Quarterly report pursuant to Section 13 or 15(d)

Statements Of Cash Flows

 v2.3.0.11
Statements Of Cash Flows (USD $)
 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Cash flows from operating activities:    
Net loss $ (3,932,256) $ (3,757,421)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 40,128 23,178
Stock-based compensation expense 846,192 461,071
Non-cash services paid in common stock 0 75,000
Changes in operating assets and liabilities:    
Accounts receivable, net 67,887 (10,727)
Income tax receivable 362,218 0
Inventory, net (233,936) (284,362)
Prepaid expenses and other current assets 66,229 10,910
Accounts payable and accrued expenses 96,399 200,525
Deferred revenue 102,406 496
Net cash used in operating activities (2,584,733) (3,281,330)
Cash flows from investing activities:    
Purchase of property and equipment, net 0 (6,198)
Net cash used in investing activities 0 (6,198)
Cash flows from financing activities:    
Borrowings under short term notes payable 0 50,637
Borrowings under convertible revolving note payable to shareholder 2,500,000 1,000,000
Payments on short term notes payable (82,268) (55,267)
Net proceeds from issuance of common stock 0 500,000
Restricted cash released from common stock proceeds 34,898 1,707,318
Net cash provided by financing activities 2,452,630 3,202,688
Net decrease in cash and cash equivalents (132,103) (84,840)
Cash and cash equivalents at beginning of the period 132,103 301,592
Cash and cash equivalents at end of the period 0 216,752
Supplemental disclosure of cash flow information    
Interest paid 2,950 18,377
Non-cash investing and financing activities:    
Borrowing under short term notes payable for prepaid expense $ 48,988 $ 0
Par value of restricted stock granted as stock compensation $ 20 $ 0