Quarterly report pursuant to Section 13 or 15(d)

Statements Of Cash Flows

v2.3.0.15
Statements Of Cash Flows (USD $)
 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash flows from operating activities:    
Net loss $ (5,739,546) $ (5,632,650)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 60,144 27,697
Stock-based compensation expense 1,058,327 569,572
Non-cash services paid in common stock   99,000
Changes in operating assets and liabilities:    
Accounts receivable, net 78,642 (49,029)
Income tax receivable 362,218  
Inventory, net (198,846) (241,309)
Prepaid expenses and other current assets 98,358 (227,919)
Accounts payable and accrued expenses 29,004 812,685
Deferred revenue 148,197 (34,623)
Net cash used in operating activities (4,103,502) (4,676,576)
Cash flows from investing activities:    
Purchase of property and equipment, net   (179,381)
Net cash used in investing activities   (179,381)
Cash flows from financing activities:    
Borrowings under short term notes payable   216,298
Borrowings under note payable from shareholder   1,000,000
Borrowings under convertible revolving note payable to shareholder 4,000,000 1,000,000
Payments on short term notes payable (121,335) (92,542)
Net proceeds from issuance of common stock   1,500,000
Prepaid offering expenses   (459,030)
Restricted cash released from common stock proceeds 92,734 1,894,854
Net cash provided by financing activities 3,971,399 5,059,580
Net increase (decrease) in cash and cash equivalents (132,103) 203,623
Cash and cash equivalents at beginning of the period 132,103 301,592
Cash and cash equivalents at end of the period   505,215
Supplemental disclosure of cash flow information    
Interest paid 4,296 19,994
Non-cash investing and financing activities:    
Borrowing under short term notes payable for prepaid expense 126,739  
Par value of restricted stock granted as stock compensation 20  
Common stock issued in exchange for cancellation of note payable to shareholder   $ 1,000,000