|
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
|
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
| Revenues: | Â | Â | Â | Â |
| Equipment leasing | $ 2,188,954 | $ 2,436,362 | $ 4,530,247 | $ 4,876,376 |
| Administrative, field & support service revenues | 117,107 | 127,130 | 236,929 | 241,777 |
| Equipment sales | 111,502 | 46,105 | 150,802 | 54,290 |
| Royalty revenue | Â | 157,532 | Â | 282,815 |
| Total revenues | 2,417,563 | 2,767,129 | 4,917,978 | 5,455,258 |
| Operating expenses: | Â | Â | Â | Â |
| Cost of revenues | 762,778 | 803,030 | 1,598,821 | 1,757,083 |
| Research and development | 227,606 | 295,083 | 459,495 | 609,319 |
| Sales, general and administrative | 1,690,255 | 1,515,225 | 3,228,533 | 3,057,053 |
| Total operating expenses | 2,680,639 | 2,613,338 | 5,286,849 | 5,423,455 |
| Operating income (loss) | (263,076) | 153,791 | (368,871) | 31,803 |
| Interest income (expense): | Â | Â | Â | Â |
| Interest income | 1 | 1 | 2 | 5 |
| Interest expense | (386,435) | (328,015) | (745,927) | (652,387) |
| Total interest income (expense) | (386,434) | (328,014) | (745,925) | (652,382) |
| Loss before provision for income taxes | (649,510) | (174,223) | (1,114,796) | (620,579) |
| Provision for income taxes | ||||
| Net loss | (649,510) | (174,223) | (1,114,796) | (620,579) |
| Preferred stock dividends and accretion | (372,595) | (347,723) | (741,400) | (691,923) |
| Net loss available to common stockholders | $ (1,022,105) | $ (521,946) | $ (1,856,196) | $ (1,312,502) |
| Basic and diluted loss per common share (in dollars per share) | $ (0.09) | $ (0.05) | $ (0.17) | $ (0.12) |
| Weighted average shares of common stock outstanding (in shares) | 10,930,117 | 10,844,906 | 10,929,451 | 10,830,919 |