|
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)
|
3 Months Ended |
|
Mar. 31, 2012
|
Mar. 31, 2011
|
| Revenues: |
|
|
| Equipment leasing |
$ 2,139,170 |
$ 2,341,293 |
| Administrative, field & support service revenues |
128,896 |
119,822 |
| Equipment sales |
12,917 |
39,300 |
| Total revenues |
2,280,983 |
2,500,415 |
| Operating expenses: |
|
|
| Cost of revenues |
699,640 |
836,043 |
| Research and development |
157,247 |
231,889 |
| Sales, general and administrative |
1,182,351 |
1,538,278 |
| Total operating expenses |
2,039,238 |
2,606,210 |
| Operating income (loss) |
241,745 |
(105,795) |
| Interest income (expense): |
|
|
| Interest income |
|
1 |
| Interest expense |
(89,201) |
(359,492) |
| Total interest expense |
(89,201) |
(359,491) |
| Income (loss) before provision for income taxes |
152,544 |
(465,286) |
| Provision for income taxes |
|
|
| Net income (loss) |
152,544 |
(465,286) |
| Preferred stock dividends and accretion |
(640,613) |
(368,805) |
| Net loss available to common stockholders |
$ (488,069) |
$ (834,091) |
| Basic and diluted loss per common share (in dollars per share) |
$ (0.04) |
$ (0.08) |
| Weighted average shares of common stock outstanding (in shares) |
10,930,117 |
10,928,784 |