XML 17 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,783,945) $ (1,908,003)
Income attributable to noncontrolling interest 4,199 197,505
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,315,861 911,125
Provision for losses on accounts receivable 110,229 57,576
Amortization of deferred financing costs 2,256 8,526
Change in fair value of warrant liability (427,042) (59,681)
Stock-based compensation 667,000 228,736
Changes in operating assets and liabilities    
Restricted cash 65,790 (65,790)
Accounts receivable and unbilled revenue (295,033) (188,572)
Due from related party 31,292 193,857
Inventory (146,396) (108,421)
Prepaid and other current assets (224,283) 9,504
Increase (decrease) in:    
Accounts payable 37,691 (257,557)
Accrued expenses and other current liabilities 218,258 (24,274)
Other long-term liabilities 43,052 0
Due to related party 153,127 143,189
Net cash used in operating activities (2,227,944) (862,280)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (1,643,534) (5,771,223)
Sale of short-term investments 0 678,921
Net cash used in investing activities (1,643,534) (5,092,302)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of convertible debentures 17,000,000 0
Proceeds from issuance of warrants 0 736,284
Proceeds from exercise of warrants 0 350,000
Proceeds from sale of common stock, net of costs 0 1,286,855
Proceeds from sale of subsidiary common stock, net of costs 1,148,401 2,226,019
Proceeds from exercise of stock options 33,838 54,775
Proceeds from related party line of credit 0 2,400,000
Convertible debenture transaction costs (67,664) (21,556)
Principal payments on capital lease obligations (3,365) (3,365)
Cancellation of restricted stock (20) 0
Distributions to noncontrolling interest (359,741) (302,598)
Net cash provided by financing activities 17,751,449 6,726,414
Net increase in cash and cash equivalents 13,879,971 771,832
Cash and cash equivalents, beginning of the year 3,921,054 3,149,222
Cash and cash equivalents, end of the year 17,801,025 3,921,054
Supplemental disclosures of cash flows information:    
Interest 343,750 114,116
Income taxes 91,931 31,329
Non-cash investing and financing activities:    
Conversion of convertible debentures to common stock 0 5,320,000
Conversion of due to related party to convertible debentures 2,400,000 0
Forgiveness of related party debt in exchange for reduction in noncontrolling interest $ 0 $ 124,111