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 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Sales of Products $ 1,138,413 $ 582,549 $ 3,002,744 $ 1,367,766
Sales of Engineering Services 266,687 0 938,281 139,500
Total Sales 1,405,100 582,549 3,941,025 1,507,266
Cost of Sales - Products 1,089,881 819,116 3,441,650 2,069,964
Cost of Sales - Engineering Services 407,220 0 872,137 39,060
Total Cost of Sales 1,497,101 819,116 4,313,787 2,109,024
Gross Loss (exclusive of depreciation shown separately below) (92,001) (236,567) (372,762) (601,758)
Operating Expenses:        
Research and Development 1,506,307 2,177,957 4,374,202 5,121,713
Selling and Marketing 908,797 839,497 2,739,978 2,627,543
General and Administrative 1,612,542 1,274,698 4,155,960 3,350,441
Depreciation and Amortization 251,366 196,370 734,175 549,244
Loss on Inventory Revaluation 1,151,482 0 1,151,482 0
Loss from Operations (5,522,495) (4,725,089) (13,528,559) (12,250,699)
Other Income (Expense)        
Investment Income 12,956 8,144 45,800 20,923
Other Taxes (15,734) (19,124) (37,884) (53,749)
Foreign Exchange Loss (5,246) (13,781) (30,299) (21,267)
Gain (Loss) on Derivative Valuation 41,454 (59,120) 50,598 (57,133)
(Loss) on Fixed Asset Disposal (585) (25,890) (585) (25,890)
Amortization of Senior Term Debt Discount 0 (155,313) (155,760) (391,334)
Amortization of Deferred Financing Costs 0 (11,707) (19,500) (34,867)
Interest Expense (12,592) (33,981) (77,849) (101,075)
Total Other Income (Expense) 20,253 (310,772) (225,479) (664,392)
Loss Before Income Taxes (5,502,242) (5,035,861) (13,754,038) (12,915,091)
Provision (Benefit) for Income Taxes 0 0 0 0
Net Loss (5,502,242) (5,035,861) (13,754,038) (12,915,091)
Preferred Stock Dividends (435,321) (410,153) (1,273,029) (1,203,693)
Loss Attributable to Common Stockholders $ (5,937,563) $ (5,446,014) $ (15,027,067) $ (14,118,784)
Loss per Share        
Basic and Diluted Loss per Share $ (0.28) $ (0.32) $ (0.73) $ (0.86)
Weighted-average Shares Outstanding Basic and Diluted 21,366,712 17,216,374 20,515,363 16,489,522