|
Condensed Consolidated Balance Sheets (Unaudited) (USD $)
|
Jun. 30, 2012
|
Dec. 31, 2011
|
| Current assets: |
|
|
| Cash and cash equivalents |
$ 15,851,417 |
$ 13,856,893 |
| Accounts receivable, less allowance of $0 at June 30, 2012 and December 31, 2011 |
11,125,967 |
13,388,909 |
| Inventory |
9,511,319 |
10,354,707 |
| Prepaid expenses and other current assets |
1,181,735 |
1,894,014 |
| Total current assets |
37,670,438 |
39,494,523 |
| Property, plant and equipment (net of accumulated depreciation of $26,429,781 at June 30, 2012 and $25,616,113 at December 31, 2011 |
7,636,611 |
8,686,840 |
| Note Receivable |
600,419 |
|
| Intangible assets, net |
6,316,302 |
7,474,636 |
| Total assets |
52,223,770 |
55,655,999 |
| Current liabilities: |
|
|
| Accounts payable |
4,143,823 |
4,668,721 |
| Accrued expenses |
2,403,646 |
3,172,998 |
| Product warranty reserve |
1,020,010 |
1,210,909 |
| Borrowings under line of credit |
|
5,405,110 |
| Deferred revenue |
4,037,961 |
2,505,175 |
| Other current liabilities |
544,685 |
80,000 |
| Total current liabilities |
12,150,125 |
17,042,913 |
| Common stock warrant liability |
3,029,189 |
5,320,990 |
| Deferred revenue |
3,061,563 |
3,036,829 |
| Other liabilities |
1,213,509 |
1,219,602 |
| Total liabilities |
19,454,386 |
26,620,334 |
| Stockholders' equity: |
|
|
| Common stock, $0.01 par value per share; 245,000,000 shares authorized; Issued (including shares in treasury): 38,050,862 at June 30, 2012 and 22,924,411 at December 31, 2011 |
380,509 |
229,244 |
| Additional paid-in capital |
800,863,021 |
784,213,871 |
| Accumulated other comprehensive income |
924,704 |
928,744 |
| Accumulated deficit |
(767,846,468) |
(754,783,812) |
| Less common stock in treasury:165,906 shares at June 30, 2012 and December 31, 2011 |
(1,552,382) |
(1,552,382) |
| Total stockholders' equity |
32,769,384 |
29,035,665 |
| Total liabilities and stockholders' equity |
$ 52,223,770 |
$ 55,655,999 |