Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations and Comprehensive Loss

v3.8.0.1
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Revenues:    
Product Revenue $ 3,754,896 $ 2,956,782
Product Revenue - Related party 124,631 380
License & Service Revenue 50,000 3,750
Total Revenues 3,929,527 2,960,912
Cost of Sales:    
Product Cost of Sales (1,419,963) (1,083,087)
Gross Income 2,509,564 1,877,825
Administrative Expenses 4,082,313 3,008,811
Sales and Marketing Expenses 1,846,445 1,983,428
Sales and Marketing Expenses - Related Party 202,126 153,854
Research and Development Expenses 1,237,384 1,188,868
Research and Development Expenses - Related Party 22,994
Reversal of Allowance Related parties (1,299,609)
Amortization of Non-Current Assets 171,108 171,108
(Loss)/Income from Operations (5,052,806) (3,328,635)
Other (Income)/Expenses    
Foreign Currency Transaction (Gain)/Loss (1,659) (3,398)
Interest and Dividend Income (10,753) (21,699)
Warrant Modification Expense 764,932
Total Other (Income)/Expense 752,520 (25,097)
Loss Before Income Taxes (5,805,326) (3,303,538)
Income Tax Benefit
Net Loss Attributable to Common Stockholders (5,805,326) (3,303,538)
Other Comprehensive Income    
Net Unrealized Gain on Marketable Securities 6,231
Total Other Comprehensive Income 6,231
Comprehensive Loss $ (5,805,326) $ (3,297,307)
Basic and Diluted loss per common share $ (0.61) $ (0.61)
Weighted average basic and diluted common shares outstanding 9,494,977 5,430,205