Three Months Ended June 30, Six Months Ended June 30,
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1997 1998 1997 1998
REVENUE $ 44,800 $ 162,857 $ 50,400 $ 579,300
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LESS: COST OF SALES 45,337 153,362 50,407 508,267
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GROSS PROFIT (537) 9,495 (7) 71,033
OPERATING EXPENSES
General and administrative 929,865 905,170 1,647,186 1,701,565
Salaries 358,486 406,222 721,393 814,259
Legal fees 573,517 570,035 743,636 672,933
Depreciation 400,061 181,488 425,663 358,725
Research and development 124,998 614,392 191,988 730,298
Patent and license expense 137,655 22,325 182,521 72,646
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Total Operating Expenses 2,524,582 2,699,632 3,912,387 4,350,426
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LOSS FROM OPERATIONS (2,525,119) (2,690,137) (3,912,394) (4,279,393)
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OTHER INCOME (EXPENSE)
(Provision for)/recovery of
allowances on advances -- 104,386 -- 378,857
Interest income 53,100 4,853 130,755 16,246
Interest expense - 8% Debentures (31,912) (7,448) (58,409) (14,451)
Interest expense - Amortization of debt expense (47,917) (4,250) (89,122) (16,250)
------------ ------------ ------------ ------------
Other income/(expense) - Net (26,729) 97,541 (16,776) 364,402
------------ ------------ ------------ ------------
Net Loss (2,551,848) (2,592,596) (3,929,170) (3,914,991)
Dividends on Preferred Stock (594,361) (1,475,425) (1,684,401) (1,808,497)
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Net Loss Attributable to Common Shareholders $ (3,146,209) $ (4,068,021) $ (5,613,571) $ (5,723,488)
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Net Loss per Share Attributable
to Common Shareholders $ (.19) $ (.18) $ (.34) $ (.26)
============ ============ ============ ============
AVERAGE NUMBER OF SHARES
OUTSTANDING 16,765,341 22,869,544 16,465,513 21,713,928
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