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UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.
20549
FORM 8-K
CURRENT
REPORT
Pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported): July 26, 2024 (July
22, 2024)
LIFELOC TECHNOLOGIES,
INC.
(Exact name of registrant
as specified in its charter)
| Colorado |
|
000-54319 |
|
84-1053680 |
| (State or other jurisdiction of incorporation) |
|
(Commission File Number) |
|
(IRS Employer Identification Number) |
| 12441 West 49th Ave., Unit 4 |
|
|
| Wheat Ridge, CO |
|
80033 |
| (Address of Principal Executive Offices) |
|
(Zip Code) |
(303) 431-9500
(Registrant’s
telephone number, including area code)
Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425) |
| ☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered
pursuant to Section 12(b) of the Act:
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
| Common Stock |
LCTC |
N/A |
Indicate by check
mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 1.01 | Entry into a Material Definitive Agreement. |
The information provided in Item 3.02 of this Current
Report on Form 8-K is hereby incorporated by reference in this Item 1.01.
| Item 3.02 | Unregistered Sales of Equity Securities. |
Lifeloc Technologies, Inc. (the “Company”),
is providing this disclosure under Item 3.02 because, as of July 23, 2024, its unregistered sales of equity securities sold, in the aggregate,
since its last periodic report exceeded 1% of the shares of its common stock, no par value (the “Common Stock”), outstanding
as of the date of the Company’s last periodic report.
On July 23, 2024, the Company issued, in a private
placement to an accredited investor (the “Shareholder”), 210,000 shares of Common Stock at a price of $3.80 per share (collectively,
the “Subscription Shares”) for aggregate consideration to the Company of $798,000, in accordance with the terms of a Subscription
Agreement (the “Subscription Agreement”).
The foregoing description of the Subscription Agreement
is not complete and is subject to and qualified in its entirety by reference to the Subscription Agreement filed with this Current Report
on Form 8-K as Exhibit 10.1 and the terms of which are incorporated by reference herein.
The Subscription Agreement attached hereto is not
intended to provide any other information about the Company or the Shareholder or their respective affiliates. The representations, warranties
and covenants contained in the Subscription Agreement were made only for purposes of that agreement, are solely for the benefit of the
parties to the Subscription Agreement and may be subject to limitations agreed upon by the contracting parties. Persons other than the
parties to the Subscription Agreement should not rely on the representations, warranties or covenants or any description thereof as characterizations
of the actual state of facts or condition of the parties thereto or any of their respective subsidiaries or affiliates. Moreover, information
concerning the subject matter of representations and warranties may change after the date of the Subscription Agreement, which subsequent
information may or may not be fully reflected in the Company’s public disclosures.
The Subscription Shares issued pursuant to the Subscription
Agreement were not registered under the Securities Act of 1933, as amended (the “Securities Act”), and were issued in reliance
on the exemption from registration requirements thereof provided by Section 4(a)(2) of the Securities Act.
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers. |
Greenlee Resignation
On July 22, 2024, Robert
Greenlee notified the Company by letter of his resignation from the board of directors (the “Board”) of the Company. Mr.
Greenlee advised the Company that his resignation was not due to any disagreements between him and the Company on any matter relating
to the Company's operations, policies or practices. Mr. Greenlee’s resignation has been accepted by the Company.
Kashenberg
Appointment
On
July 23, 2024, in accordance with the Company’s Amended and Restated Bylaws (the “Bylaws”), the Board appointed Adam
Kashenberg to fill the vacancy on the Board and on the Company’s audit committee created by Mr. Greenlee’s resignation. Mr.
Kashenberg’s term of office will expire at the Company’s 2025 annual meeting of shareholders, or his earlier resignation,
death or removal. Mr. Kashenberg will be compensated in accordance with the Company’s existing director compensation policies.
Since November 2019, Mr. Kashenberg
has been president, CEO and director of Colorado Biolabs, Inc., a manufacturer and supplier of iron supplement products. Previously, Mr.
Kashenberg spent five years as CEO of Kash Nutritionals, a company that facilitated the manufacturing, growth, and development of key
companies and their brands by brokering manufacturing services and related services. Mr. Kashenberg also served as VP, Business Development
for Adam Nutrition, a dietary supplement manufacturing company. In determining Mr. Kashenberg’s qualifications to serve on the Company’s
board of directors, the Board considered, among other things, his strong background in social media sales and marketing, as well as his
finance and management skills.
Section 7 - Regulation FD
Item 7.01 Regulation FD Disclosure.
The Company issued a press release on July 26, 2024. The press release
is attached hereto as Exhibit 99.1.
The information in this Item 7.01 and the exhibit attached hereto shall
not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing
under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filing.
| Item 9.01 |
Financial Statements and Exhibits. |
| |
|
(d) Exhibits.
SIGNATURES
Pursuant to the
requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
| Date: July 26, 2024 |
LIFELOC TECHNOLOGIES, INC. |
| |
|
|
| |
By: |
/s/ Wayne Willkomm, PhD |
| |
|
Wayne Willkomm, PhD Chief Executive Officer |
Exhibit 10.1
Subscription Agreement
THE SECURITIES HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE OR ANY OTHER JURISDICTION. THERE ARE FURTHER RESTRICTIONS ON THE TRANSFERABILITY
OF THE SECURITIES DESCRIBED HEREIN.
THE PURCHASE OF THE SECURITIES INVOLVES A HIGH
DEGREE OF RISK AND SHOULD BE CONSIDERED ONLY BY PERSONS WHO CAN BEAR THE RISK OF THE LOSS OF THEIR ENTIRE INVESTMENT.
Lifeloc Technologies, Inc.
12441 W 49th Ave., Ste 4
Wheat Ridge, CO 80033
Ladies and Gentlemen:
The undersigned understands that Lifeloc Technologies,
Inc., a corporation organized under the laws of Colorado (the "Company"), is offering an aggregate of 200,000 shares
of its common stock, no par value (the "Securities") in a private placement. This offering is made pursuant to the Consent
Minutes dated July 9, 2024 and all filings with the Securities and Exchange Commission (collectively, the "Offering Documents"),
all as more particularly described and set forth in the Offering Documents. The undersigned further understands that the offering is being
made without registration of the Securities under the Securities Act of 1933, as amended (the "Securities Act"), or any
securities law of any state of the United States or of any other jurisdiction, and is being made only to "accredited investors"
(as defined in Rule 501 of Regulation D under the Securities Act).
1.
Subscription.
Subject to the terms and conditions hereof and the provisions of the Offering Documents, the undersigned hereby irrevocably subscribes
for the Securities set forth in Appendix A hereto for the aggregate purchase price set forth in Appendix A, which is payable as described
in Section 4 hereof. The undersigned acknowledges that the Securities will be subject to restrictions on transfer as set forth in this
subscription agreement (the "Subscription Agreement").
2.
Acceptance
of Subscription and Issuance of Securities. It is understood and agreed that the Company shall
have the sole right, at its complete discretion, to accept or reject this subscription, in whole or in part, for any reason and that the
same shall be deemed to be accepted by the Company only when it is signed by a duly authorized officer of the Company and delivered to
the undersigned at the Closing referred to in Section 3 hereof. Subscriptions need not be accepted in the order received, and the Securities
may be allocated among subscribers. Notwithstanding anything in this Subscription Agreement to the contrary, the Company shall have no
obligation to issue any of the Securities to any person who is a resident of a jurisdiction in which the issuance of Securities to such
person would constitute a violation of the securities, "blue sky" or other similar laws of such jurisdiction (collectively referred
to as the "State Securities Laws").
3.
The
Closing. The closing of the purchase and sale of the Securities (the "Closing")
shall take place at the offices of the Company, at 9:00 a.m. on July 20, 2024, or at such other time and place as the Company may designate
by notice to the undersigned.
4.
Payment
for Securities. Payment for the Securities shall be received by the Company from the undersigned
by wire transfer of immediately available funds or other means approved by the Company at or prior to the Closing, in the amount as set
forth in Appendix A hereto. The Company shall deliver a certificate representing the Securities to the undersigned at the Closing bearing
an appropriate legend referring to the fact that the Securities were sold in reliance upon an exemption from registration under the Securities
Act.
5.
Representations
and Warranties of the Company. As of the Closing, the Company represents and warrants that:
(a)
The Company has been duly incorporated and is validly existing under the laws of Colorado, with full
power and authority to conduct its business as it is currently being conducted and to own its assets; and has secured any authorizations,
approvals, permits and orders required by law for the conduct by the Company of its business as it is currently being conducted.
(b)
The Securities have been duly authorized and, when issued, delivered and paid for in the manner
set forth in this Subscription Agreement, will be validly issued, fully paid and nonassessable
6.
Representations
and Warranties of the Undersigned. The undersigned hereby represents and warrants to and covenants
with the Company that:
(a)
General.
(i)
The undersigned has all requisite authority (and in the case of an individual, the capacity) to purchase
the Securities, enter into this Subscription Agreement and to perform all the obligations required to be performed by the undersigned
hereunder, and such purchase will not contravene any law, rule, or regulation binding on the undersigned or any investment guideline or
restriction applicable to the undersigned.
(ii)
The undersigned is a resident of the state set forth on the signature page hereto and is not acquiring
the Securities as a nominee or agent or otherwise for any other person.
(iii)
The undersigned will comply with all applicable laws and regulations in effect in any jurisdiction
in which the undersigned purchases or sells Securities and obtain any consent, approval or permission required for such purchases or sales
under the laws and regulations of any jurisdiction to which the undersigned is subject or in which the undersigned makes such purchases
or sales, and the Company shall have no responsibility therefor.
(b)
Information Concerning the Company.
(i)
The undersigned has received a copy of the Offering Documents. The undersigned has not been furnished
any offering literature other than the Offering Documents, and the undersigned has relied only on the information contained therein.
(ii)
The undersigned understands and accepts that the purchase of the Securities involves various risks,
including the risks outlined in the Offering Documents and in this Subscription Agreement. The undersigned represents that it is able
to bear any loss associated with an investment in the Securities.
(iii)
The undersigned confirms that it is not relying on any communication (written or oral) of the Company
or any of its affiliates, as investment or tax advice or as a recommendation to purchase the Securities. It is understood that information
and explanations related to the terms and conditions of the Securities provided in the Offering Documents or otherwise by the Company
or any of its affiliates shall not be considered investment or tax advice or a recommendation to purchase the Securities, and that neither
the Company nor any of its affiliates is acting or has acted as an advisor to the undersigned in deciding to invest in the Securities.
The undersigned acknowledges that neither the Company nor any of its affiliates has made any representation regarding the proper characterization
of the Securities for purposes of determining the undersigned's authority to invest in the Securities.
(iv)
The undersigned is familiar with the business and financial condition and operations of the Company,
all as generally described in the Offering Documents. The undersigned has had access to such information concerning the Company and the
Securities as it deems necessary to enable it to make an informed investment decision concerning the purchase of the Securities.
(v)
The undersigned understands that, unless the undersigned notifies the Company in writing to the contrary
at or before the Closing, each of the undersigned's representations and warranties contained in this Subscription Agreement will be deemed
to have been reaffirmed and confirmed as of the Closing, taking into account all information received by the undersigned.
(vi)
The undersigned acknowledges that the Company has the right in its sole and absolute discretion to
abandon this private placement at any time prior to the completion of the offering. This Subscription Agreement shall thereafter have
no force or effect, and the Company shall return the previously paid subscription price of the Securities, without interest thereon, to
the undersigned.
(vii)
The undersigned understands that no federal or state agency has passed upon the merits or risks
of an investment in the Securities or made any finding or determination concerning the fairness or advisability of this investment.
(c)
Non-Reliance.
(i)
The undersigned represents that it is not relying on (and will not at any time rely on) any communication
(written or oral) of the Company, as investment advice or as a recommendation to purchase the Securities, it being understood that information
and explanations related to the terms and conditions of the Securities and the other transaction documents that are described in the Offering
Documents shall not be considered investment advice or a recommendation to purchase the Securities.
(ii)
The undersigned confirms that the Company has not (A) given any guarantee or representation as to
the potential success, return, effect or benefit (either legal, regulatory, tax, financial, accounting or otherwise) of an investment
in the Securities or (B) made any representation to the undersigned regarding the legality of an investment in the Securities under applicable
legal investment or similar laws or regulations. In deciding to purchase the Securities, the undersigned is not relying on the advice
or recommendations of the Company and the undersigned has made its own independent decision that the investment in the Securities is suitable
and appropriate for the undersigned.
(d)
Status of Undersigned.
(i)
The undersigned has such knowledge, skill and experience in business, financial and investment matters
that the undersigned is capable of evaluating the merits and risks of an investment in the Securities. With the assistance of the undersigned's
own professional advisors, to the extent that the undersigned has deemed appropriate, the undersigned has made its own legal, tax, accounting,
and financial evaluation of the merits and risks of an investment in the Securities and the consequences of this Subscription Agreement.
The undersigned has considered the suitability of the Securities as an investment in light of its own circumstances and financial condition
and the undersigned is able to bear the risks associated with an investment in the Securities, and it is authorized to invest in the Securities.
(ii)
The undersigned is an "accredited investor" as defined in Rule 501(a) under the Securities
Act. The undersigned agrees to furnish any additional information requested by the Company or any of its affiliates to assure compliance
with applicable U.S. federal and state securities laws in connection with the purchase and sale of the Securities.
(e)
Restrictions on Transfer or Sale of Securities.
(i)
The undersigned is acquiring the Securities solely for the undersigned’s own beneficial account,
for investment purposes, and not with a view to, or for resale in connection with, any distribution of the Securities. The undersigned
understands that the Securities have not been registered under the Securities Act or any State Securities Laws by reason of specific exemptions
under the provisions thereof which depend in part upon the investment intent of the undersigned and of the other representations made
by the undersigned in this Subscription Agreement. The undersigned understands that the Company is relying upon the representations and
agreements contained in this Subscription Agreement (and any supplemental information) for the purpose of determining whether this transaction
meets the requirements for such exemptions.
(ii)
The undersigned understands that the Securities are "restricted securities" under applicable
federal securities laws and that the Securities Act and the rules of the U.S. Securities and Exchange Commission (the "Commission")
provide in substance that the undersigned may dispose of the Securities only pursuant to an effective registration statement under the
Securities Act or an exemption from the registration requirements of the Securities Act, and the undersigned understands that the Company
has no obligation or intention to register any of the Securities or the offering or sale thereof, or to take action so as to permit offers
or sales pursuant to the Securities Act or an exemption from registration thereunder (including pursuant to Rule 144 thereunder). Accordingly,
the undersigned understands that under the Commission's rules, the undersigned may dispose of the Securities only in "private placements"
which are exempt from registration under the Securities Act, in which event the transferee will acquire "restricted securities,"
subject to the same limitations that apply to the Securities in the hands of the undersigned. Consequently, the undersigned understands
that the undersigned must bear the economic risks of the investment in the Securities for an indefinite period of time.
(iii)
The undersigned agrees: (A) that the undersigned will not sell, assign, pledge, give, transfer, or
otherwise dispose of the Securities or any interest therein, or make any offer or attempt to do any of the foregoing, unless the transaction
is registered under the Securities Act and complies with the requirements of all applicable State Securities Laws, or the transaction
is exempt from the registration provisions of the Securities Act and all applicable requirements of State Securities Laws; (B) that the
certificates representing the Securities will bear a legend making reference to the foregoing restrictions; and (C) that the Company and
its affiliates shall not be required to give effect to any purported transfer of such Securities, except upon compliance with the foregoing
restrictions.
(iv)
The undersigned acknowledges that neither the Company nor any other person offered to sell the Securities
to it by means of any form of general solicitation or advertising, including but not limited to: (A) any advertisement, article, notice
or other communication published in any newspaper, magazine or similar media or broadcast over television or radio or (B) any seminar
or meeting whose attendees were invited by any general solicitation or general advertising.
7.
Conditions
to Obligations of the Undersigned and the Company. The obligations of the undersigned to purchase
and pay for the Securities specified in Appendix A and of the Company to sell those Securities, are subject to the satisfaction at or
prior to the Closing of the following conditions precedent: the representations and warranties of the Company contained in Section 5 hereof
and of the undersigned contained in Section 6 hereof shall be true and correct as of the Closing in all respects with the same effect
as though such representations and warranties had been made on and as of the Closing.
8.
Obligations
Irrevocable. The obligations of the undersigned shall be irrevocable.
9.
Legend.
The certificates representing the Securities sold pursuant to this Subscription Agreement will be imprinted with a legend in substantially
the following form:
"THE SECURITIES EVIDENCED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES
LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED, OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT
TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN THE CASE
OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH
TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR SUCH OTHER APPLICABLE LAWS."
10.
Waiver,
Amendment. Neither this Subscription Agreement nor any provisions hereof shall be modified, changed,
discharged or terminated except by an instrument in writing, signed by the party against whom any waiver, change, discharge or termination
is sought.
11.
Assignability.
Neither this Subscription Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable
by either the Company or the undersigned without the prior written consent of the other party, and any attempted assignment without such
prior written consent shall be void.
12.
Waiver
of Jury Trial. THE UNDERSIGNED IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY WITH RESPECT
TO ANY LEGAL PROCEEDING ARISING OUT OF THE TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT.
13.
Submission
to Jurisdiction. With respect to any suit, action, or proceeding relating to any offers, purchases,
or sales of the Securities by the undersigned ("Proceedings"), the undersigned irrevocably submits to the jurisdiction
of the federal and state courts located in the State of Colorado, which submission shall be exclusive, unless none of such courts has
lawful jurisdiction over such Proceedings.
14.
Governing
Law. This Subscription Agreement shall be governed by and construed in accordance with the laws
of the State of Colorado.
15.
Section
and Other Headings. The section and other headings contained in this Subscription Agreement are
for reference purposes only and shall not affect the meaning or interpretation of this Subscription Agreement.
16.
Counterparts.
This Subscription Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed
to be an original and all of which together shall be deemed to be one and the same agreement.
17.
Notices.
All notices and other communications provided for herein shall be in writing and shall be deemed to have been duly given if delivered
personally or sent by registered or certified mail, return receipt requested, postage prepaid to the following addresses (or such other
address as either party shall have specified by notice in writing to the other):
| If to the Company: |
12441 West 49th Ave., Ste 4, Wheat Ridge, CO 80033
E-mail: Wayne@lifeloc.com
Attention: President |
| with a copy to: |
Orbital Law Group, 1020 15th St., Ste 18-L, Denver, CO 80202
Attention: Liz Polizzi Oertle |
|
If to the Purchaser: |
EDCO Partners LLLP
4605 S Denice Dr., Englewood, CO 80111
E-mail: VDKVDK@aol.com
Attention: Vern Kornelsen
|
| with a copy to: |
Michael J. Kornelsen
1641 E Virginia Ave., Denver, CO 80209
E-Mail: Mike@kornelsen.com
|
18.
Binding
Effect. The provisions of this Subscription Agreement shall be binding upon and accrue to the
benefit of the parties hereto and their respective heirs, legal representatives, successors, and assigns.
19.
Survival.
All representations, warranties and covenants contained in this Subscription Agreement shall survive (i) the acceptance of the subscription
by the Company and the Closing, (ii) changes in the transactions, documents and instruments described in the Offering Documents which
are not material or which are to the benefit of the undersigned, and (iii) the death or disability of the undersigned.
20.
Notification
of Changes. The undersigned hereby covenants and agrees to notify the Company upon the occurrence
of any event prior to the closing of the purchase of the Securities pursuant to this Subscription Agreement which would cause any representation,
warranty, or covenant of the undersigned contained in this Subscription Agreement to be false or incorrect.
21.
Severability.
If any term or provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or
unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision
in any other jurisdiction.
IN WITNESS WHEREOF, the
undersigned has executed this Subscription Agreement this 23rd of July, 2024.
|
|
PURCHASER: |
| |
EDCO Partners LLLP
By /s/ Vern D. Kornelsen
Name: Vern D. Kornelsen
Title: General Partner |
| |
|
APPENDIX A
Consideration to be Delivered
Securities to Be Acquired Aggregate Purchase
Price to Be Paid
210,000 shares of common stock US$798,000
Exhibit 99.1
Lifeloc Technologies, Inc. Appoints Adam
Kashenberg to its Board of Directors
July 26, 2024
WHEAT RIDGE, CO / ACCESSWIRE / [DATE]: Lifeloc Technologies, Inc.
(OTC PINK:LCTC)(the “Company”), a global leader in the development and manufacturing of breath alcohol testing devices, has
announced the appointment of Adam Kashenberg, president and CEO of Colorado Biolabs, Inc., to its Board of Directors (the “Board”),
effective July 23, 2024.
“We are pleased to welcome Adam to Lifeloc’s board,”
said Vern Kornelsen, Lifeloc’s Chief Financial Officer and Board chair. “Adam is an accomplished sales leader, with a strong
background in social media sales and marketing, as well as strong finance and management skills. We expect that he will offer strong insights
for the next phase of Lifeloc’s growth strategy.”
Mr. Kashenberg was appointed to fill a vacancy on both the Board and the
Company’s audit committee created by the resignation of Bob Greenlee, who had been a director of the Company since 1989.
“Bob contributed meaningfully to Lifeloc's progress,” said
Mr. Kornelsen. “His will be a voice we will miss.”
Lifeloc has also recently consummated a private placement transaction priced
at $3.80 per share, raising a total of $798,000 through private investment by EDCO Partners, LLLP, the Company’s biggest stockholder.
EDCO now holds 77.5% of the Company’s common stock. The Company also obtained a $750,000 line of credit on July 19, 2024 with Citywide
Banks.
“For the past several years, we have been pursuing an aggressive
research and development plan focused on the development of a new product line to detect drugs of abuse,” said Wayne Willkomm, PhD,
the Company’s Chief Executive Officer. “This year we expect to begin initial beta testing of our saliva testing system for
delta-9-THC, the primary psychoactive substance in cannabis, targeting a commercial launch in 2025. The capital injection and line of
credit will be applied primarily to the development and market introduction of SpinDx.”
About Lifeloc Technologies
Lifeloc Technologies, Inc. (OTC: LCTC) is a trusted U.S. manufacturer of
evidential breath alcohol testers and related training and supplies for workplace, law enforcement, corrections and international customers.
Lifeloc stock trades over-the-counter under the symbol LCTC. We are a fully reporting Company with our SEC filings available on our web
site, www.lifeloc.com/investor.
Forward Looking Statements
This press release includes forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, which 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 expressed or implied in this
press release, 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. Investors
are strongly encouraged to review the section titled "Risk Factors" in our SEC filings.
Amy Evans
Lifeloc Technologies, Inc.
http://www.lifeloc.com
(303) 431-9500
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dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
Lifeloc Technologies (PK) (USOTC:LCTC)
Gráfico Histórico do Ativo
De Dez 2024 até Jan 2025
Lifeloc Technologies (PK) (USOTC:LCTC)
Gráfico Histórico do Ativo
De Jan 2024 até Jan 2025
