Results of Operations
Our operations for the three and six months ended June 30, 2022 and 2021are
outlined below:
Three months ended June 30, 2022 compared to year ended June 30, 2021
Three months ended
June 30, Change
2022 2021 Amount
Revenue $ 3,379,992 $ 4,192,154 $ (812,162 )
Cost of goods sold $ 3,231,644 $ 4,165,831 $ (934,187 )
Gross profit (loss) $ 148,348 $ 26,323 $ 122,025
Operating expenses $ 150,167 $ 210,637 $ (60,470 )
Other income (expense) $ (28,426,923 ) $ 11,215,908 $ (39,642,831 )
Provision for income taxes $ 37,725 $ - $ 37,725
Net income (loss)
$ (28,466,467 ) $ 11,031,594 $ (39,498,061 )
The revenue for the six months ended June 30, 2022 decreased by $812,162 to
$3,379,992 compared with the same period in 2021. The decrease is mainly due to
the continuing effects of COVID-19.
Cost of goods sold for the three months ended June 30, 2022 increased by
$934,187 to $3,231,644 compared with the same period in 2021. The decrease is
mainly due to a decrease in revenue in this period.
Operating income for the three months ended June 30, 2022 decreased by $60,470
to $150,167 compared with the same period in 2021. The decrease is mainly due to
a decrease in professional fee and office expense.
Other income (expense) for the three months ended June 30, 2022 increased by
$39,642,831 to other expense of $28,426,923 from other income compared with the
same period in 2021. The increase in other expense is mainly due to change in
fair value of derivative liabilities related to convertible notes and warrants.
Net loss for the three months ended June 30, 2022 was $28,466,467 compared to
net income of $11,031,594 in the same period in 2021. The change is mainly due
to change in fair value of derivative liabilities related to convertible notes
and warrants.
For the three months ended June 30, 2022 and 2021 our results of operations
segment, are as follows:
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