Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.8.0.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Revenues    
Revenues $ 8,591,955 $ 8,432,616
Cost of revenues 2,792,738 2,096,392
Gross profit 5,799,217 6,336,224
Operating expenses    
General and administrative 3,357,166 4,385,763
Sales and marketing 3,631,727 4,296,706
Engineering, research, and development 4,201,647 2,454,085
Depreciation and amortization 386,304 709,456
Total operating expenses 11,576,844 11,846,010
Loss from operations (5,777,627) (5,509,786)
Other income/(expense)    
Interest income 4,637 2,780
Interest expense (169,044) (77,361)
Goodwill impairment (2,247,447)
Intangible asset impairment   (1,684,203)
Foreign currency (loss) gain (3,978) 1,556
Total other income/(expense) (168,385) (4,004,675)
Loss before income taxes (5,946,012) (9,514,461)
Income tax expense
Net loss (5,946,012) (9,514,461)
Other comprehensive loss, net of income tax    
Foreign currency translation adjustments (32,765) (32,999)
Comprehensive loss $ (5,978,777) $ (9,547,460)
Net loss per share - basic and diluted $ (0.16) $ (0.29)
Weighted average number of shares during the period - basic and diluted 36,575,762 32,797,631