Quarterly report pursuant to sections 13 or 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash Flows from Operating Activities:    
Net loss $ (10,452,641) $ (7,498,947)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 78,632 193,450
Amortization of intangibles 1,977,565 144,954
Amortization of debt discount and debt issuance costs   46,191
Amortization of deferred rent   (23,223)
Impairment charge   3,397,212
Gain on purchase of business (742,750)  
Stock-based compensation 700,885 44,086
Change in fair value of embedded derivative 6,990,353  
Loss on disposal of property and equipment   6,062
Increase in inventory reserve and inventory write downs   948,366
(Increase) decrease in:    
Trade accounts receivable, net (4,762,136) 51,401
Inventories 463,194 571,329
Other assets (408,098) (38,396)
Increase (decrease) in:    
Accounts payable, accrued liabilities and related party payable 1,836,314 252,778
Accrued compensation and benefits 235,536 (34,020)
Customer deposits (1,150,665)  
Deferred revenue 64,221  
Other liabilities   84,000
Net cash used in operating activities (5,169,590) (1,854,757)
Cash Flows from Investing Activities:    
Purchase of property and equipment (13,524) (19,601)
Patent and trademark costs   (62,474)
Proceeds from the sale of property and equipment   7,685
Net cash used in investing activities (3,864,151) (74,390)
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 4,760,412  
Proceeds from Employee Stock Options 218,572  
Net cash provided by financing activities 9,946,810  
Net increase (decrease) in Cash and Cash Equivalents 913,069 (1,929,147)
Cash and Cash Equivalents, beginning of period 4,434,292 3,014,656
Cash and Cash Equivalents, end of period 5,347,361 1,085,509
Non-cash investing and financing activities:    
Accrual of dividends on cumulative preferred stock 593,056  
Seesmart Technologies Incorporated
    
Cash Flows from Investing Activities:    
Acquisition, net of cash acquired (3,350,627)  
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:    
Common stock issued for acquisition 62,730  
Conversion of Series D Preferred Stock 1,006,402  
Common Stock
    
Non-cash investing and financing activities:    
Common stock issued for acquisition $ 1,295,447