|
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)
|
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
| Revenues: | ||||
| Equipment leasing | $ 1,438,069 | $ 2,188,954 | $ 3,577,239 | $ 4,530,247 |
| Administrative, field & support service revenues | 134,381 | 117,107 | 263,277 | 236,929 |
| Equipment sales | 28,984 | 111,502 | 41,901 | 150,802 |
| Total revenues | 1,601,434 | 2,417,563 | 3,882,417 | 4,917,978 |
| Operating expenses: | ||||
| Cost of revenues | 683,894 | 762,778 | 1,383,535 | 1,598,821 |
| Research and development | 162,024 | 227,606 | 319,271 | 459,495 |
| Sales, general and administrative | 1,081,896 | 1,690,255 | 2,264,246 | 3,228,533 |
| Total operating expenses | 1,927,814 | 2,680,639 | 3,967,052 | 5,286,849 |
| Operating loss | (326,380) | (263,076) | (84,635) | (368,871) |
| Interest income (expense): | ||||
| Interest income | 1 | 2 | ||
| Interest expense | (88,478) | (386,435) | (177,679) | (745,927) |
| Total interest expense, net | (88,478) | (386,434) | (177,679) | (745,925) |
| Loss before provision for income taxes | (414,858) | (649,510) | (262,314) | (1,114,796) |
| Provision for income taxes | ||||
| Net loss | (414,858) | (649,510) | (262,314) | (1,114,796) |
| Preferred stock dividends and accretion | (640,613) | (372,595) | (1,281,226) | (741,400) |
| Net loss available to common stockholders | $ (1,055,471) | $ (1,022,105) | $ (1,543,540) | $ (1,856,196) |
| Basic and diluted loss per common share (in dollars per share) | $ (0.10) | $ (0.09) | $ (0.14) | $ (0.17) |
| Weighted average shares of common stock outstanding (in shares) | 10,934,747 | 10,930,117 | 10,932,432 | 10,929,451 |