Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Sales of Products $ 1,987,878 $ 2,544,153
Sales of Engineering Services 139,500 205,831
Total Sales 2,127,378 2,749,984
Cost of Sales — Products 3,251,906 2,101,466
Cost of Sales — Engineering Services 39,060 82,332
Total Cost of Sales 3,290,966 2,183,798
Gross Profit (Loss) (exclusive of depreciation shown separately below) (1,163,588) 566,186
Operating Expenses:    
Research and Development 6,947,878 3,595,437
Selling and Marketing 3,394,580 1,798,041
General and Administrative 5,114,139 6,120,101
Depreciation and Amortization 770,668 380,841
Loss on Inventory Valuation 1,124,401 0
Impairment of Patents and Trademarks 20,506 13,222
Total Operating Expenses 17,372,172 11,907,642
Loss from Operations (18,535,760) (11,341,456)
Other Income (Expense)    
Other Taxes (52,271) (54,432)
Investment Income 26,693 20,790
Loss on asset disposal (25,890) 0
Foreign Exchange Loss (33,079) (277)
Amortization of Deferred Financing Costs (46,574) (46,447)
Loss on Derivative Valuation 34,744 (1,098,465)
Amortization of Senior Term Debt Discount (486,856) (751,968)
Interest Expense (131,089) (155,223)
Total Other Income (Expense) (714,322) (2,086,022)
Loss Before Provision for Income Taxes (19,250,082) (13,427,478)
Provision for Income Taxes 0 0
Net Loss (19,250,082) (13,427,478)
Preferred Stock Dividends (1,620,048) (1,514,081)
Loss Attributable to Common Stockholders $ (20,870,130) $ (14,941,559)
Basic and Diluted Loss per Share $ (1.23) $ (0.97)
Weighted-average Shares Outstanding - Basic and Diluted 16,908,544 15,408,724