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SELECTED QUARTERLY FINANCIAL DATA (Tables) | 12 Months Ended
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Dec. 31, 2019
SELECTED QUARTERLY FINANCIAL DATA |
Schedule of Selected Quarterly Financial Data: | 21. SELECTED QUARTERLY FINANCIAL DATA - UNAUDITED The selected quarterly financial data for the periods ended December 31, 2019, and 2018, have been derived from the Company's unaudited financial statements and include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of the interim periods. Certain quarterly amounts may differ from full year totals due to rounding.
|  | (In thousands, except for per share and outstanding stock amounts) |
|  | 2019 |
|  | Quarter 1 |  | Quarter 2 |  | Quarter 3 |  | Quarter 4 |
Sales, net |  | $ | 7,932 |  | $ | 9,596 |  | $ | 11,640 |  | $ | 12,629 |
Cost of sales |  |  | 5,442 |  |  | 6,665 |  |  | 7,872 |  |  | 7,680 |
Gross profit |  |  | 2,490 |  |  | 2,931 |  |  | 3,768 |  |  | 4,949 |
Total operating expenses |  |  | 2,665 |  |  | 2,602 |  |  | 2,789 |  |  | 3,110 |
Income (loss) from continuing operations |  |  | (175) |  |  | 329 |  |  | 979 |  |  | 1,839 |
Interest and other income |  |  | 91 |  |  | 110 |  |  | 91 |  |  | 59 |
Interest expense |  |  | (46) |  |  | (44) |  |  | (41) |  |  | (36) |
Provision (benefit) for income taxes |  |  | - |  |  | 3 |  |  | 4 |  |  | 1 |
Net income (loss) |  |  | (129) |  |  | 392 |  |  | 1,025 |  |  | 1,861 |
Preferred stock dividend requirements |  |  | (176) |  |  | (175) |  |  | (175) |  |  | (177) |
Income (loss) applicable to common shareholders |  | $ | (306) |  | $ | 217 |  | $ | 850 |  | $ | 1,684 |
Basic income (loss) per share |  | $ | (0.01) |  | $ | 0.01 |  | $ | 0.03 |  | $ | 0.05 |
Diluted income (loss) per share |  | $ | (0.01) |  | $ | 0.01 |  | $ | 0.03 |  | $ | 0.05 |
Income (loss) per share from continuing operations |  | $ | (0.01) |  | $ | 0.01 |  | $ | 0.03 |  | $ | 0.05 |
Weighted average common shares outstanding - basic |  |  | 32,666,454 |  |  | 32,674,954 |  |  | 32,674,954 |  |  | 32,674,954 |
Weighted average common shares outstanding - diluted |  |  | 32,666,454 |  |  | 32,674,954 |  |  | 32,674,954 |  |  | 32,710,248 |
Gross profit margin |  |  | 31.4 | % |  | 30.5 | % |  | 32.4 | % |  | 39.2 | %
|  | (In thousands, except for per share and outstanding stock amounts) |
|  | 2018 |
|  | Quarter 1 |  | Quarter 2 |  | Quarter 3 |  | Quarter 4 |
Sales, net |  | $ | 7,673 |  | $ | 7,475 |  | $ | 9,863 |  | $ | 8,264 |
Cost of sales |  |  | 4,813 |  |  | 5,407 |  |  | 7,067 |  |  | 5,766 |
Gross profit |  |  | 2,860 |  |  | 2,068 |  |  | 2,796 |  |  | 2,498 |
Total operating expenses |  |  | 3,017 |  |  | 3,007 |  |  | 2,856 |  |  | 2,923 |
Income from insurance proceeds |  |  | — |  |  | — |  |  | — |  |  | 261 |
Loss from continuing operations |  |  | (157) |  |  | (939) |  |  | (60) |  |  | (164) |
Interest and other income |  |  | 28 |  |  | 35 |  |  | 39 |  |  | 42 |
Interest expense |  |  | (50) |  |  | (44) |  |  | (42) |  |  | (41) |
Provision (benefit) for income taxes |  |  | — |  |  | — |  |  | — |  |  | (13) |
Net loss |  |  | (179) |  |  | (948) |  |  | (63) |  |  | (150) |
Preferred stock dividend requirements |  |  | (176) |  |  | (176) |  |  | (176) |  |  | (177) |
Loss applicable to common shareholders |  | $ | (355) |  | $ | (1,124) |  | $ | (239) |  | $ | (327) |
Basic loss per share |  | $ | (0.01) |  | $ | (0.03) |  | $ | (0.01) |  | $ | (0.01) |
Diluted loss per share |  | $ | (0.01) |  | $ | (0.03) |  | $ | (0.01) |  | $ | (0.01) |
Loss per share from continuing operations |  | $ | (0.01) |  | $ | (0.03) |  | $ | (0.01) |  | $ | (0.01) |
Weighted average common shares outstanding - basic |  |  | 32,666,454 |  |  | 32,666,454 |  |  | 32,666,454 |  |  | 32,666,454 |
Weighted average common shares outstanding - diluted |  |  | 32,666,454 |  |  | 32,666,454 |  |  | 32,666,454 |  |  | 32,666,454 |
Gross profit margin |  |  | 37.3 | % |  | 27.7 | % |  | 28.3 | % |  | 30.2 | %

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- Definition Tabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=118952077&loc=d3e1280-108306 + Details
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