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CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Sales, net $ 36,356,047 $ 27,091,064 $ 128,926,716 $ 49,867,126
Cost of sales        
Cost of sales 22,961,178 13,262,559 67,893,878 28,834,441
Gross profit 13,394,869 13,828,505 61,032,838 21,032,685
Operating expenses:        
Sales and marketing 1,020,244 1,160,412 3,398,905 3,148,290
Research and development 199,200 134,575 747,525 399,367
General and administrative 4,209,836 2,185,980 12,824,957 5,696,901
Total operating expenses 5,429,280 3,480,967 16,971,387 9,244,558
Income from operations 7,965,589 10,347,538 44,061,451 11,788,127
Gain on forgiveness of PPP loan     1,377,652  
Interest and other income (loss) (318,663) (87,483) 1,014,348 881,316
Interest expense (52,886) (36,124) (172,668) (105,959)
Income before income taxes 7,594,040 10,223,931 46,280,783 12,563,484
Provision (benefit) for income taxes 1,072,155 1,598,180 11,140,889 (151,153)
Net income 6,521,885 8,625,751 35,139,894 12,714,637
Preferred Stock dividend requirements (59,111) (145,535) (183,219) (493,826)
Deemed contribution on extinguishment of preferred stock   2,525,848   2,519,124
Income applicable to common shareholders $ 6,462,774 $ 11,006,064 $ 34,956,675 $ 14,739,935
Basic earnings per share $ 0.19 $ 0.33 $ 1.03 $ 0.45
Diluted earnings per share $ 0.19 $ 0.33 $ 1.02 $ 0.45
Weighted average common shares outstanding:        
Basic (in shares) 33,883,684 33,371,471 33,950,742 32,947,241
Diluted (in shares) 34,262,681 33,984,934 34,330,967 33,071,652
Costs of manufactured product        
Cost of sales        
Cost of sales $ 20,663,651 $ 11,580,674 $ 60,074,349 $ 25,331,916
Royalty expense to shareholder        
Cost of sales        
Cost of sales $ 2,297,527 $ 1,681,885 $ 7,819,529 $ 3,502,525