XML 54 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,354,302) $ (2,778,021)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation expense 464,764 94,480
Noncash stock compensation 1,224,545 161,756
Amortization of deferred financing costs 24,820 45,833
Loss on sale of assets   1,967
Accretion of discount 6,131 5,256
Unrealized gain from change in fair value of convertible securities   198,909
Changes in operating assets and liabilities:    
Accounts receivable 554,994 (39,836)
Accounts receivable - related party (563,262)  
Prepaid expenses and other current assets (153,183) 79,184
Accounts payable and accrued liabilities 1,358,466 590,835
Net cash provided by (used in) operating activities 1,562,973 (1,639,637)
CASH FLOWS USED FOR INVESTING ACTIVITIES:    
Capital expenditures (2,831,131) (4,547)
Cash paid in acquisitions, net of cash received of $1.3 million (3,090,602)  
Increase in other assets   (2,000)
Net cash used in investing activities (5,921,733) (6,547)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the sale of common stock and warrants   1,045,000
Proceeds from exercise of warrants 30,000  
Increase in notes payable 5,558,844 573,598
Payment of notes payable (745,654) (141,148)
Commissions and fees paid on stock issuances (159,946)  
Preferred stock dividend paid (149,655)  
Payment of deferred financing costs (2,014)  
Net cash provided by financing activities 4,531,575 1,477,450
CHANGE IN CASH 172,815 (168,734)
CASH, beginning of period 84,823 181,471
CASH, end of period 257,638 12,737
Cash paid for interest 173,417 166,287
NONCASH TRANSACTIONS:    
Issued treasury shares for payment of share based compensation and board fees 208,968  
Issued shares of Series C Preferred Stock upon redemption of Series B Debentures 3,005,775  
Transfer accumulated preferred dividends to stated value 336,922  
Issued shares of common stock for acquisitions 4,284,280  
Issued shares of Series C Preferred Stock for acquisitions 3,100,000  
Shares of common stock and warrants issued upon conversion of shares of Series A Preferred Stock and Series B Preferred Stock   1,753,879
Shares of common stock and warrants issued upon conversion of principal on promissory note with a related party   $ 500,000