|
Consolidated Statements of Operations and Comprehensive Loss (USD $)
|
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
| Revenue | ||||
| Printing | $ 692,554 | $ 831,468 | $ 2,214,297 | $ 2,342,463 |
| Packaging | 2,188,331 | 1,575,948 | 5,858,176 | 3,795,599 |
| Plastic IDs and cards | 774,297 | 757,489 | 2,253,667 | 2,087,196 |
| Licensing and digital solutions | 508,941 | 451,254 | 1,340,192 | 951,669 |
| Total revenue | 4,164,123 | 3,616,159 | 11,666,332 | 9,176,927 |
| Costs of revenue | ||||
| Printing | 428,912 | 698,715 | 1,568,132 | 2,082,810 |
| Packaging | 1,639,735 | 1,124,973 | 4,470,834 | 2,762,941 |
| Plastic IDs and cards | 433,271 | 453,932 | 1,262,984 | 1,231,079 |
| Licensing and digital solutions | 138,719 | 67,778 | 255,731 | 86,877 |
| Total costs of revenue | 2,640,637 | 2,345,398 | 7,557,681 | 6,163,707 |
| Gross profit | 1,523,486 | 1,270,761 | 4,108,651 | 3,013,220 |
| Operating expenses: | ||||
| Selling, general and administrative | 2,302,695 | 1,976,913 | 6,060,627 | 5,212,788 |
| Research and development | 173,833 | 83,387 | 544,966 | 208,498 |
| Amortization of intangibles | 76,026 | 71,376 | 228,078 | 205,416 |
| Operating expenses | 2,552,554 | 2,131,676 | 6,833,671 | 5,626,702 |
| Operating loss | (1,029,068) | (860,915) | (2,725,020) | (2,613,482) |
| Other income (expense): | ||||
| Change in fair value of derivative liability | 360,922 | |||
| Interest expense | (51,387) | (60,531) | (176,992) | (169,711) |
| Amortizaton of note discount | (11,058) | (248,758) | ||
| Loss before income taxes | (1,091,513) | (921,446) | (3,150,770) | (2,422,271) |
| Income tax (benefit) expense, net | 4,737 | (164,394) | 14,211 | (154,920) |
| Net loss | (1,096,250) | (757,052) | (3,164,981) | (2,267,351) |
| Other comprehensive loss: | ||||
| Interest rate swap (loss) gain | (5,179) | (27,671) | 3,678 | |
| Comprehensive loss | $ (1,101,429) | $ (757,052) | $ (3,192,652) | $ (2,263,673) |
| Net loss per share -basic and diluted: | $ (0.05) | $ (0.04) | $ (0.15) | $ (0.12) |
| Weighted average common shares outstanding, basic and diluted | 20,822,351 | 19,474,173 | 20,536,448 | 19,435,930 |