Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v2.4.0.6
Consolidated Balance Sheets (USD $)
Dec. 31, 2011
Dec. 31, 2010
Current assets:    
Cash and cash equivalents $ 416,333 $ 251,475
Account receivable net of allowance for doubtful accounts $449,524 and $118,356, respectively 523,039 1,397,414
Inventories 1,819,751 2,501,110
Prepaid expenses and other current assets 145,313 43,282
Total current assets 2,904,436 4,193,281
Property and equipment, net 3,342,447 3,262,133
Deferred financing costs, net 25,319 35,363
Goodwill 1,026,984   
Intangibles, net 247,450   
Investment in unconsolidated subsidiary    42,677
Total noncurrent assets 4,642,200 3,340,173
Total Assets 7,546,636 7,533,454
Current liabilities:    
Note payable - bank    2,502,863
Account payable 1,616,673 963,853
Accrued expenses and other current liabilities 1,181,852 132,889
Accrued interest 83,548   
Notes payable - shareholder 1,099,715 1,102,926
Convertible notes payable 2,050,000   
Deferred income tax 102,022 98,750
Derivative instruments 883,619   
Current portion of long term debt 260,741 277,299
Total current liabilities 7,278,170 5,078,580
Long Term Debt 3,037,591 3,044,074
Shareholders' deficiency    
Common stock, $.001 par value, 100,000,000 shares authorized, 55,181,165 and 44,749,999 shares issued and outstanding at December 31, 2011, and 2010, respectively 55,181 44,750
Additional paid-in capital 3,339,171 72,217
Accumulated deficit (6,163,477) (706,167)
Total shareholders' deficiency (2,769,125) (589,200)
Total liabilities and shareholders' deficiency $ 7,546,636 $ 7,533,454