Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

 v2.3.0.11
Condensed Consolidated Statements of Cash Flows (USD $)
 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Net income (loss) $ 1,095,667 $ (188,301)
Amortization of debt discounts and financing costs 191,357 254,120
Gain on sale of asset (829,296)  
Gain on derivative liability (172,477) (696,793)
(Gain) loss on disposal of fixed assets (2,165) 100,744
Stock based compensation 96,488 88,181
Depreciation and amortization 165,180 158,200
Bad debt expense (recoveries) (56,620) 31,879
Accounts receivable, trade and other (389,250) (762,451)
Inventories (117,270) 219,051
Other current assets (67,910) (187,713)
Other current liabilities (80,970) 42,212
Accounts payable, accrued liabilities & expenses, net (579,096) 827,855
Deferred lease liability 98,218  
Net Cash Used In Operating Activities (648,144) (113,016)
Proceeds on disposal of asset 6,645  
Proceeds from sale of assets 1,000,000  
Net Cash Provided by Investing Activities 1,006,645  
Repayment on line of credit   (288,417)
Proceeds from issuance of note payable 700,000  
Payments on long term note payable (35,910)  
Payments on note payable – related party (25,114)  
Proceeds from issuance of preferred stock 1,355,000  
Repayment of Convertible Debentures (1,606,023)  
Net Cash Provided By (Used In) Financing Activities 387,953 (288,417)
Net increase (decrease) in cash and cash equivalents 746,454 (401,433)
Cash and cash equivalents at the beginning of the period 136,030 503,870
Cash and cash equivalents at the end of the period 882,484 102,437
Cash paid during the period for financing expenses 203,174 301,351
Income taxes paid 0 0
Common stock issuance to pay off accounts payable   62,957
Issuance of note payable in conjunction with warrant cancellation 50,000  
Beneficial conversion feature of redeemable convertible preferred stock 427,895  
Value of warrants issued with redeemable convertible preferred stock 427,895  
Accretion of discount on redeemable preferred stock 193,797 35,802
Accretion of dividend on redeemable preferred stock $ 120,070 $ 42,658