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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues $ 9,649,335 $ 8,579,507 $ 21,017,329 $ 18,877,912
Cost of Revenues 5,152,688 4,574,205 11,027,944 9,760,962
Gross Profit 4,496,647 4,005,302 9,989,385 9,116,950
Product Royalty Income 17,360 8,094 33,056 28,205
Operating Expenses        
Salaries and wages 739,366 588,242 2,330,006 1,983,557
Commissions and consulting expenses 104,608 124,501 263,168 383,415
Professional fees 133,480 163,687 518,017 461,145
Advertising and marketing 520,633 534,817 1,556,515 1,497,429
Office lease and expenses 71,725 69,400 210,263 211,159
Research and development costs 357,258 357,177 1,063,573 1,059,369
Bad debt expense 148,685 635 158,184 21,107
General and administrative expenses 485,054 521,052 1,473,708 1,410,768
Depreciation 191,712 174,490 569,707 502,265
Total operating expenses 2,752,521 2,534,001 8,143,141 7,530,214
Income from Operations 1,761,486 1,479,395 1,879,300 1,614,941
Other Expenses        
Interest and other expenses, net (449) (2,393) (4,042) (8,320)
Total other expenses (449) (2,393) (4,042) (8,320)
Income Before Income Taxes 1,761,037 1,477,002 1,875,258 1,606,621
Income Taxes 440,259 370,658 471,542 408,913
Net Income Available to Common Shareholders $ 1,320,778 $ 1,106,344 $ 1,403,716 $ 1,197,708
Net Income per Common Share        
Basic $ 0.25 $ 0.21 $ 0.26 $ 0.22
Diluted $ 0.24 $ 0.20 $ 0.25 $ 0.22
Weighted Average Number of Common Shares Outstanding        
Basic 5,386,723 5,366,382 5,384,753 5,366,382
Diluted 5,532,275 5,504,664 5,530,304 5,504,664
Comprehensive Income        
Net Income $ 1,320,778 $ 1,106,344 $ 1,403,716 $ 1,197,708
Other comprehensive income, net of $0 and $0 deferred income taxes in 2019 and 2018        
Foreign currency translation (102,756) (6,018) (69,591) (122,328)
Total Comprehensive Income $ 1,218,022 $ 1,100,326 $ 1,334,125 $ 1,075,380