|
Consolidated Balance Sheets (USD $)
|
Sep. 30, 2012
|
Dec. 31, 2011
|
| Current assets: |
|
|
| Cash |
$ 1,022,924 |
$ 717,679 |
| Accounts receivable, net of allowance of $76,000 ($76,000- 2011) |
1,659,145 |
1,595,750 |
| Inventory |
1,115,550 |
783,442 |
| Prepaid expenses and other current assets |
393,857 |
95,399 |
| Total current assets |
4,191,476 |
3,192,270 |
| Property, plant and equipment, net |
3,758,828 |
4,019,829 |
| Other assets |
234,057 |
244,356 |
| Goodwill |
3,322,799 |
3,322,799 |
| Other intangible assets, net |
1,918,703 |
2,043,212 |
| Total assets |
13,425,863 |
12,822,466 |
| Current liabilities: |
|
|
| Accounts payable |
1,849,192 |
1,666,963 |
| Accrued expenses and other current liabilities |
1,131,342 |
1,142,629 |
| Revolving lines of credit |
542,956 |
763,736 |
| Short-term loan from related party |
|
150,000 |
| Current portion of long-term debt |
333,083 |
460,598 |
| Current portion of capital lease obligations |
25,026 |
88,172 |
| Total current liabilities |
3,881,599 |
4,272,098 |
| Long-term debt, net of unamortized discount of $55,000 ($88,000-2011) |
2,131,573 |
2,819,783 |
| Interest rate swap hedging liabilities |
138,359 |
110,688 |
| Capital lease obligations |
|
11,133 |
| Deferred tax liability |
122,938 |
108,727 |
| Commitments and contingencies (see Note 6) |
|
|
| Stockholders' equity |
|
|
| Common stock, $.02 par value; 200,000,000 shares authorized, 20,872,316 shares issued and outstanding (19,513,132 in 2011) |
417,445 |
390,262 |
| Additional paid-in capital |
53,212,067 |
48,395,241 |
| Accumulated other comprehensive loss |
(138,359) |
(110,688) |
| Accumulated deficit |
(46,339,759) |
(43,174,778) |
| Total stockholders' equity |
7,151,394 |
5,500,037 |
| Total liabilities and stockholders' equity |
$ 13,425,863 |
$ 12,822,466 |