Quarterly report pursuant to sections 13 or 15(d)

Consolidated Statements of Cash Flows

v2.3.0.11
Consolidated Statements of Cash Flows (USD $)
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Statement of Cash Flows [Abstract]    
Net Loss $ (1,184,548) $ (942,578)
Adjustments to reconcile net loss to net cash provided in operating activities:    
Depreciation Expense 5,586 6,771
Amortization Expense 70,104 102,323
Issuance of Common Stock for Services 324,714 9,690
Accretion of discount on convertible notes payable 1,581 0
Stock Compensation Expense 123,379 306,367
Decrease (increase) in operating assets    
Accounts Receivable 258,876 611,585
Inventory 119,272 (25,672)
Prepaid Expenses & Other Assets (148,772) (209,249)
Increase (decrease) in operating liabilities    
Accounts Payable (460,785) (519,492)
Accrued Salaries 299,758 136,548
Accrued Interest 1,333 0
Accrued Interest - Related Party 38,033 63,594
Other Accrued Expenses 451,144 377,377
Net cash provided/(used) in operating activities (100,325) (82,736)
Cash Flows from Investing Activities:    
Investment in Intangible Assets (74,498) (116,422)
Purchase of Fixed Assets (1,898) (7,720)
Net cash provided/(used) by investing activities (76,396) (124,142)
Cash Flows from Financing Activities:    
Sale of Common Stock 190,000 860,000
Common Stock Offering Cost 0 (1,770)
Proceeds from long term debenture 1,000,000 0
Issuance costs on long term debenture (227,111) 0
Payments on Related Party Debt 0 (120,000)
Net cash provided/(used) by financing activities 962,889 738,230
Net increase/(decrease) in cash 786,168 531,352
Beginning Cash Balance 405,341 207,880
Ending Cash Balance 1,191,509 739,232
Supplemental disclosures of cash flow information:    
Cash paid for income taxes 0 0
Cash paid for interest 1,160 1,145
Related Party Note converted to Common Stock 1,745,546 200,000
Warrants granted for debenture issuance costs 28,929 0
Discount on long term debentures attributed to Warrants $ 379,688 $ 0