Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

v3.20.2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues        
Revenues $ 2,766,662 $ 2,434,841 $ 7,316,656 $ 4,851,436
Cost of revenues 1,214,915 1,626,823 2,799,328 2,798,649
Gross profit 1,551,747 808,018 4,517,328 2,052,787
Operating expenses        
General and administrative 1,003,146 1,581,266 2,249,922 2,726,502
Sales and marketing 495,616 802,050 1,303,623 1,559,192
Engineering, research, and development 521,597 761,320 2,199,127 1,739,428
Depreciation and amortization 184,918 148,391 358,845 307,481
Total operating expenses 2,205,277 3,293,027 6,111,517 6,332,603
Loss from operations (653,530) (2,485,009) (1,594,189) (4,279,816)
Other income/(expense)        
Interest income 76 0 913 17
Interest expense (68,088) (89,855) (145,277) (130,992)
Loss on disposal of fixed assets (3,935) 0 (3,935) 0
Foreign currency gain (loss) (52) (35) 1,100 (856)
Total other income/(expense) (71,999) (89,890) (147,199) (131,831)
Loss before income taxes (725,529) (2,574,899) (1,741,388) (4,411,647)
Income tax expense 0 0 0 0
Net loss (725,529) (2,574,899) (1,741,388) (4,411,647)
Other comprehensive income (loss), net of income tax        
Foreign currency translation adjustments (26,136) 6,136 (39,217) (17,554)
Comprehensive loss $ (751,665) $ (2,568,763) $ (1,780,605) $ (4,429,201)
Net loss per share:        
Basic $ (0.01) $ (0.06) $ (0.03) $ (0.1)
Diluted $ (0.01) $ (0.06) $ (0.03) $ (0.1)
Weighted average number of shares:        
Basic 51,615,469 45,998,053 51,524,778 45,998,053
Diluted 51,615,469 45,998,053 51,524,778 45,998,053