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CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Sales, net $ 11,639,586 $ 9,863,272 $ 29,167,950 $ 25,011,066
Cost of sales        
Total cost of sales 7,871,727 7,067,137 19,978,415 17,287,316
Gross profit 3,767,859 2,796,135 9,189,535 7,723,750
Operating expenses        
Sales and marketing 1,007,831 1,033,295 2,862,991 3,251,231
Research and development 134,919 146,487 377,881 432,179
General and administrative 1,646,685 1,676,579 4,816,214 5,196,224
Total operating expenses 2,789,435 2,856,361 8,057,086 8,879,634
Income (loss) from operations 978,424 (60,226) 1,132,449 (1,155,884)
Interest and other income 91,105 39,290 292,476 102,133
Interest expense (40,701) (42,481) (130,085) (136,446)
Income (loss) before income taxes 1,028,828 (63,417) 1,294,840 (1,190,197)
Provision for income taxes 4,394   7,875 210
Net income (loss) 1,024,434 (63,417) 1,286,965 (1,190,407)
Preferred stock dividend requirements (175,456) (176,249) (527,162) (528,747)
Income (loss) applicable to common shareholders $ 848,978 $ (239,666) $ 759,803 $ (1,719,154)
Basic income (loss) per share (in dollars per share) $ 0.03 $ (0.01) $ 0.02 $ (0.05)
Diluted income (loss) per share (in dollars per share) $ 0.03 $ (0.01) $ 0.02 $ (0.05)
Weighted average common shares outstanding:        
Basic (in shares) 32,674,954 32,666,454 32,671,648 32,666,454
Diluted (in shares) 32,674,954 32,666,454 32,671,648 32,666,454
Costs of manufactured product        
Cost of sales        
Total cost of sales $ 6,935,269 $ 6,203,842 $ 17,450,038 $ 15,112,538
Royalty expense to shareholder        
Cost of sales        
Total cost of sales $ 936,458 $ 863,295 $ 2,528,377 $ 2,174,778