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CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Sales, net $ 11,573,845 $ 9,595,890 $ 22,776,062 $ 17,528,364
Cost of sales        
Total cost of sales 7,900,099 6,664,533 15,571,882 12,106,688
Gross profit 3,673,746 2,931,357 7,204,180 5,421,676
Operating expenses        
Sales and marketing 851,898 979,614 1,987,878 1,855,160
Research and development 126,255 115,506 264,792 242,962
General and administrative 1,735,718 1,507,434 3,510,922 3,169,529
Total operating expenses 2,713,871 2,602,554 5,763,592 5,267,651
Income from operations 959,875 328,803 1,440,588 154,025
Interest and other income 1,110,217 109,939 968,800 201,371
Interest expense (35,986) (43,509) (69,835) (89,384)
Income before income taxes 2,034,106 395,233 2,339,553 266,012
Provision (benefit) for income taxes (1,732,007) 3,481 (1,749,333) 3,481
Net income 3,766,113 391,752 4,088,886 262,531
Preferred Stock dividend requirements (174,148) (175,456) (348,291) (351,705)
Income (loss) applicable to common shareholders $ 3,591,965 $ 216,296 $ 3,740,595 $ (89,174)
Basic earnings (loss) per share $ 0.11 $ 0.01 $ 0.11 $ 0.00
Diluted earnings (loss) per share $ 0.11 $ 0.01 $ 0.11 $ 0.00
Weighted average common shares outstanding:        
Basic (in shares) 32,789,047 32,673,537 32,735,126 32,669,996
Diluted (in shares) 32,985,381 32,673,537 32,856,003 32,669,996
Costs of manufactured product        
Cost of sales        
Total cost of sales $ 6,948,567 $ 5,738,025 $ 13,751,242 $ 10,514,769
Royalty expense to shareholder        
Cost of sales        
Total cost of sales $ 951,532 $ 926,508 $ 1,820,640 $ 1,591,919