|
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
|
3 Months Ended |
|
Mar. 31, 2012
|
Mar. 31, 2011
|
| Cash Flows From Operating Activities |
|
|
| Net income (loss) |
$ 152,544 |
$ (465,286) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
| Depreciation and amortization |
324,655 |
308,628 |
| Stock based compensation |
22,660 |
81,270 |
| Provision for Doubtful Accounts |
10,000 |
53,940 |
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
(393,305) |
189,252 |
| Inventories |
(45,222) |
55,065 |
| Prepaid expenses and other assets |
(9,362) |
(90,842) |
| Accounts payable |
(16,006) |
(104,566) |
| Accrued expenses |
(153,923) |
108,209 |
| Deferred revenues |
(5,575) |
(8,612) |
| Accrued interest payable |
48,354 |
316,434 |
| Net cash provided by (used in) operating activities |
(65,180) |
443,492 |
| Cash Flows From Investing Activities |
|
|
| Purchases of leasehold improvements and equipment |
(430,162) |
(159,647) |
| Capitalization of software development costs |
|
(96,738) |
| Net cash used in investing activities |
(430,162) |
(256,384) |
| Cash Flows From Financing Activities |
|
|
| Principal proceeds from long-term debt |
480,000 |
275,000 |
| Proceeds from revolving line of credit, net |
|
450,000 |
| Principal payments on long-term debt |
(236,601) |
(436,378) |
| Net cash provided by financing activities |
243,399 |
288,622 |
| Increase (decrease) in cash |
(251,943) |
475,730 |
| Cash at beginning of period |
505,500 |
88,956 |
| Cash at end of period |
253,557 |
564,686 |
| Supplemental Non-cash Disclosure |
|
|
| Equipment purchases included in accounts payable |
$ 139,620 |
$ 309,175 |