XML 46 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Consolidated Balance Sheets (USD $)
Sep. 30, 2012
Oct. 02, 2011
Current assets:    
Cash and cash equivalents $ 1,738,400 $ 2,734,600
Accounts receivable, net of allowance for doubtful accounts of $51,300 and $13,800, respectively 445,300 562,700
Due from Vectronix, Inc 1,200,100   
Unbilled revenues on uncompleted contracts 549,200 526,500
Prepaid expenses and other current assets 111,900 165,400
Current assets of discontinued operations    2,786,200
Total current assets 4,044,900 6,775,400
Property and equipment, net 952,400 1,237,900
Deferred financing costs, net 963,200 1,052,300
Other assets 180,200 207,000
Non-current assets of discontinued operations    1,312,200
Total assets 6,140,700 10,584,800
Current liabilities:    
Accounts payable 814,600 677,500
Accrued expenses 2,513,900 1,075,200
Advance billings on uncompleted contracts 296,700 397,200
Senior secured revolving credit facility loan, net of discount 4,566,800   
Senior subordinated secured convertible promissory notes, net of discount 1,119,000   
Secured promissory note    2,097,200
Senior subordinated secured promissory notes 4,790,400 4,257,600
Settlement agreements obligations, current portion 17,200 632,200
Capital lease obligations, current portion 17,100 13,800
Current liabilities from discontinued operations    1,744,500
Total current liabilities 14,135,700 10,895,200
Subordinated secured convertible promissory notes, net of discount 6,470,300 3,944,800
Settlement agreement obligations, less current portion 1,400 18,700
Derivative liability 19,925,400 13,352,800
Executive Salary Continuation Plan liability 975,000 1,005,400
Other liabilities 62,700 79,400
Total liabilities 41,570,500 29,296,300
Stockholders' deficit    
Common stock, $0.01 par value, 800,000,000 and 500,000,000 shares authorized, respectively; 131,558,800 and 113,695,800 shares issued and outstanding, respectively (1) 1,315,600 [1] 1,137,000 [1]
Common stock held by Rabbi Trust (1,020,700) (1,020,700)
Deferred compensation liability 1,020,700 1,020,700
Paid-in capital 174,156,800 171,385,300
Accumulated deficit (211,226,600) (191,558,200)
ISC8 stockholders' deficit (35,754,200) (19,035,900)
Noncontrolling interest 324,400 324,400
Total stockholders' deficit (35,429,800) (18,711,500)
Total liabilities and stockholders' deficit 6,140,700 10,584,800
Series B Preferred Stock Shares Issued (1)
   
Stockholders' deficit    
Convertible preferred stock, $0.01 par value,1,000,000 shares authorized;Series B - 900 and 1,800 shares issued and outstanding, respectively (1); liquidation preference of $926,300 and $1,785,600, respectively      
[1] The number of shares of preferred stock and common stock issued and outstanding has been rounded to the nearest one hundred (100).