Annual report pursuant to Section 13 and 15(d)

Statements of Operations

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Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Income Statement [Abstract]    
REVENUES $ 807,488 $ 402,446
COST OF REVENUE 591,957 574,301
GROSS PROFIT (LOSS) 215,531 (171,855)
EXPENSES:    
Salaries & Benefits 2,622,162 2,354,329
Stock-Based Compensation 596,842 497,240
Operating R&D Costs 351,404 647,994
Investor & Public Relations 434,852 417,750
Organizational Costs 425,847 530,958
Legal & Professional Service Fees 676,142 664,403
Office Expenses 416,580 747,881
Depreciation & Amortization 105,175 192,569
Other Operating Expenses 285,295 158,706
Total Operating Expenses 5,914,299 6,211,830
LOSS FROM OPERATIONS (5,698,768) (6,383,685)
OTHER INCOME (EXPENSE)    
Interest Income 1,058 18,760
State Incentives 151,657 51,877
Bad Debt Expense (2,500)
Exchange Rate Gain (Loss) (1,677) (4,879)
Other Income 361,700 8,263
Interest Expense (13,908) (8,685)
Loss on Dissolution of Joint Venture (201)
Total Other Income (Expense) 498,629 62,836
LOSS BEFORE PROVISION FOR INCOME TAXES (5,200,139) (6,320,849)
Provision for Income Taxes
Net Loss (5,200,139) (6,320,849)
Preferred Dividends 1,809,275
Net Loss applicable to Common Stockholders $ (7,009,414) $ (6,320,849)
Net Loss per Common Share - Basic and Diluted $ (1.83) $ (5.37)
Weighted Average Number of Shares Outstanding - Basic and Diluted 3,829,716 1,176,278