|
Condensed Consolidated Balance Sheets (Unaudited) (USD $)
|
Sep. 30, 2012
|
Dec. 31, 2011
|
| Current assets: |
|
|
| Cash and cash equivalents |
$ 9,461,404 |
$ 13,856,893 |
| Accounts receivable, less allowance of $0 at September 30, 2012 and December 31, 2011 |
7,661,038 |
13,388,909 |
| Inventory |
13,005,120 |
10,354,707 |
| Prepaid expenses and other current assets |
1,552,429 |
1,894,014 |
| Total current assets |
31,679,991 |
39,494,523 |
| Property, plant, and equipment (net of accumulated depreciation of $26,913,460 at September 30, 2012 and $25,616,113 at December 31, 2011) |
7,404,490 |
8,686,840 |
| Note Receivable |
585,611 |
|
| Intangible assets, net |
5,896,909 |
7,474,636 |
| Total assets |
45,567,001 |
55,655,999 |
| Current liabilities: |
|
|
| Accounts payable |
5,541,807 |
4,668,721 |
| Accrued expenses |
2,075,772 |
3,172,998 |
| Product warranty reserve |
2,968,613 |
1,210,909 |
| Borrowings under line of credit |
1,000,000 |
5,405,110 |
| Deferred revenue |
4,175,560 |
2,505,175 |
| Other current liabilities |
334,085 |
80,000 |
| Total current liabilities |
16,095,837 |
17,042,913 |
| Common stock warrant liability |
1,594,323 |
5,320,990 |
| Deferred revenue |
3,567,583 |
3,036,829 |
| Other liabilities |
1,264,621 |
1,219,602 |
| Total liabilities |
22,522,364 |
26,620,334 |
| Stockholders' equity: |
|
|
| Common stock, $0.01 par value per share; 245,000,000 shares authorized; Issued (including shares in treasury): 38,197,255 at September 30, 2012 and 22,924,411 at December 31, 2011 |
381,973 |
229,244 |
| Additional paid-in capital |
801,351,649 |
784,213,871 |
| Accumulated other comprehensive income |
1,035,329 |
928,744 |
| Accumulated deficit |
(778,171,932) |
(754,783,812) |
| Less common stock in treasury:165,906 shares at September 30, 2012 and December 31, 2011 |
(1,552,382) |
(1,552,382) |
| Total stockholders' equity |
23,044,637 |
29,035,665 |
| Total liabilities and stockholders' equity |
$ 45,567,001 |
$ 55,655,999 |