Annual report pursuant to section 13 and 15(d)

Consolidated Balance Sheets

v2.4.0.6
Consolidated Balance Sheets (USD $)
Dec. 31, 2011
Dec. 31, 2010
ASSETS    
Cash and cash equivalents $ 3,014,656 $ 5,308,900
Trade accounts receivable, less allowance for doubtful accounts of $52,912 and $35,899 564,474 645,254
Inventories, less reserve of $895,415 and $270,797 2,977,047 3,543,526
Note receivable   1,110,982
Prepaid expenses 65,749 109,648
Other assets 26,359 15,605
Total current assets 6,648,285 10,733,915
Property and equipment:    
Machinery and equipment 1,283,693 1,182,556
Furniture and fixtures 643,339 645,292
Computers and software 798,257 791,035
Leasehold improvements 553,832 553,832
Total property and equipment 3,279,121 3,172,715
Accumulated depreciation and amortization (2,536,144) (2,091,230)
Net property and equipment 742,977 1,081,485
Goodwill 1,988,920 2,396,289
Other intangible assets, less accumulated amortization of $879,490 and $592,645 2,543,969 2,750,010
Other assets, net 23,857 58,510
Total assets 11,948,008 17,020,209
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable and accrued liabilities 1,070,916 1,270,937
Accrued compensation and benefits 206,803 213,414
Related party payable 18,151 35,212
Current portion of deferred rent 25,882 80,131
Other current liabilities 74 3,434
Total current liabilities 1,321,826 1,603,128
Convertible promissory notes to related parties, net of debt discount 2,314,854 2,231,588
Deferred rent, less current portion   25,882
Total liabilities 3,636,680 3,860,598
Commitments and contingencies      
Stockholders' Equity:    
Common stock, $.001 par value, 30,000,000 and 25,000,000 shares authorized, 16,452,738 and 16,245,503 issued and outstanding 16,453 16,246
Additional paid-in capital 50,007,362 49,386,782
Accumulated deficit (41,712,487) (36,243,417)
Total stockholders' equity 8,311,328 13,159,611
Total liabilities and stockholders' equity $ 11,948,008 $ 17,020,209