General form of registration statement for all companies including face-amount certificate companies

Consolidated Statements of Cash Flows (Unaudited)

v2.4.0.6
Consolidated Statements of Cash Flows (Unaudited) (USD $)
 6 Months Ended 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities        
Net loss $ (4,360,474) $ (1,111,609) $ (5,457,310) $ (319,813)
Adjustments to reconcile net loss to net cash used in operating activities:        
Deferred income taxes       3,272   
Bad debt expense 49,803 16,000 326,456 554,343
Depreciation and Amortization 238,734 166,650 531,844 432,566
Amortization of financing costs 3,821    160,408 7,401
Write-off obsolete inventory       1,439,616   
Gain on change in fair value of derivative liability (455,918)    281,508   
Stock and warrant based compensation 120,000         
Equity in loss (earnings) unconsolidated subsidiary       42,677 (55,305)
Non-cash interest expense 4,314,978    758,044   
Changes in assets and liabilities:        
Account receivable-trade (787,994) (267,038) 560,353 (650,485)
Inventories (551,567) (242,218) (665,914) (62,790)
Prepaid expenses and other current assets (416,748) (51,085) (102,031) 43,879
Deferred taxes          (103,005)
Accounts payable (9,021) 471,054 652,240 (58,845)
Accrued expenses and other current liabilities (183,295) 167,973 1,047,884 (49,366)
Net cash used in operating activities (2,037,681) (850,273) (420,953) (261,420)
Cash flows from investing activities        
Purchase of property and equipment (277,876) (9,376) (575,430) (357,610)
Cash acquired on business combination    585,720 585,720   
Net cash provided by (used in) investing activities (277,876) 576,344 10,290 (357,610)
Cash flows from financing activities        
Payment of deferred financing costs (25,000) (150,364) (150,364)   
Repayments to short-term loan (42,986) (97,384)      
Proceeds from convertible debt 3,750,000 2,250,000 2,750,000   
Repayment of borrowings from noteholders (2,175,000)    (2,725,904) (92,223)
Repayments of long term debt (83,578) (137,371)      
Proceeds from sale of common stock 650,000    705,000   
Repayment of shareholder loan    (2,742)      
Advance from (payment to) shareholder       (3,211) 375,321
Net cash provided by financing activities 2,073,436 1,862,139 575,521 283,098
Net increase (decrease) in cash and cash equivalents (242,121) 1,588,210 164,858 (335,932)
Cash and cash equivalents, beginning of period 416,333 251,475 251,475 587,407
Cash and cash equivalents, end of period 174,212 1,839,685 416,333 251,475
Supplemental disclosures of cash flow information:        
Interest paid 256,482 218,497 539,616 439,018
Debt discount from warrant liability 2,755,274         
Conversion of convertible note payable and acrued interest to common stock       $ 509,178