Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

v3.20.2
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues        
Revenues $ 3,180,173 $ 2,481,986 $ 10,496,827 $ 7,333,407
Cost of revenues 943,292 1,586,411 3,742,615 4,385,106
Gross profit 2,236,881 895,575 6,754,212 2,948,301
Operating expenses        
General and administrative 889,032 1,381,361 3,138,744 4,101,340
Sales and marketing 445,273 636,757 1,748,892 2,025,055
Engineering, research, and development 621,442 380,539 2,820,525 2,298,405
Depreciation and amortization 176,127 155,598 534,972 463,086
Total operating expenses 2,131,874 2,554,255 8,243,133 8,887,886
Income (loss) from operations 105,007 (1,658,680) (1,488,921) (5,939,585)
Other income/(expense)        
Interest income 309 26,636 1,220 26,654
Interest expense (62,621) (57,569) (207,899) (188,451)
Loss on conversion of debt (232,462) (232,462)
Impairment of intangible asset (3,481) (3,481)
Loss on disposal of fixed assets (3,935)
Foreign currency gain 247 6,642 1,345 5,740
Total other income/(expense) (65,546) (256,753) (212,750) (388,519)
Income (loss) before income taxes 39,461 (1,915,433) (1,701,671) (6,328,104)
Income tax expense
Net income (loss) 39,461 (1,915,433) (1,701,671) (6,328,104)
Other comprehensive income (loss), net of income tax        
Foreign currency translation adjustments 30,145 35,252 (9,072) 12,939
Comprehensive income (loss) $ 69,606 $ (1,880,181) $ (1,710,743) $ (6,315,165)
Net loss per share:        
Basic $ 0.00 $ (0.04) $ (0.03) $ (0.14)
Diluted $ 0.00 $ (0.04) $ (0.03) $ (0.14)
Weighted average number of shares:        
Basic 51,617,612 47,488,574 51,555,837 46,500,353
Diluted 61,106,633 47,488,574 51,555,837 46,500,353