v3.19.3
Condensed Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenue:        
Total revenue $ 5,371,646 $ 4,775,784 $ 16,117,583 $ 13,672,650
Costs and expenses:        
Cost of ancillary products and assembled components 37,674 47,828 167,009 107,215
Selling, general and administrative 3,460,319 2,559,056 9,941,029 7,741,213
Research and development 208,253 373,456 685,693 816,657
Depreciation and amortization 476,112 462,402 1,439,220 1,372,752
Share-based compensation 242,016 192,998 678,199 550,588
Total costs and expenses 4,424,374 3,635,740 12,911,150 10,588,425
Income from operations 947,272 1,140,044 3,206,433 3,084,225
Other income (expense):        
Interest expense (361,188) (206,425) (818,555) (819,837)
Foreign currency exchange loss (69,470) (22,095) (57,299) (542)
Change in estimated fair value of interest rate swap liability 13,162 48,528 (78,440) (28,707)
Loss on extinguishment of debt   (1,765)   (1,349,271)
Non-recurring severance expense (185,000)   (185,000)  
Interest income 25,326 343 45,891 974
Total other expense (577,170) (181,414) (1,093,403) (2,197,383)
Income before benefit (provision) for income taxes 370,102 958,630 2,113,030 886,842
Benefit (provision) for income taxes 210,132 (166,662) (17,189) (154,799)
Net income $ 580,234 $ 791,968 $ 2,095,841 $ 732,043
Net income per share:        
Basic $ 0.03 $ 0.02 $ 0.07 $ 0.02
Diluted $ 0.03 $ 0.02 $ 0.07 $ 0.02
Weighted-average shares outstanding:        
Basic 17,774,022 39,844,863 28,083,665 39,805,144
Diluted 19,102,709 41,184,368 29,672,645 41,059,384
Product leases and royalties        
Revenue:        
Total revenue $ 5,371,450 $ 4,775,754 $ 16,116,533 $ 13,672,459
Product sales and service        
Revenue:        
Total revenue $ 196 $ 30 $ 1,050 $ 191

Source