|
Consolidated Balance Sheets (USD $)
|
Jun. 30, 2012
|
Dec. 31, 2011
|
| Current Assets |
|
|
| Cash & Cash Equivalents |
$ 1,094,866 |
$ 1,123,518 |
| Accounts Receivable, net |
545,871 |
247,885 |
| Inventories |
644,320 |
681,160 |
| Restricted Cash |
200,000 |
|
| Prepaid & Other Current Assets |
58,295 |
59,760 |
| Total Current Assets |
2,543,352 |
2,112,323 |
| Equipment, net |
3,900,572 |
3,184,569 |
| Intangible Assets, net |
1,595,744 |
1,724,528 |
| Other Assets |
|
|
| Restricted Cash |
|
200,000 |
| Deferred Financing Fees |
30,560 |
32,988 |
| Total Other Assets |
30,560 |
232,988 |
| Total Assets |
8,070,228 |
7,254,408 |
| Current Liabilities |
|
|
| Accounts Payable |
852,424 |
928,253 |
| Accrued Expenses |
623,700 |
808,414 |
| Advances Payable to shareholders |
|
2,017 |
| Deferred Revenue & Customer Deposits |
146,203 |
30,257 |
| Current Portion of Note Payable |
186,754 |
22,410 |
| Total Current Liabilities |
1,809,081 |
1,791,351 |
| Long-Term Liabilities |
|
|
| Note Payable, net of currrent portion |
1,741,021 |
1,296,029 |
| Warrant Liability |
136,488 |
80,357 |
| Total Long-Term Liabilities |
1,877,509 |
1,376,386 |
| Total Liabilities |
3,686,590 |
3,167,737 |
| Commitments and Contingencies |
|
|
| Preferred Stock |
|
|
| Preferred stock, par value $.001, authorized 5,000,000 shares, 1,375,000 shares outstanding at June 30, 2012 and December 31, 2011 respectively |
2,750,000 |
2,750,000 |
| Stockholders' Equity |
|
|
| Non-Controlling Interest |
232,481 |
286,683 |
| Additional Paid-in-Capital |
3,558,961 |
2,352,686 |
| Common stock, per value $.001, authorized 50,000,000 shares, 4,763,526 and 4,418,793 shares outstanding at June 30, 2012 and December 31, 2011 respectively |
4,763 |
4,419 |
| Accumulated Deficit |
(2,162,567) |
(1,307,117) |
| Total Stockholders' Equity |
1,633,638 |
1,336,671 |
| Total Liabilities, Preferred Stock and Stockholders' Equity |
$ 8,070,228 |
$ 7,254,408 |