| Schedule of quarterly results |
| |
|
Fiscal
2018 |
|
| |
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
|
Year |
|
| Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Product |
|
$ |
7,280,723 |
|
|
$ |
8,323,845 |
|
|
$ |
8,429,132 |
|
|
$ |
8,636,126 |
|
|
$ |
32,669,826 |
|
| License |
|
|
— |
|
|
|
— |
|
|
|
4,010,000 |
|
|
|
— |
|
|
|
4,010,000 |
|
| Total
revenue |
|
|
7,280,723 |
|
|
|
8,323,845 |
|
|
|
12,439,132 |
|
|
|
8,636,126 |
|
|
|
36,679,826 |
|
| Cost
of goods sold |
|
|
2,177,355 |
|
|
|
2,465,826 |
|
|
|
2,631,893 |
|
|
|
2,519,824 |
|
|
|
9,794,898 |
|
| Gross
profit |
|
|
5,103,368 |
|
|
|
5,858,019 |
|
|
|
9,807,239 |
|
|
|
6,116,302 |
|
|
|
26,884,928 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selling
expenses |
|
|
3,570,713 |
|
|
|
3,919,515 |
|
|
|
4,447,421 |
|
|
|
4,430,732 |
|
|
|
16,368,381 |
|
| General
and administrative expenses |
|
|
2,573,131 |
|
|
|
2,380,860 |
|
|
|
1,925,086 |
|
|
|
2,184,062 |
|
|
|
9,063,139 |
|
| Research
and development expenses |
|
|
901,274 |
|
|
|
957,204 |
|
|
|
1,199,895 |
|
|
|
1,335,776 |
|
|
|
4,394,149 |
|
| Total
operating expenses |
|
|
7,045,118 |
|
|
|
7,257,579 |
|
|
|
7,572,402 |
|
|
|
7,950,570 |
|
|
|
29,825,669 |
|
| Income
(loss) from operations |
|
|
(1,941,750 |
) |
|
|
(1,399,560 |
) |
|
|
2,234,837 |
|
|
|
(1,834,268 |
) |
|
|
(2,940,741 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other
income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
income |
|
|
13 |
|
|
|
45 |
|
|
|
9,074 |
|
|
|
16,991 |
|
|
|
26,123 |
|
| Royalty
income and license fees |
|
|
452,971 |
|
|
|
71,550 |
|
|
|
916 |
|
|
|
1 |
|
|
|
525,438 |
|
| Other |
|
|
(4,458 |
) |
|
|
(4,387 |
) |
|
|
(5,712 |
) |
|
|
16,831 |
|
|
|
2,274 |
|
| Total
other income |
|
|
448,526 |
|
|
|
67,208 |
|
|
|
4,278 |
|
|
|
33,823 |
|
|
|
553,835 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
| Loss
from continuing operations before income taxes |
|
|
(1,493,224 |
) |
|
|
(1,332,352 |
) |
|
|
2,239,115 |
|
|
|
(1,800,445 |
) |
|
|
(2,386,906 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
| Income
tax expense (benefit) |
|
|
(281,000 |
) |
|
|
5,524,422 |
|
|
|
— |
|
|
|
173,224 |
|
|
|
5,416,646 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
| Net
income from continuing operations |
|
|
(1,212,224 |
) |
|
|
(6,856,774 |
) |
|
|
2,239,115 |
|
|
|
(1,973,669 |
) |
|
|
(7,803,552 |
) |
| Income
from discontinued operations net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
191,117 |
|
|
|
191,117 |
|
| Net
loss |
|
$ |
(1,212,224 |
) |
|
$ |
(6,856,774 |
) |
|
$ |
2,239,115 |
|
|
$ |
(1,782,552 |
) |
|
$ |
(7,612,435 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Continuing
operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
(0.14 |
) |
|
$ |
(0.76 |
) |
|
$ |
0.24 |
|
|
$ |
(0.22 |
) |
|
$ |
(0.87 |
) |
| Diluted |
|
$ |
(0.14 |
) |
|
$ |
(0.76 |
) |
|
$ |
0.23 |
|
|
$ |
(0.22 |
) |
|
$ |
(0.87 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Discontinued
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.02 |
|
|
$ |
0.02 |
|
| Diluted |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.02 |
|
|
$ |
0.02 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Combined |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
$ |
(0.14 |
) |
|
$ |
(0.76 |
) |
|
$ |
0.24 |
|
|
$ |
(0.20 |
) |
|
$ |
(0.85 |
) |
| Diluted |
|
$ |
(0.14 |
) |
|
$ |
(0.76 |
) |
|
$ |
0.23 |
|
|
$ |
(0.20 |
) |
|
$ |
(0.85 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted
average shares - Basic |
|
|
8,958,405 |
|
|
|
8,977,984 |
|
|
|
9,028,506 |
|
|
|
9,037,046 |
|
|
|
9,009,189 |
|
| Weighted
average shares - Diluted |
|
|
8,958,405 |
|
|
|
8,977,984 |
|
|
|
9,549,144 |
|
|
|
9,037,046 |
|
|
|
9,009,189 |
|
| |
|
Fiscal
2017 |
|
| |
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
|
Year |
|
| Revenue |
|
$ |
6,171,625 |
|
|
$ |
6,030,380 |
|
|
$ |
7,177,763 |
|
|
$ |
7,890,195 |
|
|
$ |
27,269,963 |
|
| Cost
of goods sold |
|
|
1,912,007 |
|
|
|
1,818,672 |
|
|
|
2,112,099 |
|
|
|
2,374,661 |
|
|
|
8,217,439 |
|
| Gross
profit |
|
|
4,259,618 |
|
|
|
4,211,708 |
|
|
|
5,065,664 |
|
|
|
5,515,534 |
|
|
|
19,052,524 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selling
expenses |
|
|
3,325,687 |
|
|
|
3,271,134 |
|
|
|
3,587,859 |
|
|
|
4,036,227 |
|
|
|
14,220,907 |
|
| General
and administrative expenses |
|
|
1,931,821 |
|
|
|
2,087,419 |
|
|
|
2,484,962 |
|
|
|
3,091,004 |
|
|
|
9,595,206 |
|
| Research
and development expenses |
|
|
492,084 |
|
|
|
440,364 |
|
|
|
465,863 |
|
|
|
439,186 |
|
|
|
1,837,497 |
|
| Total
operating expenses |
|
|
5,749,592 |
|
|
|
5,798,917 |
|
|
|
6,538,684 |
|
|
|
7,566,417 |
|
|
|
25,653,610 |
|
| Loss
from operations |
|
|
(1,489,974 |
) |
|
|
(1,587,209 |
) |
|
|
(1,473,020 |
) |
|
|
(2,050,883 |
) |
|
|
(6,601,086 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other
income/(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
income |
|
|
19 |
|
|
|
19 |
|
|
|
18 |
|
|
|
19 |
|
|
|
75 |
|
| Royalty
income and license fees |
|
|
944,068 |
|
|
|
949,048 |
|
|
|
953,235 |
|
|
|
925,259 |
|
|
|
3,771,610 |
|
| Other |
|
|
(1,996 |
) |
|
|
(6,640 |
) |
|
|
(6,940 |
) |
|
|
(20,635 |
) |
|
|
(36,211 |
) |
| Total
other income |
|
|
942,091 |
|
|
|
942,427 |
|
|
|
946,313 |
|
|
|
904,643 |
|
|
|
3,735,474 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (Loss)
from continuing operations before income taxes |
|
|
(547,883 |
) |
|
|
(644,782 |
) |
|
|
(526,707 |
) |
|
|
(1,146,240 |
) |
|
|
(2,865,612 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income
tax (benefit) |
|
|
(26,000 |
) |
|
|
(30,000 |
) |
|
|
(219,000 |
) |
|
|
(747,808 |
) |
|
|
(1,022,808 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
(loss) from continuing operations |
|
$ |
(521,883 |
) |
|
$ |
(614,782 |
) |
|
$ |
(307,707 |
) |
|
$ |
(398,432 |
) |
|
$ |
(1,842,804 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
income from discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
income (loss) from discontinued operations, net of tax |
|
|
— |
|
|
|
— |
|
|
|
161,861 |
|
|
|
(236 |
) |
|
|
161,625 |
|
| Net
income from discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
161,861 |
|
|
|
(236 |
) |
|
|
161,625 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
(loss) |
|
$ |
(521,883 |
) |
|
$ |
(614,782 |
) |
|
$ |
(145,846 |
) |
|
$ |
(398,668 |
) |
|
$ |
(1,681,179 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
(loss) per share from continuing operations - Basic |
|
$ |
(0.07 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.22 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
income per share from discontinued operations - Basic |
|
|
— |
|
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
|
|
0.02 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
(loss) per share - Basic |
|
$ |
(0.07 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.20 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
(loss) per share from continuing operations - Diluted |
|
$ |
(0.07 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.22 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
income per share from discontinued operations - Diluted |
|
|
— |
|
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
|
|
0.02 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
(loss) per share - Diluted |
|
$ |
(0.07 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.20 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted
average shares - Basic |
|
|
7,809,385 |
|
|
|
8,374,900 |
|
|
|
8,613,354 |
|
|
|
8,806,570 |
|
|
|
8,398,778 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted
average shares - Diluted |
|
|
7,809,385 |
|
|
|
8,374,900 |
|
|
|
8,613,354 |
|
|
|
8,806,570 |
|
|
|
8,398,778 |
|
|