|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
|
9 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
| Net loss |
$ (2,959,561) |
|
$ (4,722,626) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
| Depreciation and amortization |
174,312 |
|
254,069 |
| Impairment loss on property held for sale |
708,000 |
|
0 |
| Net gain on building, land and equipment disposal |
(98,505) |
|
4,793 |
| Provision for inventory reserves |
0 |
|
(73,830) |
| Non-cash stock based compensation expense |
52,617 |
|
237,081 |
| Changes in assets and liabilities: |
|
|
|
| Accounts receivable |
391,391 |
|
1,647,965 |
| Other receivable |
99,447 |
|
(1,956) |
| Inventory |
72,543 |
|
663,620 |
| Prepaid expenses, deposits and other assets |
206,887 |
|
302,813 |
| Long term receivables - net |
205,313 |
|
0 |
| Accounts payable |
(271,683) |
|
(540,030) |
| Billings in excess of costs |
(2,152) |
|
(4,646) |
| Accrued expenses and deposits |
(784,128) |
|
(1,099,084) |
| Net cash used in operating activities |
(2,205,519) |
|
(3,331,831) |
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
| Purchase of equipment |
(2,363) |
|
(214,567) |
| Proceeds from disposal of building, land and equipment |
1,490,495 |
|
3,400 |
| Net cash provided by (used in) investing activities |
1,488,132 |
|
(211,167) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
| Dividends paid (preferred stock) |
(130,616) |
|
0 |
| Exercise of stock options |
0 |
|
23,975 |
| Net cash provided by (used in) financing activities |
(130,616) |
|
23,975 |
| Net decrease in cash and cash equivalents |
(848,003) |
|
(3,519,023) |
| Cash and cash equivalents, beginning of period |
3,937,135 |
|
8,983,281 |
| Cash and cash equivalents, end of period |
$ 3,089,132 |
[1] |
$ 5,464,258 |
|
|
|