Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (unaudited)

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Consolidated Statements of Cash Flows (unaudited) (USD $)
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Cash flows from operating activities:    
Net loss $ (2,109,325) $ (2,291,274)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation 55,691 75,129
Amortization of intangible assets 29,419 10,676
Amortization of deferred financing costs 34,951 1,059,167
Amortization of debt discount 12,238 8,578
Stock-based compensation 157,860 30,000
Change in fair value of warrant liability   119,460
Change in assets and liabilities:    
Accounts receivable (96,329) (85,251)
Inventory (365,796) 30,429
Prepaid expenses and other (106,033) 32,973
Accounts payable and accrued expenses (78,727) (146,867)
Net cash used for operating activities (2,478,289) (1,156,980)
Cash flows from investing activities:    
Purchase of property and equipment (29,313)  
Acquisition of intangible assets (41,236) (17,981)
Net cash used for investing activities (70,549) (17,981)
Cash flows from financing activities:    
Debt issuance costs   (37,346)
Proceeds from exercise of stock options 63  
Payment of fractional shares from Merger (59)  
Net cash provided by (used for) financing activities 4 (37,346)
Net decrease in cash and cash equivalents (2,548,834) (1,212,307)
Cash and cash equivalents, beginning of year 8,190,781 1,799,048
Cash and cash equivalents, end of period 5,641,947 586,741
Supplemental disclosures of cash flow activity:    
Cash paid for interest 125,125 184,051
Series B preferred stock
    
Supplemental disclosure of non-cash investing and financing activities:    
Accretion of dividends preferred stock   110,849
Series C preferred stock
    
Supplemental disclosure of non-cash investing and financing activities:    
Accretion of dividends preferred stock   187,601
Series D preferred stock
    
Supplemental disclosure of non-cash investing and financing activities:    
Accretion of dividends preferred stock   $ 77,329