QUARTERLY RESULTS OF OPERATIONS

12 Months Ended

Dec. 31, 2016

QUARTERLY RESULTS OF OPERATIONS

QUARTERLY RESULTS OF OPERATIONS

16. QUARTERLY RESULTS OF OPERATIONS

The following is a summary of the quarterly results of operations for the years ended December 31, 2016 and 2015.

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2016
Sales	$	13,627,048	$	13,452,517	$	12,814,815	$	13,389,786
Cost of Sales		11,932,122		11,962,989		11,234,934		11,401,603
Gross Profit		1,694,926		1,489,528		1,579,881		1,988,183
Selling, General and Administrative		4,986,741		5,014,370		5,070,127		6,049,663
Research and Product Development		1,314,430		2,063,324		1,261,863		1,200,729
Operating Income (Loss)		(4,606,245)		(5,588,166)		(4,752,109)		(5,262,209)
Interest and Investment Income, net		186,562		227,020		188,847		207,911
Interest Expense		—		—		—		—
Income (Loss) Before Income Taxes		(4,419,683)		(5,361,146)		(4,563,262)		(5,054,298)
Income Tax Expense		(404,527)		—		—		—
Net Income (Loss)	$	(4,824,210)	$	(5,361,146)	$	(4,563,262)	$	(5,054,298)
Basic And Diluted Earnings (Loss) Per Share	$	(0.10)	$	(0.11)	$	(0.09)	$	(0.10)

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2015
Sales	$	13,883,961	$	12,955,576	$	14,378,528	$	14,132,637
Cost of Sales		11,571,618		10,889,619		11,875,122		12,076,489
Gross Profit		2,312,343		2,065,957		2,503,406		2,056,148
Selling, General and Administrative		5,325,761		3,835,596		3,827,904		6,089,606
Research and Product Development		799,591		885,259		1,246,727		2,029,736
Operating Income (Loss)		(3,813,009)		(2,654,898)		(2,571,225)		(6,063,194)
Interest and Investment Income, net		113,815		118,151		156,672		293,238
Interest Expense		—		—		—		—
Income (Loss) Before Income Taxes		(3,699,194)		(2,536,747)		(2,414,553)		(5,769,956)
Income Tax Expense		—		—		—		—
Net Income (Loss)	$	(3,699,194)	$	(2,536,747)	$	(2,414,553)	$	(5,769,956)
Basic And Diluted Earnings (Loss) Per Share	$	(0.07)	$	(0.05)	$	(0.05)	$	(0.12)