Cortes Campers SeaFoam Green

EUCLID, OH / ACCESSWIRE / November 23, 2022 / USLG, Inc. (OTC PINK:USLG) today announced its financial results for the third quarter of 2022, the three months ended September 30, 2022.

Recent Highlights

  • Net sales for the three months ended September 30, 2022 were approximately $0.5 million, almost 25 times that of the prior-year period
  • Net loss from continuing operations was $0.7 million, versus $0.2 million in the third quarter of 2021, reflecting investments in staffing, marketing, and expansion
  • As of September 30, 2022, the Company’s backlog was approximately $5.06 million, versus $5.1 million as of June 30, 2022
  • The Company continues to add new states to its dealership territories – including, most recently, California – and remains on track for increased deliveries of Cortes Campers in the fourth quarter in 2022
  • USLG met with investors and analysts at the LD Micro Conference on October 26, and the associated webcast presentation is available for viewing on the Company’s website

“As promised, we delivered a record number of Cortes Campers during the third quarter and are on track for even higher shipments going forward,” said Anthony Corpora, Chief Executive Officer. “Revenue rose to $0.5 million, and we continued to invest in expanding our dealership base to key states across the U.S. including, after the quarter, California, where our partnership with Hamilton & Jackson Investments is already resulting in inquiries and additional orders. We’re also on schedule with regard to higher production levels which, we anticipate, will drive the Company to become cash flow positive during the first half of 2023. With our current backlog, manufacturing technology, unique camper attributes and strong demand, we are well positioned to see rapid growth in the quarters to come.”

Third Quarter 2022 Results

Net sales for the three months ended September 30, 2022 were $0.5 million compared with $21,000 in the prior-year period, reflecting sales by the Company’s Cortes Campers subsidiary. Selling, general, and administrative expenses (“SG&A”) were $0.5 million in the third quarter of 2022 versus $0.2 million in 2021 – primarily due to investments in marketing, sales, and staffing – and the Company posted a net loss from continuing operations of $0.7 million in 2022 versus $0.2 million in the prior-year period.

Balance Sheet Highlights

As of September 30, 2022, the Company had approximately $68,000 of cash compared with $286,000 of cash as of December 31, 2021. Total current liabilities as of the end of the third quarter were $1.8 million compared with $2.4 million as of December 31, 2021.

About USLG

US Lighting Group (OTC:USLG) has three subsidiaries which design and market various products: Cortes Campers, LLC, for molded fiberglass travel trailers and campers; Fusion X Marine, LLC, for high-performance boats; Futuro Houses, LLC, for fiberglass houses; and one subsidiary, Mig Marine Corp., which manufacturers composite products. The Company and its subsidiaries have manufacturing and R&D facilities in Cleveland, Ohio. For additional information:

Forward-Looking Statements

Certain statements in this news release, including, but not limited to, reference to distribution, demand, orders, sales goals, design effects, growth of the production and industries, may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934 and are subject to the safe harbor created by those rules. Statements included in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements are typically, but not always, identified by the words: believe, expect, anticipate, intend, estimate, and similar expressions or which by their nature refer to future events. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from those indicated by these statements.

Investor Relations Contact:

Chris Witty

Tables to Follow



(Unaudited) / (Combined)

For the Three Months ended
September 30,
For the Nine Months endedSeptember 30,
Cost of goods sold528,000754,0003,000
Gross profit (loss)(12,000)21,000(113,000)20,000
Operating expenses:
Selling, general and administrative expenses526,000240,0001,134,000859,000
Product development costs78,0002,000123,00041,000
Total operating expenses604,000242,0001,257,000900,000
Loss from operations(616,000)(221,000)(1,370,000)(880,000)
Other income (expense):
Other income (expense), net(4,000)3,00060,0003,000
Extinguishment of debt – related party9,000
Extinguishment of debt52,00052,000
Unrealized gain (loss)(32,000)(9,000)(288,000)195,000
Realized gain (loss)18,000(18,000)
Interest income1,0007,0004,0007,000
Interest expense, net(40,000)(17,000)(56,000)(17,000)
Interest expense, related party(19,000)(75,000)
Gain on disposal of fixed assets10,00023,000
Total other income (expense)(47,000)17,000(275,000)174,000
Net loss from continuing operations(663,000)(204,000)(1,645,000)(706,000)
Net income from sale of discontinued operations3,915,000
Net loss from discontinued operations(7,000)(158,000)
Net income (loss)$(663,000)$(211,000)$(1,645,000)$3,051,000
Basic loss per share from continuing operations$(0.00)$(0.00)$(0.02)$(0.01)
Basic income (loss) per share from discontinued operations$$(0.00)$$0.04
Basic income (loss) per share$(0.00)$(0.00)$(0.02)$0.03
Diluted income (loss) per share from discontinued operations$$(0.00)$$0.03
Weighted average common shares outstanding, basic97,848,73597,834,99697,982,61897,310,548
Weighted average common shares outstanding, diluted97,848,73597,834,99697,982,61897,310,548



September 30,
December 31,
Current Assets:
Accounts Receivable32,000
Prepaid expenses and other current assets82,000157,000
Deposits and other assets9,000
Investment in trading securities1,647,000
Total Current Assets359,0002,167,000
Property and equipment, net1,982,0001,848,000
Total Assets$2,341,000$4,015,000
Current Liabilities:
Accounts payable$341,000$77,000
Accrued expenses33,000
Customer advance payments10,000
Accrued payroll to a former officer125,000686,000
Convertible notes payable60,000
Loan payable- current portion101,00082,000
Loans payable, related party1,202,0001,458,000
Total Current Liabilities1,769,0002,406,000
Loans payable, net of current portion, related party5,709,000
Loans payable, net of current portion280,000344,000
Total Liabilities7,758,0002,750,000
Commitments and Contingencies
Shareholders’ Equity (Deficit):
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued and outstanding
Common stock, $0.0001 par value, 100,000,000 shares authorized; 98,648,735 and 97,848,735 shares issued and outstanding, respectively10,00010,000
Additional paid-in-capital19,519,00017,796,000
Accumulated deficit(24,946,000)(16,541,000)
Total Shareholders’ (Deficit) Equity(5,417,000)1,265,000

SOURCE: US Lighting Group, Inc.

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