Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Revenues, net:        
Product $ 3,122,164 $ 2,606,464 $ 8,251,764 $ 7,431,715
Recurring 960,509 901,321 2,816,874 2,799,200
Total Net Revenue 4,082,673 3,507,785 11,068,638 10,230,915
Product 1,674,172 1,469,104 5,000,490 4,746,731
Recurring 266,136 263,068 783,521 799,748
Total Cost of Sales 1,940,308 1,732,172 5,784,011 5,546,479
Gross Profit 2,142,365 1,775,613 5,284,627 4,684,436
Operating Expenses:        
Research and development 347,344 306,559 962,849 895,992
Selling, general and administrative 1,267,968 1,578,464 4,096,314 4,845,408
Depreciation and amortization 69,525 64,731 205,711 193,578
Total Operating Expenses 1,684,837 1,949,754 5,264,874 5,934,978
Income (Loss) from Operations 457,528 (174,141) 19,753 (1,250,542)
Interest income (expense), net (6,072) (11,401) (24,796) (9,978)
Gain on sale of product line 0 0 0 41,902
Total Other Income (Expense) (6,072) (11,401) (24,796) 31,924
Income (Loss) Before Provision for Income Taxes 451,456 (185,542) (5,043) (1,218,618)
Provision for Income Taxes 68,706 294,936 171,330 295,216
Net Income (Loss) 382,750 (480,478) (176,373) (1,513,834)
Accretion of preferred dividends and discount (36,166) (556,351) (107,890) (857,237)
Net income (loss) attributable to common stockholders $ 346,584 $ (1,036,829) $ (284,263) $ (2,371,071)
Net income (loss) attributable to common stockholders per common share - basic $ 0 $ (0.01) $ 0 $ (0.02)
Net income (loss) attributable to common stockholders per common share - diluted $ 0 $ (0.01) $ 0 $ (0.02)
Weighted Average Common Shares Outstanding - basic 125,035,612 117,150,713 125,035,612 111,177,407
Weighted Average Common Shares Outstanding - diluted 126,814,401 117,150,713 125,035,612 111,177,407