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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Sales of Products $ 890,629 $ 624,586 $ 2,014,015 $ 1,883,891
Sales of Engineering Services 79,750 40,000 193,331 302,371
Total Sales 970,379 664,586 2,207,346 2,186,262
Cost of Sales - Products 612,346 444,234 1,590,284 1,251,690
Cost of Sales - Engineering Services 31,900 16,000 77,332 121,032
Total Cost of Sales 644,246 460,234 1,667,616 1,372,722
Gross Profit 326,133 204,352 539,730 813,540
Operating Expenses:        
Research and Development 944,426 484,510 2,191,624 1,177,484
Selling and Marketing 469,443 336,099 1,172,252 957,422
General and Administrative 1,120,982 592,914 5,079,131 1,605,112
Depreciation and Amortization 88,285 59,680 226,472 260,823
(Loss) from Operations (2,297,003) (1,268,851) (8,129,749) (3,187,301)
Other Income (Expense)        
Interest Income 12,621 0 12,621 0
Other Taxes (30,443) (9,747) (44,508) (56,282)
Foreign Exchange Gain (Loss) 287 (3,473) 1,335 (3,710)
Gain (Loss) on Derivative Valuation 58,239 (1,698,940) (968,467) 2,124,878
Amortization of Senior Term Debt Discount (116,008) (253,977) (635,949) (294,191)
Amortization of Deferred Financing Costs (11,708) 0 (34,740) 0
Interest Expenses (40,956) (66,333) (118,693) (133,699)
Total Other Income (Expense) (127,968) (2,032,470) (1,788,401) 1,636,996
(Loss) Before Provision for Income Taxes (2,424,971) (3,301,321) (9,918,150) (1,550,305)
Provision (Benefit) for Income Taxes 0 0 0 0
Net Income (Loss) (2,424,971) (3,301,321) (9,918,150) (1,550,305)
Preferred Stock Dividends (386,377) 0 (1,121,860) 0
(Loss) Attributable to Common Stockholders $ (2,811,348) $ (3,301,321) $ (11,040,010) $ (1,550,305)
(Loss) per Share        
Basic and Diluted Loss per Share (Note 2) $ (0.17) $ (0.31) $ (0.73) $ (0.15)
Weighted-average Shares Outstanding Basic and Diluted 15,934,279 10,556,420 15,207,545 10,276,447