Item 14. Principal Accountant Fees and Services

PART IV

Item 15. Exhibits, Financial Statement Schedules

(a) Documents filed as part of this Annual Report or incorporated by reference:

(1)

Our financial statements are provided under Item 8 of this Annual Report.

(b) The following exhibits are filed with this Annual Report or incorporated by reference, as indicated:

Exhibit No.		Description of Exhibit
2.1		Asset Purchase Agreement dated as of March 8, 2018, by and among Lifeloc Technologies, Inc., Integrated Monitoring Systems, LLC, and Track Group Inc. (5)
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)
3.12		Amended and Restated Bylaws of Lifeloc Technologies, Inc., dated as of March 31, 2017 (4)
4.1		Form of Certificate representing Common Stock (1)
10.1		Contract No. 071B0200005 between the State of Michigan and Lifeloc Technologies, Inc., dated October 5, 2009 (1)
10.2		Form of Standard Distribution Agreement (1)
10.3		Loan Agreement with Bank of America (Term Loan), dated October 29, 2014 (3)
10.4		Deed of Trust with Bank of America, dated October 29, 2014 (3)
10.5		Security Agreement with Bank of America, dated October 29, 2014 (3)
10.6		Loan Agreement with Bank of America (Line of Credit), dated October 29, 2014 (3)
10.7		Amendment No. 3 to Loan Agreement dated May 15, 2018 (6)
10.8†		2013 Stock Option Plan (2)
10.9†		Amended and Restated Employment Agreement with Dr. Wayne Willkomm, Ph.D., dated October 5, 2018 (7)
23.1*		Consent of Causey Demgen & Moore P.C. (contained in Item 8. Financial Statements and Supplementary Data - REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE YEARS ENDED DECEMBER 31, 2019 and 2018, in this Annual Report)
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 Principal 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 Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101		Interactive Data 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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2013.

(3) Incorporated by reference to our Annual Report on Form 10-K for the year ended December 31, 2014.

(4) Incorporated by reference to our Current Report on Form 8-K filed on April 4, 2017.

(5) Incorporated by reference to our Current Report on Form 8-K filed on March 10, 2017.

(6) Incorporated by reference to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2017.

(7) Incorporated by reference to our Current Report on Form 8-K filed October 10, 2017.

* Filed herewith.

† Indicates a management contract or compensatory plan or arrangement.

Item 16. Form 10-K Summary

None.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: March 24, 2020

	LIFELOC TECHNOLOGIES, INC.

	By:	/s/ Wayne R. Willkomm
		Wayne R. Willkomm, Ph.D.
		Chief Executive Officer and President

Pursuant to the requirements of the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


/s/ Wayne R. Willkomm			March 24, 2020
Wayne R. Willkomm, Ph.D.
Chief Executive Officer and President (Principal Executive Officer) Director

/s/ Vern D. Kornelsen			March 24, 2020
Vern D. Kornelsen
Chief Financial Officer (Principal Financial Officer) Director

/s/ Kristie L. LaRose			March 24, 2020
Kristie L. LaRose Controller (Principal Accounting Officer)

/s/ Robert Greenlee			March 24, 2020
Robert Greenlee Director
/s/ Michael J. Kornelsen			March 24, 2020
Michael J. Kornelsen, D.M.A. Director

/s/ Donald E. Siecke			March 24, 2020
Donald E. Siecke Director

INDEX TO EXHIBITS

Exhibit No.		Description of Exhibit
2.1		Asset Purchase Agreement dated as of March 8, 2018, by and among Lifeloc Technologies, Inc., Integrated Monitoring Systems, LLC, and Track Group Inc. (5)
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)
3.12		Amended and Restated Bylaws of Lifeloc Technologies, Inc., dated as of March 31, 2017 (4)
4.1		Form of Certificate representing Common Stock (1)
10.1		Contract No. 071B0200005 between the State of Michigan and Lifeloc Technologies, Inc., dated October 5, 2009 (1)
10.2		Form of Standard Distribution Agreement (1)
10.3		Loan Agreement with Bank of America (Term Loan), dated October 29, 2014 (3)
10.4		Deed of Trust with Bank of America, dated October 29, 2014 (3)
10.5		Security Agreement with Bank of America, dated October 29, 2014 (3)
10.6		Loan Agreement with Bank of America (Line of Credit), dated October 29, 2014 (3)
10.7		Amendment No. 3 to Loan Agreement dated May 15, 2018 (6)
10.8†		2013 Stock Option Plan (2)
10.9†		Amended and Restated Employment Agreement with Dr. Wayne Willkomm, Ph.D., dated October 5, 2018 (7)
23.1*		Consent of Causey Demgen & Moore P.C. (contained in Item 8. Financial Statements and Supplementary Data - REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE YEARS ENDED DECEMBER 31, 2019 and 2018, in this Annual Report)
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 Principal 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 Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101		Interactive Data 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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2013.

(3) Incorporated by reference to our Annual Report on Form 10-K for the year ended December 31, 2014.

(4) Incorporated by reference to our Current Report on Form 8-K filed on April 4, 2017.

(5) Incorporated by reference to our Current Report on Form 8-K filed on March 10, 2017.

(6) Incorporated by reference to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2017.

(7) Incorporated by reference to our Current Report on Form 8-K filed October 10, 2017.

* Filed herewith.

† Indicates a management contract or compensatory plan or arrangement.

EX-31.1 2 ex31x1.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Wayne R. Willkomm, certify that:

1. I have reviewed this report on Form 10-K of Lifeloc Technologies, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: March 24, 2020

/s/ Wayne R. Willkomm

Wayne R. Willkomm, Ph.D.

Chief Executive Officer

(Principal Executive Officer)

EX-31.2 3 ex31x2.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Vern D. Kornelsen, certify that:

1. I have reviewed this report on Form 10-K of Lifeloc Technologies, Inc.;

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: March 24 2020

/s/ Vern D. Kornelsen

Vern D. Kornelsen

Chief Financial Officer

(Principal Financial Officer)

EX-32.1 4 ex32x1.htm EXHIBIT 32.1

Exhibit 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

I, Wayne R. Willkomm, Chief Executive Officer of Lifeloc Technologies, Inc. (the "Company"), hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

●

the Annual Report on Form 10-K of the Company for the fiscal year ended December 31, 2019 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

●

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the period covered by the Report.

Dated: March 24, 2020

/s/ Wayne R. Willkomm

Wayne R. Willkomm, Ph.D.

Chief Executive Officer

(Principal Executive Officer)

EX-32.2 5 ex32x2.htm EXHIBIT 32.2

Exhibit 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

I, Vern D. Kornelsen, Chief Financial Officer of Lifeloc Technologies, Inc. (the "Company"), hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

●

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the period covered by the Report.

Dated: March 24, 2020

/s/ Vern D. Kornelsen

Vern D. Kornelsen

Chief Financial Officer

(Principal Financial Officer)

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Lifeloc Technologies, Inc. ("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 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 solutions. Today, the majority of our revenues are derived from products and services for alcohol detection and measurement. We remain committed to growing our breath alcohol testing business. In the future, we anticipate the commercialization of new sensing and measurement products that may allow Lifeloc to successfully expand our business into new growth areas where we do not presently compete or where no satisfactory product solutions exist today.   Lifeloc incorporated in Colorado in December 1983.  We filed a registration statement on Form 10 with the Securities and Exchange Commission, which became effective on May 31, 2011.  Our fiscal year end is December 31.  Our principal executive offices are located at 12441 West 49th Avenue, Unit 4, Wheat Ridge, Colorado 80033-3338.  Our telephone number is (303) 431-9500.  Our websites are www.lifeloc.com, www.stsfirst.com and www.lifeguardbreathtester.com. Information contained on our websites does not constitute part of this Form 10-K.

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.   Debt Issuance Costs.  In 2016, the Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03").  This standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums.  Deferred loan costs are amortized over the 20-year life of the term loan on a straight line basis, which approximates the effective interest method.  Total amortization during the years ended December 31, 2019 and 2018 was $1,085 and $2,803 respectively, and is included within interest expense on the statements of income.   Deferred Taxes.  In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”).  This standard requires that deferred income tax assets and liabilities be presented as noncurrent assets or liabilities in the balance sheet.  ASU 2015-17 is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods, and may be applied either prospectively to all deferred tax assets or liabilities or retrospectively to all periods presented.  We adopted this new standard in 2017.   Fair Value Measurement.  Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures ("ASC 820"), provides a comprehensive framework for measuring fair value and expands disclosures which are required about fair value measurements. Specifically, ASC 820 sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. ASC 820 defines the hierarchy as follows:   Level 1 - Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equity securities listed on the New York Stock Exchange.   Level 2 - Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reported date. The types of assets and liabilities in Level 2 are typically either comparable to actively traded securities or contracts or priced with models using highly observable inputs.   Level 3 - Significant inputs to pricing that are unobservable as of the reporting date. The types of assets and liabilities included in Level 3 are those with inputs requiring significant management judgment or estimation, such as complex and subjective models and forecasts used to determine the fair value of financial transmission rights.   Cash and Cash Equivalents.   For purposes of reporting cash flows, we consider all cash and highly liquid investments with an original maturity of three months or less to be cash equivalents.   Fair Value of Financial Instruments.   Our financial instruments consist of cash, short-term trade receivables, payables and a term loan secured by a first mortgage.  The carrying values of cash, short-term receivables, and payables approximate their fair value due to their short term maturities.  The carrying value of the term loan approximates its fair value based on interest rates currently obtainable.   Concentration of Credit Risk.   Financial instruments with significant credit risk include cash and accounts receivable.  The amount of cash on deposit with two financial institutions exceeded the $250,000 federally insured limit at December 31, 2019 by $2,238,307.  However, we believe that the financial institutions are financially sound and the risk of loss is minimal.   We have no significant off-balance sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements.   Accounts Receivable.  Accounts receivable are typically unsecured and are derived from transactions with and from entities primarily located in the United States or from international distributors with a proven payment history.  Accordingly, we may be exposed to credit risks generally associated with the alcohol monitoring industry.  Our credit policy calls for payment in accordance with prevailing industry standards, generally 30 days with occasional exceptions of up to 60 days for large established customers.  We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments.  A summary of the activity in our allowance for doubtful accounts is as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: justify">Years Ended December 31</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; text-align: justify">Balance, beginning of year</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">30,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">35,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Provision for estimated losses</td> <td> </td> <td> </td> <td style="text-align: right">4,898</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(7,583</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; text-align: justify">Recovery (write-off) of uncollectible accounts</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(4,898</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,583</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify">Balance, end of year</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">30,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">30,000</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   The net accounts receivable balance at December 31, 2019 of $641,239 included an account from one customer of $194,043 (30%), $93,962 from a second customer (15%), and no more than 10% from any other single customer. The net accounts receivable balance at December 31, 2018 of $675,136 included an account from one customer of $181,701 (27%), $84,964 from a second customer (13%), and no more than 10% from any other single customer.   Inventories.   Inventories are stated at the lower of cost (first-in, first-out basis) or market. We reduce inventory for estimated obsolete or unmarketable inventory equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory write-downs may be required.  At December 31, 2019 and December 31, 2018, inventory consisted of the following:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%">Raw materials & deposits</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">1,601,354</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">937,276</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Work-in-process</td> <td> </td> <td> </td> <td style="text-align: right">32,006</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">37,338</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt">Finished goods</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">492,939</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">435,993</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total gross inventories</td> <td> </td> <td> </td> <td style="text-align: right">2,126,299</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,410,607</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt">Less reserve for obsolescence</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(140,000</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(120,000</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Total net inventories</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,986,299</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,290,607</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   A summary of the activity in our inventory reserve for obsolescence is as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: justify">Years Ended December 31</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; padding-left: 10pt; text-align: justify; text-indent: -10pt">Balance, beginning of year</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">120,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">60,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; text-align: justify; text-indent: -10pt">Provision for estimated obsolescence</td> <td> </td> <td> </td> <td style="text-align: right">73,440</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">105,092</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: justify; text-indent: -10pt">Write-off of obsolete inventory</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(53,440</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(45,092</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: justify; text-indent: -10pt">Balance, end of year</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">140,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">120,000</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   Property and Equipment. Property and equipment are stated at cost, with depreciation computed over the estimated useful lives of the assets, generally five years; three years for software and technology licenses; 15 years for space modifications and for training courses; 39 years for the cost of the building we purchased in October 2014.  We utilize the declining method of depreciation for property, equipment and space modifications, and the straight-line method of depreciation for software, training courses, and the building, due to the expected usage of these assets over time. These methods are expected to continue throughout the life of the assets.  Maintenance and repairs are expensed as incurred and major additions, replacements and improvements are capitalized.  Depreciation expense for the years ended December 31, 2019 and 2018 was $398,620 and $388,246 respectively.   Long-Lived Assets.   Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. A long-lived asset is considered impaired when estimated future cash flows related to the asset, undiscounted and without interest, are insufficient to recover the carrying amount of the asset. If deemed impaired, the long-lived asset is reduced to its estimated fair value. Long-lived assets to be disposed of are reported at the lower of their carrying amount or estimated fair value less cost to sell.  No impairments were recorded for the years ended December 31, 2019 and 2018 respectively.   Patents.   The costs of applying for patents are capitalized and amortized on a straight-line basis over the lesser of the patent's economic or legal life (20 years for utility patents in the United States, and 14 years for design patents).  Amortization expense, including impairments, for the years ended December 31, 2019 and 2018 was $12,824 and $25,847 respectively.  Amortization expense for each of the next 5 years is estimated to be $12,479 per year.  Capitalized costs are expensed if patents are not granted.  We review the carrying value of our patents periodically to determine whether the patents have continuing value and such reviews could result in the conclusion that the recorded amounts have been impaired.  Impairments of $0 and $0 were included in amortization expense for the years ended December 31, 2019 and 2018 respectively.  A summary of our patents at December 31, 2019 and 2018 is as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; padding-left: 5.4pt">Patents issued</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">100,008</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">88,855</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt">Patent applications</td> <td> </td> <td> </td> <td style="text-align: right">6,750</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">17,903</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt">Patents and patent applications acquired in asset acquisition</td> <td> </td> <td> </td> <td style="text-align: right">100,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">100,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; padding-left: 5.4pt">Accumulated amortization</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(61,435</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(48,611</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt">Total net patents</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">145,323</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">158,147</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> </table> Deposits and Other Assets.  We include the long-term portion of installment receivables with deposits.    Accrued Expenses.  We have accrued various expenses in our December 31 balance sheets, as follows.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; padding-left: 5.4pt; text-align: justify">Compensation</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">167,027</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">163,814</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: justify">Property and other taxes</td> <td> </td> <td> </td> <td style="text-align: right">72,868</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">61,538</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: justify">Rebates</td> <td> </td> <td> </td> <td style="text-align: right">30,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">25,560</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify">Federal income tax</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">20,063</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—  </td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">290,458</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">250,912</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   Product Warranty Reserve.  We provide for the estimated cost of product warranties at the time sales are recognized. Our warranty obligation is based upon historical experience and will be affected by product failure rates and material usage incurred in correcting a product failure. Should actual product failure rates or material usage costs differ from our estimates, revisions to the estimated warranty liability would be required.  A summary of the activity in our product warranty reserve is as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: justify">Years Ended December 31</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; padding-left: 0.25in; text-align: justify; text-indent: -0.25in">Balance, beginning of year</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">40,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">40,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.25in; text-align: justify; text-indent: -0.25in">Provision for estimated warranty claims</td> <td> </td> <td> </td> <td style="text-align: right">41,643</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">29,295</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in">Claims made</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(36,643</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(29,295</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in">Balance, end of year</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">45,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">40,000</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   Income Taxes.  We account for income taxes under the provisions of ASC Topic 740, Accounting for Income Taxes ("ASC 740"). ASC 740 requires recognition of deferred income tax assets and liabilities for the expected future income tax consequences, based on enacted tax laws, of temporary differences between the financial reporting and tax bases of assets and liabilities. ASC 740 also requires recognition of deferred tax assets for the expected future tax effects of all deductible temporary differences, loss carryforwards and tax credit carryforwards.  Deferred tax assets are then reduced, if deemed necessary, by a valuation allowance for the amount of any tax benefits which, more likely than not based on current circumstances, are not expected to be realized.   ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements, uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.  For the years ended December 31, 2019 and 2018, we did not have any interest or penalties or any significant uncertain tax positions.   Revenue Recognition.  In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services.  We adopted this ASU on January 1, 2018 retrospectively, with the cumulative effect of initial application (which was zero) recognized in retained earnings on that date.   Revenue from product sales and supplies is generally recorded when we ship the product and title has passed to the customer, or when agreed milestones are met in the case of product developments, provided that we have evidence of a customer arrangement and can conclude that collection is probable.  The prices at which we sell our products are fixed and determinable at the time we accept a customer's order. We recognize revenue from sales to stocking distributors when there is no right of return, other than for normal warranty claims, and generally have no ongoing obligations related to product sales, except for normal warranty.   The sales of licenses to our training courses are recognized as revenue at the time of sale. Training and certification revenues are recognized at the time the training and certification occurs.  Data recording revenue is recognized based on each day’s usage of enrolled devices.   Revenues arising from extended warranty contracts are booked as sales over their life on a straight-line basis. We have discontinued arranging for customer financing and leasing through unrelated third parties and instead are providing for customer financing and leasing ourselves, which we recognize as revenue over the applicable lease term.  Occasionally, we rent used equipment to customers, and in those cases, we recognize the revenues as they are earned over the life of the contract.    Royalty income is recognized in accordance with agreed upon terms, when performance obligations are satisfied, the amount is fixed or determinable and collectability is reasonably assured.   Rental income from space leased to our tenants is recognized in the month in which it is due, which approximates if it were recognized on a straight-line basis over the term of the related lease.   On occasion we receive customer deposits for future product orders and product developments.  Customer deposits are initially recorded as a liability and recognized as revenue when the product is shipped and title has passed to the customer, or when agreed milestones are met in the case of product developments.   Topic 606 requires the disaggregation of revenue into broad categories, which we have defined as shown below.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: black 1pt solid; text-align: center">Year Ended December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: justify">Product sales:</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; text-align: justify">  Product sales and supplies</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">7,499,094</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">7,373,820</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">  Training, certification and data recording</td> <td> </td> <td> </td> <td style="text-align: right">647,734</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">634,567</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; text-align: justify">  Service plans and equipment rental</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">104,742</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">95,616</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">  Product sales subtotal</td> <td> </td> <td> </td> <td style="text-align: right">8,251,570</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">8,104,003</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Royalties</td> <td> </td> <td> </td> <td style="text-align: right">411,111</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">247,765</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify">Rental income</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">89,142</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">85,886</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify">Total revenues</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">8,751,823</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">8,437,654</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   Deferred Revenue.  Deferred revenues arise from service contracts and from development contracts.  Revenues from service contracts are recognized on a straight-line basis over the life of the contract, generally one year, and are included in product revenue in our statements of income.  However, there are occasions when they are written for longer terms up to four years.  The revenues from that portion of the contract that extend beyond one year are shown in our balance sheets as long term.  Deferred revenues also result from progress payments received on development contracts; those revenues are recognized when the contract is complete, and are included in product revenue in our statements of income.  All development contracts are for less than one year and all deferred revenues from this source are shown in our balance sheets as short term.   Grants.  We apply for and receive job training and other grants, which are recognized as reductions of expense when received.  In September 2014 we were notified that we had been awarded a $250,000 grant from the Colorado Office of Economic Development to accelerate development of a marijuana breathalyzer that is currently under development.  The grant completion date was August 31, 2018, at which point $126,793 of grant funds remained unused and are no longer available. We received grants of $31,646 and $2,721 in 2019 and 2018 respectively.   Rebates.  Our rebate program is available to certain of our North American workplace distributors in good standing who are responsible for sales equaling at least $25,000 in one calendar year.  Distributors in good standing who meet the required sales threshold earn a rebate equal to between 1 and 10 percent of that distributor's total sales of the Company's products.  We accrue for these rebates monthly; they are shown in our balance sheets as accrued expenses.   Recent Accounting Pronouncements.  We have reviewed all recently issued, but not yet effective, accounting pronouncements.    In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01").  This update substantially revises standards for the recognition, measurement and presentation of financial instruments.  This standard revises an entity's accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value.  It also amends certain disclosure requirements associated with the fair value of financial instruments.  ASU 2016-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods, with early adoption permitted for certain requirements.  We adopted this new standard effective January 1, 2018.  This new standard did not have a material impact on our financial statements or related disclosures.   In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The amendments in this ASU revise the accounting related to lessee accounting. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases. The new lease guidance also simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. The amendments in this ASU are effective for us beginning on January 1, 2019 and should be applied through a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted. We adopted this new standard in 2019, which did not have a material impact on our financial statements or related disclosures.   Research and Development Expenses.  We expense research and development costs for products and processes as incurred.   Stock-Based Compensation.  Stock-based compensation is presented in accordance with the guidance of ASC Topic 718, Compensation – Stock Compensation ("ASC 718").  Under the provisions of ASC 718, companies are required to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model.  The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in our statement of income.   ASC 718 requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model.  The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the accompanying statement of income.   Stock-based compensation expense recognized during the period is based on the value of the portion of share-based payment awards that is ultimately expected to vest during the period.  We used the Black-Scholes option-pricing model ("Black-Scholes model") to determine fair value. Our determination of fair value of share-based payment awards on the date of grant using an option-pricing model is affected by our stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to our expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. Although the fair value of employee stock options is determined in accordance with ASC 718 using an option-pricing model, that value may not be indicative of the fair value observed in a willing buyer/willing seller market transaction.   Stock-based compensation expense recognized under ASC 718 for years 2019 and 2018 was $5,658 and $17,469 respectively.  Stock-based compensation expense related to employee stock options under ASC 718 is allocated to General and Administrative Expense when incurred.   Segment Reporting.   We have concluded that we have two operating segments, including our primary business which is as a developer, manufacturer and marketer of portable hand-held breathalyzers and related accessories, supplies and education.  As a result of purchasing our building on October 31, 2014, we have a second segment consisting of renting portions of our building to existing tenants, whose leases expire at various times until July 31, 2020.     Basic and Diluted Income and Loss per Common Share.  Net income or loss per share is calculated in accordance with ASC Topic 260, Earnings Per Share ("ASC 260").  Under the provisions of ASC 260, 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 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.  Dilution from potential common shares outstanding at December 31, 2019 and 2018 was $0 and $0 per share, respectively.

Stock Option Plan.   In January 2013, we adopted our 2013 Stock Option Plan (the "2013 Plan") to promote the Company's and its stockholders' interests by helping us to attract, retain and motivate our key employees and associates. Under the terms of the 2013 Plan, our Board of Directors (the "Board") can grant either "nonqualified" or "incentive" stock options, as defined by the Internal Revenue Code and related regulations. The purchase price of the shares subject to a stock option is the fair market value of our common stock on the date the stock option is granted.  Generally, all stock options must be exercised within five years from the date granted. The number of common shares reserved for issuance under the 2013 Plan is 150,000 shares of common stock, subject to adjustment for dividend, stock split or other relevant changes in our capitalization.   The 2013 Plan was approved by our shareholders at their regular annual meeting on April 1, 2013.   Under ASC 718, the value of each employee stock option was estimated on the date of grant using the Black-Scholes model for the purpose of financial information in accordance with ASC 718. The use of a Black-Scholes model requires the use of actual employee exercise behavior data and the use of a number of assumptions including expected volatility, risk-free interest rate and expected dividends.  Options to purchase 50,000 shares of stock at $6.00 apiece were granted in 2017 with vesting conditioned on meeting performance standards. In accordance with the terms of the grant, the number of options was reduced to 25,000 on December 31, 2019. Options to purchase 3,000 shares at $5.51 apiece were granted in 2019 and are fully vested.    Cumulative compensation cost recognized in net income or loss with respect to options that are forfeited prior to vesting is adjusted as a reduction of compensation expense in the period of forfeiture. The volatility of the stock is based on a comparable public company's historical volatility since our stock is rarely traded.  Fair value computations are highly sensitive to the volatility factor; the greater the volatility, the higher the computed fair value of options granted.   The Black-Scholes model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. In addition, option valuation models require the use of assumptions, including the expected stock price volatility. Because our employee stock options have characteristics significantly different than those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management's opinion, the existing models do not necessarily provide a reliable single measure of the fair value of our employee stock options. A summary of our stock option activity and related information for equity compensation plans approved by security holders for each of the fiscal years ended December 31, 2019 and 2018 is as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: top; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td colspan="5" style="border-bottom: black 1pt solid; vertical-align: bottom"> STOCK OPTIONS OUTSTANDING</td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: top; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> Number Outstanding</td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> Weighted Average Exercise Price Per Share</td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: top; width: 60%">BALANCE AT DECEMBER 31, 2017</td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 16%; text-align: right">60,000</td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%">$</td> <td style="vertical-align: bottom; width: 16%; text-align: right">5.39</td> <td style="vertical-align: bottom; width: 1%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top">Granted</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">—  </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">—  </td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top">Exercised</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">—  </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">—  </td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: top; padding-bottom: 1pt">Forfeited/expired</td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-bottom: 1pt; text-align: right">(10,000</td> <td style="vertical-align: bottom; padding-bottom: 1pt">)</td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">—  </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top">BALANCE AT DECEMBER 31, 2018</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">50,000</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom; text-align: right">6.00</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top">Granted</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">3,000</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top">Exercised</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">—  </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">—  </td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: top; padding-bottom: 1pt">Forfeited/expired</td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-bottom: 1pt; text-align: right">(25,000</td> <td style="vertical-align: bottom; padding-bottom: 1pt">)</td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">—  </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-bottom: 2.5pt"> </td> <td style="vertical-align: top; padding-bottom: 2.5pt">BALANCE AT DECEMBER 31, 2019</td> <td style="vertical-align: bottom; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">28,000</td> <td style="vertical-align: bottom; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">5.95</td> <td style="vertical-align: bottom; padding-bottom: 2.5pt"> </td></tr> </table>     The following table summarizes information about employee stock options outstanding and exercisable at December 31, 2019:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: right"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: black 1pt solid; text-align: center">STOCK OPTIONS OUTSTANDING</td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center">STOCK OPTIONS EXERCISABLE</td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: black 1pt solid; text-align: center">Range of Exercise Prices</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: black 1pt solid"> Number Outstanding</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: black 1pt solid"> Weighted-Average Remaining Contractual Life (in Years)</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: black 1pt solid"> Weighted-Average Exercise Price per Share</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: black 1pt solid"> Number Exercisable</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="border-bottom: black 1pt solid"> Weighted-Average Exercise Price per Share</td> <td style="padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%; text-align: center"> </td> <td style="width: 18%; text-align: center">$6.00</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 13%; text-align: center">25,000</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 13%; text-align: center">2.75</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 13%; text-align: center">$6.00</td> <td style="width: 1%; text-align: center"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 13%; text-align: center">—  </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 13%; text-align: center">—  </td> <td style="width: 1%; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: center"> </td> <td style="text-align: center">$5.51</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center">3,000</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center">4.58</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$5.51</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center">3,000</td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td> </td> <td style="text-align: center">$5.51</td> <td style="text-align: center"> </td></tr> </table>   The exercise price of all options granted through December 31, 2019 has been equal to or greater than the fair market value as of the date of grant, as determined by the Board.  As of December 31, 2019, 115,300 options for our common stock remain available for grant under the 2013 Plan.   Options to purchase 50,000 shares of stock at $8.83 apiece were granted during the year ended December 31, 2016. These options were forfeited and replaced with options to purchase 50,000 shares of stock at $6.00 apiece in 2018 in conjunction with the amendment of an employment agreement. In accordance with the terms of the grant, the number of options was reduced to 25,000 on December 31, 2019. Vesting of these options is subject to performance achieved during the years ending December 31, 2020 and 2021.   The provisions of ASC 718-10-55 require the measurement and recognition of compensation expense for all share-based payment awards made to our employees and directors, including employee stock options, based on estimated fair values.  Share-based compensation cost for stock options is measured at the grant date, based on the fair value as calculated by the Black-Scholes-Merton ("BSM") option-pricing model.  The BSM option pricing model requires the use of actual employee exercise behavior data and the application of a number of assumptions, including expected volatility, risk free interest rate and expected dividends.  For the options granted in 2019, the pricing model assumptions were: risk-free interest rate 1.84%, expected life 5 years, expected volatility 22%, expected dividend rate 0%. Applying these assumptions resulted in a fair value of $3,846, all of which was charged against operations with a corresponding credit to capital. Total share-based compensation cost for the year ended December 31, 2019 was $5,658 and $17,469 for the year ended December 31, 2018.   No options were exercised during the years ended December 31, 2019 and 2018.    The total number of authorized shares of common stock continues to be 50,000,000, with no change in the par value per share.

We report both basic and diluted net income per common share.  Basic net income per common share is computed by dividing net income for the period by the weighted average number of common shares outstanding for the period.  Diluted net income per common share is computed by dividing the net income 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 per common share:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: black 1pt solid; text-align: center">Years Ended December 31,</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; padding-bottom: 2.5pt">Net income</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; width: 14%; text-align: right">625,826</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; width: 1%">$</td> <td style="border-bottom: black 2.25pt double; width: 14%; text-align: right">217,164</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Weighted average shares-basic</td> <td> </td> <td> </td> <td style="text-align: right">2,454,116</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">2,454,116</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt">Effect of dilutive potential common shares</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—  </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">58,329</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Weighted average shares-diluted</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,454,116</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2,512,445</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Net income per share-basic</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">.26</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">.09</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Net income per share-diluted</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">.26</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">.09</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Antidilutive employee stock options</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">—  </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">—  </td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Mortgage Expense. We purchased our facilities in Wheat Ridge, Colorado on October 31, 2014 for $1,949,139 and took out a term loan secured by a first mortgage on the property in the amount of $1,581,106 with Bank of America for a portion of the purchase price.  Effective June 30, 2016 the note was amended to revise the interest rate from 4.45% to 4.00% per annum.  The revised note is payable in 99 equal monthly installments of $8,417, including interest, plus a final payment of $1,138,104 (excluding interest) on October 31, 2024.  Our minimum future principal payments on this term loan, by year, are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid">Year</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Amount</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%"> </td> <td style="width: 43%">2020</td> <td style="width: 1%"> </td> <td style="width: 10%"> </td> <td style="width: 1%">$</td> <td style="width: 43%; text-align: right">45,964</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td>2021</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">48,021</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td>2022</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">50,005</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td>2023</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">52,072</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt">2024</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,178,528</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td>Total</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,374,590</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt">Less financing cost</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(5,244</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td>Net term loan payable</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,369,346</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt">Less current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(44,879</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt">Long term portion</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,324,467</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>     Employee Severance Benefits. Our obligation with respect to employee severance benefits is minimized by the "at will" nature of the employee relationships.  As of December 31, 2019 we had no obligation with respect to contingent severance benefit obligations other than the Company's obligations under the employment agreement with its chief executive officer, Dr. Wayne Willkomm. In the event that Dr. Willkomm's employment is terminated by the Company without Cause (including through a decision by the Company not to renew the employment agreement) or by Dr. Willkomm with Good Reason (as each are defined in the employment agreement), Dr. Willkomm will be eligible, upon satisfaction of certain conditions, for severance equal to two months of salary continuation plus 12 months of health insurance continuation.   Contractual Commitments and Purchase Orders. Contractual commitments under development agreements and outstanding purchase orders issued to vendors in the ordinary course of business totaled $2,045,455 at December 31, 2019.   Regulatory Commitments. With respect to our LifeGuard® product, we are subject to regulation by the United States Food and Drug Administration ("FDA").  The FDA provides regulations governing the manufacture and sale of our LifeGuard® product, and we are subject to inspections by the FDA to determine our compliance with these regulations.  FDA inspections are conducted periodically at the discretion of the FDA.  On June 26, 2017, we were inspected by the FDA and no violations were issued. We are also subject to regulation by the DOT and by various state departments of transportation so far as our other products are concerned.  We believe that we are in substantial compliance with all known applicable regulations.

As part of the long-term financing of our property purchased on October 31, 2014, we obtained a one-year $250,000 revolving line of credit facility with Bank of America, which matured on October 31, 2015 and was extended to June 30, 2018, and bears interest at a rate equal to the LIBOR daily floating rate of 2.39238% and 1.4375% on December 31, 2019 and 2018, respectively, plus 2.5%.  The agreement was amended to increase the amount of the line to $750,000 and extend the maturity date to June 30, 2020.  The revolving line of credit facility is secured by all personal property and assets, whether now owned or hereafter acquired, wherever located.  There was no balance due on the line of credit as of December 31, 2019 and December 31, 2018.

We account for income taxes under ASC 740, which requires the use of the liability method.  ASC 740 provides that deferred tax assets and liabilities are recorded based on the differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, referred to as temporary differences.  Deferred tax assets and liabilities at the end of each period are determined using the currently enacted tax rates applied to taxable income in the periods in which the deferred tax assets and liabilities are expected to be settled or realized.  We had a Federal General Business Credit carryover available for 2019 of $69,603, of which we used $68,247, leaving a carryover available for 2020 of $1,356.   Our income tax provision is summarized below:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: justify">Years Ended</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> December 31, 2019</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> December 31, 2018</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Current:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 66%; text-align: justify">  Federal</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">33,051</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">12,985</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; text-align: justify">  State</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">35,274</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">17,787</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">  Total current</td> <td> </td> <td> </td> <td style="text-align: right">68,325</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">30,772</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Deferred:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">  Federal</td> <td> </td> <td> </td> <td style="text-align: right">(5,563</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(10,929</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; text-align: justify">  State</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(1,226</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(2,410</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify">  Total deferred</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(6,789</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(13,339</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">61,536</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">17,433</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> </table>   The items accounting for the difference between income taxes computed at the federal statutory rate and the provision for income taxes consists of the following:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: justify"> Years Ended</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> December 31, 2019</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> December 31, 2018</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; text-align: justify">Federal statutory rate</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">144,346</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">49,265</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Effect of:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">  State taxes, net of federal tax benefit</td> <td> </td> <td> </td> <td style="text-align: right">(34,048</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(15,377</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">  Research & development credit</td> <td> </td> <td> </td> <td style="text-align: right">(124,154</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(63,954</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; text-align: justify">  Other</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">75,392</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">47,499</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">61,536</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">17,433</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   The components of the deferred tax asset are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="7" style="text-align: center">Years Ended December 31,</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Current Deferred Tax Assets:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 66%">  Bad debt reserve</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">7,689</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">7,689</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>  Inventory reserve</td> <td> </td> <td> </td> <td style="text-align: right">35,882</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">30,756</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>  Accrued vacation</td> <td> </td> <td> </td> <td style="text-align: right">18,241</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">17,610</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>  Deferred income</td> <td> </td> <td> </td> <td style="text-align: right">13,312</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">13,562</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt">  Warranty reserve</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">11,534</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">10,252</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">  Total deferred tax assets</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">86,658</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">79,869</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   Our income tax returns are no longer subject to Federal tax examinations by tax authorities for years before 2016 or state examinations for years before 2015.

We were not involved or party to any legal proceedings at December 31, 2019 or December 31, 2018, and therefore made no accruals for legal proceedings in either 2019 or 2018.

We depend on sales that are generated from our customers' ongoing usage of alcohol testing instruments.   One customer contributed 8% ($622,563) to our product sales in 2019, a second customer contributed 6% ($484,607), a third customer contributed 5% ($379,938), and no other customer contributed more than 3%. One customer contributed 7% ($630,644) to our total sales in 2018, a second customer contributed 5% ($401,228), a third customer contributed 4% ($346,259), and no other customer contributed more than 3%.  In making this determination, we considered the federal government, state governments, local governments, and foreign governments each as a single customer.     In 2019, we depended upon three vendors for approximately 24% of our purchases (three vendors and 23% respectively in 2018).

We have adopted a 401(k) Profit Sharing Plan ("401(k) Plan") which covers all full-time employees who have completed 3 months of full-time continuous service and are age eighteen or older. Participants may defer up to 100% of their gross pay up to 401(k) Plan limits.  Participants are immediately vested in their contributions.  We make monthly discretionary matching contributions of 3% of the total payroll of the participating employees.  In 2019 and 2018 we contributed $54,669 and $53,268 respectively.  The participants vest in Company contributions based on years of service, with a participant fully vested after six years of credited service.

We currently have two business segments: (i) the sale of physical products, including portable hand-held breathalyzers and related accessories, supplies, education, training ("Product Sales"), and royalties from development contracts with OEM manufacturers ("Royalties" and, together with Product Sales, the "Products" segment), and (ii) rental of a portion of our building (the "Rentals" segment).  The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 2.   Operating profits for these segments exclude unallocated corporate items.  Administrative and staff costs were commonly used by all business segments and were indistinguishable.   The following sets forth information about the operations of the business segments for the years ended December 31, 2019 and 2018.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; padding-left: 5.4pt; text-align: justify">Product sales</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">8,251,570</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">8,104,003</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify">Royalties</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">411,111</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">247,765</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: justify">Products subtotal</td> <td> </td> <td> </td> <td style="text-align: right">8,662,681</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">8,351,768</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify">Rentals</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">89,142</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">85,886</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; text-align: justify">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">8,751,823</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">8,437,654</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: justify"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: justify">Gross profit:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: justify">Product sales</td> <td> </td> <td>$</td> <td style="text-align: right">3,493,665</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">3,547,903</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify">Royalties</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">411,111</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">247,765</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: justify">Products subtotal</td> <td> </td> <td> </td> <td style="text-align: right">3,904,776</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3,795,668</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify">Rentals</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">31,227</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">13,583</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; text-align: justify">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,936,003</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,809,251</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: justify"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: justify">Interest expense:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: justify">Product sales</td> <td> </td> <td>$</td> <td style="text-align: right">36,743</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">33,582</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify">Royalties</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—  </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—  </td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: justify">Products subtotal</td> <td> </td> <td> </td> <td style="text-align: right">36,743</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">33,582</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify">Rentals</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">21,059</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">28,068</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; text-align: justify">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">57,802</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">61,650</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: justify"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: justify">Net income (loss) before taxes:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: justify">Product sales</td> <td> </td> <td>$</td> <td style="text-align: right">266,083</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1,317</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify">Royalties</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">411,111</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">247,765</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: justify">Products subtotal</td> <td> </td> <td> </td> <td style="text-align: right">677,194</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">249,082</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify">Rentals</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">10,168</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(14,485</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; text-align: justify">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">687,362</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">234,597</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   There were no intersegment revenues.   At December 31, 2019, $616,183 of our assets were used in the Rentals segment, with the remainder, $8,408,504, used in the Products and unallocated segments.   Future rental income and related expenses will depend on whether existing leases are renewed. Minimum base rents for leases in place at December 31, 2019 are scheduled to be $33,178 in 2020 and $0 in 2021.

We evaluated all of our activity and concluded that no subsequent events have occurred that would require recognition in our financial statements or disclosure in the notes to our financial statements, except for the following.   On March 1, 2020 we granted 110,500 options to key employees, including 3,000 options to directors, which have a term of 5 years, and which are immediately and fully vested. Under ASC 718, the value of each stock option was estimated on the date of grant using the Black-Scholes model for the purpose of financial information in accordance with ASC 718. The use of a Black-Scholes model requires the use of actual employee exercise behavior data and the use of a number of assumptions including expected volatility, risk-free interest rate and expected dividends. Cumulative compensation cost recognized in net income or loss with respect to options that are forfeited prior to vesting is adjusted as a reduction of compensation expense in the period of forfeiture. The volatility of the stock is based on a comparable public company's historical volatility since our stock is rarely traded.  Fair value computations are highly sensitive to the volatility factor; the greater the volatility, the higher the computed fair value of options granted. The Black-Scholes model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. In addition, option valuation models require the use of assumptions, including the expected stock price volatility. The factors used to estimate the value of the revised option grant on March 1, 2020 and the resulting fair market value, are as follows.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 71%; text-align: justify">Stock price</td> <td style="width: 10%"> </td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: center">$3.80</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Exercise price per share</td> <td> </td> <td> </td> <td style="text-align: center">$3.80</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Original term (years)</td> <td> </td> <td> </td> <td style="text-align: center">5</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Volatility</td> <td> </td> <td> </td> <td style="text-align: center">23.00%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Annual rate of quarterly dividends</td> <td> </td> <td> </td> <td style="text-align: center">None</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Risk free interest rate</td> <td> </td> <td> </td> <td style="text-align: center">.88%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Fair market value of options</td> <td> </td> <td> </td> <td style="text-align: center">$92,698</td> <td> </td></tr> </table>   The above fair market value of these options will be a charge to our statement of income, with an offsetting credit to capital, for the quarter ending March 31, 2020.

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.

In 2016, the Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03").  This standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums.  Deferred loan costs are amortized over the 20-year life of the term loan on a straight line basis, which approximates the effective interest method.  Total amortization during the years ended December 31, 2019 and 2018 was $1,085 and $2,803 respectively, and is included within interest expense on the statements of income.

In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”).  This standard requires that deferred income tax assets and liabilities be presented as noncurrent assets or liabilities in the balance sheet.  ASU 2015-17 is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods, and may be applied either prospectively to all deferred tax assets or liabilities or retrospectively to all periods presented.  We adopted this new standard in 2017.

Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures ("ASC 820"), provides a comprehensive framework for measuring fair value and expands disclosures which are required about fair value measurements. Specifically, ASC 820 sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. ASC 820 defines the hierarchy as follows:   Level 1 - Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equity securities listed on the New York Stock Exchange.   Level 2 - Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reported date. The types of assets and liabilities in Level 2 are typically either comparable to actively traded securities or contracts or priced with models using highly observable inputs.   Level 3 - Significant inputs to pricing that are unobservable as of the reporting date. The types of assets and liabilities included in Level 3 are those with inputs requiring significant management judgment or estimation, such as complex and subjective models and forecasts used to determine the fair value of financial transmission rights.

For purposes of reporting cash flows, we consider all cash and highly liquid investments with an original maturity of three months or less to be cash equivalents.

Our financial instruments consist of cash, short-term trade receivables, payables and a term loan secured by a first mortgage.  The carrying values of cash, short-term receivables, and payables approximate their fair value due to their short term maturities.  The carrying value of the term loan approximates its fair value based on interest rates currently obtainable.

Financial instruments with significant credit risk include cash and accounts receivable.  The amount of cash on deposit with two financial institutions exceeded the $250,000 federally insured limit at December 31, 2019 by $2,238,307.  However, we believe that the financial institutions are financially sound and the risk of loss is minimal.   We have no significant off-balance sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements.

Accounts receivable are typically unsecured and are derived from transactions with and from entities primarily located in the United States or from international distributors with a proven payment history.  Accordingly, we may be exposed to credit risks generally associated with the alcohol monitoring industry.  Our credit policy calls for payment in accordance with prevailing industry standards, generally 30 days with occasional exceptions of up to 60 days for large established customers.  We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments.  A summary of the activity in our allowance for doubtful accounts is as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: justify">Years Ended December 31</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; text-align: justify">Balance, beginning of year</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">30,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">35,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Provision for estimated losses</td> <td> </td> <td> </td> <td style="text-align: right">4,898</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(7,583</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; text-align: justify">Recovery (write-off) of uncollectible accounts</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(4,898</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,583</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify">Balance, end of year</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">30,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">30,000</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   The net accounts receivable balance at December 31, 2019 of $641,239 included an account from one customer of $194,043 (30%), $93,962 from a second customer (15%), and no more than 10% from any other single customer. The net accounts receivable balance at December 31, 2018 of $675,136 included an account from one customer of $181,701 (27%), $84,964 from a second customer (13%), and no more than 10% from any other single customer.

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 December 31, 2019 and December 31, 2018, inventory consisted of the following:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%">Raw materials & deposits</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">1,601,354</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">937,276</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Work-in-process</td> <td> </td> <td> </td> <td style="text-align: right">32,006</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">37,338</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt">Finished goods</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">492,939</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">435,993</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Total gross inventories</td> <td> </td> <td> </td> <td style="text-align: right">2,126,299</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,410,607</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt">Less reserve for obsolescence</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(140,000</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(120,000</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Total net inventories</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,986,299</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,290,607</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   A summary of the activity in our inventory reserve for obsolescence is as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: justify">Years Ended December 31</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; padding-left: 10pt; text-align: justify; text-indent: -10pt">Balance, beginning of year</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">120,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">60,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; text-align: justify; text-indent: -10pt">Provision for estimated obsolescence</td> <td> </td> <td> </td> <td style="text-align: right">73,440</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">105,092</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: justify; text-indent: -10pt">Write-off of obsolete inventory</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(53,440</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(45,092</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: justify; text-indent: -10pt">Balance, end of year</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">140,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">120,000</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Property and equipment are stated at cost, with depreciation computed over the estimated useful lives of the assets, generally five years; three years for software and technology licenses; 15 years for space modifications and for training courses; 39 years for the cost of the building we purchased in October 2014.  We utilize the declining method of depreciation for property, equipment and space modifications, and the straight-line method of depreciation for software, training courses, and the building, due to the expected usage of these assets over time. These methods are expected to continue throughout the life of the assets.  Maintenance and repairs are expensed as incurred and major additions, replacements and improvements are capitalized.  Depreciation expense for the years ended December 31, 2019 and 2018 was $398,620 and $388,246 respectively.

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. A long-lived asset is considered impaired when estimated future cash flows related to the asset, undiscounted and without interest, are insufficient to recover the carrying amount of the asset. If deemed impaired, the long-lived asset is reduced to its estimated fair value. Long-lived assets to be disposed of are reported at the lower of their carrying amount or estimated fair value less cost to sell.  No impairments were recorded for the years ended December 31, 2019 and 2018 respectively.

The costs of applying for patents are capitalized and amortized on a straight-line basis over the lesser of the patent's economic or legal life (20 years for utility patents in the United States, and 14 years for design patents).  Amortization expense, including impairments, for the years ended December 31, 2019 and 2018 was $12,824 and $25,847 respectively.  Amortization expense for each of the next 5 years is estimated to be $12,479 per year.  Capitalized costs are expensed if patents are not granted.  We review the carrying value of our patents periodically to determine whether the patents have continuing value and such reviews could result in the conclusion that the recorded amounts have been impaired.  Impairments of $0 and $0 were included in amortization expense for the years ended December 31, 2019 and 2018 respectively.  A summary of our patents at December 31, 2019 and 2018 is as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; padding-left: 5.4pt">Patents issued</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">100,008</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">88,855</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt">Patent applications</td> <td> </td> <td> </td> <td style="text-align: right">6,750</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">17,903</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt">Patents and patent applications acquired in asset acquisition</td> <td> </td> <td> </td> <td style="text-align: right">100,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">100,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; padding-left: 5.4pt">Accumulated amortization</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(61,435</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(48,611</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt">Total net patents</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">145,323</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">158,147</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> </table> We include the long-term portion of installment receivables with deposits.

We have accrued various expenses in our December 31 balance sheets, as follows.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; padding-left: 5.4pt; text-align: justify">Compensation</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">167,027</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">163,814</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: justify">Property and other taxes</td> <td> </td> <td> </td> <td style="text-align: right">72,868</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">61,538</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: justify">Rebates</td> <td> </td> <td> </td> <td style="text-align: right">30,500</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">25,560</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify">Federal income tax</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">20,063</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—  </td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; text-align: justify"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">290,458</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">250,912</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

We provide for the estimated cost of product warranties at the time sales are recognized. Our warranty obligation is based upon historical experience and will be affected by product failure rates and material usage incurred in correcting a product failure. Should actual product failure rates or material usage costs differ from our estimates, revisions to the estimated warranty liability would be required.  A summary of the activity in our product warranty reserve is as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: justify">Years Ended December 31</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; padding-left: 0.25in; text-align: justify; text-indent: -0.25in">Balance, beginning of year</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">40,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">40,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.25in; text-align: justify; text-indent: -0.25in">Provision for estimated warranty claims</td> <td> </td> <td> </td> <td style="text-align: right">41,643</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">29,295</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in">Claims made</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(36,643</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(29,295</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in">Balance, end of year</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">45,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">40,000</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

We account for income taxes under the provisions of ASC Topic 740, Accounting for Income Taxes ("ASC 740"). ASC 740 requires recognition of deferred income tax assets and liabilities for the expected future income tax consequences, based on enacted tax laws, of temporary differences between the financial reporting and tax bases of assets and liabilities. ASC 740 also requires recognition of deferred tax assets for the expected future tax effects of all deductible temporary differences, loss carryforwards and tax credit carryforwards.  Deferred tax assets are then reduced, if deemed necessary, by a valuation allowance for the amount of any tax benefits which, more likely than not based on current circumstances, are not expected to be realized.   ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements, uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.  For the years ended December 31, 2019 and 2018, we did not have any interest or penalties or any significant uncertain tax positions.

In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services.  We adopted this ASU on January 1, 2018 retrospectively, with the cumulative effect of initial application (which was zero) recognized in retained earnings on that date.   Revenue from product sales and supplies is generally recorded when we ship the product and title has passed to the customer, or when agreed milestones are met in the case of product developments, provided that we have evidence of a customer arrangement and can conclude that collection is probable.  The prices at which we sell our products are fixed and determinable at the time we accept a customer's order. We recognize revenue from sales to stocking distributors when there is no right of return, other than for normal warranty claims, and generally have no ongoing obligations related to product sales, except for normal warranty.   The sales of licenses to our training courses are recognized as revenue at the time of sale. Training and certification revenues are recognized at the time the training and certification occurs.  Data recording revenue is recognized based on each day’s usage of enrolled devices.   Revenues arising from extended warranty contracts are booked as sales over their life on a straight-line basis. We have discontinued arranging for customer financing and leasing through unrelated third parties and instead are providing for customer financing and leasing ourselves, which we recognize as revenue over the applicable lease term.  Occasionally, we rent used equipment to customers, and in those cases, we recognize the revenues as they are earned over the life of the contract.    Royalty income is recognized in accordance with agreed upon terms, when performance obligations are satisfied, the amount is fixed or determinable and collectability is reasonably assured.   Rental income from space leased to our tenants is recognized in the month in which it is due, which approximates if it were recognized on a straight-line basis over the term of the related lease.   On occasion we receive customer deposits for future product orders and product developments.  Customer deposits are initially recorded as a liability and recognized as revenue when the product is shipped and title has passed to the customer, or when agreed milestones are met in the case of product developments.   Topic 606 requires the disaggregation of revenue into broad categories, which we have defined as shown below.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="7" style="border-bottom: black 1pt solid; text-align: center">Year Ended December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: justify">Product sales:</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; text-align: justify">  Product sales and supplies</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">7,499,094</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">7,373,820</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">  Training, certification and data recording</td> <td> </td> <td> </td> <td style="text-align: right">647,734</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">634,567</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; text-align: justify">  Service plans and equipment rental</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">104,742</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">95,616</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">  Product sales subtotal</td> <td> </td> <td> </td> <td style="text-align: right">8,251,570</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">8,104,003</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Royalties</td> <td> </td> <td> </td> <td style="text-align: right">411,111</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">247,765</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify">Rental income</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">89,142</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">85,886</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify">Total revenues</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">8,751,823</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">8,437,654</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Deferred revenues arise from service contracts and from development contracts.  Revenues from service contracts are recognized on a straight-line basis over the life of the contract, generally one year, and are included in product revenue in our statements of income.  However, there are occasions when they are written for longer terms up to four years.  The revenues from that portion of the contract that extend beyond one year are shown in our balance sheets as long term.  Deferred revenues also result from progress payments received on development contracts; those revenues are recognized when the contract is complete, and are included in product revenue in our statements of income.  All development contracts are for less than one year and all deferred revenues from this source are shown in our balance sheets as short term.

We apply for and receive job training and other grants, which are recognized as reductions of expense when received.  In September 2014 we were notified that we had been awarded a $250,000 grant from the Colorado Office of Economic Development to accelerate development of a marijuana breathalyzer that is currently under development.  The grant completion date was August 31, 2018, at which point $126,793 of grant funds remained unused and are no longer available. We received grants of $31,646 and $2,721 in 2019 and 2018 respectively.   Our rebate program is available to certain of our North American workplace distributors in good standing who are responsible for sales equaling at least $25,000 in one calendar year.  Distributors in good standing who meet the required sales threshold earn a rebate equal to between 1 and 10 percent of that distributor's total sales of the Company's products.  We accrue for these rebates monthly; they are shown in our balance sheets as accrued expenses.

We have reviewed all recently issued, but not yet effective, accounting pronouncements.    In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01").  This update substantially revises standards for the recognition, measurement and presentation of financial instruments.  This standard revises an entity's accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value.  It also amends certain disclosure requirements associated with the fair value of financial instruments.  ASU 2016-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods, with early adoption permitted for certain requirements.  We adopted this new standard effective January 1, 2018.  This new standard did not have a material impact on our financial statements or related disclosures.   In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The amendments in this ASU revise the accounting related to lessee accounting. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases. The new lease guidance also simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. The amendments in this ASU are effective for us beginning on January 1, 2019 and should be applied through a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted. We adopted this new standard in 2019, which did not have a material impact on our financial statements or related disclosures.

We expense research and development costs for products and processes as incurred.

Stock-based compensation is presented in accordance with the guidance of ASC Topic 718, Compensation – Stock Compensation ("ASC 718").  Under the provisions of ASC 718, companies are required to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model.  The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in our statement of income.   ASC 718 requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model.  The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the accompanying statement of income.   Stock-based compensation expense recognized during the period is based on the value of the portion of share-based payment awards that is ultimately expected to vest during the period.  We used the Black-Scholes option-pricing model ("Black-Scholes model") to determine fair value. Our determination of fair value of share-based payment awards on the date of grant using an option-pricing model is affected by our stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to our expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. Although the fair value of employee stock options is determined in accordance with ASC 718 using an option-pricing model, that value may not be indicative of the fair value observed in a willing buyer/willing seller market transaction.   Stock-based compensation expense recognized under ASC 718 for years 2019 and 2018 was $5,658 and $17,469 respectively.  Stock-based compensation expense related to employee stock options under ASC 718 is allocated to General and Administrative Expense when incurred.

We have concluded that we have two operating segments, including our primary business which is as a developer, manufacturer and marketer of portable hand-held breathalyzers and related accessories, supplies and education.  As a result of purchasing our building on October 31, 2014, we have a second segment consisting of renting portions of our building to existing tenants, whose leases expire at various times until July 31, 2020.

Net income or loss per share is calculated in accordance with ASC Topic 260, Earnings Per Share ("ASC 260").  Under the provisions of ASC 260, 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 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.  Dilution from potential common shares outstanding at December 31, 2019 and 2018 was $0 and $0 per share, respectively.

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: justify">Years Ended December 31</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; text-align: justify">Balance, beginning of year</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">30,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">35,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Provision for estimated losses</td> <td> </td> <td> </td> <td style="text-align: right">4,898</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">(7,583</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; text-align: justify">Recovery (write-off) of uncollectible accounts</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(4,898</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,583</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify">Balance, end of year</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">30,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">30,000</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: justify">Years Ended December 31</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; padding-left: 10pt; text-align: justify; text-indent: -10pt">Balance, beginning of year</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">120,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">60,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; text-align: justify; text-indent: -10pt">Provision for estimated obsolescence</td> <td> </td> <td> </td> <td style="text-align: right">73,440</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">105,092</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: justify; text-indent: -10pt">Write-off of obsolete inventory</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(53,440</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(45,092</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: justify; text-indent: -10pt">Balance, end of year</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">140,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">120,000</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; padding-left: 5.4pt">Patents issued</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">100,008</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">88,855</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt">Patent applications</td> <td> </td> <td> </td> <td style="text-align: right">6,750</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">17,903</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt">Patents and patent applications acquired in asset acquisition</td> <td> </td> <td> </td> <td style="text-align: right">100,000</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">100,000</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; padding-left: 5.4pt">Accumulated amortization</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(61,435</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(48,611</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt">Total net patents</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">145,323</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">158,147</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: justify">Years Ended December 31</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; padding-left: 0.25in; text-align: justify; text-indent: -0.25in">Balance, beginning of year</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">40,000</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">40,000</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.25in; text-align: justify; text-indent: -0.25in">Provision for estimated warranty claims</td> <td> </td> <td> </td> <td style="text-align: right">41,643</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">29,295</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in">Claims made</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(36,643</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(29,295</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in">Balance, end of year</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">45,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">40,000</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: top; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td colspan="5" style="border-bottom: black 1pt solid; vertical-align: bottom"> STOCK OPTIONS OUTSTANDING</td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: top; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> Number Outstanding</td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> Weighted Average Exercise Price Per Share</td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: top; width: 60%">BALANCE AT DECEMBER 31, 2017</td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 16%; text-align: right">60,000</td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%">$</td> <td style="vertical-align: bottom; width: 16%; text-align: right">5.39</td> <td style="vertical-align: bottom; width: 1%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top">Granted</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">—  </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">—  </td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top">Exercised</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">—  </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">—  </td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: top; padding-bottom: 1pt">Forfeited/expired</td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-bottom: 1pt; text-align: right">(10,000</td> <td style="vertical-align: bottom; padding-bottom: 1pt">)</td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">—  </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top">BALANCE AT DECEMBER 31, 2018</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">50,000</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom">$</td> <td style="vertical-align: bottom; text-align: right">6.00</td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top">Granted</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">3,000</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top">Exercised</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">—  </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: right">—  </td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: top; padding-bottom: 1pt">Forfeited/expired</td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-bottom: 1pt; text-align: right">(25,000</td> <td style="vertical-align: bottom; padding-bottom: 1pt">)</td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">—  </td> <td style="vertical-align: bottom; padding-bottom: 1pt"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; padding-bottom: 2.5pt"> </td> <td style="vertical-align: top; padding-bottom: 2.5pt">BALANCE AT DECEMBER 31, 2019</td> <td style="vertical-align: bottom; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">28,000</td> <td style="vertical-align: bottom; padding-bottom: 2.5pt"> </td> <td style="vertical-align: bottom; padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">5.95</td> <td style="vertical-align: bottom; padding-bottom: 2.5pt"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid">Year</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">Amount</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 1%"> </td> <td style="width: 43%">2020</td> <td style="width: 1%"> </td> <td style="width: 10%"> </td> <td style="width: 1%">$</td> <td style="width: 43%; text-align: right">45,964</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td>2021</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">48,021</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td>2022</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">50,005</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td>2023</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">52,072</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt">2024</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,178,528</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td>Total</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,374,590</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt">Less financing cost</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(5,244</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td>Net term loan payable</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">1,369,346</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt">Less current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(44,879</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt">Long term portion</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,324,467</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: justify">Years Ended</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> December 31, 2019</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> December 31, 2018</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Current:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 66%; text-align: justify">  Federal</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">33,051</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">12,985</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; text-align: justify">  State</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">35,274</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">17,787</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">  Total current</td> <td> </td> <td> </td> <td style="text-align: right">68,325</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">30,772</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Deferred:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">  Federal</td> <td> </td> <td> </td> <td style="text-align: right">(5,563</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(10,929</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; text-align: justify">  State</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(1,226</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(2,410</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: justify">  Total deferred</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(6,789</td> <td style="padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(13,339</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; text-align: justify">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">61,536</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">17,433</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: justify"> Years Ended</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> December 31, 2019</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid"> December 31, 2018</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; text-align: justify">Federal statutory rate</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">144,346</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">49,265</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Effect of:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">  State taxes, net of federal tax benefit</td> <td> </td> <td> </td> <td style="text-align: right">(34,048</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(15,377</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">  Research & development credit</td> <td> </td> <td> </td> <td style="text-align: right">(124,154</td> <td>)</td> <td> </td> <td> </td> <td style="text-align: right">(63,954</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; text-align: justify">  Other</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">75,392</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">47,499</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: justify">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">61,536</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">17,433</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="7" style="text-align: center">Years Ended December 31,</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Current Deferred Tax Assets:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 66%">  Bad debt reserve</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">7,689</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">7,689</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>  Inventory reserve</td> <td> </td> <td> </td> <td style="text-align: right">35,882</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">30,756</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>  Accrued vacation</td> <td> </td> <td> </td> <td style="text-align: right">18,241</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">17,610</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>  Deferred income</td> <td> </td> <td> </td> <td style="text-align: right">13,312</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">13,562</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt">  Warranty reserve</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">11,534</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">10,252</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">  Total deferred tax assets</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">86,658</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">79,869</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2019</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center">2018</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; padding-left: 5.4pt; text-align: justify">Product sales</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">8,251,570</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 14%; text-align: right">8,104,003</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify">Royalties</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">411,111</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">247,765</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: justify">Products subtotal</td> <td> </td> <td> </td> <td style="text-align: right">8,662,681</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">8,351,768</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify">Rentals</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">89,142</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">85,886</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; text-align: justify">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">8,751,823</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">8,437,654</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: justify"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: justify">Gross profit:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: justify">Product sales</td> <td> </td> <td>$</td> <td style="text-align: right">3,493,665</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">3,547,903</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify">Royalties</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">411,111</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">247,765</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: justify">Products subtotal</td> <td> </td> <td> </td> <td style="text-align: right">3,904,776</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">3,795,668</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify">Rentals</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">31,227</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">13,583</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; text-align: justify">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,936,003</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">3,809,251</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: justify"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: justify">Interest expense:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: justify">Product sales</td> <td> </td> <td>$</td> <td style="text-align: right">36,743</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">33,582</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify">Royalties</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—  </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—  </td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: justify">Products subtotal</td> <td> </td> <td> </td> <td style="text-align: right">36,743</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">33,582</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify">Rentals</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">21,059</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">28,068</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; text-align: justify">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">57,802</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">61,650</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: justify"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 5.4pt; text-align: justify">Net income (loss) before taxes:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: justify">Product sales</td> <td> </td> <td>$</td> <td style="text-align: right">266,083</td> <td> </td> <td> </td> <td>$</td> <td style="text-align: right">1,317</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify">Royalties</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">411,111</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">247,765</td> <td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 5.4pt; text-align: justify">Products subtotal</td> <td> </td> <td> </td> <td style="text-align: right">677,194</td> <td> </td> <td> </td> <td> </td> <td style="text-align: right">249,082</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify">Rentals</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">10,168</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(14,485</td> <td style="padding-bottom: 1pt">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; text-align: justify">Total</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">687,362</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">234,597</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 71%; text-align: justify">Stock price</td> <td style="width: 10%"> </td> <td style="width: 1%"> </td> <td style="width: 17%; text-align: center">$3.80</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Exercise price per share</td> <td> </td> <td> </td> <td style="text-align: center">$3.80</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Original term (years)</td> <td> </td> <td> </td> <td style="text-align: center">5</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Volatility</td> <td> </td> <td> </td> <td style="text-align: center">23.00%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Annual rate of quarterly dividends</td> <td> </td> <td> </td> <td style="text-align: center">None</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Risk free interest rate</td> <td> </td> <td> </td> <td style="text-align: center">.88%</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify">Fair market value of options</td> <td> </td> <td> </td> <td style="text-align: center">$92,698</td> <td> </td></tr> </table>

0 20063

2238307

P2Y9M

P4Y6M29D

3000

5.51

150000

45964

48021

50005

52072

1178528

-5244 1369346

1374590

-44879 1324467 2045455

616183

8408504

3.80

P5Y

.2300

.0000

.0088

92698

Yes CO 000-54319

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7. INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of income tax provision

Years Ended	December 31, 2019			December 31, 2018
Current:
Federal	$	33,051		$	12,985
State		35,274			17,787
Total current		68,325			30,772
Deferred:
Federal		(5,563	)		(10,929	)
State		(1,226	)		(2,410	)
Total deferred		(6,789	)		(13,339	)
Total	$	61,536		$	17,433

Schedule of income tax reconciliation

Years Ended	December 31, 2019			December 31, 2018
Federal statutory rate	$	144,346		$	49,265
Effect of:
State taxes, net of federal tax benefit		(34,048	)		(15,377	)
Research & development credit		(124,154	)		(63,954	)
Other		75,392			47,499
Total	$	61,536		$	17,433

Schedule of components of the deferred tax asset

	Years Ended December 31,
	2019		2018
Current Deferred Tax Assets:
Bad debt reserve	$	7,689	$	7,689
Inventory reserve		35,882		30,756
Accrued vacation		18,241		17,610
Deferred income		13,312		13,562
Warranty reserve		11,534		10,252
Total deferred tax assets	$	86,658	$	79,869

XML 13 R20.htm IDEA: XBRL DOCUMENT

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Schedule of allowance for doubtful accounts

Years Ended December 31	2019			2018
Balance, beginning of year	$	30,000		$	35,000
Provision for estimated losses		4,898			(7,583	)
Recovery (write-off) of uncollectible accounts		(4,898	)		2,583
Balance, end of year	$	30,000		$	30,000

Inventories

	2019			2018
Raw materials & deposits	$	1,601,354		$	937,276
Work-in-process		32,006			37,338
Finished goods		492,939			435,993
Total gross inventories		2,126,299			1,410,607
Less reserve for obsolescence		(140,000	)		(120,000	)
Total net inventories	$	1,986,299		$	1,290,607

Inventory reserve

Years Ended December 31	2019			2018
Balance, beginning of year	$	120,000		$	60,000
Provision for estimated obsolescence		73,440			105,092
Write-off of obsolete inventory		(53,440	)		(45,092	)
Balance, end of year	$	140,000		$	120,000

Patents

	2019			2018
Patents issued	$	100,008		$	88,855
Patent applications		6,750			17,903
Patents and patent applications acquired in asset acquisition		100,000			100,000
Accumulated amortization		(61,435	)		(48,611	)
Total net patents	$	145,323		$	158,147

Accrued expenses

	2019		2018
Compensation	$	167,027	$	163,814
Property and other taxes		72,868		61,538
Rebates		30,500		25,560
Federal income tax		20,063		—
	$	290,458	$	250,912

Product warranty reserve

Years Ended December 31	2019			2018
Balance, beginning of year	$	40,000		$	40,000
Provision for estimated warranty claims		41,643			29,295
Claims made		(36,643	)		(29,295	)
Balance, end of year	$	45,000		$	40,000

Disaggregation of revenue

	Year Ended December 31,
Product sales:	2019		2018
Product sales and supplies	$	7,499,094	$	7,373,820
Training, certification and data recording		647,734		634,567
Service plans and equipment rental		104,742		95,616
Product sales subtotal		8,251,570		8,104,003
Royalties		411,111		247,765
Rental income		89,142		85,886
Total revenues	$	8,751,823	$	8,437,654

XML 14 R28.htm IDEA: XBRL DOCUMENT

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Inventories
Raw materials & deposits	$ 1,601,354	$ 937,276
Work-in-process	32,006	37,338
Finished goods	492,939	435,993
Total gross inventories	2,126,299	1,410,607
Less reserve for obsolescence	(140,000)	(120,000)	$ (60,000)
Total net inventories	$ 1,986,299	$ 1,290,607

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12. SUBSEQUENT EVENTS (Details)
12 Months Ended

Dec. 31, 2019

USD ($)

$ / shares

Subsequent Events [Abstract]

Stock price $ 3.80

Exercise price per share $ 3.80

Original term (years) 5 years

Volatility 23.00%

Annual rate of quarterly dividends 0.00%

Risk free interest rate 0.88%

Fair market value of options | $ $ 92,698

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6. LINE OF CREDIT (Details Narrative) - USD ($)
12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Line of Credit Facility [Abstract]

LIBOR daily floating rate 2.39238% 1.4375%

Line of credit facility $ 0 $ 0

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9. MAJOR CUSTOMERS/SUPPLIERS (Details Narrative) - USD ($)
12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Sales revenue, goods, net $ 8,751,823 $ 8,437,654

Customer One

Concentration risk, percentage 8.00% 7.00%

Sales revenue, goods, net $ 622,563 $ 630,644

Customer Two

Concentration risk, percentage 6.00% 5.00%

Sales revenue, goods, net $ 484,607 $ 401,228

Customer Three

Concentration risk, percentage 5.00% 4.00%

Sales revenue, goods, net $ 379,938 $ 346,259

Vendor

Concentration risk, percentage 24.00% 23.00%

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10. DEFINED CONTRIBUTION EMPLOYEE BENEFIT PLAN
12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

DEFINED CONTRIBUTION EMPLOYEE BENEFIT PLAN
We have adopted a 401(k) Profit Sharing Plan ("401(k) Plan") which covers all full-time employees who have completed 3 months of full-time continuous service and are age eighteen or older. Participants may defer up to 100% of their gross pay up to 401(k) Plan limits. Participants are immediately vested in their contributions. We make monthly discretionary matching contributions of 3% of the total payroll of the participating employees. In 2019 and 2018 we contributed $54,669 and $53,268 respectively. The participants vest in Company contributions based on years of service, with a participant fully vested after six years of credited service.

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Balance Sheets - USD ($)

Dec. 31, 2019

Dec. 31, 2018

CURRENT ASSETS:

Cash $ 3,185,996 $ 2,788,327

Accounts receivable, net 641,239 675,136

Inventories, net 1,986,299 1,290,607

Income taxes receivable 6,750 90,629

Prepaid expenses and other 18,857 35,155

Total current assets 5,839,141 4,879,854

PROPERTY AND EQUIPMENT, at cost:

Land 317,932 317,932

Building 1,928,795 1,928,795

Real-time Alcohol Detection And Recognition equipment and software 569,448 569,448

Production equipment and software 976,621 800,569

Training courses 432,375 432,375

Office equipment, software, and space modifications 208,986 241,836

Sales and marketing equipment 232,600 219,797

Research and development equipment, software and space modifications 172,429 159,810

Less accumulated depreciation (1,959,541) (1,649,203)

Total property and equipment, net 2,879,645 3,021,359

OTHER ASSETS:

Patents, net 145,323 158,147

Deposits and other 74,027 140,452

Deferred taxes 86,658 79,869

Total other assets 306,008 378,468

Total assets 9,024,794 8,279,681

CURRENT LIABILITIES:

Accounts payable 261,798 343,783

Term loan payable, current portion 44,879 43,207

Customer deposits 214,031 19,265

Accrued expenses 290,458 250,912

Deferred revenue, current portion 45,874 44,218

Reserve for warranty expense 45,000 40,000

Total current liabilities 902,040 741,385

TERM LOAN PAYABLE, net of current portion and debt issuance costs 1,324,467 1,369,347

DEFERRED REVENUE, net of current portion 6,066 8,212

Total liabilities 2,232,573 2,118,944

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:

Common stock, no par value; 50,000,000 shares authorized, 2,454,116 shares outstanding 4,603,304 4,597,646

Retained earnings 2,188,917 1,563,091

Total stockholders' equity 6,792,221 6,160,737

Total liabilities and stockholders' equity $ 9,024,794 $ 8,279,681

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6. LINE OF CREDIT
12 Months Ended

Dec. 31, 2019

Line of Credit Facility [Abstract]

LINE OF CREDIT
As part of the long-term financing of our property purchased on October 31, 2014, we obtained a one-year $250,000 revolving line of credit facility with Bank of America, which matured on October 31, 2015 and was extended to June 30, 2018, and bears interest at a rate equal to the LIBOR daily floating rate of 2.39238% and 1.4375% on December 31, 2019 and 2018, respectively, plus 2.5%. The agreement was amended to increase the amount of the line to $750,000 and extend the maturity date to June 30, 2020. The revolving line of credit facility is secured by all personal property and assets, whether now owned or hereafter acquired, wherever located. There was no balance due on the line of credit as of December 31, 2019 and December 31, 2018.

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Statements of Cash Flows - USD ($)
12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income $ 625,826 $ 217,164

Adjustments to reconcile net income to net cash provided from (used in) operating activities

Depreciation and amortization 412,529 416,896

Provision for doubtful accounts, net change 0 (5,000)

Provision for inventory obsolescence, net change 20,000 60,000

Deferred taxes, net change (6,789) (13,338)

Reserve for warranty expense, net change 5,000 0

Stock based compensation expense related to stock options 5,658 17,469

Changes in operating assets and liabilities-

Accounts receivable 33,897 (76,810)

Inventories (715,692) (175,504)

Income taxes receivable 83,879 30,772

Prepaid expenses and other 16,298 (13,351)

Deposits and other 66,425 118,585

Accounts payable (81,985) 46,687

Customer deposits 194,766 (29,498)

Accrued expenses 39,546 (13,378)

Deferred revenue (490) (10,390)

Net cash provided from (used in) operating activities 698,868 570,304

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of property and equipment (256,906) (402,147)

Patent filing expense 0 (6,750)

Net cash (used in) investing activities (256,906) (408,897)

CASH FLOWS FROM FINANCING ACTIVITIES:

Principal payments made on term loan (44,293) (42,535)

Net cash (used in) financing activities (44,293) (42,535)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 397,669 118,872

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 2,788,327 2,669,455

CASH AND CASH EQUIVALENTS, END OF PERIOD 3,185,996 2,788,327

SUPPLEMENTAL INFORMATION:

Cash paid for interest 56,717 58,847

Cash paid for income tax $ 38,000 $ 0

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5. COMMITMENTS AND CONTINGENCIES (Details)

Dec. 31, 2019

USD ($)

Commitments and Contingencies Disclosure [Abstract]

2020 $ 45,964

2021 48,021

2022 50,005

2023 52,072

2024 1,178,528

Total 1,374,590

Less financing cost (5,244)

Net term loan payable 1,369,346

Less current portion (44,879)

Long term portion $ 1,324,467

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) - USD ($)

Dec. 31, 2019

Dec. 31, 2018

Accounting Policies [Abstract]

Compensation $ 167,027 $ 163,814

Property and other taxes 72,868 61,538

Rebates 30,500 25,560

Federal income tax 20,063 0

Total accrued expenses $ 290,458 $ 250,912

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3. BASIC AND DILUTED INCOME AND LOSS PER COMMON SHARE (Details) - USD ($)
12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Earnings Per Share, Basic and Diluted [Abstract]

Net income $ 625,826 $ 217,164

Weighted average shares-basic 2,454,116 2,454,116

Effect of dilutive potential common shares 0 58,329

Weighted average shares-diluted 2,454,116 2,512,445

Net income per share - basic $ 0.26 $ 0.09

Net income per share - diluted $ 0.26 $ 0.09

Antidilutive employee stock options 0 0

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11. BUSINESS SEGMENTS
12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

BUSINESS SEGMENTS
We currently have two business segments: (i) the sale of physical products, including portable hand-held breathalyzers and related accessories, supplies, education, training ("Product Sales"), and royalties from development contracts with OEM manufacturers ("Royalties" and, together with Product Sales, the "Products" segment), and (ii) rental of a portion of our building (the "Rentals" segment). The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 2.

Operating profits for these segments exclude unallocated corporate items. Administrative and staff costs were commonly used by all business segments and were indistinguishable.

The following sets forth information about the operations of the business segments for the years ended December 31, 2019 and 2018.

2019 2018

Product sales $ 8,251,570 $ 8,104,003

Royalties 411,111 247,765

Products subtotal 8,662,681 8,351,768

Rentals 89,142 85,886

Total $ 8,751,823 $ 8,437,654

Gross profit:

Product sales $ 3,493,665 $ 3,547,903

Royalties 411,111 247,765

Products subtotal 3,904,776 3,795,668

Rentals 31,227 13,583

Total $ 3,936,003 $ 3,809,251

Interest expense:

Product sales $ 36,743 $ 33,582

Royalties — —

Products subtotal 36,743 33,582

Rentals 21,059 28,068

Total $ 57,802 $ 61,650

Net income (loss) before taxes:

Product sales $ 266,083 $ 1,317

Royalties 411,111 247,765

Products subtotal 677,194 249,082

Rentals 10,168 (14,485 )

Total $ 687,362 $ 234,597

There were no intersegment revenues.

At December 31, 2019, $616,183 of our assets were used in the Rentals segment, with the remainder, $8,408,504, used in the Products and unallocated segments.

Future rental income and related expenses will depend on whether existing leases are renewed. Minimum base rents for leases in place at December 31, 2019 are scheduled to be $33,178 in 2020 and $0 in 2021.

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Balance Sheets (Parenthetical) - $ / shares

Dec. 31, 2019

Dec. 31, 2018

STOCKHOLDERS' EQUITY:

Common stock, par value $ 0 $ 0

Common stock, authorized shares 50,000,000 50,000,000

Common stock, outstanding shares 2,454,116 2,454,116

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7. INCOME TAXES
12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

INCOME TAXES
We account for income taxes under ASC 740, which requires the use of the liability method. ASC 740 provides that deferred tax assets and liabilities are recorded based on the differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, referred to as temporary differences. Deferred tax assets and liabilities at the end of each period are determined using the currently enacted tax rates applied to taxable income in the periods in which the deferred tax assets and liabilities are expected to be settled or realized. We had a Federal General Business Credit carryover available for 2019 of $69,603, of which we used $68,247, leaving a carryover available for 2020 of $1,356.

Our income tax provision is summarized below:

Years Ended
December 31,

2019

December 31,

2018

Current:

 Federal $ 33,051 $ 12,985

 State 35,274 17,787

 Total current 68,325 30,772

Deferred:

 Federal (5,563 ) (10,929 )

 State (1,226 ) (2,410 )

 Total deferred (6,789 ) (13,339 )

Total $ 61,536 $ 17,433

The items accounting for the difference between income taxes computed at the federal statutory rate and the provision for income taxes consists of the following:

Years Ended
December 31,

2019

December 31,

2018

Federal statutory rate $ 144,346 $ 49,265

Effect of:

 State taxes, net of federal tax benefit (34,048 ) (15,377 )

 Research & development credit (124,154 ) (63,954 )

 Other 75,392 47,499

Total $ 61,536 $ 17,433

The components of the deferred tax asset are as follows:

Years Ended December 31,

2019 2018

Current Deferred Tax Assets:

 Bad debt reserve $ 7,689 $ 7,689

 Inventory reserve 35,882 30,756

 Accrued vacation 18,241 17,610

 Deferred income 13,312 13,562

 Warranty reserve 11,534 10,252

 Total deferred tax assets $ 86,658 $ 79,869

Our income tax returns are no longer subject to Federal tax examinations by tax authorities for years before 2016 or state examinations for years before 2015.

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1. ORGANIZATION AND NATURE OF BUSINESS
12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND NATURE OF BUSINESS
Lifeloc Technologies, Inc. ("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 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 solutions. Today, the majority of our revenues are derived from products and services for alcohol detection and measurement. We remain committed to growing our breath alcohol testing business. In the future, we anticipate the commercialization of new sensing and measurement products that may allow Lifeloc to successfully expand our business into new growth areas where we do not presently compete or where no satisfactory product solutions exist today.

Lifeloc incorporated in Colorado in December 1983. We filed a registration statement on Form 10 with the Securities and Exchange Commission, which became effective on May 31, 2011. Our fiscal year end is December 31. Our principal executive offices are located at 12441 West 49th Avenue, Unit 4, Wheat Ridge, Colorado 80033-3338. Our telephone number is (303) 431-9500. Our websites are www.lifeloc.com, www.stsfirst.com and www.lifeguardbreathtester.com. Information contained on our websites does not constitute part of this Form 10-K.

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) - USD ($)

Dec. 31, 2019

Dec. 31, 2018

Accounting Policies [Abstract]

Patents issued $ 100,008 $ 88,855

Patent applications 6,750 17,903

Patents and patent applications acquired in asset acquisition 100,000 100,000

Accumulated amortization (61,435) (48,611)

Total net patents $ 145,323 $ 158,147

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Amortization of debt issuance costs $ 1,085 $ 2,803

Uninsured cash 2,238,307

Accounts receivable, net 641,239 675,136

Depreciation expense 398,620 388,246

Amortization of patents 12,824 25,847

Impairment of patents 0 0

Grants reimbursement 31,646 2,721

Stock-based compensation expense $ 5,658 $ 17,469

Dilution from potential common shares outstanding $ 0.00 $ 0.00

Customer One

Accounts receivable, net $ 194,043 $ 181,701

Customer Two

Accounts receivable, net $ 93,962 $ 84,964

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4. STOCKHOLDERS' EQUITY (Details Narrative) - USD ($)
12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

STOCKHOLDERS' EQUITY:

Common stock available for grant under the new Plan adopted in 2013 150,000

Share based compensation $ 5,658 $ 17,469

Common stock, authorized shares 50,000,000 50,000,000

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($)
12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Accounting Policies [Abstract]

Inventory reserve for obsolescence, beginning of year $ 120,000 $ 60,000

Provision for estimated obsolescence 73,440 105,092

Write-off of obsolete inventory (53,440) (45,092)

Inventory reserve for obsolescence, end of year $ 140,000 $ 120,000

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11. BUSINESS SEGMENTS (Tables)
12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Operations of business segments

2019 2018

Product sales $ 8,251,570 $ 8,104,003

Royalties 411,111 247,765

Products subtotal 8,662,681 8,351,768

Rentals 89,142 85,886

Total $ 8,751,823 $ 8,437,654

Gross profit:

Product sales $ 3,493,665 $ 3,547,903

Royalties 411,111 247,765

Products subtotal 3,904,776 3,795,668

Rentals 31,227 13,583

Total $ 3,936,003 $ 3,809,251

Interest expense:

Product sales $ 36,743 $ 33,582

Royalties — —

Products subtotal 36,743 33,582

Rentals 21,059 28,068

Total $ 57,802 $ 61,650

Net income (loss) before taxes:

Product sales $ 266,083 $ 1,317

Royalties 411,111 247,765

Products subtotal 677,194 249,082

Rentals 10,168 (14,485 )

Total $ 687,362 $ 234,597

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3. BASIC AND DILUTED INCOME AND LOSS PER COMMON SHARE (Tables)
12 Months Ended

Dec. 31, 2019

Earnings Per Share, Basic and Diluted [Abstract]

Calculation of basic and diluted net income per common share

Years Ended December 31,

2019 2018

Net income $ 625,826 $ 217,164

Weighted average shares-basic 2,454,116 2,454,116

Effect of dilutive potential common shares — 58,329

Weighted average shares-diluted 2,454,116 2,512,445

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5. COMMITMENTS AND CONTINGENCIES (Details Narrative)

Dec. 31, 2019

USD ($)

Commitments and Contingencies Disclosure [Abstract]

Outstanding purchase orders issued to vendors $ 2,045,455

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7. INCOME TAXES (Details 2) - USD ($)

Dec. 31, 2019

Dec. 31, 2018

Current Deferred Tax Assets:

Bad debt reserve $ 7,689 $ 7,689

Inventory reserve 35,882 30,756

Accrued vacation 18,241 17,610

Deferred income 13,312 13,562

Warranty reserve 11,534 10,252

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11. BUSINESS SEGMENTS (Details Narrative)

Dec. 31, 2019

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Segment Reporting [Abstract]

Rentals segment $ 616,183

Rentals segment remainder $ 8,408,504

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 5) - USD ($)
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Dec. 31, 2018

Accounting Policies [Abstract]

Product warranty reserve, beginning of year $ 40,000 $ 40,000

Provision for estimated warranty claims 41,643 29,295

Claims made (36,643) (29,295)

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4. STOCKHOLDERS' EQUITY (Details 1) - $ / shares
12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

STOCKHOLDERS' EQUITY:

Options outstanding, beginning 50,000 60,000

Options granted 3,000 0

Options exercised 0 0

Options forfeited/expired (25,000) (10,000)

Options outstanding, ending 28,000 50,000

Weighted-average exercise price per share, beginning $ 6.00 $ 5.39

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Document and Entity Information - USD ($)
12 Months Ended

Dec. 31, 2019

Mar. 10, 2020

Jun. 30, 2019

Document And Entity Information

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Is Entity a Voluntary Filer? No

Is Entity's Reporting Status Current? Yes

Entity Filer Category Non-accelerated Filer

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Entity Public Float $ 1,674,864

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9. MAJOR CUSTOMERS/SUPPLIERS
12 Months Ended

Dec. 31, 2019

Risks and Uncertainties [Abstract]

MAJOR CUSTOMERS/SUPPLIERS
We depend on sales that are generated from our customers' ongoing usage of alcohol testing instruments.

One customer contributed 8% ($622,563) to our product sales in 2019, a second customer contributed 6% ($484,607), a third customer contributed 5% ($379,938), and no other customer contributed more than 3%. One customer contributed 7% ($630,644) to our total sales in 2018, a second customer contributed 5% ($401,228), a third customer contributed 4% ($346,259), and no other customer contributed more than 3%. In making this determination, we considered the federal government, state governments, local governments, and foreign governments each as a single customer.

In 2019, we depended upon three vendors for approximately 24% of our purchases (three vendors and 23% respectively in 2018).

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Statement of Stockholders' Equity - USD ($)

Common Stock

Retained Earnings

Total

Beginning balance, shares at Dec. 31, 2017 2,454,116

Beginning balance, amount at Dec. 31, 2017 $ 4,580,177 $ 1,345,927 $ 5,926,104

Net income 217,164 217,164

Stock based compensation expense related to stock options $ 17,469 17,469

Ending balance, shares at Dec. 31, 2018 2,454,116

Ending balance, amount at Dec. 31, 2018 $ 4,597,646 1,563,091 6,160,737

Net income 625,826 625,826

Stock based compensation expense related to stock options $ 5,658 5,658

Ending balance, shares at Dec. 31, 2019 2,454,116

Ending balance, amount at Dec. 31, 2019 $ 4,603,304 $ 2,188,917 $ 6,792,221

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5. COMMITMENTS AND CONTINGENCIES
12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES
Mortgage Expense. We purchased our facilities in Wheat Ridge, Colorado on October 31, 2014 for $1,949,139 and took out a term loan secured by a first mortgage on the property in the amount of $1,581,106 with Bank of America for a portion of the purchase price. Effective June 30, 2016 the note was amended to revise the interest rate from 4.45% to 4.00% per annum. The revised note is payable in 99 equal monthly installments of $8,417, including interest, plus a final payment of $1,138,104 (excluding interest) on October 31, 2024. Our minimum future principal payments on this term loan, by year, are as follows:

Year Amount

2020 $ 45,964

2021 48,021

2022 50,005

2023 52,072

2024 1,178,528

Total 1,374,590

Less financing cost (5,244 )

Net term loan payable 1,369,346

Less current portion (44,879 )

Long term portion $ 1,324,467

Employee Severance Benefits. Our obligation with respect to employee severance benefits is minimized by the "at will" nature of the employee relationships. As of December 31, 2019 we had no obligation with respect to contingent severance benefit obligations other than the Company's obligations under the employment agreement with its chief executive officer, Dr. Wayne Willkomm. In the event that Dr. Willkomm's employment is terminated by the Company without Cause (including through a decision by the Company not to renew the employment agreement) or by Dr. Willkomm with Good Reason (as each are defined in the employment agreement), Dr. Willkomm will be eligible, upon satisfaction of certain conditions, for severance equal to two months of salary continuation plus 12 months of health insurance continuation.

Contractual Commitments and Purchase Orders. Contractual commitments under development agreements and outstanding purchase orders issued to vendors in the ordinary course of business totaled $2,045,455 at December 31, 2019.

Regulatory Commitments. With respect to our LifeGuard® product, we are subject to regulation by the United States Food and Drug Administration ("FDA"). The FDA provides regulations governing the manufacture and sale of our LifeGuard® product, and we are subject to inspections by the FDA to determine our compliance with these regulations. FDA inspections are conducted periodically at the discretion of the FDA. On June 26, 2017, we were inspected by the FDA and no violations were issued. We are also subject to regulation by the DOT and by various state departments of transportation so far as our other products are concerned. We believe that we are in substantial compliance with all known applicable regulations.

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

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.

Debt Issuance Costs
In 2016, the Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). This standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. Deferred loan costs are amortized over the 20-year life of the term loan on a straight line basis, which approximates the effective interest method. Total amortization during the years ended December 31, 2019 and 2018 was $1,085 and $2,803 respectively, and is included within interest expense on the statements of income.

Deferred Taxes
In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). This standard requires that deferred income tax assets and liabilities be presented as noncurrent assets or liabilities in the balance sheet. ASU 2015-17 is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods, and may be applied either prospectively to all deferred tax assets or liabilities or retrospectively to all periods presented. We adopted this new standard in 2017.

Fair Value Measurement
Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures ("ASC 820"), provides a comprehensive framework for measuring fair value and expands disclosures which are required about fair value measurements. Specifically, ASC 820 sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. ASC 820 defines the hierarchy as follows:

Level 1 - Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equity securities listed on the New York Stock Exchange.

Level 2 - Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reported date. The types of assets and liabilities in Level 2 are typically either comparable to actively traded securities or contracts or priced with models using highly observable inputs.

Level 3 - Significant inputs to pricing that are unobservable as of the reporting date. The types of assets and liabilities included in Level 3 are those with inputs requiring significant management judgment or estimation, such as complex and subjective models and forecasts used to determine the fair value of financial transmission rights.

Cash and Cash Equivalents
For purposes of reporting cash flows, we consider all cash and highly liquid investments with an original maturity of three months or less to be cash equivalents.

Fair Value of Financial Instruments
Our financial instruments consist of cash, short-term trade receivables, payables and a term loan secured by a first mortgage. The carrying values of cash, short-term receivables, and payables approximate their fair value due to their short term maturities. The carrying value of the term loan approximates its fair value based on interest rates currently obtainable.

Concentration of Credit Risk
Financial instruments with significant credit risk include cash and accounts receivable. The amount of cash on deposit with two financial institutions exceeded the $250,000 federally insured limit at December 31, 2019 by $2,238,307. However, we believe that the financial institutions are financially sound and the risk of loss is minimal.

We have no significant off-balance sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements.

Accounts Receivable
Accounts receivable are typically unsecured and are derived from transactions with and from entities primarily located in the United States or from international distributors with a proven payment history. Accordingly, we may be exposed to credit risks generally associated with the alcohol monitoring industry. Our credit policy calls for payment in accordance with prevailing industry standards, generally 30 days with occasional exceptions of up to 60 days for large established customers. We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. A summary of the activity in our allowance for doubtful accounts is as follows:

Years Ended December 31 2019 2018

Balance, beginning of year $ 30,000 $ 35,000

Provision for estimated losses 4,898 (7,583 )

Recovery (write-off) of uncollectible accounts (4,898 ) 2,583

Balance, end of year $ 30,000 $ 30,000

The net accounts receivable balance at December 31, 2019 of $641,239 included an account from one customer of $194,043 (30%), $93,962 from a second customer (15%), and no more than 10% from any other single customer. The net accounts receivable balance at December 31, 2018 of $675,136 included an account from one customer of $181,701 (27%), $84,964 from a second customer (13%), and no more than 10% from any other single customer.

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 December 31, 2019 and December 31, 2018, inventory consisted of the following:

2019 2018

Raw materials & deposits $ 1,601,354 $ 937,276

Work-in-process 32,006 37,338

Finished goods 492,939 435,993

Total gross inventories 2,126,299 1,410,607

Less reserve for obsolescence (140,000 ) (120,000 )

Total net inventories $ 1,986,299 $ 1,290,607

A summary of the activity in our inventory reserve for obsolescence is as follows:

Years Ended December 31 2019 2018

Balance, beginning of year $ 120,000 $ 60,000

Provision for estimated obsolescence 73,440 105,092

Write-off of obsolete inventory (53,440 ) (45,092 )

Balance, end of year $ 140,000 $ 120,000

Property and Equipment
Property and equipment are stated at cost, with depreciation computed over the estimated useful lives of the assets, generally five years; three years for software and technology licenses; 15 years for space modifications and for training courses; 39 years for the cost of the building we purchased in October 2014. We utilize the declining method of depreciation for property, equipment and space modifications, and the straight-line method of depreciation for software, training courses, and the building, due to the expected usage of these assets over time. These methods are expected to continue throughout the life of the assets. Maintenance and repairs are expensed as incurred and major additions, replacements and improvements are capitalized. Depreciation expense for the years ended December 31, 2019 and 2018 was $398,620 and $388,246 respectively.

Long-Lived Assets
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. A long-lived asset is considered impaired when estimated future cash flows related to the asset, undiscounted and without interest, are insufficient to recover the carrying amount of the asset. If deemed impaired, the long-lived asset is reduced to its estimated fair value. Long-lived assets to be disposed of are reported at the lower of their carrying amount or estimated fair value less cost to sell. No impairments were recorded for the years ended December 31, 2019 and 2018 respectively.

Patents
The costs of applying for patents are capitalized and amortized on a straight-line basis over the lesser of the patent's economic or legal life (20 years for utility patents in the United States, and 14 years for design patents). Amortization expense, including impairments, for the years ended December 31, 2019 and 2018 was $12,824 and $25,847 respectively. Amortization expense for each of the next 5 years is estimated to be $12,479 per year. Capitalized costs are expensed if patents are not granted. We review the carrying value of our patents periodically to determine whether the patents have continuing value and such reviews could result in the conclusion that the recorded amounts have been impaired. Impairments of $0 and $0 were included in amortization expense for the years ended December 31, 2019 and 2018 respectively. A summary of our patents at December 31, 2019 and 2018 is as follows:

2019 2018

Patents issued $ 100,008 $ 88,855

Patent applications 6,750 17,903

Patents and patent applications acquired in asset acquisition 100,000 100,000

Accumulated amortization (61,435 ) (48,611 )

Total net patents $ 145,323 $ 158,147

Deposits and Other Assets
We include the long-term portion of installment receivables with deposits.

Accrued Expenses
We have accrued various expenses in our December 31 balance sheets, as follows.

2019 2018

Compensation $ 167,027 $ 163,814

Property and other taxes 72,868 61,538

Rebates 30,500 25,560

Federal income tax 20,063 —

$ 290,458 $ 250,912

Product Warranty Reserve
We provide for the estimated cost of product warranties at the time sales are recognized. Our warranty obligation is based upon historical experience and will be affected by product failure rates and material usage incurred in correcting a product failure. Should actual product failure rates or material usage costs differ from our estimates, revisions to the estimated warranty liability would be required. A summary of the activity in our product warranty reserve is as follows:

Years Ended December 31 2019 2018

Balance, beginning of year $ 40,000 $ 40,000

Provision for estimated warranty claims 41,643 29,295

Claims made (36,643 ) (29,295 )

Balance, end of year $ 45,000 $ 40,000

Income Taxes
We account for income taxes under the provisions of ASC Topic 740, Accounting for Income Taxes ("ASC 740"). ASC 740 requires recognition of deferred income tax assets and liabilities for the expected future income tax consequences, based on enacted tax laws, of temporary differences between the financial reporting and tax bases of assets and liabilities. ASC 740 also requires recognition of deferred tax assets for the expected future tax effects of all deductible temporary differences, loss carryforwards and tax credit carryforwards. Deferred tax assets are then reduced, if deemed necessary, by a valuation allowance for the amount of any tax benefits which, more likely than not based on current circumstances, are not expected to be realized.

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements, uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. For the years ended December 31, 2019 and 2018, we did not have any interest or penalties or any significant uncertain tax positions.

Revenue Recognition
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. We adopted this ASU on January 1, 2018 retrospectively, with the cumulative effect of initial application (which was zero) recognized in retained earnings on that date.

Revenue from product sales and supplies is generally recorded when we ship the product and title has passed to the customer, or when agreed milestones are met in the case of product developments, provided that we have evidence of a customer arrangement and can conclude that collection is probable. The prices at which we sell our products are fixed and determinable at the time we accept a customer's order. We recognize revenue from sales to stocking distributors when there is no right of return, other than for normal warranty claims, and generally have no ongoing obligations related to product sales, except for normal warranty.

The sales of licenses to our training courses are recognized as revenue at the time of sale. Training and certification revenues are recognized at the time the training and certification occurs. Data recording revenue is recognized based on each day’s usage of enrolled devices.

Revenues arising from extended warranty contracts are booked as sales over their life on a straight-line basis. We have discontinued arranging for customer financing and leasing through unrelated third parties and instead are providing for customer financing and leasing ourselves, which we recognize as revenue over the applicable lease term. Occasionally, we rent used equipment to customers, and in those cases, we recognize the revenues as they are earned over the life of the contract.

Royalty income is recognized in accordance with agreed upon terms, when performance obligations are satisfied, the amount is fixed or determinable and collectability is reasonably assured.

Rental income from space leased to our tenants is recognized in the month in which it is due, which approximates if it were recognized on a straight-line basis over the term of the related lease.

On occasion we receive customer deposits for future product orders and product developments. Customer deposits are initially recorded as a liability and recognized as revenue when the product is shipped and title has passed to the customer, or when agreed milestones are met in the case of product developments.

Topic 606 requires the disaggregation of revenue into broad categories, which we have defined as shown below.

Year Ended December 31,

Product sales: 2019 2018

 Product sales and supplies $ 7,499,094 $ 7,373,820

 Training, certification and data recording 647,734 634,567

 Service plans and equipment rental 104,742 95,616

 Product sales subtotal 8,251,570 8,104,003

Royalties 411,111 247,765

Rental income 89,142 85,886

Total revenues $ 8,751,823 $ 8,437,654

Deferred Revenue
Deferred revenues arise from service contracts and from development contracts. Revenues from service contracts are recognized on a straight-line basis over the life of the contract, generally one year, and are included in product revenue in our statements of income. However, there are occasions when they are written for longer terms up to four years. The revenues from that portion of the contract that extend beyond one year are shown in our balance sheets as long term. Deferred revenues also result from progress payments received on development contracts; those revenues are recognized when the contract is complete, and are included in product revenue in our statements of income. All development contracts are for less than one year and all deferred revenues from this source are shown in our balance sheets as short term.

Grants
We apply for and receive job training and other grants, which are recognized as reductions of expense when received. In September 2014 we were notified that we had been awarded a $250,000 grant from the Colorado Office of Economic Development to accelerate development of a marijuana breathalyzer that is currently under development. The grant completion date was August 31, 2018, at which point $126,793 of grant funds remained unused and are no longer available. We received grants of $31,646 and $2,721 in 2019 and 2018 respectively.

Rebates
Our rebate program is available to certain of our North American workplace distributors in good standing who are responsible for sales equaling at least $25,000 in one calendar year. Distributors in good standing who meet the required sales threshold earn a rebate equal to between 1 and 10 percent of that distributor's total sales of the Company's products. We accrue for these rebates monthly; they are shown in our balance sheets as accrued expenses.

Recent Accounting Pronouncements
We have reviewed all recently issued, but not yet effective, accounting pronouncements.

In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"). This update substantially revises standards for the recognition, measurement and presentation of financial instruments. This standard revises an entity's accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. It also amends certain disclosure requirements associated with the fair value of financial instruments. ASU 2016-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods, with early adoption permitted for certain requirements. We adopted this new standard effective January 1, 2018. This new standard did not have a material impact on our financial statements or related disclosures.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The amendments in this ASU revise the accounting related to lessee accounting. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases. The new lease guidance also simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. The amendments in this ASU are effective for us beginning on January 1, 2019 and should be applied through a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted. We adopted this new standard in 2019, which did not have a material impact on our financial statements or related disclosures.

Research and Development Expenses
We expense research and development costs for products and processes as incurred.

Stock-Based Compensation
Stock-based compensation is presented in accordance with the guidance of ASC Topic 718, Compensation – Stock Compensation ("ASC 718"). Under the provisions of ASC 718, companies are required to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in our statement of income.

ASC 718 requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the accompanying statement of income.

Stock-based compensation expense recognized during the period is based on the value of the portion of share-based payment awards that is ultimately expected to vest during the period. We used the Black-Scholes option-pricing model ("Black-Scholes model") to determine fair value. Our determination of fair value of share-based payment awards on the date of grant using an option-pricing model is affected by our stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to our expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. Although the fair value of employee stock options is determined in accordance with ASC 718 using an option-pricing model, that value may not be indicative of the fair value observed in a willing buyer/willing seller market transaction.

Stock-based compensation expense recognized under ASC 718 for years 2019 and 2018 was $5,658 and $17,469 respectively. Stock-based compensation expense related to employee stock options under ASC 718 is allocated to General and Administrative Expense when incurred.

Segment Reporting
We have concluded that we have two operating segments, including our primary business which is as a developer, manufacturer and marketer of portable hand-held breathalyzers and related accessories, supplies and education. As a result of purchasing our building on October 31, 2014, we have a second segment consisting of renting portions of our building to existing tenants, whose leases expire at various times until July 31, 2020.

Basic and Diluted Income and Loss per Common Share
Net income or loss per share is calculated in accordance with ASC Topic 260, Earnings Per Share ("ASC 260"). Under the provisions of ASC 260, 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 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. Dilution from potential common shares outstanding at December 31, 2019 and 2018 was $0 and $0 per share, respectively.

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3. BASIC AND DILUTED INCOME AND LOSS PER COMMON SHARE
12 Months Ended

Dec. 31, 2019

Earnings Per Share, Basic and Diluted [Abstract]

BASIC AND DILUTED INCOME AND LOSS PER COMMON SHARE
We report both basic and diluted net income per common share. Basic net income per common share is computed by dividing net income for the period by the weighted average number of common shares outstanding for the period. Diluted net income per common share is computed by dividing the net income 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 per common share:

Years Ended December 31,

2019 2018

Net income $ 625,826 $ 217,164

Weighted average shares-basic 2,454,116 2,454,116

Effect of dilutive potential common shares — 58,329

Weighted average shares-diluted 2,454,116 2,512,445

Net income per share-basic $ .26 $ .09

Net income per share-diluted $ .26 $ .09

Antidilutive employee stock options — —

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Accounting Policies [Abstract]

Balance, beginning of year $ 30,000 $ 35,000

Provision for estimated losses 4,898 (7,583)

Write-off of uncollectible accounts (4,898) 2,583

Balance, end of year $ 30,000 $ 30,000

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5. COMMITMENTS AND CONTINGENCIES (Tables)
12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Minimum future lease payments

Year Amount

2020 $ 45,964

2021 48,021

2022 50,005

2023 52,072

2024 1,178,528

Total 1,374,590

Less financing cost (5,244 )

Net term loan payable 1,369,346

Less current portion (44,879 )

Long term portion $ 1,324,467

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7. INCOME TAXES (Details) - USD ($)
12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Current:

Federal $ 33,051 $ 12,985

State 35,274 17,787

Total current 68,325 30,772

Deferred:

Federal (5,563) (10,929)

State (1,226) (2,410)

Total deferred (6,789) (13,338)

Total $ 61,536 $ 17,433

X

- Definition
Amount of current foreign income tax expense (benefit) pertaining to income (loss) from continuing operations.
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10. DEFINED CONTRIBUTION EMPLOYEE BENEFIT PLAN (Details Narrative) - USD ($)
12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Retirement Benefits [Abstract]

Percentage of payroll to discretionary contribution 3.00% 3.00%

Discretionary contributions amount $ 54,669 $ 53,268

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12. SUBSEQUENT EVENTS (Tables)
12 Months Ended

Dec. 31, 2019

Subsequent Events [Abstract]

Assumptions used for stock option grants

Stock price $3.80

Exercise price per share $3.80

Original term (years) 5

Volatility 23.00%

Annual rate of quarterly dividends None

Risk free interest rate .88%

Fair market value of options $92,698

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4. STOCKHOLDERS' EQUITY (Tables)
12 Months Ended

Dec. 31, 2019

STOCKHOLDERS' EQUITY:

Summary of our stock option activity

STOCK OPTIONS

OUTSTANDING

Number

Outstanding

Weighted Average

Exercise Price Per Share

BALANCE AT DECEMBER 31, 2017 60,000 $ 5.39

Granted — —

Exercised — —

Forfeited/expired (10,000 ) —

BALANCE AT DECEMBER 31, 2018 50,000 $ 6.00

Granted 3,000

Exercised — —

Forfeited/expired (25,000 ) —

BALANCE AT DECEMBER 31, 2019 28,000 $ 5.95

Stock options outstanding and exercisable

STOCK OPTIONS OUTSTANDING STOCK OPTIONS EXERCISABLE

Range of Exercise Prices
Number

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Life (in Years)

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$6.00 25,000 2.75 $6.00 — —

$5.51 3,000 4.58 $5.51 3,000 $5.51

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7. INCOME TAXES (Details 1) - USD ($)
12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Federal statutory rate $ 144,346 $ 49,265

State taxes, net of federal tax benefit (34,048) (15,377)

Research & development credit (124,154) (63,954)

Other 75,392 47,499

Total $ 61,536 $ 17,433

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11. BUSINESS SEGMENTS (Details) - USD ($)
12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Revenue $ 8,751,823 $ 8,437,654

Gross profit 3,936,003 3,809,251

Interest expense 57,802 61,650

Net income (loss) before taxes 687,362 234,597

Product Sales

Revenue 8,251,570 8,104,003

Gross profit 3,493,665 3,547,903

Interest expense 36,743 33,582

Net income (loss) before taxes 266,083 1,317

Royalties

Revenue 411,111 247,765

Gross profit 411,111 247,765

Interest expense 0 0

Net income (loss) before taxes 411,111 247,765

Products Subtotal

Revenue 8,662,681 8,351,768

Gross profit 3,904,776 3,795,668

Interest expense 36,743 33,582

Net income (loss) before taxes 677,194 249,082

Rentals

Revenue 89,142 85,886

Gross profit 31,227 13,583

Interest expense 21,059 28,068

Net income (loss) before taxes $ 10,168 $ (14,485)

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 6) - USD ($)
12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Total revenues $ 8,751,823 $ 8,437,654

Product sales and supplies

Total revenues 7,499,094 7,373,820

Training, certification and data recording

Total revenues 647,734 634,567

Service plans and equipment rental

Total revenues 104,742 95,616

Product sales subtotal

Total revenues 8,251,570 8,104,003

Royalties

Total revenues 411,111 247,765

Rental income

Total revenues $ 89,142 $ 85,886

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4. STOCKHOLDERS' EQUITY (Details 2) - $ / shares
12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Option outstanding 28,000 50,000 60,000

Weighted average exercise price per share $ 5.95 $ 6.00 $ 5.39

Price range $6.00

Option outstanding 25,000

Weighted average remaining contractual life (in years) 2 years 9 months

Weighted average exercise price per share $ 6.00

Number exercisable 0

Weighted average exercise price per share $ 0

Price range $5.51

Option outstanding 3,000

Weighted average remaining contractual life (in years) 4 years 6 months 29 days

Weighted average exercise price per share $ 5.51

Number exercisable 3,000

Weighted average exercise price per share $ 5.51

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12. SUBSEQUENT EVENTS
12 Months Ended

Dec. 31, 2019

Subsequent Events [Abstract]

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 disclosure in the notes to our financial statements, except for the following.

On March 1, 2020 we granted 110,500 options to key employees, including 3,000 options to directors, which have a term of 5 years, and which are immediately and fully vested. Under ASC 718, the value of each stock option was estimated on the date of grant using the Black-Scholes model for the purpose of financial information in accordance with ASC 718. The use of a Black-Scholes model requires the use of actual employee exercise behavior data and the use of a number of assumptions including expected volatility, risk-free interest rate and expected dividends. Cumulative compensation cost recognized in net income or loss with respect to options that are forfeited prior to vesting is adjusted as a reduction of compensation expense in the period of forfeiture. The volatility of the stock is based on a comparable public company's historical volatility since our stock is rarely traded. Fair value computations are highly sensitive to the volatility factor; the greater the volatility, the higher the computed fair value of options granted. The Black-Scholes model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. In addition, option valuation models require the use of assumptions, including the expected stock price volatility.

The factors used to estimate the value of the revised option grant on March 1, 2020 and the resulting fair market value, are as follows.

Stock price $3.80

Exercise price per share $3.80

Original term (years) 5

Volatility 23.00%

Annual rate of quarterly dividends None

Risk free interest rate .88%

Fair market value of options $92,698

The above fair market value of these options will be a charge to our statement of income, with an offsetting credit to capital, for the quarter ending March 31, 2020.

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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.

Debt Issuance Costs. In 2016, the Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). This standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. Deferred loan costs are amortized over the 20-year life of the term loan on a straight line basis, which approximates the effective interest method. Total amortization during the years ended December 31, 2019 and 2018 was $1,085 and $2,803 respectively, and is included within interest expense on the statements of income.

Deferred Taxes. In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). This standard requires that deferred income tax assets and liabilities be presented as noncurrent assets or liabilities in the balance sheet. ASU 2015-17 is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods, and may be applied either prospectively to all deferred tax assets or liabilities or retrospectively to all periods presented. We adopted this new standard in 2017.

Fair Value Measurement. Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures ("ASC 820"), provides a comprehensive framework for measuring fair value and expands disclosures which are required about fair value measurements. Specifically, ASC 820 sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. ASC 820 defines the hierarchy as follows:

Level 1 - Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equity securities listed on the New York Stock Exchange.

Level 2 - Pricing inputs are other than quoted prices in active markets, but are either directly or indirectly observable as of the reported date. The types of assets and liabilities in Level 2 are typically either comparable to actively traded securities or contracts or priced with models using highly observable inputs.

Level 3 - Significant inputs to pricing that are unobservable as of the reporting date. The types of assets and liabilities included in Level 3 are those with inputs requiring significant management judgment or estimation, such as complex and subjective models and forecasts used to determine the fair value of financial transmission rights.

Cash and Cash Equivalents. For purposes of reporting cash flows, we consider all cash and highly liquid investments with an original maturity of three months or less to be cash equivalents.

Fair Value of Financial Instruments. Our financial instruments consist of cash, short-term trade receivables, payables and a term loan secured by a first mortgage. The carrying values of cash, short-term receivables, and payables approximate their fair value due to their short term maturities. The carrying value of the term loan approximates its fair value based on interest rates currently obtainable.

Concentration of Credit Risk. Financial instruments with significant credit risk include cash and accounts receivable. The amount of cash on deposit with two financial institutions exceeded the $250,000 federally insured limit at December 31, 2019 by $2,238,307. However, we believe that the financial institutions are financially sound and the risk of loss is minimal.

We have no significant off-balance sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements.

Accounts Receivable. Accounts receivable are typically unsecured and are derived from transactions with and from entities primarily located in the United States or from international distributors with a proven payment history. Accordingly, we may be exposed to credit risks generally associated with the alcohol monitoring industry. Our credit policy calls for payment in accordance with prevailing industry standards, generally 30 days with occasional exceptions of up to 60 days for large established customers. We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. A summary of the activity in our allowance for doubtful accounts is as follows:

Years Ended December 31 2019 2018

Balance, beginning of year $ 30,000 $ 35,000

Provision for estimated losses 4,898 (7,583 )

Recovery (write-off) of uncollectible accounts (4,898 ) 2,583

Balance, end of year $ 30,000 $ 30,000

The net accounts receivable balance at December 31, 2019 of $641,239 included an account from one customer of $194,043 (30%), $93,962 from a second customer (15%), and no more than 10% from any other single customer. The net accounts receivable balance at December 31, 2018 of $675,136 included an account from one customer of $181,701 (27%), $84,964 from a second customer (13%), and no more than 10% from any other single customer.

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 December 31, 2019 and December 31, 2018, inventory consisted of the following:

2019 2018

Raw materials & deposits $ 1,601,354 $ 937,276

Work-in-process 32,006 37,338

Finished goods 492,939 435,993

Total gross inventories 2,126,299 1,410,607

Less reserve for obsolescence (140,000 ) (120,000 )

Total net inventories $ 1,986,299 $ 1,290,607

A summary of the activity in our inventory reserve for obsolescence is as follows:

Years Ended December 31 2019 2018

Balance, beginning of year $ 120,000 $ 60,000

Provision for estimated obsolescence 73,440 105,092

Write-off of obsolete inventory (53,440 ) (45,092 )

Balance, end of year $ 140,000 $ 120,000

Property and Equipment. Property and equipment are stated at cost, with depreciation computed over the estimated useful lives of the assets, generally five years; three years for software and technology licenses; 15 years for space modifications and for training courses; 39 years for the cost of the building we purchased in October 2014. We utilize the declining method of depreciation for property, equipment and space modifications, and the straight-line method of depreciation for software, training courses, and the building, due to the expected usage of these assets over time. These methods are expected to continue throughout the life of the assets. Maintenance and repairs are expensed as incurred and major additions, replacements and improvements are capitalized. Depreciation expense for the years ended December 31, 2019 and 2018 was $398,620 and $388,246 respectively.

Long-Lived Assets. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. A long-lived asset is considered impaired when estimated future cash flows related to the asset, undiscounted and without interest, are insufficient to recover the carrying amount of the asset. If deemed impaired, the long-lived asset is reduced to its estimated fair value. Long-lived assets to be disposed of are reported at the lower of their carrying amount or estimated fair value less cost to sell. No impairments were recorded for the years ended December 31, 2019 and 2018 respectively.

Patents. The costs of applying for patents are capitalized and amortized on a straight-line basis over the lesser of the patent's economic or legal life (20 years for utility patents in the United States, and 14 years for design patents). Amortization expense, including impairments, for the years ended December 31, 2019 and 2018 was $12,824 and $25,847 respectively. Amortization expense for each of the next 5 years is estimated to be $12,479 per year. Capitalized costs are expensed if patents are not granted. We review the carrying value of our patents periodically to determine whether the patents have continuing value and such reviews could result in the conclusion that the recorded amounts have been impaired. Impairments of $0 and $0 were included in amortization expense for the years ended December 31, 2019 and 2018 respectively. A summary of our patents at December 31, 2019 and 2018 is as follows:

2019 2018

Patents issued $ 100,008 $ 88,855

Patent applications 6,750 17,903

Patents and patent applications acquired in asset acquisition 100,000 100,000

Accumulated amortization (61,435 ) (48,611 )

Total net patents $ 145,323 $ 158,147

Deposits and Other Assets. We include the long-term portion of installment receivables with deposits.

Accrued Expenses. We have accrued various expenses in our December 31 balance sheets, as follows.

2019 2018

Compensation $ 167,027 $ 163,814

Property and other taxes 72,868 61,538

Rebates 30,500 25,560

Federal income tax 20,063 —

$ 290,458 $ 250,912

Product Warranty Reserve. We provide for the estimated cost of product warranties at the time sales are recognized. Our warranty obligation is based upon historical experience and will be affected by product failure rates and material usage incurred in correcting a product failure. Should actual product failure rates or material usage costs differ from our estimates, revisions to the estimated warranty liability would be required. A summary of the activity in our product warranty reserve is as follows:

Years Ended December 31 2019 2018

Balance, beginning of year $ 40,000 $ 40,000

Provision for estimated warranty claims 41,643 29,295

Claims made (36,643 ) (29,295 )

Balance, end of year $ 45,000 $ 40,000

Income Taxes. We account for income taxes under the provisions of ASC Topic 740, Accounting for Income Taxes ("ASC 740"). ASC 740 requires recognition of deferred income tax assets and liabilities for the expected future income tax consequences, based on enacted tax laws, of temporary differences between the financial reporting and tax bases of assets and liabilities. ASC 740 also requires recognition of deferred tax assets for the expected future tax effects of all deductible temporary differences, loss carryforwards and tax credit carryforwards. Deferred tax assets are then reduced, if deemed necessary, by a valuation allowance for the amount of any tax benefits which, more likely than not based on current circumstances, are not expected to be realized.

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements, uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. For the years ended December 31, 2019 and 2018, we did not have any interest or penalties or any significant uncertain tax positions.

Revenue Recognition. In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. We adopted this ASU on January 1, 2018 retrospectively, with the cumulative effect of initial application (which was zero) recognized in retained earnings on that date.

Revenue from product sales and supplies is generally recorded when we ship the product and title has passed to the customer, or when agreed milestones are met in the case of product developments, provided that we have evidence of a customer arrangement and can conclude that collection is probable. The prices at which we sell our products are fixed and determinable at the time we accept a customer's order. We recognize revenue from sales to stocking distributors when there is no right of return, other than for normal warranty claims, and generally have no ongoing obligations related to product sales, except for normal warranty.

The sales of licenses to our training courses are recognized as revenue at the time of sale. Training and certification revenues are recognized at the time the training and certification occurs. Data recording revenue is recognized based on each day’s usage of enrolled devices.

Revenues arising from extended warranty contracts are booked as sales over their life on a straight-line basis. We have discontinued arranging for customer financing and leasing through unrelated third parties and instead are providing for customer financing and leasing ourselves, which we recognize as revenue over the applicable lease term. Occasionally, we rent used equipment to customers, and in those cases, we recognize the revenues as they are earned over the life of the contract.

Royalty income is recognized in accordance with agreed upon terms, when performance obligations are satisfied, the amount is fixed or determinable and collectability is reasonably assured.

Rental income from space leased to our tenants is recognized in the month in which it is due, which approximates if it were recognized on a straight-line basis over the term of the related lease.

On occasion we receive customer deposits for future product orders and product developments. Customer deposits are initially recorded as a liability and recognized as revenue when the product is shipped and title has passed to the customer, or when agreed milestones are met in the case of product developments.

Topic 606 requires the disaggregation of revenue into broad categories, which we have defined as shown below.

Year Ended December 31,

Product sales: 2019 2018

 Product sales and supplies $ 7,499,094 $ 7,373,820

 Training, certification and data recording 647,734 634,567

 Service plans and equipment rental 104,742 95,616

 Product sales subtotal 8,251,570 8,104,003

Royalties 411,111 247,765

Rental income 89,142 85,886

Total revenues $ 8,751,823 $ 8,437,654

Deferred Revenue. Deferred revenues arise from service contracts and from development contracts. Revenues from service contracts are recognized on a straight-line basis over the life of the contract, generally one year, and are included in product revenue in our statements of income. However, there are occasions when they are written for longer terms up to four years. The revenues from that portion of the contract that extend beyond one year are shown in our balance sheets as long term. Deferred revenues also result from progress payments received on development contracts; those revenues are recognized when the contract is complete, and are included in product revenue in our statements of income. All development contracts are for less than one year and all deferred revenues from this source are shown in our balance sheets as short term.

Grants. We apply for and receive job training and other grants, which are recognized as reductions of expense when received. In September 2014 we were notified that we had been awarded a $250,000 grant from the Colorado Office of Economic Development to accelerate development of a marijuana breathalyzer that is currently under development. The grant completion date was August 31, 2018, at which point $126,793 of grant funds remained unused and are no longer available. We received grants of $31,646 and $2,721 in 2019 and 2018 respectively.

Rebates. Our rebate program is available to certain of our North American workplace distributors in good standing who are responsible for sales equaling at least $25,000 in one calendar year. Distributors in good standing who meet the required sales threshold earn a rebate equal to between 1 and 10 percent of that distributor's total sales of the Company's products. We accrue for these rebates monthly; they are shown in our balance sheets as accrued expenses.

Recent Accounting Pronouncements. We have reviewed all recently issued, but not yet effective, accounting pronouncements.

In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"). This update substantially revises standards for the recognition, measurement and presentation of financial instruments. This standard revises an entity's accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. It also amends certain disclosure requirements associated with the fair value of financial instruments. ASU 2016-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods, with early adoption permitted for certain requirements. We adopted this new standard effective January 1, 2018. This new standard did not have a material impact on our financial statements or related disclosures.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The amendments in this ASU revise the accounting related to lessee accounting. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases. The new lease guidance also simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. The amendments in this ASU are effective for us beginning on January 1, 2019 and should be applied through a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption is permitted. We adopted this new standard in 2019, which did not have a material impact on our financial statements or related disclosures.

Research and Development Expenses. We expense research and development costs for products and processes as incurred.

Stock-Based Compensation. Stock-based compensation is presented in accordance with the guidance of ASC Topic 718, Compensation – Stock Compensation ("ASC 718"). Under the provisions of ASC 718, companies are required to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in our statement of income.

ASC 718 requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the accompanying statement of income.

Stock-based compensation expense recognized during the period is based on the value of the portion of share-based payment awards that is ultimately expected to vest during the period. We used the Black-Scholes option-pricing model ("Black-Scholes model") to determine fair value. Our determination of fair value of share-based payment awards on the date of grant using an option-pricing model is affected by our stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to our expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. Although the fair value of employee stock options is determined in accordance with ASC 718 using an option-pricing model, that value may not be indicative of the fair value observed in a willing buyer/willing seller market transaction.

Stock-based compensation expense recognized under ASC 718 for years 2019 and 2018 was $5,658 and $17,469 respectively. Stock-based compensation expense related to employee stock options under ASC 718 is allocated to General and Administrative Expense when incurred.

Segment Reporting. We have concluded that we have two operating segments, including our primary business which is as a developer, manufacturer and marketer of portable hand-held breathalyzers and related accessories, supplies and education. As a result of purchasing our building on October 31, 2014, we have a second segment consisting of renting portions of our building to existing tenants, whose leases expire at various times until July 31, 2020.

Basic and Diluted Income and Loss per Common Share. Net income or loss per share is calculated in accordance with ASC Topic 260, Earnings Per Share ("ASC 260"). Under the provisions of ASC 260, 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 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. Dilution from potential common shares outstanding at December 31, 2019 and 2018 was $0 and $0 per share, respectively.

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8. LEGAL PROCEEDINGS
12 Months Ended

Dec. 31, 2019

Legal Proceedings

LEGAL PROCEEDINGS
We were not involved or party to any legal proceedings at December 31, 2019 or December 31, 2018, and therefore made no accruals for legal proceedings in either 2019 or 2018.

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Statements of Income - USD ($)
12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

REVENUES:

Product sales $ 8,251,570 $ 8,104,003

Royalties 411,111 247,765

Rental income 89,142 85,886

Total 8,751,823 8,437,654

COST OF SALES 4,815,820 4,628,403

GROSS PROFIT 3,936,003 3,809,251

OPERATING EXPENSES:

Research and development 1,038,227 1,121,827

Sales and marketing 1,240,773 1,251,388

General and administrative 1,175,788 1,165,413

Total 3,454,788 3,538,628

OPERATING INCOME 481,215 270,623

OTHER INCOME (EXPENSE):

Settlement proceeds 225,199 0

Interest income 38,750 25,624

Interest expense (57,802) (61,650)

Total 206,147 (36,026)

NET INCOME BEFORE PROVISION FOR TAXES 687,362 234,597

(PROVISION FOR) FEDERAL AND STATE INCOME TAXES (61,536) (17,433)

NET INCOME $ 625,826 $ 217,164

NET INCOME PER SHARE, BASIC $ 0.26 $ 0.09

NET INCOME PER SHARE, DILUTED $ 0.26 $ 0.09

WEIGHTED AVERAGE SHARES, BASIC 2,454,116 2,454,116

WEIGHTED AVERAGE SHARES, DILUTED 2,454,116 2,512,445

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4. STOCKHOLDERS' EQUITY
12 Months Ended

Dec. 31, 2019

STOCKHOLDERS' EQUITY:

STOCKHOLDERS' EQUITY
Stock Option Plan. In January 2013, we adopted our 2013 Stock Option Plan (the "2013 Plan") to promote the Company's and its stockholders' interests by helping us to attract, retain and motivate our key employees and associates. Under the terms of the 2013 Plan, our Board of Directors (the "Board") can grant either "nonqualified" or "incentive" stock options, as defined by the Internal Revenue Code and related regulations. The purchase price of the shares subject to a stock option is the fair market value of our common stock on the date the stock option is granted. Generally, all stock options must be exercised within five years from the date granted. The number of common shares reserved for issuance under the 2013 Plan is 150,000 shares of common stock, subject to adjustment for dividend, stock split or other relevant changes in our capitalization. The 2013 Plan was approved by our shareholders at their regular annual meeting on April 1, 2013.

Under ASC 718, the value of each employee stock option was estimated on the date of grant using the Black-Scholes model for the purpose of financial information in accordance with ASC 718. The use of a Black-Scholes model requires the use of actual employee exercise behavior data and the use of a number of assumptions including expected volatility, risk-free interest rate and expected dividends. Options to purchase 50,000 shares of stock at $6.00 apiece were granted in 2017 with vesting conditioned on meeting performance standards. In accordance with the terms of the grant, the number of options was reduced to 25,000 on December 31, 2019. Options to purchase 3,000 shares at $5.51 apiece were granted in 2019 and are fully vested.

Cumulative compensation cost recognized in net income or loss with respect to options that are forfeited prior to vesting is adjusted as a reduction of compensation expense in the period of forfeiture. The volatility of the stock is based on a comparable public company's historical volatility since our stock is rarely traded. Fair value computations are highly sensitive to the volatility factor; the greater the volatility, the higher the computed fair value of options granted.

The Black-Scholes model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. In addition, option valuation models require the use of assumptions, including the expected stock price volatility. Because our employee stock options have characteristics significantly different than those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management's opinion, the existing models do not necessarily provide a reliable single measure of the fair value of our employee stock options. A summary of our stock option activity and related information for equity compensation plans approved by security holders for each of the fiscal years ended December 31, 2019 and 2018 is as follows:

STOCK OPTIONS

OUTSTANDING

Number

Outstanding

Weighted Average

Exercise Price Per Share

BALANCE AT DECEMBER 31, 2017 60,000 $ 5.39

Granted — —

Exercised — —

Forfeited/expired (10,000 ) —

BALANCE AT DECEMBER 31, 2018 50,000 $ 6.00

Granted 3,000

Exercised — —

Forfeited/expired (25,000 ) —

BALANCE AT DECEMBER 31, 2019 28,000 $ 5.95

The following table summarizes information about employee stock options outstanding and exercisable at December 31, 2019:

STOCK OPTIONS OUTSTANDING STOCK OPTIONS EXERCISABLE

Range of Exercise Prices
Number

Outstanding

Weighted-Average

Remaining Contractual

Life (in Years)

Weighted-Average

Exercise Price

per Share

Number

Exercisable

Weighted-Average

Exercise Price

per Share

$6.00 25,000 2.75 $6.00 — —

$5.51 3,000 4.58 $5.51 3,000 $5.51

The exercise price of all options granted through December 31, 2019 has been equal to or greater than the fair market value as of the date of grant, as determined by the Board. As of December 31, 2019, 115,300 options for our common stock remain available for grant under the 2013 Plan.

Options to purchase 50,000 shares of stock at $8.83 apiece were granted during the year ended December 31, 2016. These options were forfeited and replaced with options to purchase 50,000 shares of stock at $6.00 apiece in 2018 in conjunction with the amendment of an employment agreement. In accordance with the terms of the grant, the number of options was reduced to 25,000 on December 31, 2019. Vesting of these options is subject to performance achieved during the years ending December 31, 2020 and 2021. The provisions of ASC 718-10-55 require the measurement and recognition of compensation expense for all share-based payment awards made to our employees and directors, including employee stock options, based on estimated fair values. Share-based compensation cost for stock options is measured at the grant date, based on the fair value as calculated by the Black-Scholes-Merton ("BSM") option-pricing model. The BSM option pricing model requires the use of actual employee exercise behavior data and the application of a number of assumptions, including expected volatility, risk free interest rate and expected dividends. For the options granted in 2019, the pricing model assumptions were: risk-free interest rate 1.84%, expected life 5 years, expected volatility 22%, expected dividend rate 0%. Applying these assumptions resulted in a fair value of $3,846, all of which was charged against operations with a corresponding credit to capital. Total share-based compensation cost for the year ended December 31, 2019 was $5,658 and $17,469 for the year ended December 31, 2018.

No options were exercised during the years ended December 31, 2019 and 2018.

The total number of authorized shares of common stock continues to be 50,000,000, with no change in the par value per share.

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12. SUBSEQUENT EVENTS (Details)	12 Months Ended
12. SUBSEQUENT EVENTS (Details)	Dec. 31, 2019 USD ($) $ / shares
Subsequent Events [Abstract]
Stock price	$ 3.80
Exercise price per share	$ 3.80
Original term (years)	5 years
Volatility	23.00%
Annual rate of quarterly dividends	0.00%
Risk free interest rate	0.88%
Fair market value of options \| $	$ 92,698

6. LINE OF CREDIT (Details Narrative) - USD ($)	12 Months Ended
6. LINE OF CREDIT (Details Narrative) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Line of Credit Facility [Abstract]
LIBOR daily floating rate	2.39238%	1.4375%
Line of credit facility	$ 0	$ 0

9. MAJOR CUSTOMERS/SUPPLIERS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Sales revenue, goods, net	$ 8,751,823	$ 8,437,654
Customer One
Concentration risk, percentage	8.00%	7.00%
Sales revenue, goods, net	$ 622,563	$ 630,644
Customer Two
Concentration risk, percentage	6.00%	5.00%
Sales revenue, goods, net	$ 484,607	$ 401,228
Customer Three
Concentration risk, percentage	5.00%	4.00%
Sales revenue, goods, net	$ 379,938	$ 346,259
Vendor
Concentration risk, percentage	24.00%	23.00%

Balance Sheets - USD ($)	Dec. 31, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash	$ 3,185,996	$ 2,788,327
Accounts receivable, net	641,239	675,136
Inventories, net	1,986,299	1,290,607
Income taxes receivable	6,750	90,629
Prepaid expenses and other	18,857	35,155
Total current assets	5,839,141	4,879,854
PROPERTY AND EQUIPMENT, at cost:
Land	317,932	317,932
Building	1,928,795	1,928,795
Real-time Alcohol Detection And Recognition equipment and software	569,448	569,448
Production equipment and software	976,621	800,569
Training courses	432,375	432,375
Office equipment, software, and space modifications	208,986	241,836
Sales and marketing equipment	232,600	219,797
Research and development equipment, software and space modifications	172,429	159,810
Less accumulated depreciation	(1,959,541)	(1,649,203)
Total property and equipment, net	2,879,645	3,021,359
OTHER ASSETS:
Patents, net	145,323	158,147
Deposits and other	74,027	140,452
Deferred taxes	86,658	79,869
Total other assets	306,008	378,468
Total assets	9,024,794	8,279,681
CURRENT LIABILITIES:
Accounts payable	261,798	343,783
Term loan payable, current portion	44,879	43,207
Customer deposits	214,031	19,265
Accrued expenses	290,458	250,912
Deferred revenue, current portion	45,874	44,218
Reserve for warranty expense	45,000	40,000
Total current liabilities	902,040	741,385
TERM LOAN PAYABLE, net of current portion and debt issuance costs	1,324,467	1,369,347
DEFERRED REVENUE, net of current portion	6,066	8,212
Total liabilities	2,232,573	2,118,944
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock, no par value; 50,000,000 shares authorized, 2,454,116 shares outstanding	4,603,304	4,597,646
Retained earnings	2,188,917	1,563,091
Total stockholders' equity	6,792,221	6,160,737
Total liabilities and stockholders' equity	$ 9,024,794	$ 8,279,681

Statements of Cash Flows - USD ($)	12 Months Ended
Statements of Cash Flows - USD ($)	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 625,826	$ 217,164
Adjustments to reconcile net income to net cash provided from (used in) operating activities
Depreciation and amortization	412,529	416,896
Provision for doubtful accounts, net change	0	(5,000)
Provision for inventory obsolescence, net change	20,000	60,000
Deferred taxes, net change	(6,789)	(13,338)
Reserve for warranty expense, net change	5,000	0
Stock based compensation expense related to stock options	5,658	17,469
Changes in operating assets and liabilities-
Accounts receivable	33,897	(76,810)
Inventories	(715,692)	(175,504)
Income taxes receivable	83,879	30,772
Prepaid expenses and other	16,298	(13,351)
Deposits and other	66,425	118,585
Accounts payable	(81,985)	46,687
Customer deposits	194,766	(29,498)
Accrued expenses	39,546	(13,378)
Deferred revenue	(490)	(10,390)
Net cash provided from (used in) operating activities	698,868	570,304
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(256,906)	(402,147)
Patent filing expense	0	(6,750)
Net cash (used in) investing activities	(256,906)	(408,897)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments made on term loan	(44,293)	(42,535)
Net cash (used in) financing activities	(44,293)	(42,535)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	397,669	118,872
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	2,788,327	2,669,455
CASH AND CASH EQUIVALENTS, END OF PERIOD	3,185,996	2,788,327
SUPPLEMENTAL INFORMATION:
Cash paid for interest	56,717	58,847
Cash paid for income tax	$ 38,000	$ 0

5. COMMITMENTS AND CONTINGENCIES (Details)	Dec. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2020	$ 45,964
2021	48,021
2022	50,005
2023	52,072
2024	1,178,528
Total	1,374,590
Less financing cost	(5,244)
Net term loan payable	1,369,346
Less current portion	(44,879)
Long term portion	$ 1,324,467

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Compensation	$ 167,027	$ 163,814
Property and other taxes	72,868	61,538
Rebates	30,500	25,560
Federal income tax	20,063	0
Total accrued expenses	$ 290,458	$ 250,912

3. BASIC AND DILUTED INCOME AND LOSS PER COMMON SHARE (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share, Basic and Diluted [Abstract]
Net income	$ 625,826	$ 217,164
Weighted average shares-basic	2,454,116	2,454,116
Effect of dilutive potential common shares	0	58,329
Weighted average shares-diluted	2,454,116	2,512,445
Net income per share - basic	$ 0.26	$ 0.09
Net income per share - diluted	$ 0.26	$ 0.09
Antidilutive employee stock options	0	0

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
STOCKHOLDERS' EQUITY:
Common stock, par value	$ 0	$ 0
Common stock, authorized shares	50,000,000	50,000,000
Common stock, outstanding shares	2,454,116	2,454,116

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Patents issued	$ 100,008	$ 88,855
Patent applications	6,750	17,903
Patents and patent applications acquired in asset acquisition	100,000	100,000
Accumulated amortization	(61,435)	(48,611)
Total net patents	$ 145,323	$ 158,147

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Amortization of debt issuance costs	$ 1,085	$ 2,803
Uninsured cash	2,238,307
Accounts receivable, net	641,239	675,136
Depreciation expense	398,620	388,246
Amortization of patents	12,824	25,847
Impairment of patents	0	0
Grants reimbursement	31,646	2,721
Stock-based compensation expense	$ 5,658	$ 17,469
Dilution from potential common shares outstanding	$ 0.00	$ 0.00
Customer One
Accounts receivable, net	$ 194,043	$ 181,701
Customer Two
Accounts receivable, net	$ 93,962	$ 84,964

4. STOCKHOLDERS' EQUITY (Details Narrative) - USD ($)	12 Months Ended
4. STOCKHOLDERS' EQUITY (Details Narrative) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
STOCKHOLDERS' EQUITY:
Common stock available for grant under the new Plan adopted in 2013	150,000
Share based compensation	$ 5,658	$ 17,469
Common stock, authorized shares	50,000,000	50,000,000

5. COMMITMENTS AND CONTINGENCIES (Details Narrative)	Dec. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding purchase orders issued to vendors	$ 2,045,455

7. INCOME TAXES (Details 2) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Current Deferred Tax Assets:
Bad debt reserve	$ 7,689	$ 7,689
Inventory reserve	35,882	30,756
Accrued vacation	18,241	17,610
Deferred income	13,312	13,562
Warranty reserve	11,534	10,252
Total deferred tax assets	$ 86,658	$ 79,869

11. BUSINESS SEGMENTS (Details Narrative)	Dec. 31, 2019 USD ($)
Segment Reporting [Abstract]
Rentals segment	$ 616,183
Rentals segment remainder	$ 8,408,504

4. STOCKHOLDERS' EQUITY (Details 1) - $ / shares	12 Months Ended
4. STOCKHOLDERS' EQUITY (Details 1) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
STOCKHOLDERS' EQUITY:
Options outstanding, beginning	50,000	60,000
Options granted	3,000	0
Options exercised	0	0
Options forfeited/expired	(25,000)	(10,000)
Options outstanding, ending	28,000	50,000
Weighted-average exercise price per share, beginning	$ 6.00	$ 5.39
Weighted-average exercise price per share granted	0.00	0.00
Weighted-average exercise price per share exercised	0.00	0.00
Weighted-average exercise price per share forfeited/expired	0.00	0.00
Weighted-average exercise price per share, ending	$ 5.95	$ 6.00

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2019	Mar. 10, 2020	Jun. 30, 2019
Document And Entity Information
Entity Registrant Name	Lifeloc Technologies, Inc
Entity Central Index Key	0001493137
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Public Float			$ 1,674,864
Entity Common Stock, Shares Outstanding		2,454,116
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2019
Entity Interactive Data Current	Yes
Entity Incorporation State Country Code	CO
Entity File Number	000-54319

Statement of Stockholders' Equity - USD ($)	Common Stock	Retained Earnings	Total
Beginning balance, shares at Dec. 31, 2017	2,454,116
Beginning balance, amount at Dec. 31, 2017	$ 4,580,177	$ 1,345,927	$ 5,926,104
Net income		217,164	217,164
Stock based compensation expense related to stock options	$ 17,469		17,469
Ending balance, shares at Dec. 31, 2018	2,454,116
Ending balance, amount at Dec. 31, 2018	$ 4,597,646	1,563,091	6,160,737
Net income		625,826	625,826
Stock based compensation expense related to stock options	$ 5,658		5,658
Ending balance, shares at Dec. 31, 2019	2,454,116
Ending balance, amount at Dec. 31, 2019	$ 4,603,304	$ 2,188,917	$ 6,792,221

7. INCOME TAXES (Details) - USD ($)	12 Months Ended
7. INCOME TAXES (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal	$ 33,051	$ 12,985
State	35,274	17,787
Total current	68,325	30,772
Deferred:
Federal	(5,563)	(10,929)
State	(1,226)	(2,410)
Total deferred	(6,789)	(13,338)
Total	$ 61,536	$ 17,433

10. DEFINED CONTRIBUTION EMPLOYEE BENEFIT PLAN (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Percentage of payroll to discretionary contribution	3.00%	3.00%
Discretionary contributions amount	$ 54,669	$ 53,268

7. INCOME TAXES (Details 1) - USD ($)	12 Months Ended
7. INCOME TAXES (Details 1) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Federal statutory rate	$ 144,346	$ 49,265
State taxes, net of federal tax benefit	(34,048)	(15,377)
Research & development credit	(124,154)	(63,954)
Other	75,392	47,499
Total	$ 61,536	$ 17,433

11. BUSINESS SEGMENTS (Details) - USD ($)	12 Months Ended
11. BUSINESS SEGMENTS (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Revenue	$ 8,751,823	$ 8,437,654
Gross profit	3,936,003	3,809,251
Interest expense	57,802	61,650
Net income (loss) before taxes	687,362	234,597
Product Sales
Revenue	8,251,570	8,104,003
Gross profit	3,493,665	3,547,903
Interest expense	36,743	33,582
Net income (loss) before taxes	266,083	1,317
Royalties
Revenue	411,111	247,765
Gross profit	411,111	247,765
Interest expense	0	0
Net income (loss) before taxes	411,111	247,765
Products Subtotal
Revenue	8,662,681	8,351,768
Gross profit	3,904,776	3,795,668
Interest expense	36,743	33,582
Net income (loss) before taxes	677,194	249,082
Rentals
Revenue	89,142	85,886
Gross profit	31,227	13,583
Interest expense	21,059	28,068
Net income (loss) before taxes	$ 10,168	$ (14,485)

4. STOCKHOLDERS' EQUITY (Details 2) - $ / shares	12 Months Ended
4. STOCKHOLDERS' EQUITY (Details 2) - $ / shares	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Option outstanding	28,000	50,000	60,000
Weighted average exercise price per share	$ 5.95	$ 6.00	$ 5.39
Price range $6.00
Option outstanding	25,000
Weighted average remaining contractual life (in years)	2 years 9 months
Weighted average exercise price per share	$ 6.00
Number exercisable	0
Weighted average exercise price per share	$ 0
Price range $5.51
Option outstanding	3,000
Weighted average remaining contractual life (in years)	4 years 6 months 29 days
Weighted average exercise price per share	$ 5.51
Number exercisable	3,000
Weighted average exercise price per share	$ 5.51

Statements of Income - USD ($)	12 Months Ended
Statements of Income - USD ($)	Dec. 31, 2019	Dec. 31, 2018
REVENUES:
Product sales	$ 8,251,570	$ 8,104,003
Royalties	411,111	247,765
Rental income	89,142	85,886
Total	8,751,823	8,437,654
COST OF SALES	4,815,820	4,628,403
GROSS PROFIT	3,936,003	3,809,251
OPERATING EXPENSES:
Research and development	1,038,227	1,121,827
Sales and marketing	1,240,773	1,251,388
General and administrative	1,175,788	1,165,413
Total	3,454,788	3,538,628
OPERATING INCOME	481,215	270,623
OTHER INCOME (EXPENSE):
Settlement proceeds	225,199	0
Interest income	38,750	25,624
Interest expense	(57,802)	(61,650)
Total	206,147	(36,026)
NET INCOME BEFORE PROVISION FOR TAXES	687,362	234,597
(PROVISION FOR) FEDERAL AND STATE INCOME TAXES	(61,536)	(17,433)
NET INCOME	$ 625,826	$ 217,164
NET INCOME PER SHARE, BASIC	$ 0.26	$ 0.09
NET INCOME PER SHARE, DILUTED	$ 0.26	$ 0.09
WEIGHTED AVERAGE SHARES, BASIC	2,454,116	2,454,116
WEIGHTED AVERAGE SHARES, DILUTED	2,454,116	2,512,445