|
Consolidated Statements of Cash Flows (unaudited) (USD $)
|
3 Months Ended |
|
Mar. 31, 2012
|
Mar. 31, 2011
|
| OPERATING ACTIVITIES |
|
|
| Net loss from continuing operations |
$ (2,310,302) |
$ (950,087) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Stock option and warrants issued for services |
246,736 |
383,138 |
| Warrant derivative liability |
173,993 |
43,699 |
| Stock issued for services |
27,651 |
95,784 |
| Depreciation and amortization |
630,489 |
134,036 |
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
(213,965) |
(72,232) |
| Inventory |
235,988 |
(23,320) |
| Prepaid expenses and deposits |
45,069 |
(76,548) |
| Accrued dividends payable |
71,203 |
|
| Accounts payable and accrued expenses |
(183,498) |
36,260 |
| Net Cash Used in Continuing Operating Activities |
(1,276,636) |
(429,270) |
| INVESTING ACTIVITIES |
|
|
| Acquisition of subsidiaries |
|
(150,000) |
| Purchase of property and equipment |
|
(2,240) |
| Net Cash Used in Investing Activities |
|
(152,240) |
| FINANCING ACTIVITIES |
|
|
| Cash received in purchase of subsidiary |
|
404,333 |
| Proceeds from preferred stock |
846,000 |
|
| Repayment of notes payable |
(28,486) |
(36,907) |
| Repayment of notes payable - related party |
(11,059) |
|
| Net Cash Provided by Financing Activities |
806,455 |
367,426 |
| NET INCREASE (DECREASE) IN CASH |
(470,181) |
(214,084) |
| CASH AT BEGINNING OF YEAR |
527,108 |
3,900,096 |
| CASH AT END OF YEAR |
56,927 |
3,686,012 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: |
|
|
| Cash paid for Interest |
$ 7,108 |
|
| NON CASH FINANCING ACTIVITIES: |
|
|
| Common stock issued for acquisition of subsidiary |
|
2,430,009 |