Annual report pursuant to Section 13 and 15(d)

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

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NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Schedule of amortization expense

The estimated amortization expense for the succeeding years for the intangible assets is approximately:

 

Year Ending December 31,    
2021   $ 59,724
2022     59,679
2024     58,886
2024     58,722
2025     58,138
Thereafter     548,438
Total amortization expense   $ 843,587
Schedule of net income per common share

Diluted earnings per share includes only an increase in the weighted average shares by the common shares issuable upon exercise of stock options.

 

    Years Ended  
    December 31, 2020     December 31, 2019  
             
Net (loss)/income   $ (1,212,063 )   $ 564,349  
                 
Weighted Average Outstanding Shares:                
Outstanding shares     41,929,736       38,778,074  
Option shares includable     (a)     283,236  
      41,929,736       39,061,310  
                 
Net (loss)/income per share                
Basic   $ (0.03 )   $ 0.01  
Diluted   $ (0.03 )   $ 0.01  

 

(a) Option shares of 239,935 were not included as the impact is anti-dilutive.

Schedule of net sales by geography

The following table summarizes net sales by geography for the years ended December 31, 2020 and 2019:

 

    Years Ended December 31,  
    2020   2019  
Sales              
Domestic   $ 20,678,453   $ 19,467,788  
International     3,497,995     3,694,833  
Total   $ 24,176,448   $ 23,162,621