Quarterly report pursuant to Section 13 or 15(d)

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

v3.20.2
Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
REVENUES (note 9)        
Total Revenues $ 4,000,106 $ 9,905,761 $ 15,806,727 $ 30,862,850
COST OF SALES        
Total Cost of Goods Sold 2,479,683 4,736,465 9,034,763 14,741,644
GROSS PROFIT 1,520,423 5,169,296 6,771,964 16,121,206
OPERATING EXPENSES        
General and administrative expenses 2,247,614 3,256,023 8,273,925 9,984,251
Research and development 433,800 641,716 1,073,074 1,503,645
Depreciation and amortization expense 168,507 130,105 496,976 357,238
Total Operating Expenses 2,849,921 4,027,844 9,843,975 11,845,134
INCOME (LOSS) FROM OPERATIONS (1,329,498) 1,141,452 (3,072,011) 4,276,072
OTHER INCOME (EXPENSE)        
Gain on sale of fixed assets 36,483 34,826 193,938 73,166
Other expense (48,349) (2,065) (49,667) (3,029)
Interest income 103,364 38,478 255,289 216,068
Total Other Income 91,498 71,239 399,560 286,205
INCOME (LOSS) BEFORE INCOME TAXES (1,238,000) 1,212,691 (2,672,451) 4,562,277
INCOME TAX BENEFIT (EXPENSE) 180,252 (290,943) 440,936 (986,407)
NET INCOME (LOSS) (1,057,748) 921,748 (2,231,515) 3,575,870
OTHER COMPREHENSIVE INCOME (LOSS)        
Foreign currency translation gain (loss) 233,170 (91,397) (336,986) 160,453
Unrealized gains (losses) on investments (36,840) (12,386) (121,319) 105,861
Total Other Comprehensive Income (Loss) 196,330 (103,783) (458,305) 266,314
COMPREHENSIVE INCOME (LOSS) $ (861,418) $ 817,965 $ (2,689,820) $ 3,842,184
BASIC EARNINGS (LOSS) PER SHARE (in dollars per share) $ (0.02) $ 0.02 $ (0.05) $ 0.08
FULLY DILUTED EARNINGS (LOSS) PER SHARE (in dollars per share) $ (0.02) $ 0.02 $ (0.05) $ 0.07
BASIC WEIGHTED AVG NUMBER OF SHARES OUTSTANDING (in shares) 47,933,318 47,739,192 47,717,114 47,509,357
FULLY DILUTED WEIGHTED AVG NUMBER OF SHARES OUTSTANDING (in shares) 47,933,318 48,469,246 47,717,114 48,259,900
Product        
REVENUES (note 9)        
Total Revenues $ 3,517,280 $ 9,251,947 $ 14,377,377 $ 29,009,837
COST OF SALES        
Total Cost of Goods Sold 2,141,888 4,326,335 7,919,959 13,465,989
Service        
REVENUES (note 9)        
Total Revenues 482,826 653,814 1,429,350 1,853,013
COST OF SALES        
Total Cost of Goods Sold $ 337,795 $ 410,130 $ 1,114,804 $ 1,275,655