|
Condensed Consolidated Statements of Cash Flows (USD $)
|
3 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
| Cash flows from operating activities |
|
|
| Net loss |
$ (3,019,714) |
$ (1,675,448) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Depreciation of property, plant and equipment |
156,128 |
137,907 |
| Amortization of intangible assets |
184,504 |
176,757 |
| Stock-based compensation |
236,150 |
300,228 |
| Changes in assets and liabilities |
|
|
| Accounts receivable |
(709,159) |
(1,271,909) |
| Inventories |
(919,521) |
(166,161) |
| Prepaids and other current assets |
(156,195) |
5,029 |
| Refundable income taxes |
(7,098) |
(56,710) |
| Accounts payable |
18,761 |
661,880 |
| Accrued compensation and benefits |
(64,270) |
(81,088) |
| Accrued expenses |
20,465 |
111,823 |
| Customer deposits |
(400,126) |
263,233 |
| Net cash used in operating activities |
(4,583,594) |
(1,594,459) |
| Cash flows from investing activities |
|
|
| Expenditures for property and equipment |
(87,691) |
(601,804) |
| Net cash used in investing activities |
(87,691) |
(601,804) |
| Cash flows from financing activities |
|
|
| Repayments of bank loans and notes payable |
(141,153) |
(75,501) |
| Proceeds from issuance of Series A preferred stock |
0 |
1,447,240 |
| Proceeds from issuance of Common Stock |
1,744,688 |
0 |
| Common stock issuance costs |
(143,009) |
(65,304) |
| Proceeds from noncontrolling interest |
1,500 |
0 |
| Net cash provided by financing activities |
1,462,026 |
1,306,435 |
| Effect of exchange rate changes on cash and cash equivalents |
23,056 |
(52,399) |
| Net decrease in cash and cash equivalents |
(3,186,203) |
(942,227) |
| Cash and cash equivalents - beginning of period |
7,823,217 |
2,910,595 |
| Cash and cash equivalents - end of period |
4,637,014 |
1,968,368 |
| Cash paid for interest |
46,753 |
59,668 |
| Supplemental non-cash investing and financing activities: |
|
|
| Issuance of common stock for discounted notes receivable |
$ 0 |
$ 1,440,960 |