Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

v3.20.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Sales:      
Total Sales $ 11,581,496 $ 6,670,604 $ 8,094,368
Cost of Sales:      
Total Cost of Sales 9,653,887 11,078,725 6,326,086
Gross Profit (Loss) (exclusive of depreciation shown separately below) 1,927,609 (4,408,121) 1,768,282
Operating Expenses:      
Research and Development 7,568,074 8,900,837 10,378,728
Selling and Marketing 4,039,772 4,215,611 4,822,639
General and Administrative 6,915,213 6,600,092 6,973,238
Depreciation and Amortization 2,458,482 2,441,581 1,469,664
Impairment of Software Development Costs     196,223
Gain on Vendor Credit     (211,416)
Impairment of Patents and Trademarks 73,532    
Total Operating Expenses 21,055,073 22,158,121 23,629,076
Loss from Operations (19,127,464) (26,566,242) (21,860,794)
Other Income (Expense):      
Investment Income 41,120 252,416 191,755
Other Taxes (103,833) (110,269) (57,917)
Foreign Exchange Loss (67,895) (52,275) (60,380)
Loss on Asset Disposal     (55,172)
Loss on Derivative Valuation     (13,873)
Gain on Debt Extinguishment, net of Loss on Note Receivable 1,305,900    
Interest Expense     (19,332)
Total Other Income (Expense), Net 1,175,292 89,872 (14,919)
Loss Before Provision for Income Taxes (17,952,172) (26,476,370) (21,875,713)
Provision for Income Taxes 0 0 0
Net Loss (17,952,172) (26,476,370) (21,875,713)
Preferred Stock Dividends - Accrued not Paid (2,056,150) (1,931,860) (1,820,168)
Loss Attributable to Common Stockholders $ (20,008,322) $ (28,408,230) $ (23,695,881)
Basic and Diluted Loss per Common Share $ (0.53) $ (0.94) $ (0.87)
Weighted-average Shares Outstanding - Basic and Diluted 38,109,765 30,348,452 27,182,560
Products Sold      
Sales:      
Total Sales $ 10,081,209 $ 5,997,453 $ 7,692,102
Cost of Sales:      
Cost of Sales 8,098,014 6,334,333 6,072,476
Inventory Reserve for Obsolescence      
Cost of Sales:      
Cost of Sales 1,273,835 4,572,659  
Sales of Engineering Services      
Sales:      
Total Sales 1,500,287 673,151 402,266
Cost of Sales:      
Cost of Sales $ 282,038 $ 171,733 $ 253,610