Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Other Comprehensive Income (Unaudited)

v3.20.2
Condensed Consolidated Statements of Operations and Other Comprehensive Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
REVENUES (note 9)        
Total Revenues $ 4,359,479 $ 10,124,031 $ 11,806,621 $ 20,957,089
COST OF SALES        
Total Cost of Goods Sold 2,272,614 4,936,993 6,555,080 10,005,179
GROSS PROFIT 2,086,865 5,187,038 5,251,541 10,951,910
OPERATING EXPENSES        
General and administrative expenses 2,753,773 3,566,698 6,026,311 6,728,228
Research and development 229,548 512,871 639,274 861,929
Depreciation and amortization expense 180,997 110,910 328,469 227,133
Total Operating Expenses 3,164,318 4,190,479 6,994,054 7,817,290
INCOME (LOSS) FROM OPERATIONS (1,077,453) 996,559 (1,742,513) 3,134,620
OTHER INCOME (EXPENSE)        
Gain on sale of fixed assets 157,455 21,410 157,455 38,340
Other expense (1,665) (413) (1,318) (964)
Interest income 77,532 85,887 151,925 177,590
Total Other Income 233,322 106,884 308,062 214,966
INCOME (LOSS) BEFORE INCOME TAXES (844,131) 1,103,443 (1,434,451) 3,349,586
INCOME TAX BENEFIT (EXPENSE) 35,628 (117,939) 260,684 (695,464)
NET INCOME (LOSS) (808,503) 985,504 (1,173,767) 2,654,122
OTHER COMPREHENSIVE INCOME (LOSS)        
Foreign currency translation gain (loss) 375,267 102,435 (570,156) 251,850
Unrealized gains (losses) on investments 72,875 49,495 (84,479) 118,247
Total Other Comprehensive Income (Loss) 448,142 151,930 (654,635) 370,097
COMPREHENSIVE INCOME (LOSS) $ (360,361) $ 1,137,434 $ (1,828,402) $ 3,024,219
BASIC EARNINGS (LOSS) PER SHARE (in dollars per share) $ (0.02) $ 0.02 $ (0.02) $ 0.06
FULLY DILUTED EARNINGS (LOSS) PER SHARE (in dollars per share) $ (0.02) $ 0.02 $ (0.02) $ 0.06
BASIC WEIGHTED AVG NUMBER OF SHARES OUTSTANDING (in shares) 47,723,208 47,348,137 47,607,825 47,392,534
FULLY DILUTED WEIGHTED AVG NUMBER OF SHARES OUTSTANDING (in shares) 47,723,208 48,124,208 47,607,825 48,192,849
Product        
REVENUES (note 9)        
Total Revenues $ 3,999,139 $ 9,559,255 $ 10,860,097 $ 19,757,890
COST OF SALES        
Total Cost of Goods Sold 1,944,389 4,568,666 5,778,071 9,139,654
Service        
REVENUES (note 9)        
Total Revenues 360,340 564,776 946,524 1,199,199
COST OF SALES        
Total Cost of Goods Sold $ 328,225 $ 368,327 $ 777,009 $ 865,525