Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

 v2.3.0.11
Consolidated Statements of Cash Flows (USD $)
 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Cash flows from operating activities:    
Net loss $ (6,611,019) $ (45,529,973)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 110,023 112,217
Loss on disposal and abandonment of assets 18,503 0
Amortization of debt discount and debt offering costs 0 16,109
Issuance of common stock in payment of interest and dividends 0 476,667
Stock compensation expense 1,284,095 303,183
Non-cash inventory adjustment 0 324,000
Change in derivative liabilities 964,141 583,607
Loss on extinguishment of debt 0 41,717,380
Issuance of common stock to 401(k) plan 48,289 40,977
Other 0 1,510
Changes in operating assets and liabilities:    
Accounts receivable 11,787 (552,843)
Inventory (206,525) (541,511)
Prepaid expenses and other assets 134,085 113,456
Accounts payable 56,331 608,320
Accrued liabilities and other liabilities 1,355,507 (131,075)
Deferred revenue 249,674 38,543
Net cash used in operating activities (2,585,109) (2,419,433)
Cash flows from investing activities:    
Purchases of equipment (79,749) (253,797)
Proceeds from sales of equipment 1,000 0
Patent and trademark costs (4,660) (12,202)
Net cash used in investing activities (83,409) (265,999)
Cash flows from financing activities:    
Proceeds from issuance of common stock 6,306,528 1,044,400
Payment of tax withholdings related to stock-based compensation (2,404,638) (43,212)
Payment of stock offering costs 0 (5,000)
Payment of preferred stock dividends (50,000) 0
Payment of notes payable (53,339) 0
Payments under capital leases (6,144) (5,816)
Net cash provided by financing activities 3,792,407 990,372
Net increase (decrease) in cash 1,123,889 (1,695,060)
Cash, beginning of period 6,420,506 5,639,842
Cash, end of period $ 7,544,395 $ 3,944,782