XML 61 R4.htm IDEA: XBRL DOCUMENT v3.20.1
STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Sales, net $ 41,797,179 $ 33,274,702 $ 34,493,838
Cost of sales      
Cost of sales 27,659,223 23,052,900 24,522,250
Gross profit 14,137,956 10,221,802 9,971,588
Operating expenses:      
Sales and marketing 4,217,863 4,404,441 4,658,548
Research and development 516,095 621,365 740,567
General and administrative 6,432,158 6,786,041 8,351,053
Total operating expenses 11,166,116 11,811,847 13,750,168
Income from insurance proceeds   260,514  
Income (loss) from operations 2,971,840 (1,329,531) (3,778,580)
Interest and other income 351,166 153,460 65,695
Interest expense (166,897) (177,190) (210,761)
Income (loss) before income taxes 3,156,109 (1,353,261) (3,923,646)
Provision (benefit) for income taxes 7,875 (13,318) (187,608)
Net income (loss) 3,148,234 (1,339,943) (3,736,038)
Preferred stock dividend requirements (702,618) (704,996) (704,996)
Income (loss) applicable to common shareholders $ 2,445,616 $ (2,044,939) $ (4,441,034)
Basic earnings (loss) per share $ 0.07 $ (0.06) $ (0.14)
Diluted earnings (loss) per share $ 0.07 $ (0.06) $ (0.14)
Weighted average common shares outstanding:      
Basic (in shares) 32,672,475 32,666,454 31,958,121
Diluted (in shares) 32,672,475 32,666,454 31,958,121
Costs of manufactured product      
Cost of sales      
Cost of sales $ 24,209,401 $ 20,108,798 $ 21,658,062
Royalty expense to shareholder      
Cost of sales      
Cost of sales $ 3,449,822 $ 2,944,102 $ 2,864,188