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Quarterly Financial Data (unaudited) | 12 Months Ended
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Sep. 30, 2018
Quarterly Financial Data (unaudited) |
Quarterly Financial Data (unaudited) | 16. Quarterly Financial Data (unaudited) Summarized quarterly results of operations of the Company for the years ended September 30, 2018 and September 30, 2017 are presented below:
|  | Fiscal Year Ended September 30, 2018
|  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
Net sales |  | $ | 3,087,984 |  | $ | 3,727,204 |  | $ | 3,389,663 |  | $ | 3,645,521
Cost of sales |  |  | 1,593,268 |  |  | 2,082,347 |  |  | 1,806,980 |  |  | 1,829,328
Gross profit |  |  | 1,494,716 |  |  | 1,644,857 |  |  | 1,582,683 |  |  | 1,816,193
Operating (loss) income |  |  | (1,051,560) |  |  | (1,143,511) |  |  | (1,072,228) |  |  | (444,240)
Net (loss) income |  |  | (881,619) |  |  | (1,316,871) |  |  | (1,041,037) |  |  | (414,378)
Net income (loss) per common share |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.05) |  | $ | (0.08) |  | $ | (0.06) |  | $ | (0.03)
Diluted |  | $ | (0.05) |  | $ | (0.08) |  | $ | (0.06) |  | $ | (0.03)
|  | Fiscal Year Ended September 30, 2017 |
|  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |
Net sales |  | $ | 3,365,866 |  | $ | 4,653,902 |  | $ | 4,541,421 |  | $ | 4,225,484 |
Cost of sales |  |  | 1,828,052 |  |  | 2,302,431 |  |  | 2,164,140 |  |  | 2,373,726 |
Gross profit |  |  | 1,537,814 |  |  | 2,351,471 |  |  | 2,377,281 |  |  | 1,851,758 |
Operating (loss) income |  |  | (1,595,295) |  |  | 2,985,918 |  |  | (541,189) |  |  | (926,999) |
Net (loss) income |  |  | (1,194,974) |  |  | 5,930,425 |  |  | 19,220 |  |  | (186,045) |
Net income (loss) per common share |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.07) |  | $ | 0.35 |  | $ | — |  | $ | (0.01) |
Diluted |  | $ | (0.07) |  | $ | 0.35 |  | $ | — |  | $ | (0.01) |
Quarterly and full fiscal year EPS are calculated independently based on the weighted average number of shares outstanding during each period. As a result, the sum of each quarter’s per share amount may not equal the total per share amount for the respective year. Net income and EPS in the second quarter of fiscal 2017 were positively impacted by approximately $4.1 million of other income related to the Company’s settlement agreement with Delta Air Lines, Inc., (See Note 5. Unbilled Receivable in Notes to Consolidated Financial Statements).

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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