|
Consolidated Statements of Operations (unaudited) (USD $)
|
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2012
|
Mar. 31, 2011
|
|
| REVENUES | $ 1,960,740 | $ 907,022 |
| COST OF SALES | 1,305,257 | 394,742 |
| GROSS PROFIT | 655,483 | 512,280 |
| OPERATING EXPENSES | ||
| Depreciation and amortization | 630,489 | 134,036 |
| General and administrative | 2,045,894 | 1,285,587 |
| Total Operating Expenses | 2,676,383 | 1,419,623 |
| LOSS FROM OPERATIONS | (2,020,900) | (907,343) |
| OTHER INCOME (EXPENSE) | ||
| Change in fair value of warrant liability | (173,993) | (43,699) |
| Interest income | 955 | |
| Interest expense | (7,108) | |
| Liquidated damages expense | ||
| Total Other Income (Expense) | (852,533) | (42,744) |
| LOSS BEFORE INCOME TAXES | (2,202,001) | (950,087) |
| INCOME TAX EXPENSE | ||
| NET LOSS | (2,202,001) | (950,087) |
| PREFERRED DIVIDENDS | (108,301) | |
| NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ (2,310,302) | $ (950,087) |
| BASIC AND DILUTED LOSS PER SHARE | $ (0.15) | $ (0.07) |
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING BASIC AND DILUTED | 15,109,401 | 13,190,161 |