Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Sales of Products $ 959,383 $ 363,839
Sales of Engineering Services 251,280 0
Total Sales 1,210,663 363,839
Cost of Sales — Products 953,903 602,977
Cost of Sales — Engineering Services 108,000 0
Total Cost of Sales 1,061,903 602,977
Gross Profit (Loss) (exclusive of depreciation shown separately below) 148,760 (239,138)
Operating Expenses:    
Research and Development 1,668,956 1,274,713
Selling and Marketing 1,030,999 1,126,499
General and Administrative 1,235,183 886,315
Depreciation and Amortization 239,830 169,188
Total Operating Expenses 4,174,968 3,456,715
Loss from Operations (4,026,208) (3,695,853)
Other Income (Expense)    
Other Taxes (10,550) (20,721)
Investment Income 17,900 9,455
Foreign Exchange Gain (Loss) 1,097 (3,949)
Amortization of Deferred Financing Costs (11,453) (11,581)
Gain (Loss) on Derivative Valuation 22,560 101,666
Amortization of Senior Term Debt Discount and Issuance Expenses (134,192) (121,206)
Interest Expense, net of Interest Income (40,966) (33,550)
Total Other Income (Expense) (155,604) (79,886)
Loss Before Provision for Income Taxes (4,181,812) (3,775,739)
Provision for Income Taxes 0 0
Net Loss (4,181,812) (3,775,739)
Preferred Stock Dividends (413,464) (393,824)
Earnings Available to Common Stockholders $ (4,595,276) $ (4,169,563)
Basic and Diluted Loss Per Share $ (0.23) $ (0.26)
Weighted-average Shares Outstanding - Basic and Diluted 19,714,396 16,102,374