XML 55 R4.htm IDEA: XBRL DOCUMENT v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited)        
REVENUE $ 12,819,972 $ 8,513,956 $ 24,753,220 $ 18,197,297
COST OF GOODS SOLD 10,471,841 8,044,963 21,211,918 17,102,142
GROSS PROFIT 2,348,131 468,993 3,541,302 1,095,155
OPERATING EXPENSES        
General and administrative expenses 1,251,030 903,972 2,118,629 1,647,503
Depreciation and amortization expense 110,788 90,909 210,796 147,282
TOTAL OPERATING EXPENSES 1,361,818 994,881 2,329,425 1,794,785
INCOME (LOSS) FROM OPERATIONS 986,313 (525,888) 1,211,877 (699,630)
OTHER INCOME (EXPENSE)        
Other income, net 39,383 323,986 27,949 326,343
Interest expense - related party (66) (66) (132) (132)
Interest expense (651,801) (329,270) (1,063,856) (588,982)
Non-cash interest expense 0 (34,797) (29,509) (264,510)
Gain (loss) on equity investments, net 32,418 (1,048,267) 10,246 (442,142)
Gain on extinguishment of debt 779,224 0 779,224 0
Foreign currency transaction gain (loss), net 194,828 79,225 (32,306) (81,415)
TOTAL OTHER INCOME (EXPENSE), NET 393,986 (1,009,189) (308,384) (1,050,838)
INCOME (LOSS) BEFORE INCOME TAXES 1,380,299 (1,535,077) 903,493 (1,750,468)
INCOME TAX EXPENSE (2,988) (4,956) (9,492) (6,738)
NET INCOME (LOSS) 1,377,311 (1,540,033) 894,001 (1,757,206)
OTHER COMPREHENSIVE INCOME (LOSS)        
Foreign currency translation adjustment, net 182,840 (32,567) 39,078 29,062
TOTAL COMPREHENSIVE INCOME (LOSS) $ 1,560,151 $ (1,572,600) $ 933,079 $ (1,728,144)
BASIC NET INCOME (LOSS) PER SHARE $ 0.10 $ (0.12) $ 0.07 $ (0.13)
DILUTED NET INCOME (LOSS) PER SHARE $ 0.10 $ (0.12) $ 0.07 $ (0.13)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING        
Basic 13,225,387 13,261,316 13,225,387 13,322,605
Diluted 13,254,116 13,261,316 13,254,953 13,322,605