XML 17 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets (USD $)
Dec. 31, 2011
Dec. 31, 2010
Current assets    
Cash $ 40 $ 1,397,583
Accounts receivable, net 220,626 604,524
Inventory, net 553,897 374,519
Employee advances 298,707 51,429
Prepaid expenses and other current assets 54,480 126,708
Total current assets 1,127,750 2,554,763
Property and equipment, net 943,849 320,328
Website development costs, net of accumulated amortization of $200,396 and $139,475, respectively    60,921
Intangible assets, net of accumulated amortization of $90,794 as of December 31, 2011 602,541   
Total assets 2,674,140 2,936,012
Current liabilities    
Accounts payable – trade 1,547,657 807,481
Accounts payable – related parties 14,209 232,858
Cash overdraft 239,567   
Accrued expenses and other current liabilities 549,011 240,098
Current portion of capital lease 3,346   
Convertible notes, net of deferred debt discount of $275,388 and $9,658, respectively 724,612 215,342
Note payable and other advances – related parties 453,812   
Total current liabilities 3,532,214 1,495,779
Long term liabilities    
Convertible notes payable, net of deferred debt discount of $600,354 as of December 31, 2010    399,646
Notes payable, net of deferred debt discount of $576,741 as of December 31, 2011 1,423,259   
Long term portion of capital lease 9,201   
Total long term liabilities 1,432,460 399,646
Total liabilities 4,964,674 1,895,425
Commitments and contingencies    
Redeemable preferred stock – Series C ; net of discount $433,606 as of December 31, 2011; 10,000 designated Series C: 10,000 issued and outstanding as of December 31, 2011(aggregate liquidation preference $1,000,000) 566,394   
Preferred Stock par value $.001 per share; authorized 1,000,000 shares; issued and outstanding as of December 31, 2011 and 2010 as follows:    
Convertible preferred stock - Series A –200,000 shares designated Series A; no shares issued and outstanding      
Convertible preferred stock - Series B –625,000 shares designated Series B; 368,862 and 365,265 shares issued, and outstanding, respectively (aggregate liquidation preference $3,729,773 and $3,451,754, respectively) 369 365
Common stock – par value $.001 per share; authorized 50,000,000 shares; 11,283,830 and 10,278,934 shares issued, respectively and 10,104,618 and 10,278,934 shares outstanding, respectively 11,284 10,279
Additional paid-in capital 15,110,343 9,540,036
Treasury stock, at cost, 1,179,212 shares as of December 31, 2011 (3,419,715)   
Accumulated deficit (14,559,209) (8,510,093)
Total stockholders’(deficiency) equity (2,856,928) 1,040,587
Total liabilities and stockholders’ (deficiency) equity $ 2,674,140 $ 2,936,012