Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (LOSS)

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (LOSS) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
REVENUES    
Sales of goods, net $ 7,292,228 $ 3,972,924
Sales of services, net 532,267 570,730
Total Revenues 7,824,495 4,543,654
COST OF SALES    
Cost of goods sold-product 3,055,300 1,780,566
Cost of goods sold-services 402,022 463,193
Total Cost of Goods Sold 3,457,322 2,243,759
GROSS PROFIT 4,367,173 2,299,895
OPERATING EXPENSES    
General and administrative expenses 2,948,089 2,670,101
Research and development 198,966 153,522
Depreciation and amortization expense 149,076 142,538
Total Operating Expenses 3,296,131 2,966,161
INCOME (LOSS) FROM OPERATIONS 1,071,042 (666,265)
OTHER INCOME (EXPENSE)    
Gain on sale of fixed assets 2,101 887
Other expense (5,414) (276,313)
Interest income 31,278 5,421
Total Other Income (Expense) 27,965 (270,005)
NET INCOME (LOSS) BEFORE INCOME TAXES 1,099,007 (936,270)
INCOME TAX EXPENSE (BENEFIT) 498,936 (171,654)
NET INCOME (LOSS) 600,071 (764,617)
OTHER COMPREHENSIVE INCOME (LOSS)    
Foreign currency translation gain (loss) 75,113 (840,190)
Unrealized gains on investments 36,288 0
Total Other Comprehensive Income (Loss) 111,401 (840,190)
TOTAL COMPREHENSIVE INCOME (LOSS) $ 711,472 $ (1,604,806)
BASIC EARNINGS (LOSS) PER SHARE $ 0.01 $ (0.01)
FULLY DILUTED EARNINGS (LOSS) PER SHARE $ 0.01 $ (0.01)
BASIC WEIGHTED AVG NUMBER OF SHARES OUTSTANDING 50,632,275 53,243,151
FULLY DILUTED WEIGHTED AVG NUMBER OF SHARES OUTSTANDING 51,287,405 53,243,151