Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v2.3.0.15
Consolidated Statements of Cash Flows (USD $)
 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash flows from operating activities:    
Net income (loss) $ 13,220,914 $ (47,911,632)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 150,802 162,028
Loss on disposal and abandonment of assets 18,503  
Amortization of debt discount and debt offering costs   16,109
Issuance of common stock in payment of interest and dividends   476,667
Issuance of common stock to 401(k) plan 61,971 40,977
Stock compensation expense 3,073,074 552,140
Issuance of warrants in connection with consulting agreement   279,367
Non-cash inventory adjustment   351,000
Change in derivative liabilities 956,933 671,360
Loss on extinguishment of debt   41,717,380
Gain on sale of discontinued operations, before income taxes (25,172,041)  
Other   1,954
Changes in operating assets and liabilities:    
Accounts receivable (278,473) (35,718)
Inventory (75,942) (1,228,943)
Prepaid expenses and other assets 195,482 (122,639)
Accounts payable 74,168 1,194,196
Accrued liabilities and other liabilities 1,316,733 161,034
Deferred revenue 162,830 101,064
Net cash used in operating activities (6,295,046) (3,573,656)
Cash flows from investing activities:    
Purchases of equipment (94,863) (354,076)
Proceeds from sales of equipment 1,000  
Proceeds from sales of discontinued operations 30,000,000  
Payments of costs to sell discontinued operations (2,761,615)  
Patent and trademark costs (53,294) (12,202)
Net cash provided by (used in) investing activities 27,091,228 (366,278)
Cash flows from financing activities:    
Proceeds from issuance of common stock 7,134,037 1,092,161
Payment of tax withholdings related to stock-based compensation (2,441,496) (55,808)
Payment of stock offering costs   (29,980)
Payment of preferred stock dividends (75,000) (86,389)
Payment of notes payable (62,411)  
Payments under capital leases (7,358) (8,682)
Net cash provided by financing activities 4,547,772 911,302
Net increase (decrease) in cash 25,343,954 (3,028,632)
Cash, beginning of period 6,420,506 5,639,842
Cash, end of period $ 31,764,460 $ 2,611,210