Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Sales of Products $ 2,544,153 $ 2,474,559
Sales of Engineering Services 205,831 557,517
Total Sales 2,749,984 3,032,076
Cost of Sales - Products 2,101,466 1,884,678
Cost of Sales - Engineering Services 82,332 217,233
Total Cost of Sales (exclusive of depreciation shown separately below) 2,183,798 2,101,911
Gross Profit 566,186 930,165
Operating Expenses:    
Research and Development 3,595,437 1,752,560
Selling and Marketing 1,798,041 1,232,520
General and Administrative 6,120,101 2,593,384
Depreciation and Amortization 380,841 279,317
Impairment of Patents and Trademarks 13,222 104,716
Loss from Operations (11,341,456) (5,032,332)
Total Operating Expenses 11,907,642 5,962,497
Other Income (Expense)    
Other Taxes (54,432) (83,419)
Investment Income 20,790 0
Foreign Exchange Loss (277) (2,713)
Amortization of Deferred Financing Costs (46,447) (26,819)
Gain (Loss) on Debt Conversions and Extinguishment 0 29,262
Loss on Derivative Valuation (1,098,465) (2,194,001)
Amortization of Senior Term Debt Discount (751,968) (393,525)
Interest Expenses (155,223) (165,311)
Total Other Income (Expense) (2,086,022) (2,836,526)
Loss Before Provision for Income Taxes (13,427,478) (7,868,858)
Provision for Income Taxes 0 0
Net Loss (13,427,478) (7,868,858)
Preferred Stock Dividends (1,514,081) 0
Loss Attributable to Common Stockholders $ (14,941,559) $ (7,868,858)
Basic and Diluted Loss per Share $ (0.97) $ (0.75)
Weighted-average Shares Outstanding Basic and Diluted 15,408,724 10,476,971