Quarterly report pursuant to sections 13 or 15(d)

Consolidated Statements of Cash Flows

v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Cash Flows from Operating Activities:    
Net loss $ (5,318,083) $ (1,770,503)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 38,354 123,278
Amortization of intangibles 950,075 73,425
Amortization of debt discount and debt issuance costs   22,767
Amortization of deferred rent   (20,965)
Gain on bargain purchase of business (742,750)  
Stock-based compensation 192,094 26,239
Change in fair value of embedded derivative 3,169,083  
Loss on disposal of property and equipment   6,062
(Increase) decrease in:    
Trade accounts receivable, net (4,134,769) 39,042
Inventories 164,960 494,428
Other assets (649,395) 4,775
Increase (decrease) in:    
Accounts payable, accrued liabilities and related party payable 2,057,753 (33,217)
Accrued compensation and benefits 473,953 (46,029)
Customer deposits (1,244,036)  
Deferred revenue 33,603  
Other liabilities   24,000
Total adjustments 308,925 713,805
Net cash used in operating activities (5,009,158) (1,056,698)
Cash Flows from Investing Activities:    
Purchase of property and equipment (4,281) (19,600)
Patent and trademark costs   (30,639)
Proceeds from the sale of property and equipment   7,685
Net cash used in investing activities (3,254,903) (42,554)
Cash Flows from Financing Activities:    
Proceeds from issuance of Series E convertible preferred stock, net of issuance costs 4,967,826  
Proceeds from issuance of common stock, net of issuance costs 4,821,790  
Net cash provided by financing activities 9,789,616  
Net increase (decrease) in Cash and Cash Equivalents 1,525,555 (1,099,252)
Cash and Cash Equivalents, beginning of period 4,434,292 3,014,656
Cash and Cash Equivalents, end of period 5,959,847 1,915,404
Seesmart Technologies Incorporated
    
Cash Flows from Investing Activities:    
Acquisition, net of cash acquired (2,750,622)  
Elite LED Solutions Incorporated
    
Cash Flows from Investing Activities:    
Acquisition, net of cash acquired (500,000)  
Series D Preferred Stock
    
Non-cash investing and financing activities:    
Stock issued for acquisition 62,730  
Common Stock
    
Non-cash investing and financing activities:    
Stock issued for acquisition $ 1,184,086