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Quarterly Results Of Operations (Tables)
 12 Months Ended
Dec. 31, 2017
QUARTERLY RESULTS OF OPERATIONS  
Summary of the quarterly results of operations

The following is a summary of the quarterly results of operations for the years ended December 31, 2017 and 2016.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

First Quarter

    

Second Quarter

    

Third Quarter

    

Fourth Quarter

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

14,592,254

 

$

13,243,107

 

$

14,626,904

 

$

14,838,016

 

Cost of Sales

 

 

12,234,782

 

 

11,744,819

 

 

13,555,853

 

 

16,062,936

 

Gross Profit

 

 

2,357,472

 

 

1,498,288

 

 

1,071,051

 

 

(1,224,920)

 

Selling, General and Administrative

 

 

6,100,715

 

 

6,541,179

 

 

4,791,636

 

 

5,869,879

 

Research and Product Development

 

 

1,214,851

 

 

1,675,494

 

 

1,304,658

 

 

2,126,397

 

Operating Income (Loss)

 

 

(4,958,094)

 

 

(6,718,385)

 

 

(5,025,243)

 

 

(9,221,196)

 

Interest and Investment Income, net

 

 

216,071

 

 

(364,599)

 

 

(31,751)

 

 

181,171

 

Foreign Currency Gain (Loss)

 

 

 —

 

 

 —

 

 

 —

 

 

742

 

Income (Loss) Before Income Taxes

 

 

(4,742,023)

 

 

(7,082,984)

 

 

(5,056,994)

 

 

(9,039,283)

 

Income Tax Expense

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Net Income (Loss)

 

$

(4,742,023)

 

$

(7,082,984)

 

$

(5,056,994)

 

$

(9,039,283)

 

Basic And Diluted Earnings (Loss) Per Share

 

$

(0.09)

 

$

(0.14)

 

$

(0.10)

 

$

(0.18)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

First Quarter

    

Second Quarter

    

Third Quarter

    

Fourth Quarter

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

13,627,048

 

$

13,452,517

 

$

12,814,815

 

$

13,389,786

 

Cost of Sales

 

 

11,932,122

 

 

11,962,989

 

 

11,234,934

 

 

11,401,603

 

Gross Profit

 

 

1,694,926

 

 

1,489,528

 

 

1,579,881

 

 

1,988,183

 

Selling, General and Administrative

 

 

4,986,741

 

 

5,014,370

 

 

5,070,127

 

 

6,049,663

 

Research and Product Development

 

 

1,314,430

 

 

2,063,324

 

 

1,261,863

 

 

1,200,729

 

Operating Income (Loss)

 

 

(4,606,245)

 

 

(5,588,166)

 

 

(4,752,109)

 

 

(5,262,209)

 

Interest and Investment Income, net

 

 

186,562

 

 

227,020

 

 

188,847

 

 

207,911

 

Interest Expense

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Income (Loss) Before Income Taxes

 

 

(4,419,683)

 

 

(5,361,146)

 

 

(4,563,262)

 

 

(5,054,298)

 

Income Tax Expense

 

 

(404,527)

 

 

 —

 

 

 —

 

 

 —

 

Net Income (Loss)

 

$

(4,824,210)

 

$

(5,361,146)

 

$

(4,563,262)

 

$

(5,054,298)

 

Basic And Diluted Earnings (Loss) Per Share

 

$

(0.10)

 

$

(0.11)

 

$

(0.09)

 

$

(0.10)