|
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)
|
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
|
| Revenues: | ||||
| Equipment leasing | $ 1,394,189 | $ 2,299,640 | $ 4,971,427 | $ 6,829,887 |
| Administrative, field & support service revenues | 136,666 | 117,941 | 399,943 | 354,870 |
| Equipment sales | 118,308 | 60,869 | 160,210 | 211,672 |
| Total revenues | 1,649,163 | 2,478,450 | 5,531,580 | 7,396,429 |
| Operating expenses: | ||||
| Cost of revenues | 603,871 | 726,345 | 1,987,407 | 2,325,166 |
| Research and development | 156,158 | 176,049 | 475,429 | 635,544 |
| Sales, general and administrative | 998,094 | 1,371,261 | 3,262,339 | 4,599,794 |
| Total operating expenses | 1,758,123 | 2,273,655 | 5,725,175 | 7,560,504 |
| Operating income (loss) | (108,960) | 204,795 | (193,595) | (164,075) |
| Interest income (expense): | ||||
| Interest income | 2 | |||
| Interest expense | (88,786) | (84,710) | (266,465) | (830,637) |
| Total interest expense, net | (88,786) | (84,710) | (266,465) | (830,635) |
| Income (loss) before provision for income taxes | (197,746) | 120,085 | (460,060) | (994,710) |
| Provision for income taxes | ||||
| Net income (loss) | (197,746) | 120,085 | (460,060) | (994,710) |
| Preferred stock dividends and accretion | (2,889) | (647,652) | (1,284,114) | (1,389,052) |
| Net loss available to common stockholders | $ (200,635) | $ (527,567) | $ (1,744,174) | $ (2,383,762) |
| Basic and diluted loss per common share (in dollars per share) | $ (0.02) | $ (0.05) | $ (0.15) | $ (0.22) |
| Weighted average shares of common stock outstanding (in shares) | 12,175,853 | 10,930,117 | 11,350,239 | 10,929,673 |