|
Consolidated Statements of Cash flows (USD $)
|
12 Months Ended |
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
| Operating activities: |
|
|
|
| Net income (loss) |
$ (7,481,702) |
$ 786,271 |
$ (1,884,890) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
| Gain on sale of equipment |
(9,151) |
(13,320) |
|
| Bad debt expense |
7,230 |
181,786 |
727,958 |
| Depreciation and amortization |
624,363 |
690,134 |
656,651 |
| Warrant modification expense |
|
18,000 |
|
| Amortization of discount on convertible notes |
166,667 |
37,000 |
|
| Tax Expense (benefit) from deferred income taxes |
1,440,199 |
(394,800) |
(401,400) |
| (Increase) decrease in operating assets and increase (decrease) in operating liabilities: |
|
|
|
| Accounts receivable |
729,426 |
(223,538) |
(2,064,982) |
| Costs on uncompleted projects applicable to future billings |
(1,024,578) |
1,468,598 |
257,746 |
| Billings and estimated profit in excess of costs on uncompleted contracts |
914,243 |
(759,254) |
622,169 |
| Accrued litigation reserve |
149,050 |
|
(450,000) |
| Prepaid expenses, inventory and other assets |
(27,726) |
(139,937) |
(3,147) |
| Other long term assets |
(17,608) |
18,015 |
42,165 |
| Accounts payable and accrued expenses |
14,906 |
(13,967) |
3,092,209 |
| Accrued future project losses |
1,253,147 |
|
|
| Net cash provided by (used in) operating activities |
(3,261,534) |
1,654,988 |
594,479 |
| Investing activities: |
|
|
|
| Purchase of property and equipment |
(51,391) |
(139,279) |
(226,759) |
| Prepaid rent payments |
(10,753) |
(49,247) |
(15,000) |
| Proceeds from sale of equipment |
7,256 |
16,995 |
|
| Net cash used in investing activities |
(54,888) |
(171,531) |
(241,759) |
| Financing activities: |
|
|
|
| Decrease in outstanding checks in excess of bank balance |
|
(1,045,720) |
19,594 |
| Proceeds from issuance of convertible notes payable |
403,000 |
1,617,000 |
|
| Redemption of convertible note payable |
(20,000) |
|
|
| Proceeds from note payable to bank and current and long-term borrowings, net of financing costs |
3,800,562 |
7,195,835 |
16,753,768 |
| Principal payments on current and long-term borrowings |
(1,101,559) |
(8,630,857) |
(17,179,240) |
| Net cash provided by (used in) financing activities |
3,082,003 |
(863,742) |
(405,878) |
| Increase (decrease) in cash |
(234,419) |
619,715 |
(53,158) |
| Cash at beginning of period |
646,560 |
26,845 |
80,003 |
| Cash at end of period |
412,141 |
646,560 |
26,845 |
| Non-cash item |
|
|
|
| Non-cash debt refinancing |
4,794,335 |
|
|
| Non-cash financing of insurance |
$ 580,917 |
$ 562,628 |
$ 538,397 |