Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash flows from operating activities:    
Net loss $ (12,823,894) $ (6,611,019)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 87,091 110,023
Loss on disposal and abandonment of assets   18,503
Amortization of debt discount and debt offering costs 260,415  
Stock compensation expense 1,133,866 1,284,095
Change in derivative liabilities 276,889 964,141
Issuance of common stock to 401(k) plan 50,272 48,289
Changes in operating assets and liabilities:    
Accounts receivable 16,463 11,787
Inventory (96,951) (206,525)
Prepaid expenses and other assets (283,720) 134,085
Accounts payable 297,731 56,331
Accrued liabilities and other liabilities (459,264) 1,355,507
Deferred revenue   249,674
Net cash used in operating activities (11,541,102) (2,585,109)
Cash flows from investing activities:    
Purchases of equipment (375,100) (79,749)
Proceeds from sales of equipment   1,000
Patent and trademark costs (3,020) (4,660)
Net cash used in investing activities (378,120) (83,409)
Cash flows from financing activities:    
Proceeds from issuance of common stock 544,155 6,306,528
Payment for common stock repurchased from executives (100,875)  
Payment of tax withholdings related to stock-based compensation (8,765) (2,404,638)
Payment of preferred stock dividends (50,000) (50,000)
Payment of debt issuance costs (153,949)  
Payment of notes payable   (53,339)
Payments under capital leases (2,677) (6,144)
Net cash provided by financing activities 227,889 3,792,407
Net (decrease) increase in cash (11,691,333) 1,123,889
Cash, beginning of period 28,644,004 6,420,506
Cash, end of period $ 16,952,671 $ 7,544,395