● Revenue for Q4 2020, increased by 202.3% to $1.49 million, compared to $492 thousand for Q4 2019. The substantial increase in revenue is largely due to the Company’s acquisition of Dronelogics and the retail sales and services business that the acquisition brought partially offset by a decrease in custom engineering services due to the downturn caused by COVID-19.
● Gross margin percentage for Q4 2020 was 22.2% compared to 91.4% in Q4 2019. The decrease is due to the sales mix as product sales tend to have a much lower margin than those of custom engineering services.
●Total comprehensive loss for the Q4 2020, was $3.74 million compared to $2.03 million for the same period in 2019. The increase was due to higher office and miscellaneous expenses.
| 2020 Q4 | 2020 Q3 | 2019 Q4 | |||||||
| Revenue | $ | 1,486,009 | $ | 1,453,905 | $ | 491,520 | |||
| Cost of goods sold | $ | (1,155,491 | ) | $ | (893,441 | ) | $ | (42,401 | ) |
| Gross profit | $ | 330,518 | $ | 560,464 | $ | 449,119 | |||
| Gross margin – percentage | 22.2 | % | 38.5 | % | 91.4 | % | |||
| Operating expenses | $ | (3,359,508 | ) | $ | (2,852,003 | ) | $ | (2,983,115 | ) |
| Operating loss | $ | (3,028,990 | ) | $ | (2,291,539 | ) | $ | (2,533,996 | ) |
| Operating loss per share – basic | $ | (0.04 | ) | $ | (0.03 | ) | $ | (0.04 | ) |
| Operating loss per share – diluted | $ | (0.04 | ) | $ | (0.03 | ) | $ | (0.04 | ) |
| Other income (expense) | $ | (713,885 | ) | $ | 91,228 | $ | 506,080 | ||
| Comprehensive loss | $ | (3,741,640 | ) | $ | (2,201,543 | ) | $ | (2,027,916 | ) |
| Comprehensive loss per share – basic | $ | (0.05 | ) | $ | (0.03 | ) | $ | (0.03 | ) |
| Comprehensive loss per share – diluted | $ | (0.05 | ) | $ | (0.03 | ) | $ | (0.03 | ) |
