Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
3 Months Ended 6 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
REVENUES        
Sales of goods, net $ 7,291,846 $ 14,628,718 $ 13,503,816 $ 26,945,230
Sales of services, net 805,448 1,092,214 1,470,721 1,920,536
Total Revenues 8,097,294 15,720,932 14,974,537 28,865,766
COST OF SALES        
Cost of goods sold-product 3,445,188 6,469,992 6,413,106 11,537,619
Cost of goods sold-services 623,992 701,497 1,219,530 1,341,604
Total Cost of Goods Sold 4,069,180 7,171,489 7,632,636 12,879,223
GROSS PROFIT 4,028,114 8,549,443 7,341,901 15,986,543
OPERATING EXPENSES        
General and administrative expenses 1,660,092 2,866,401 3,638,576 5,275,470
Research and development 295,146 538,793 599,635 810,020
Payroll expenses 1,259,770 1,767,730 2,722,425 3,033,429
Depreciation and amortization expense 137,999 122,928 245,454 247,643
Total Operating Expenses 3,353,007 5,295,852 7,206,090 9,366,562
INCOME FROM OPERATIONS 675,107 3,253,591 135,811 6,619,981
Interest expense        
Gain on disposal of fixed assets 754   19,391  
Other (expense) income 352,310 (257) 243,320 2,864
Interest income 5,517 7,543 26,640 7,780
Total Other Income (Expense) 358,581 7,286 289,351 10,644
NET INCOME BEFORE INCOME TAXES 1,033,688 3,260,877 425,162 6,630,625
INCOME TAX EXPENSE 254,781 1,182,676 105,067 2,331,718
NET INCOME 778,907 2,078,201 320,095 4,298,907
FOREIGN CURRENCY TRANSLATION GAIN (LOSS) (1,084,519) (455,114) (751,147) (158,678)
TOTAL COMPREHENSIVE INCOME (LOSS) $ (305,612) $ 1,623,087 $ (431,052) $ 4,140,229
BASIC EARNINGS PER SHARE $ 0.01 $ 0.04 $ 0.01 $ 0.09
FULLY DILUTED EARNINGS PER SHARE $ 0.01 $ 0.04 $ 0.01 $ 0.08
BASIC WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 53,236,979 52,482,823 53,230,892 50,222,367
FULLY DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 53,344,291 53,126,287 53,338,204 50,865,831