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QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended
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Dec. 31, 2019
QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract] |
QUARTERLY FINANCIAL DATA (UNAUDITED) | 14. QUARTERLY FINANCIAL DATA (UNAUDITED) The Company is providing restated quarterly and year-to-date unaudited consolidated financial information for interim periods occurring within the years ended December 31, 2019 and 2018 in order to comply with SEC requirements. See the Restatement Footnote for further background concerning the events preceding the restatement of financial information in this Comprehensive Form 10-K.
2019 |  | First Quarter Restated |  |  | Second Quarter |  |  | Third Quarter |  |  | Fourth Quarter |
Net sales |  | $ | 20,941,322 |  |  | $ | 17,196,815 |  |  | $ | 16,310,887 |  |  | $ | 20,469,136 |
Gross profit |  |  | 12,244,670 |  |  |  | 9,370,446 |  |  |  | 8,848,648 |  |  |  | 11,495,688 |
Net income (loss) |  |  | 1,519,811 |  |  |  | (875,667 | ) |  |  | (1,718,452 | ) |  |  | (829,473 | )
Net income (loss) per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.17 |  |  | $ | (0.10 | ) |  | $ | (0.19 | ) |  | $ | (0.09 | )
Diluted (1) |  | $ | 0.17 |  |  | $ | (0.10 | ) |  | $ | (0.19 | ) |  | $ | (0.09 | )
Weighted average number of common shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 9,009,752 |  |  |  | 8,933,648 |  |  |  | 8,932,246 |  |  |  | 9,020,187 |
Diluted |  |  | 9,011,107 |  |  |  | 8,933,648 |  |  |  | 8,932,246 |  |  |  | 9,020,187 |
(1) For the three months ended June 30, 2019, September 31, 2019 and December 31, 2019, there were 2,290, 2,704 and 8,387 shares, respectively, excluded from the diluted EPS calculation because the impact of their assumed exercise would be anti-dilutive due to a net loss in those periods.
2018 |  | First Quarter Restated |  |  | Second Quarter Restated |  |  | Third Quarter Restated |  |  | Fourth Quarter Restated |
Net sales |  | $ | 20,500,578 |  |  | $ | 19,187,222 |  |  | $ | 18,878,263 |  |  | $ | 24,637,506 |
Gross profit |  |  | 12,689,060 |  |  |  | 12,233,492 |  |  |  | 11,895,883 |  |  |  | 14,122,510 |
Net income |  |  | 1,516,656 |  |  |  | 1,157,743 |  |  |  | 608,701 |  |  |  | 1,115,265 |
Net income per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.16 |  |  | $ | 0.13 |  |  | $ | 0.07 |  |  | $ | 0.12 |
Diluted |  | $ | 0.16 |  |  | $ | 0.13 |  |  | $ | 0.07 |  |  | $ | 0.12 |
Weighted average number of common shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 9,264,446 |  |  |  | 9,180,076 |  |  |  | 9,154,215 |  |  |  | 9,143,746 |
Diluted |  |  | 9,264,604 |  |  |  | 9,182,527 |  |  |  | 9,160,022 |  |  |  | 9,144,020 |

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=124502072&loc=SL124452896-108306 + Details
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