Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v2.4.0.6
Condensed Consolidated Statements of Cash Flows (USD $)
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Net income (loss) $ (728,824) $ 926,292
Amortization of debt discounts and financing costs   191,357
Gain on sale of product line   (829,296)
Gain on derivative liability   (172,476)
Gain on disposal of property and equipment   (2,165)
Stock based compensation expense 36,165 32,494
Depreciation 12,178 1,108
Amortization 60,420 60,420
Provision for doubtful accounts 796 29,808
Accounts receivable, trade and other 462,401 86,495
Inventories (553,801) 122,470
Prepaid expenses 112,301 (21,816)
Deferred revenue (17,506) (24,218)
Accounts payable 95,422 (387,701)
Accrued liabilities & expenses 93,872 24,260
Customer deposits 25,777 (40,230)
Deferred lease liability 6,224 6,510
Net Cash (Used In) Provided by Operating Activities (394,575) 3,312
Purchase of property and equipment (3,995)  
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 (3,995) 1,006,645
Proceeds from issuance of note payable   700,000
Payments on note payable (24,783) (11,798)
Payments on note payable – related party   (25,114)
Repayment of convertible debentures   (1,606,023)
Net Cash Used In Financing Activities (24,783) (942,935)
Net increase (decrease) in cash and cash equivalents (423,353) 67,022
Cash and cash equivalents at the beginning of the period 961,091 136,030
Cash and cash equivalents at the end of the period 537,738 203,052
Cash paid during the period for interest expense 1,745 174,667
Accretion of discount on redeemable preferred stock 123,111 57,339
Accretion of dividends on redeemable preferred stock 67,642 47,560
Issuance of note payable in conjunction with warrant cancellation   $ 50,000