|
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
|
12 Months Ended |
|
Dec. 31, 2011
|
Dec. 31, 2010
|
| Revenues: |
|
|
| Equipment leasing |
$ 9,161,668 |
$ 9,749,671 |
| Administrative, field & support service revenues |
480,536 |
482,881 |
| Equipment sales |
220,978 |
124,316 |
| Royalty revenue |
|
282,815 |
| Total revenues |
9,863,182 |
10,639,683 |
| Operating expenses: |
|
|
| Cost of revenues |
3,122,803 |
3,495,918 |
| Research and development |
822,647 |
1,120,293 |
| Sales, general and administrative |
6,212,033 |
5,736,213 |
| Total operating expenses |
10,157,483 |
10,352,424 |
| Operating income (loss) |
(294,301) |
287,259 |
| Interest income (expense): |
|
|
| Interest income |
2 |
7 |
| Interest expense |
(912,391) |
(1,294,699) |
| Total interest expense |
(912,389) |
(1,294,692) |
| Loss before provision for income taxes |
(1,206,690) |
(1,007,433) |
| Provision for income taxes |
|
|
| Net loss |
(1,206,690) |
(1,007,433) |
| Preferred stock dividends and accretion |
(2,036,704) |
(1,442,983) |
| Net loss available to common stockholders |
$ (3,243,394) |
$ (2,450,416) |
| Basic and diluted loss per common share (in dollars per share) |
$ (0.30) |
$ (0.23) |
| Weighted average shares of common stock outstanding (in shares) |
10,929,784 |
10,868,372 |