Item 8. Financial Statements and Supplementary Data
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The Financial Statements and Supplementary Data required by this Item 8 are incorporated by reference to information beginning on Page F-1 of this Form 10-K.
Selected Quarterly Financial Data (Unaudited)
The following tables present our operating results for each of the eight quarters in the period ending December 31, 2020. The information for each of these quarters is unaudited and has been prepared on the same basis as our audited financial statements appearing elsewhere in this report.
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In the opinion of our management, all necessary adjustments, including normal recurring adjustments, have been included to present fairly the unaudited quarterly results when read in conjunction with our audited Financial Statements and the related notes appearing elsewhere in this report. These operating results are not necessarily indicative of the results of any future period.
Quarters Ended
December
September
June
March
31, 2020
30, 2020
30, 2020
31, 2020
Revenue
$
8,546,043
$
7,699,096
$
6,794,692
$
8,677,541
Cost of revenue
2,106,609
1,958,036
1,864,587
2,213,730
Gross profit
6,439,434
5,741,060
4,930,105
6,463,811
Operating expenses:
General and administrative
2,206,990
2,196,935
5,002,427
2,862,727
Sales and marketing
3,068,700
2,282,491
2,374,134
2,433,567
Research and development
512,718
476,876
482,654
430,282
Total operating expenses
5,788,408
4,956,302
7,859,215
5,726,576
Income (loss) from operations
651,026
784,758
(2,929,110)
737,235
Other income, net
13,507
9,352
17,852
98,502
Income (loss) before provision for income taxes
664,533
794,110
(2,911,258)
835,737
Provision for income tax expense (benefit)
27,119
(280,536)
(798,988)
(933,474)
Net income (loss)
$
637,414
$
1,074,646
$
(2,112,270)
$
1,769,211
Net income (loss) per share:
Basic
$
0.05
$
0.09
$
(0.17)
$
0.15
Diluted
$
0.05
$
0.09
$
(0.17)
$
0.14
Weighted-average shares outstanding:
Basic
12,279,999
12,243,362
12,076,399
11,891,428
Diluted
12,514,348
12,493,309
12,076,399
12,365,605
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Quarters Ended
December
September
June
March
31, 2019
30, 2019
30, 2019
31, 2019
Revenue
$
10,890,653
$
9,963,299
$
9,225,596
$
8,437,593
Cost of revenue
2,741,838
2,168,208
1,858,288
2,047,827
Gross profit
8,148,815
7,795,091
7,367,308
6,389,766
Operating expenses:
General and administrative
2,968,476
2,609,722
2,460,372
2,412,696
Sales and marketing
2,562,113
2,297,002
2,199,823
2,110,652
Research and development
379,310
369,526
331,310
352,573
Total operating expenses
5,909,899
5,276,250
4,991,505
4,875,921
Income from operations
2,238,916
2,518,841
2,375,803
1,513,845
Other income, net
115,249
110,064
78,025
92,574
Income before provision for income taxes
2,354,165
2,628,905
2,453,828
1,606,419
Provision for income tax (benefit) expense
(887,518)
174,035
364,987
(239,146)
Net income
$
3,241,683
$
2,454,870
$
2,088,841
$
1,845,565
Net income per share:
Basic
$
0.28
$
0.22
$
0.19
$
0.17
Diluted
$
0.26
$
0.20
$
0.17
$
0.15
Weighted-average shares outstanding:
Basic
11,559,526
11,369,404
11,163,506
11,029,639
Diluted
12,345,968
12,309,948
12,226,660
12,227,696
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.