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, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Sales:        
Total Sales $ 3,007,758 $ 2,916,538 $ 5,510,810 $ 6,831,927
Cost of Sales:        
Total Cost of Sales 2,581,970 2,337,166 4,445,667 5,172,964
Gross Profit (exclusive of depreciation shown separately below) 425,788 579,372 1,065,143 1,658,963
Operating Expenses:        
Research and Development 2,996,144 2,723,994 6,099,588 4,929,312
Selling and Marketing 1,850,595 1,349,189 3,914,584 2,652,619
General and Administrative 5,039,949 5,181,042 10,453,228 11,208,799
Depreciation and Amortization 540,081 501,678 963,012 1,019,090
Loss on Fixed Asset Disposal       83,908
Impairment of Patents and Trademarks   30,765 49,602 58,496
Total Operating Expenses 10,426,769 9,786,668 21,480,014 19,952,224
Loss From Operations (10,000,981) (9,207,296) (20,414,871) (18,293,261)
Other Income (Expense):        
Investment Income 111,027 7,767 117,307 15,605
Income and Other Taxes (31,326) (12,783) (78,959) (32,508)
Foreign Exchange Loss (100,388) (33,160) (151,145) (86,678)
Total Other Expense, Net (20,687) (38,176) (112,797) (103,581)
Loss Before Provision for Income Taxes (10,021,668) (9,245,472) (20,527,668) (18,396,842)
Net Loss $ (10,021,668) $ (9,245,472) $ (20,527,668) $ (18,396,842)
Basic and Diluted Loss per Common Share $ 0.16 $ 0.15 $ 0.32 $ 0.31
Basic Loss per Common Share (0.16) (0.15) (0.32) (0.31)
Diluted Loss per Common Share $ (0.16) $ (0.15) $ (0.32) $ (0.32)
Weighted-average Shares Outstanding - Basic 63,739,863 63,071,061 63,717,618 58,631,078
Weighted-average Shares Outstanding - Diluted 63,739,863 63,071,061 63,717,628 58,631,078
Sales of Products        
Sales:        
Total Sales $ 2,898,892 $ 2,833,644 $ 5,401,944 $ 6,638,814
Cost of Sales:        
Cost of Sales 2,522,674 2,323,324 4,386,371 5,143,295
Sales of Engineering Services        
Sales:        
Total Sales 108,866 82,894 108,866 193,113
Cost of Sales:        
Cost of Sales $ 59,296 $ 13,842 $ 59,296 $ 29,669