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, 2020
Mar. 31, 2019
Sales:    
Total Sales $ 1,531,715 $ 1,373,371
Cost of Sales:    
Total Cost of Sales 1,451,199 1,333,481
Gross Profit (exclusive of depreciation shown separately below) 80,516 39,890
Operating Expenses:    
Research and Development 2,023,058 2,516,100
Selling and Marketing 1,152,808 1,417,966
General and Administrative 1,537,820 1,896,402
Depreciation and Amortization 648,541 559,089
Impairment of Patents and Trademarks 57,532 0
Total Operating Expenses 5,419,759 6,389,557
Loss from Operations (5,339,243) (6,349,667)
Other Income (Expense):    
Investment Income 22,157 58,313
Other Taxes (17,686) (52,662)
Foreign Exchange Loss (26,852) (15,745)
Total Other Income (Expense) (22,381) (10,094)
Loss Before Provision for Income Taxes (5,361,624) (6,359,761)
Provision for Income Taxes 0 0
Net Loss (5,361,624) (6,359,761)
Preferred Stock Dividends (499,838) (465,765)
Loss Attributable to Common Stockholders $ (5,861,462) $ (6,825,526)
Basic and Diluted Loss per Share $ (0.18) $ (0.25)
Weighted-average Shares Outstanding - Basic and Diluted 33,128,620 27,595,767
Products Sold    
Sales:    
Total Sales $ 1,371,509 $ 1,373,371
Cost of Sales:    
Cost of Sales 1,426,038 $ 1,333,481
Sales of Engineering Services    
Sales:    
Total Sales 160,206  
Cost of Sales:    
Cost of Sales $ 25,161