Nine Month Period Ended September 30, 2018 Compared to Nine Month Period Ended September 30, 2017.
Our net income for the nine-month period ended September 30, 2018 was $1,093,005 compared to a net loss of ($149,248) during the nine-month period ended September 30, 2017 (an increase in net income of $1,242,253). We generated net revenues of $31,102 during the nine-month period ended September 30, 2018 compared to $27,245 during the nine-month period ended September 30, 2017 (an increase in net revenue of $3,857). Revenue is considered earned when service is provided and in addition when the product is shipped to the customer.
We have experienced an increase in sales of our services and products which resulted in increase revenues for the nine-month period ended September 30, 2018 compared to the nine-month period ended September 30, 2017. This increase is due to an increase in orders for the View Scan. We have licensed the View Scan to Ipvideo to whom we licensed our SecureScan product.
Cost of service provided and the goods sold decreased during the nine-month period ended September 30, 2018 to $-0- from $14,313 incurred during the nine-month period ended September 30, 2017, resulting in a gross profit of $31,102 for the nine-month period ended September 30, 2018 compared to a gross profit of $12,932 for the nine-month period ended September 30, 2017.
During the nine-month period ended September 30, 2018, we incurred operating expenses of $57,545 compared to $138,230 incurred during the nine-month period ended September 30, 2017 a decrease of $80,685.
Operating expenses incurred during the nine-month period ended September 30, 2018 compared to the nine-month period ended September 30, 2017 decreased primarily due to the decrease in professional fees and general expenses.
Our net income during the nine-month period ended September 30, 2018 was $1,093,005 compared to a net loss of ($149,248) during the nine-month period ended September 30, 2017.
During the nine-month period ended September 30, 2018, interest expense in the amount of ($85,777) (2017: ($27,468) was incurred. The increase in interest expense was due to continued interest paid on a loan.
During the nine-month period ended September 30, 2018, a change of ($22,203) in value in derivative liability was incurred.
During the nine-month period ended September 30, 2018, we recognized other income of $1,272,123 due to the forgiveness and settlement of various liabilities.
After deducting other expense, we realized a net income of $1,137,700 for the nine-month period ended September 30, 2018 compared to a net loss of ($111,735) for nine-month period ended September 30, 2017.
The weighted average number of shares outstanding was 326,705,526 for the nine-month period ended June 30, 2018 compared to 326,705,526 for the nine-month period ended June 30, 2017.