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
Mar. 31, 2018
Mar. 31, 2017
Sales:    
Sales of Products $ 1,363,379 $ 959,383
Sales of Engineering Services 180,516 251,280
Total Sales 1,543,895 1,210,663
Cost of Sales:    
Cost of Sales - Products 1,182,215 953,903
Cost of Sales - Engineering Services 184,555 108,000
Total Cost of Sales 1,366,770 1,061,903
Gross Profit (exclusive of depreciation shown separately below) 177,125 148,760
Operating Expenses:    
Research and Development 2,055,787 1,668,956
Selling and Marketing 1,534,097 1,030,999
General and Administrative 1,665,229 1,235,183
Depreciation and Amortization 273,622 239,830
Total Operating Expenses: 5,528,735 4,174,968
Loss from Operations (5,351,610) (4,026,208)
Other Income (Expense)    
Investment Income 0 17,900
Other Taxes (28,542) (10,550)
Foreign Exchange (Loss) Gain (4,418) 1,097
Gain on Derivative Valuation 28,133 22,560
Amortization of Term Debt Discounts and Deferred Issuance Costs 0 (145,645)
Interest Expense (9,213) (40,966)
Total Other Income (Expense) (14,040) (155,604)
Loss Before Provision for Income Taxes (5,365,650) (4,181,812)
Provision for Income Taxes 0 0
Net Loss (5,365,650) (4,181,812)
Preferred Stock Dividends (438,836) (413,464)
Loss Attributable to Common Stockholders $ (5,804,486) $ (4,595,276)
Basic and Diluted Loss per Share $ (0.22) $ (0.23)
Weighted-average Shares Outstanding - Basic and Diluted 26,296,188 19,714,396