Results of Operations
Our operations for the three and nine months ended September 30, 2021 and 2020
are outlined below:
Three months ended September 30, 2021 compared to three months ended September
30, 2020
Three months ended
September 30, Change
2021 2020 Amount
Revenue $ 3,108,710 $ 4,795,868 $ (1,687,158 )
Cost of goods sold $ 3,094,289 $ 4,756,075 $ (1,661,786 )
Gross profit $ 14,421 $ 39,793 $ (25,372 )
Operating expenses $ 285,854 $ 301,002 $ (15,148 )
Other expense $ (1,821,176 ) $ (2,713,490 ) $ 892,314
Provision for income taxes $ - $ 4,007 $ (4,007 )
Net loss $ (2,092,609 ) $ (2,978,706 ) $ 886,097
The revenue for the three months ended September 30, 2021 decreased by
$1,687,158 to $3,108,710 compared with the same period in 2020.
Cost of goods sold for the three months ended September 30, 2021 decreased by
$1,661,786 to $3,094,289 compared with the same period in 2020.
Operating expenses for the three months ended September 30, 2021 decreased by
$15,148 to $285,854 compared with the same period in 2020. The decrease is
mainly due to a decrease in professional fees.
Other expense for the three months ended September 30, 2021 decreased by
$892,314 to $1,821,176 compared with the same period in 2020. Other expense
consisted of mainly loss on change in fair value of derivative liabilities of
and interest expense. The change in fair value of derivative liabilities is
related to convertible notes.
Net loss for the three months ended September 30, 2021 was $2,092,609 compared
to $2,978,706 in the same period in 2020. The change is mainly due to a decrease
in other expense.
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Table of Contents
For the three months ended September 30, 2021 and 2020 our results of operations
segment, are as follows:
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