Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Income Statement [Abstract]        
Product $ 2,401,683 $ 1,776,888 $ 3,319,612 $ 3,127,960
Recurring 1,060,228 1,151,048 2,070,900 2,282,675
Total Net Revenue 3,461,911 2,927,936 5,390,512 5,410,635
Product 1,201,855 1,017,894 1,802,664 1,726,164
Recurring 276,815 291,247 566,724 555,116
Total Cost of Sales 1,478,670 1,309,141 2,369,388 2,281,280
Gross Profit 1,983,241 1,618,795 3,021,124 3,129,355
Research and development 250,501 182,625 481,065 391,234
Selling, general and administrative 1,495,927 1,166,812 2,927,708 2,294,645
Depreciation and amortization 61,478 68,818 134,076 130,346
Total Operating Expense 1,807,906 1,418,255 3,542,849 2,816,225
Income (Loss) from Operations 175,335 200,540 (521,725) 313,130
Interest expense, net (33,559) (23,740) (65,323) (213,974)
Gain on derivative liability 0 0 0 172,476
Gain on disposal of property and equipment 0 0 0 2,165
Gain on sale of product line 15,408 0 15,408 829,296
Total Other Income (Expense) (18,151) (23,740) (49,915) 789,963
Income (Loss) Before Provision for Income Taxes 157,184 176,800 (571,640) 1,103,093
Provision for Income Taxes 0 0 0 0
Net Income (Loss) 157,184 176,800 (571,640) 1,103,093
Accretion of preferred dividends and discount (224,113) (170,800) (414,866) (313,867)
Net income (loss) attributable to common stockholders $ (66,929) $ 6,000 $ (986,506) $ 789,226
Income (loss) per common share - basic $ 0 $ 0 $ (0.01) $ 0.01
Income (loss) per common share - diluted $ 0 $ 0 $ (0.01) $ 0.01
Weighted Average Common Shares Outstanding - basic (in Shares) 104,518,000 102,878,097 104,434,663 101,556,654
Weighted Average Common Shares Outstanding - diluted (in Shares) 106,981,373 104,404,580 106,898,037 103,083,137