Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows (USD $)
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash Flows from Operating Activities:    
Net loss $ (1,160,000) $ (10,453,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 195,000 79,000
Amortization of intangibles 1,885,000 1,978,000
Gain on purchase of business   (743,000)
Change in fair value of contingent consideration (205,000)  
Deferred income tax benefit (5,964,000)  
Stock-based compensation 361,000 701,000
Change in fair value of embedded derivative   6,990,000
(Increase) decrease in:    
Trade accounts receivable, net (2,258,000) (4,762,000)
Inventories (226,000) 463,000
Other assets 128,000 (408,000)
Increase (decrease) in:    
Accounts payable and accrued liabilities (1,358,000) 1,836,000
Accrued compensation and benefits 263,000 236,000
Customer deposits 367,000 (1,151,000)
Deferred revenue 100,000 64,000
Net cash used in operating activities (7,872,000) (5,170,000)
Cash Flows from Investing Activities:    
Purchase of property and equipment (228,000) (14,000)
Net cash used in investing activities (10,312,000) (3,864,000)
Cash Flows from Financing Activities:    
Proceeds from issuance of Series E convertible preferred stock, net of issuance costs   4,968,000
Proceeds from issuance of common stock, net of issuance costs   4,760,000
Fees related to issuance of common stock (37,000)  
Short-term borrowings 207,000  
Proceeds of loans from affiliates of controlling stockholder 17,959,000  
Proceeds from employee stock options   219,000
Net cash provided by financing activities 18,129,000 9,947,000
Net increase (decrease) in Cash and Cash Equivalents (55,000) 913,000
Cash and Cash Equivalents, beginning of period 1,757,000 4,434,000
Cash and Cash Equivalents, end of period 1,702,000 5,347,000
Non-cash investing and financing activities:    
Contingent consideration 7,919,000 872,000
Series D Preferred Stock
    
Non-cash investing and financing activities:    
Issuance of stock   63,000
Conversion of Series D Preferred Stock   1,006,000
Common Stock
    
Non-cash investing and financing activities:    
Issuance of stock 20,908,000 1,295,000
Series G Preferred Stock
    
Non-cash investing and financing activities:    
Issuance of stock 18,000,000  
Seesmart Technologies Incorporated
    
Cash Flows from Investing Activities:    
Acquisition, net of cash acquired   (3,350,000)
Elite LED Solutions Incorporated
    
Cash Flows from Investing Activities:    
Acquisition, net of cash acquired   (500,000)
Value Lighting
    
Cash Flows from Investing Activities:    
Acquisition, net of cash acquired $ (10,084,000)