**U. S. Securities and Exchange Commission**

Washington, D. C. 20549 

**FORM 10-K/A**

**[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE**

**ACT OF 1934**

For the fiscal year ended December 31, 2008 

**[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE**

**ACT OF 1934**

For the transition period from __________________ to __________________

*Commission File No. - 000-3137708397*

**REFLECT SCIENTIFIC, INC.**

(Name of Small Business Issuer in its Charter)

| Utah

87-0642556

(State or Other Jurisdiction of

(I.R.S. Employer Identification No.)

incorporation or organization)

 

1270 South 1380 West

Orem, Utah 84058

(Address of Principal Executive Offices) 

Issuer’s Telephone Number: (801) 226-4100

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

Name of Each Exchange on Which Registered: None

Securities registered under Section 12(g) of the Act: 

$0.01 par value common stock

Title of Class 

Check whether the Issuer is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act. [  ]

Check whether the Issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the Issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. (1) Yes [X] No     (2) Yes [X] No 

Check if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-B contained in this form, and no disclosure will be contained, to the best of Issuer’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, or a smaller reporting company.  See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large Accelerated filer  ̈

Accelerated filer  ̈

Non-accelerated filer   ̈ (Do not check if a smaller reporting company)

Smaller reporting company x

Indicate by check mark whether the Issuer is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [  ] No [X]

State Issuer’s revenues for its most recent fiscal year: December 31, 2008 - $10,126,805.

State the aggregate market value of the voting and non-voting common stock held by non-affiliates computed by reference to the price at which the common stock was sold, or the average bid and asked price of such common stock, as of a specified date within the past 60 days. 

There are approximately 16,289,360 shares of common voting stock of the Issuer held by non-affiliates, and based upon the average bid and asked prices of our common stock on March 29, 2010 of $0.12, as reported by the OTC Bulletin Board of the National Association of Securities Dealers, Inc., the aggregate market value of our common stock held by non-affiliates was approximately $1,954,723. 

**Issuers Involved in Bankruptcy Proceedings During the Past Five Years**

None; not applicable. 

Check whether the Issuer has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. Yes [  ] No [  ] 

Not applicable.

**Applicable Only to Corporate Issuers**

State the number of shares outstanding of each of the Issuer’s classes of common equity, as of the latest practicable date: 

March 29, 2010:  Common – 35,221,650

**Documents Incorporated by Reference**

A description of “Documents Incorporated by Reference” is contained in Part III, Item 13, of this Annual Report. 

**Transitional Small Business Issuer Format Yes [  ] No [X]**

 

**Explanatory Note:**

This filing is an amendment to  the Form 10-K for the year ended December 31, 2008, originally filed with the Securities and Exchange Commission on April 15, 2009.  The following sections of that original filing are hereby amended by this filing:

Item 9(A)T.  

Controls and Procedures.

Signatures

Exhibits 31.1 and 31.2  

Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Exhibit 32  

Certification Pursuant to 18 U.S.C Section 1350, as Adopted Pursuant to

Section 908 of the Sarbanes-Oxley Act of 2002

 

**Item 9(A)T. 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, we conducted an evaluation, under the supervision and with the participation of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), 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 “Securities Exchange Act”), as amended, required by paragraph (b) of Rule 13a-15 or rule 15d-15.  Based on this evaluation, our CEO and CFO concluded our disclosure controls and procedures as of the end of the period covered by this report were ineffective due to the material weakness noted below.  A controls system cannot provide absolute assurance that the objectives of the controls system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.  In addition, we reviewed our internal controls, and there have been no significant changes in our internal controls or in other factors in the last fiscal quarter that has materially affected or is reasonably likely to materially affect our internal control over financial reporting.

**Management’s Annual Report on Internal Control over Financial Reporting**

*Management’s Report on Internal Control over Financial Reporting*

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended

 

Our management, with the participation of our CEO and CFO, evaluated the effectiveness of our internal control over financial reporting as of December 31, 2008.  In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in “Internal Control – Integrated Framework”.  Based on this evaluation, our management concluded that, as of December 31, 2008, there are material weaknesses in our internal controls over financial reporting, as identified and discussed in the following paragraph.  Pursuant to the disclosure requirement of Item 308T(a)(3) of Regulation S-K, management concluded that our internal control over financial reporting, because of the material weaknesses identified during our evaluation, was ineffective as of December 31, 2008.

The matters involving internal controls and procedures that the Company’s management consider to be  material weaknesses under COSO and SEC rules are: (1) lack of a functioning audit committee and lack of independent directors on the Company’s board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; (2) inadequate segregation of duties consistent with control objectives; (3) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of US GAAP and SEC disclosure requirements; and (4) ineffective controls over period end financial disclosure and reporting processes. The aforementioned potential material weaknesses were identified by the Company’s Chief Financial Officer in connection with the preparation of our financial statements as of December 31, 2008 and the matters were communicated to our management and board of directors.

 

*Management’s Remediation Initiatives* 

 

Although the Company is unable to meet the standards under COSO because of the limited funds available to a company of our size, we are committed to improving our financial organization. As funds become available, we will undertake to: (1) create a position to segregate duties consistent with control objectives, (2) increase our personnel resources and technical accounting expertise within the accounting function (3) appoint one or more outside directors to our board of directors who shall be appointed to the audit committee of the Company, resulting in a fully functioning audit committee who will undertake the oversight in the establishment and monitoring of required internal controls and procedures; and (4) prepare and implement sufficient written policies and checklists which will set forth procedures for accounting and financial reporting with respect to the requirements and application of US GAAP and SEC disclosure requirements.  

 

We will continue to monitor and evaluate the effectiveness of our internal controls and procedures and our internal control over financial reporting on an ongoing basis and are committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds allow.  However, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or 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. The design of any system of controls is based in part on 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.  Projections of any evaluation of controls effectiveness to future periods are subject to risks.  

 

* Attestation of Internal Controls by Registered Public Accounting Firm* 

This annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the company to provide only management’s report in this annual report.

**SIGNATURES**

In accordance with Section 13 or 15(d) of the Securities Exchange Act, the Company caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. 

**REFLECT SCIENTIFIC, INC.**

*Date:*

*3/30/2010*

 

*By:*

*/s/Kim Boyce*

 

 

 

 

*Kim Boyce, Chief Executive Officer and Director*

*Date:*

*3/30/2010*

 

*By:*

*/s/Keith Merrell*

 

 

 

 

*Keith Merrell, Chief Financial Officer (Principal Accounting Officer*

In accordance with the Securities Exchange Act, this Report has been signed below by the following persons on behalf of the Company and in the capacities and on the dates indicated: 

**REFLECT SCIENTIFIC, INC.**

*Date:*

*3/30/2010*

 

*By:*

*/s/Kim Boyce*

 

 

 

 

*Kim Boyce, Chief Executive Officer and Director*

 

 

 

 

 

*Date:*

*3/30/2010*

 

*By:*

*/s/Tom Tait*

 

 

 

 

*Tom Tait, Vice President and Director*

 

 

 

 

 

*Date:*

*3/30/2010*

 

*By:*

*/s/Kevin Cooksy*

 

 

 

 

*Kevin Cooksy, Secretary*

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