Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Sales of Products $ 421,377 $ 427,812 $ 785,217 $ 1,123,386
Sales of Engineering Services 139,500 0 139,500 113,581
Total Sales 560,877 427,812 924,717 1,236,967
Cost of Sales - Products 647,871 392,548 1,250,848 977,938
Cost of Sales - Engineering Services 39,060 0 39,060 45,432
Total Cost of Sales 686,931 392,548 1,289,908 1,023,370
Gross Profit (Loss) (exclusive of depreciation shown separately below) (126,054) 35,264 (365,191) 213,597
Operating Expenses:        
Research and Development 1,669,043 732,491 2,943,756 1,247,198
Selling and Marketing 651,547 345,262 1,778,046 702,809
General and Administrative 1,199,427 1,023,244 2,085,744 3,958,149
Depreciation and Amortization 183,686 78,548 352,874 138,187
Loss from Operations (3,829,757) (2,144,281) (7,525,611) (5,832,746)
Other Income (Expense)        
Interest Income 3,324 0 12,779 0
Other Taxes (13,904) (2,290) (34,625) (14,065)
Foreign Exchange (Loss) Gain (3,536) (4,223) (7,484) 1,048
Gain (Loss) on Derivative Valuation (99,679) (23,279) 1,987 (1,026,706)
Amortization of Senior Term Debt Discount (114,816) (178,981) (236,022) (519,941)
Amortization of Deferred Financing Costs (11,580) (11,580) (23,160) (23,032)
Interest Expenses (33,542) (37,693) (67,093) (77,737)
Total Other Income (Expense) (273,733) (258,046) (353,618) (1,660,433)
Loss Before Income Taxes (4,103,490) (2,402,327) (7,879,229) (7,493,179)
Provision (Benefit) for Income Taxes 0 0 0 0
Net Loss (4,103,490) (2,402,327) (7,879,229) (7,493,179)
Preferred Stock Dividends (399,715) (376,545) (793,540) (735,483)
Loss Attributable to Common Stockholders $ (4,503,205) $ (2,778,872) $ (8,672,769) $ (8,228,662)
Basic and Diluted Loss per Share (Note 2) $ (0.28) $ (0.17) $ (0.54) $ (0.56)
Weighted-average Shares Outstanding Basic and Diluted 16,137,419 15,934,279 16,135,881 14,754,298