Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

v3.20.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Sales:      
Total Sales $ 6,670,604 $ 8,094,368 $ 5,537,753
Cost of Sales:      
Total Cost of Sales 11,078,725 6,326,086 6,214,351
Gross Profit (Loss) (exclusive of depreciation shown separately below) (4,408,121) 1,768,282 (676,598)
Operating Expenses:      
Research and Development 8,900,837 10,378,728 6,706,690
Selling and Marketing 4,215,611 4,822,639 3,694,913
General and Administrative 6,600,092 6,973,238 6,126,335
Depreciation and Amortization 2,441,581 1,469,664 998,528
Impairment of Software Development Cost   196,223 0
Loss (Gain) on Inventory Revaluation and Product Discontinuance   (211,416) 1,151,482
Total Operating Expenses 22,158,121 23,629,076 18,677,948
Loss from Operations (26,566,242) (21,860,794) (19,354,546)
Other Income (Expense):      
Investment Income 252,416 191,755 58,530
Other Taxes (110,269) (57,917) (28,363)
Foreign Exchange Loss (52,275) (60,380) (65,248)
Loss on Asset Disposal   (55,172) (585)
Gain (Loss) on Derivative Valuation   (13,873) 20,204
Amortization of Term Debt Discounts and Deferred Issuance Costs   0 (175,260)
Interest Expense   (19,332) (88,234)
Total Other Income (Expense), Net 89,872 (14,919) (278,956)
Loss Before Provision for Income Taxes (26,476,370) (21,875,713) (19,633,502)
Provision for Income Taxes   0 0
Net Loss (26,476,370) (21,875,713) (19,633,502)
Preferred Stock Dividends (1,931,860) (1,820,168) (1,714,934)
Loss Attributable to Common Stockholders $ (28,408,230) $ (23,695,881) $ (21,348,436)
Basic and Diluted Loss per Share $ (0.94) $ (0.87) $ (1.02)
Weighted-average Shares Outstanding - Basic and Diluted 30,348,452 27,182,560 21,013,907
Products Sold      
Sales:      
Total Sales $ 5,997,453 $ 7,692,102 $ 4,548,689
Cost of Sales:      
Cost of Sales 6,334,333 6,072,476 5,269,900
Inventory Reserve for Obsolescence      
Cost of Sales:      
Cost of Sales 4,572,659    
Sales of Engineering Services      
Sales:      
Total Sales 673,151 402,266 989,064
Cost of Sales:      
Cost of Sales $ 171,733 $ 253,610 $ 944,451