XML 64 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (4,398,765) $ (3,539,810)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 91,428 44,119
Stock-based compensation expense 39,389 47,894
Loss on disposal of assets 0 5,585
Changes in assets and liabilities:    
Accounts receivable (26,420) 2,301
Notes receivable (3,000) 0
Prepaid expenses (43,596) 111,619
Other assets (2,604) (11,836)
Accounts Payable (288,675) (45,909)
Deferred revenue 55,810 10,597
Accrued and other expenses 144,373 (1,228,405)
Net cash used in operating activities (4,432,060) (4,603,845)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of furniture and equipment (24,989) (11,438)
Patent development costs (25,292) (9,151)
Purchase of software license (75,000) (33,534)
Capitalized software (499,850) (172,510)
Net cash used in investing activities (625,131) (226,633)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Restricted cash placed at IDB Bank (281,391) 0
Restricted cash used to pay IDB interest expense and fees 220,733 179,553
Proceeds from debt borrowings 5,027,565 3,975,000
Repayments of debt borrowings (16,397) (19,145)
Net cash provided by financing activities 4,950,510 4,135,408
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (106,681) (695,070)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 165,139 860,209
CASH AND CASH EQUIVALENTS, END OF PERIOD 58,458 165,139
Supplemental disclosures of cash flow information:    
Cash paid during the period for: Interest $ 1,617,810 $ 1,271,286