Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

v3.19.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Sales:      
Total Sales $ 8,094,368 $ 5,537,753 $ 2,127,378
Cost of Sales:      
Total Cost of Sales 6,326,086 6,214,351 3,290,966
Gross Profit (Loss) (exclusive of depreciation shown separately below) 1,768,282 (676,598) (1,163,588)
Operating Expenses:      
Research and Development 10,378,728 6,706,690 6,947,878
Selling and Marketing 4,822,639 3,694,913 3,394,580
General and Administrative 6,973,238 6,126,335 5,114,139
Depreciation and Amortization 1,469,664 998,528 770,668
Impairment of Software Development Cost 196,223 0 0
(Gain) Loss on Inventory Revaluation and Product Discontinuance (211,416) 1,151,482 1,124,401
Impairment of Patents and Trademarks 0 0 20,506
Total Operating Expenses 23,629,076 18,677,948 17,372,172
Loss from Operations (21,860,794) (19,354,546) (18,535,760)
Other Income (Expense):      
Investment Income 191,755 58,530 26,693
Other Taxes (57,917) (28,363) (52,271)
Foreign Exchange Loss (60,380) (65,248) (33,079)
Loss on asset disposal (55,172) (585) (25,890)
(Loss) Gain on Derivative Valuation (13,873) 20,204 34,744
Amortization of Term Debt Discounts and Deferred Issuance Costs 0 (175,260) (533,430)
Interest Expense (19,332) (88,234) (131,089)
Total Other Income (Expense) (14,919) (278,956) (714,322)
Loss Before Provision for Income Taxes (21,875,713) (19,633,502) (19,250,082)
Provision for Income Taxes 0 0 0
Net Loss (21,875,713) (19,633,502) (19,250,082)
Preferred Stock Dividends (1,820,168) (1,714,934) (1,620,048)
Loss Attributable to Common Stockholders $ (23,695,881) $ (21,348,436) $ (20,870,130)
Basic and Diluted Loss per Share $ (0.87) $ (1.02) $ (1.23)
Weighted-average Shares Outstanding - Basic and Diluted 27,182,560 21,013,907 16,908,544
Product [Member]      
Sales:      
Total Sales $ 7,692,102 $ 4,548,689 $ 1,987,878
Cost of Sales:      
Cost of Sales 6,072,476 5,269,900 3,251,906
Engineering Services [Member]      
Sales:      
Total Sales 402,266 989,064 139,500
Cost of Sales:      
Cost of Sales $ 253,610 $ 944,451 $ 39,060