Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v2.3.0.15
Condensed Consolidated Statements of Cash Flows (USD $)
 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Net income (loss) $ 1,128,742 $ (2,370,657)
Amortization of debt discounts and financing costs 191,357 374,675
Gain on sale of assets (829,296)  
(Gain) loss on derivative liability (172,477) 1,304,905
(Gain) loss on disposal of property and equipment (2,165) 104,268
Provision for lease loss 56,659  
Stock based compensation 132,642 154,591
Depreciation and amortization 255,060 213,274
Bad debt expense (recoveries) (68,321) 41,290
Restricted cash (91,000)  
Accounts receivable, trade and other 62,960 (1,097,533)
Inventories (241,123) 404,462
Other current assets 25,330 (141,294)
Other assets   (140,232)
Other current liabilities (91,170)  
Accounts payable, accrued liabilities & expenses, net (800,345) (5,834)
Deferred lease liability 108,862  
Net Cash Used In Operating Activities (334,285) (1,158,085)
Purchase of property and equipment   (4,800)
Proceeds from disposal of property and equipment 6,645  
Proceeds from sale of product line 1,000,000  
Net Cash Provided By (Used In) Investing Activities 1,006,645 (4,800)
Repayment on line of credit   (387,000)
Proceeds from issuance of note payable 700,000  
Payments on note payable (60,243)  
Payments on note payable – related party (25,114)  
Proceeds from issuance of preferred stock 1,355,000 1,335,000
Repayment of convertible debentures (1,606,023)  
Net Cash Provided By Financing Activities 363,620 948,000
Net increase (decrease) in cash and cash equivalents 1,035,980 (214,885)
Cash and cash equivalents at the beginning of the period 136,030 503,870
Cash and cash equivalents at the end of the period 1,172,010 288,985
Cash paid during the period for financing expenses 180,163 403,531
Issuance of note payable in conjunction with warrant cancellation 50,000  
Beneficial conversion feature of redeemable convertible preferred stock 427,895 394,350
Value of warrants issued with redeemable convertible preferred stock 427,895 394,350
Accretion of discount on redeemable preferred stock 316,908 78,299
Accretion of dividends on redeemable preferred stock $ 191,283 $ 80,446