AgEagle Aerial Systems, Inc. engages in the design, distribution and support of unmanned aerial vehicle data acquisition drones for precision agriculture industry. Its products include RX-48 and RX-60. The company was founded by Bret Chilcott in 2010 and is headquartered in Neodesha, KS.
For the three months ended March 31, 2020, we recorded revenues of $391,280 compared to revenues of $45,993 for the same period in 2019, a 751% increase. The increase was largely due to new revenues derived from purchase orders to manufacture and assemble drones and related delivery products designed to meet specific criteria for package delivery in urban and suburban area. Revenue growth was also positively impacted by continued focus on expansion of our platform, providing for aerial imaging and analytics solutions which serve new and emerging markets including registration, oversight and compliance of hemp fields by state departments of agriculture.
For the three months ended March 31, 2020, cost of sales totaled $174,483 a 414% increase as compared to $33,948 for the three months ended March 31, 2019. We also had gross profit of $216,797, or 55%, during the three months ended March 31, 2020 compared to $12,045, or 26%, for the comparable period in 2019, resulting in an increase in our profit margin in the current period. The primary factors contributing to the increase in our cost of sales and gross profit margin was due to the continued shift in mix of products and services we now offer customers in the new markets we serve.
We recorded total operating expenses of $620,070 during the three months ended March 31, 2020, a 7.5% increase as compared to operating expenses of $577,048 in the same period of 2019. Our operating expenses are comprised of general and administrative costs, professional fee and selling costs. General and administrative expenses totaled $445,531 in the three months ended March 31, 2020 compared to $474,902 in 2019, a decrease of 6.2%. The decrease was due primarily to an increase in salary expense for new and existing employees, insurance expense and public relations costs offset by a decrease in stock compensation costs for employees and directors due to the issuance of options, investor relations expenses and financial services costs. Also, part of the decrease was attributable to less amortization expense related to the intangibles. Professional fees totaling $171,498 for the three months ended March 31, 2020 increased due to additional legal, accounting and business development costs required to expand our growth opportunities compared to $90,019 in 2019.