Flame Seal Products, Inc. Releases March 31, 2020 First Quarter Results and Corporate Update

Flame Seal Products, Inc.

Companies Mentioned:

Primary Exchange: OTC PINK
Under the Symbol: FLMP

$0.02

($0.0029)

-15.3439


Flame Seal Products, Inc. Releases March 31, 2020 First Quarter Results and Corporate Update

Friday, May 15, 2020 3:40 PM

HOUSTON, TX / ACCESSWIRE / May 15, 2020 / FLAME SEAL PRODUCTS, INC. (OTC PINK:FLMP), a leading provider of Specialty Chemicals for the Passive Fire Protection Market, today issues the following update to its Stockholders.

From: Craig Keyser, CEO

Subject: March 31, 2020 First Quarter Results and Corporate Update

First Quarter Results for 2020

Flame Seal (FSP) revenues for the first quarter of 2020 were $700,052, an increase of $60,654 or 9% more than 2019, resulting in a loss of $35,760.

Balance Sheet Update

FSP's current ratio of assets to liabilities remains healthy at 2.8. Receivables remain current. Flame Seal has no outstanding litigation issues as of March 31, 2020. As of March 31, 2020, FSP had 73,371,296 shares outstanding, a small increase over the 73,304,096 shares as of 12/31/19.

Financial statements for March 31,2020 are included below.

Corporate Update

Craig Keyser comments, " A strong first quarter was cut short in mid-March by the effects of the Coronavirus Pandemic, which curtailed operations and revenue. In anticipation of these challenges, we activated contingency plans which included downsizing personnel, reducing daily operations just to fill orders and to keep our employees safe. We received a PPP (Paycheck Protection Program) loan which improves our financial position. As a result, we are in good shape to weather this pandemic. As conditions return to a healthier human and business environment, we anticipate resuming full operations. Research and Development (R & D) have yielded very positive results which bode well for strengthening FSP's core coating business and new product offerings.

We continue to bid on large scale projects as we focus on expanding direct marketing. This business-to-customer initiative is expected to become a promising source of revenue when normal business operations come back on line.

We are deeply appreciative of the outstanding effort of our loyal and dedicated employees performing bravely and brilliantly in this unprecedented time."

Romeo Laurel

Romeo Laurel, a faithful, long time member of the Board of Directors (BOD) and staunch supporter of Flame Seal recently succumbed to the Coronavirus. He served as FSP's accountant. His son, Mark, who is, also, a Certified Public Accountant (CPA) will take over his dad's duties and has joined the BOD. Romeo was a true friend of the company and the people who worked with him. He invested his own capital to finance operations over the years. He will be sorely missed.

About Flame Seal

Flame Seal Products, Inc., manufacturer of the world's number one fire prevention technology, was founded in 1992 as a research and development company focused on the investigation and application of passive Fire Prevention Technologies. FLAME SEAL PRODUCTS, INC. (FLMP) began trading its common stock on March 27, 2000. Flame Seal Products, Inc. is also the Transfer Agent of record. The company offers a wide variety of Code Driven solutions for a number of diverse applications and industries, and has developed three passive fire prevention technologies which are the basis for the company's products. For more information, go to: http://flameseal.com.

Safe Harbor Statement

Certain statements in this release may be "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. Such statements are subject to numerous risks and uncertainties. Actual results may vary significantly from the results expressed or implied in such statements. Factors that could cause actual results to materially differ from forward-looking statements include, but are not limited to, the Company's ability to meet the terms and conditions required to obtain its project financing, risks and delays associated with product development, risk of market acceptance of new products, risk of technology or product obsolescence, competitive risks, reliance on development partners and the need for additional capital. Flame Seal takes no obligation to update or correct forward-looking statements, and also takes no obligation to update or correct information prepared by third parties that are not paid for by Flame Seal.

Flame Seal Products, Inc. Releases March 31, 2020 First Quarter Results and Corporate Update

 

Flame Seal Products, Inc.
Profit & Loss Statement

January through March 2020

Income
     
Income
    700,052  
Total Income
    700,052  
Cost of Goods Sold
       
Raw Materials
    284,572  
Freight
    12,053  
Certification Testing
    31,822  
Waste Remediation
    1,784  
Total Cost of Goods Sold
    330,230  
Gross Profit
  $ 369,821  
Selling, General, & Admin Expenses
       
Expenses
    405,582  
Total S G & A
  $ 405,582  
 
       
Net Ordinary Incom
  $ (35,760)  
 
       
Net Income or Loss
  $ (35,760)  
As of December 31, 2019, FSP had 73,304,096 common shares outstanding.
       
Basic Earnings Per Share:
  $ -0.0005  

Flame Seal Products, Inc.
BALANCE SHEET

As of March 31, 2020

ASSETS
     
Current Assets
     
Cash
  128,711  
Accounts Receivables -Trade
    457,570  
Inventory
    315,002  
Total Current Assets
    901,283  
Fixed Assets
       
Property Plant & Equipments
    396,018  
Less Accumulated Depreciation
    (389,361 )
Total Fixes Assets
    6,657  
Other Assets
       
Deferred Tax
    837,672  
Patents
    233,622  
Valuation Allowance
    (837,672 )
Accumulated Amortiziation
    (233,622 )
Total Other Assets
    -  
 
       
TOTAL ASSETS
  907,940  
LIABILITIES & EQUITY
       
Current Liability
       
Accounts Payable
  126,572  
Accrued Interest Payable
    95,000  
Accrued Insurance
    2,499  
Accrued Property Tax
    9,249  
Sales Tax Payables
    2,057  
Payroll Liabilities
    765  
Alligiance Loan
    88,184  
Total Current Liablilites
    324,327  
Long-Term Debt
    1,157,086  
Total Liabilities
    1,481,413  
Stockholders Equity
       
Captial Stock
    691,066  
Retained Earnings (Prior years)
    (12,773,124 )
Additional Paid-In Capital
    11,566,346  
Less: Treasury Stock
    (22,000 )
Net Income (YTD)
    (35,760 )
Total Equity
    (573,473)  
 
       
TOTAL LIABILITES & EQUITY
  907,940  

Flame Seal Products, Inc.
Statement of Cash Flows
For the Year Ending March 31, 2020

OPERATING ACTIVITIES
     
Net Income
  $ (35,760 )
Accounts Receivable
    (304,073 )
Inventory
    (59,521 )
Accounts Payable
    (18,863 )
Payroll Liabilities
    9,705  
Sales Tax Payable
    2,040  
Accrued Property Taxes
    9,249  
Short Term Loan
    88,184  
Prepaid Vendors
    28,880  
Insurance Payable
    2499  
Net cash provided by Operating Activities
  $ (277,661)  
INVESTING ACTIVITIES
       
Property & Equipment
    (5,229 )
Accumulated Depreciation
    9,432  
Net cash provided by Investing Activities
  $ 4,203  
FINANCING ACTIVITIES
       
Loans
    188,312  
Additional paid-in capital
       
Net cash provided by Financing Activities
  $ 188,312  
 
       
Net cash increase for period
  $ (85,146)  
Cash at beginning of period
    213,857  
Cash at end of period
  $ 128,711  
         

Investor Relations Contact:

Richard Kaneb
Mobile 949-233-3229
[email protected]
www.flameseal.com

Craig Keyser, CEO
[email protected]

SOURCE: Flame Seal Products, Inc.


Subscribe to alerts from Investor Network
SHARE ARTICLE