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BEVERLY HILLS, Calif., May 20, 2019 (GLOBE NEWSWIRE) -- TOMI Environmental Solutions, Inc.® (“TOMI”) (OTCQX:TOMZ), a global company specializing in disinfection and decontamination essentials, announced its results for the first quarter of 2019. TOMI utilizes its premier Binary Ionization Technology® (BIT™) platform through the manufacturing, licensing, servicing, and selling of its SteraMist® brand of products - a hydrogen peroxide-based mist and fog.
TOMI™ Chief Executive Officer, Dr. Halden Shane stated, “While we were disappointed in revenue in the first quarter, which was flat, we still experienced consistent growth. Much of the first quarter was spent onboarding new projects, partnerships, and personnel.”
Financial Results for the Three Months Ended March 31, 2019 compared to 2018
Current Business Highlights To Date
TOMI™ Environmental Solutions, Inc.: Innovating for a safer world®
TOMI™ Environmental Solutions, Inc. (OTCQX:TOMZ) is a global decontamination and infection prevention company, providing environmental solutions for indoor surface disinfection through the manufacturing, sales and licensing of its premier Binary Ionization Technology® (BIT™) platform. Invented under a defense grant in association with the Defense Advanced Research Projects Agency (DARPA) of the U.S. Department of Defense, BIT™ solution utilizes a low percentage Hydrogen Peroxide as its only active ingredient to produce a hydroxyl radical (.OH ion), referred to as ionized Hydrogen Peroxide (iHP™). Represented by the SteraMist® brand of products, iHP™ produces a germ-killing aerosol that works like a visual non-caustic gas.
TOMI products are designed to service a broad spectrum of commercial structures, including, but not limited to, hospitals and medical facilities, cruise ships, office buildings, hotel and motel rooms, schools, restaurants, meat and produce processing facilities, military barracks, police and fire departments, and athletic facilities. TOMI products and services have also been used in single-family homes and multi-unit residences.
TOMI develops training programs and application protocols for its clients and is a member in good standing with The American Biological Safety Association, The American Association of Tissue Banks, Association for Professionals in Infection Control and Epidemiology, Society for Healthcare Epidemiology of America and The Restoration Industry Association.
For additional information, please visit http://www.tomimist.com/ or contact us at info@tomimist.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Certain written and oral statements made by us may constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). Forward-looking statements are identified by such words and phrases as “we expect,” “expected to,” “estimates,” “estimated,” “current outlook,” “we look forward to,” “would equate to,” “projects,” “projections,” “projected to be,” “anticipates,” “anticipated,” “we believe,” “could be,” and other similar phrases. All statements addressing operating performance, events, or developments that we expect or anticipate will occur in the future, including statements relating to revenue growth, earnings, earnings-per-share growth, or similar projections, are forward-looking statements within the meaning of the Reform Act. They are forward-looking, and they should be evaluated in light of important risk factors that could cause our actual results to differ materially from our anticipated results. The information provided in this document is based upon the facts and circumstances known at this time. We undertake no obligation to update these forward-looking statements after the date of this release
TOMI ENVIRONMENTAL SOLUTIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEET |
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ASSETS | ||||||||
Current Assets: | ||||||||
March 31, 2019
(Unaudited) |
December 31, 2018 | |||||||
Cash and Cash Equivalents | $ | 1,195,938 | $ | 2,004,938 | ||||
Accounts Receivable – net | 2,027,700 | 2,145,622 | ||||||
Inventories | 2,393,188 | 2,682,014 | ||||||
Deposits | 188,716 | 109,441 | ||||||
Prepaid Expenses | 259,140 | 301,797 | ||||||
Total Current Assets | 6,064,682 | 7,243,812 | ||||||
Property and Equipment – net | 1,528,907 | 1,588,591 | ||||||
Other Assets: | ||||||||
Intangible Assets – net | 1,143,439 | 1,235,816 | ||||||
Operating Lease – Right of Use Asset | 703,823 | - | ||||||
Capitalized Software Development Costs | 125,704 | - | ||||||
Other Assets | 76,309 | 11,395 | ||||||
Total Other Assets | 2,049,275 | 1,247,211 | ||||||
Total Assets | $ | 9,642,863 | $ | 10,079,614 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current Liabilities: | ||||||||
Accounts Payable | $ | 657,798 | $ | 1,133,649 | ||||
Accrued Expenses and Other Current Liabilities | 580,426 | 415,199 | ||||||
Accrued Officers Compensation | 29,792 | 70,000 | ||||||
Accrued Interest | 16,667 | 66,667 | ||||||
Customer Deposits | - | 1,486 | ||||||
Current Portion of Long-Term Operating Lease | 23,436 | - | ||||||
Deferred Rent | - | 13,215 | ||||||
Total Current Liabilities | 1,308,119 | 1,700,216 | ||||||
Long-Term Liabilities: | ||||||||
Long-Term Operating Lease, Net of Current Portion | 1,089,316 | - | ||||||
Deferred Rent and Tenant Improvement Allowances | - | 401,734 | ||||||
Convertible Notes Payable, net of discount of $0 and $17,534 at March 31, 2019 and December 31, 2018, respectively | 5,000,000 | 4,982,466 | ||||||
Total Long-Term Liabilities | 6,089,316 | 5,384,200 | ||||||
Total Liabilities | 7,397,435 | 7,084,416 | ||||||
Commitments and Contingencies | - | - | ||||||
Shareholders’ Equity: | ||||||||
Cumulative Convertible Series A Preferred Stock; par value $0.01 per share, 1,000,000 shares authorized; 510,000 shares issued and outstanding at March 31, 2019 and December 31, 2018 | 5,100 | 5,100 | ||||||
Cumulative Convertible Series B Preferred Stock; $1,000 stated value; 7.5% Cumulative dividend; 4,000 shares authorized; none issued and outstanding at March 31, 2019 and December 31, 2018 | - | - | ||||||
Common stock; par value $0.01 per share, 200,000,000 shares authorized; 124,690,418 and 124,290,418 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively. | 1,246,904 | 1,242,904 | ||||||
Additional Paid-In Capital | 43,129,467 | 42,948,705 | ||||||
Accumulated Deficit | (42,136,043 | ) | (41,201,511 | ) | ||||
Total Shareholders’ Equity | 2,245,428 | 2,995,198 | ||||||
Total Liabilities and Shareholders’ Equity | $ | 9,642,863 | $ | 10,079,614 | ||||
TOMI ENVIRONMENTAL SOLUTIONS, INC. | ||||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||
(UNAUDITED) | ||||||||
For The Three Months Ended | ||||||||
March 31, | ||||||||
2019 | 2018 | |||||||
Sales, net | $ | 1,252,658 | $ | 1,312,466 | ||||
Cost of Sales | 493,310 | 491,659 | ||||||
Gross Profit | 759,348 | 820,807 | ||||||
Operating Expenses: | ||||||||
Professional Fees | 105,481 | 106,458 | ||||||
Depreciation and Amortization | 176,845 | 162,738 | ||||||
Selling Expenses | 441,670 | 204,005 | ||||||
Research and Development | 92,577 | 132,487 | ||||||
Equity Compensation Expense | 80,917 | 12,685 | ||||||
Consulting Fees | 35,006 | 35,026 | ||||||
General and Administrative | 694,880 | 663,887 | ||||||
Total Operating Expenses | 1,627,376 | 1,317,287 | ||||||
Loss from Operations | (868,028 | ) | (496,480 | ) | ||||
Other Income (Expense): | ||||||||
Amortization of Debt Discounts | (17,534 | ) | (8,037 | ) | ||||
Interest Income | 1,030 | 1,198 | ||||||
Interest Expense | (50,000 | ) | (60,000 | ) | ||||
Total Other Income (Expense) | (66,504 | ) | (66,839 | ) | ||||
Net Loss | $ | (934,532 | ) | $ | (563,319 | ) | ||
Loss Per Common Share | ||||||||
Basic and Diluted | $ | (0.01 | ) | $ | (0.00 | ) | ||
Basic and Diluted Weighted Average Common Shares Outstanding | 124,659,307 | 122,229,959 | ||||||
INVESTOR RELATIONS CONTACT
Harold Paul
hpaul@tomimist.com