Quarterly report pursuant to Section 13 or 15(d)

NOTE 3 - NET INCOME PER COMMON SHARE (Tables)

v3.7.0.1
NOTE 3 - NET INCOME PER COMMON SHARE (Tables)
6 Months Ended
Jun. 30, 2017
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
The Company’s basic income per common share is based on net income for the relevant period, divided by the weighted average number of common shares outstanding during the period. Diluted income per common share is based on net income, divided by the weighted average number of common shares outstanding during the period, including common share equivalents, such as outstanding option and warrants to the extent they are dilutive. The computation of diluted income per share for the three and six months ended June 30, 2017 and June 30, 2016 does not include share equivalents as all warrants and options exceeded the average market price of our common stock. Convertible debt is included below, based on the if-converted method for the three and six months ended June 30, 2016. All such debt was converted on December 9, 2016.

 
 
Three Months
Ended
   
Three Months
Ended
 
 
 
June 30, 2017
   
June 30, 2016
 
Basic net income per share computation:
           
Net income
 
$
120,493
   
$
547,120
 
Weighted-average common shares outstanding
   
4,489,903
     
4,410,736
 
Basic net income per share
 
$
0.03
   
$
0.12
 
Diluted net income per share computation:
               
Net income
 
$
120,493
   
$
547,120
 
Weighted-average common shares outstanding
   
4,493,903
     
4,477,403
 
Total adjusted weighted-average shares
   
4,493,903
     
4,477,403
 
Diluted net income per share
 
$
0.03
   
$
0.12
 
 
 
Six Months
Ended
   
Six Months
Ended
 
 
 
June 30, 2017
   
June 30, 2016
 
Basic net income per share computation:
           
Net income
 
$
274,347
   
$
621,397
 
Weighted-average common shares outstanding
   
4,488,038
     
4,410,736
 
Basic net income per share
 
$
0.06
   
$
0.14
 
Diluted net income per share computation:
               
Net income
 
$
274,347
   
$
621,397
 
Weighted-average common shares outstanding
   
4,492,038
     
4,477,403
 
Total adjusted weighted-average shares
   
4,492,038
     
4,477,403
 
Diluted net income per share
 
$
0.06
   
$
0.14
 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]
The following table summarizes securities that, if exercised, would have an anti-dilutive effect on earnings per share.

 
 
Three Months
June 30, 2017
 
 
Three Months
June 30, 2016
 
Stock options
 
 
100,888
 
 
 
183,576
 
Warrants
 
 
208,241
 
 
 
203,253
 
 
 
 
 
 
 
 
 
 
Total potential dilutive securities not included in income per share
 
 
309,129
 
 
 
368,829
 
 
 
Six Months
June 30, 2017
 
 
Six Months
June 30, 2016
 
Stock options
 
 
122,231
 
 
 
183,576
 
Warrants
 
 
208,241
 
 
 
203,253
 
 
 
 
 
 
 
 
 
 
Total potential dilutive securities not included in income per share
 
 
330,472
 
 
 
368,829