XML 43 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Balance Sheets (Unaudited) (USD $)
Jun. 30, 2013
Dec. 31, 2012
Current assets:    
Cash $ 449,534 $ 297,128
Accounts receivable, net of allowance for doubtful accounts of $570,658 and $429,186, respectively 11,595,671 11,131,317
Inventory 12,825,434 12,029,400
Prepaid expenses and other current assets 1,062,818 1,372,390
Total current assets 25,933,457 24,830,235
Property and equipment 900,643 1,036,710
Goodwill 1,416,929 1,416,929
Other assets - noncurrent 204,922 270,265
Deferred income tax asset - noncurrent 100,000 100,000
Total assets 28,555,951 27,654,139
Current liabilities:    
Borrowings under credit facility - revolving credit 13,850,836 12,297,180
Notes payable, current portion; includes related party notes of $1,383,335 and $607,999, respectively 1,519,179 745,500
Convertible notes payable-related party 200,000 0
Trade payables 4,870,652 5,242,044
Accrued liabilities 1,644,233 1,630,792
Total current liabilities 22,084,900 19,915,516
Convertible notes payable-related party 0 200,000
Notes payable, non-current portion; includes related party notes of $606,004 and $1,440,015, respectively 1,041,456 1,947,813
Deferred income tax liability - noncurrent 517,000 496,000
Total liabilities 23,643,356 22,559,329
Commitments and contingencies      
Stockholders' equity:    
Redeemable convertible preferred stock, $.05 par value, 2,500,000 shares authorized, 293,057 shares issued and outstanding, liquidation preference of $1,465,285 14,653 14,653
Common stock, $.05 par value, 20,000,000 shares authorized, 9,154,953 shares issued and outstanding 457,747 457,747
Additional paid-in capital 12,659,782 12,659,782
Accumulated deficit (8,219,587) (8,037,372)
Total stockholders' equity 4,912,595 5,094,810
Total liabilities and stockholder's equity $ 28,555,951 $ 27,654,139