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 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Sales of Products $ 904,947 $ 421,377 $ 1,864,330 $ 785,217
Sales of Engineering Services 420,314 139,500 671,594 139,500
Total Sales 1,325,261 560,877 2,535,924 924,717
Cost of Sales — Products 1,397,831 647,871 2,351,734 1,250,848
Cost of Sales — Engineering Services 356,917 39,060 464,917 39,060
Total Cost of Sales 1,754,748 686,931 2,816,651 1,289,908
Gross Loss (exclusive of depreciation shown separately below) (429,487) (126,054) (280,727) (365,191)
Operating Expenses:        
Research and Development 1,198,940 1,669,043 2,867,748 2,943,756
Selling and Marketing 800,329 651,547 1,831,328 1,778,046
General and Administrative 1,308,234 1,199,427 2,543,417 2,085,744
Depreciation and Amortization 242,979 183,686 482,809 352,874
Loss from Operations (3,979,969) (3,829,757) (8,006,029) (7,525,611)
Other Income (Expense)        
Investment Income 14,944 3,324 32,844 12,779
Other Taxes (11,600) (13,904) (22,150) (34,625)
Foreign Exchange Loss (26,151) (3,536) (25,053) (7,484)
(Loss) Gain on Derivative Valuation (13,416) (99,679) 9,144 1,987
Amortization of Senior Term Debt Discount (21,568) (114,816) (155,760) (236,022)
Amortization of Deferred Financing Costs (8,048) (11,580) (19,500) (23,160)
Interest Expense (24,291) (33,542) (65,258) (67,093)
Total Other Expense (90,130) (273,733) (245,733) (353,618)
Loss Before Income Taxes (4,070,099) (4,103,490) (8,251,762) (7,879,229)
Provision (Benefit) for Income Taxes 0 0 0 0
Net Loss (4,070,099) (4,103,490) (8,251,762) (7,879,229)
Preferred Stock Dividends (424,243) (399,715) (837,708) (793,540)
Loss Attributable to Common Stockholders $ (4,494,342) $ (4,503,205) $ (9,089,470) $ (8,672,769)
Loss per Share        
Basic and Diluted Loss per Share (Note 2) $ (0.22) $ (0.28) $ (0.45) $ (0.54)
Weighted-average Shares Outstanding Basic and Diluted 20,446,824 16,137,419 20,082,633 16,135,881