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 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Sales:        
Total Sales $ 3,036,843 $ 2,185,861 $ 4,568,559 $ 3,559,232
Cost of Sales:        
Total Cost of Sales 2,240,923 2,033,822 3,692,122 3,367,304
Gross Profit (exclusive of depreciation shown separately below) 795,920 152,039 876,437 191,928
Operating Expenses:        
Research and Development 1,796,268 1,987,129 3,819,326 4,503,228
Selling and Marketing 796,857 822,749 1,949,665 2,240,714
General and Administrative 1,799,958 1,803,590 3,337,778 3,699,992
Depreciation and Amortization 640,711 607,965 1,289,253 1,167,054
Impairment of Patents and Trademarks     57,532  
Total Operating Expenses 5,033,794 5,221,433 10,453,554 11,610,988
Loss from Operations (4,237,874) (5,069,394) (9,577,117) (11,419,060)
Other Income (Expense):        
Investment Income 7,089 32,739 29,246 91,052
Other Taxes (9,379) (10,301) (27,065) (62,963)
Foreign Exchange Gain (Loss) 1,498 (8,978) (25,354) (24,724)
Total Other Income (Expense) (792) 13,460 (23,173) 3,365
Loss Before Provision for Income Taxes (4,238,666) (5,055,934) (9,600,290) (11,415,695)
Net Loss (4,238,666) (5,055,934) (9,600,290) (11,415,695)
Preferred Stock Dividends (507,315) (477,907) (1,007,153) (943,672)
Loss Attributable to Common Stockholders $ (4,745,981) $ (5,533,841) $ (10,607,443) $ (12,359,367)
Basic and Diluted Loss per Share $ (0.13) $ (0.20) $ (0.31) $ (0.45)
Weighted-average Shares Outstanding - Basic and Diluted 36,341,616 27,602,014 34,735,118 27,598,909
Products Sold        
Sales:        
Total Sales $ 2,335,189 $ 1,834,915 $ 3,706,699 $ 3,208,286
Cost of Sales:        
Cost of Sales 2,122,329 1,941,350 3,548,367 3,274,832
Sales of Engineering Services        
Sales:        
Total Sales 701,654 350,946 861,860 350,946
Cost of Sales:        
Cost of Sales $ 118,594 $ 92,472 $ 143,755 $ 92,472