v2.4.0.6
CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)
 6 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2010
Dec. 31, 2011
Dec. 31, 2010
Mar. 31, 2011
Cash flows from operating activities:        
Net loss $ (917,825) $ (10,201,446) $ (1,219,293) $ (6,979,498)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation of property, plant and equipment 1,199 36,101 13,817 22,908
Amortization of discount on convertible debt 309,375 1,993,650      
Amortization of deferred financing costs 105,750 2,149,491      
Allowance for bad debts        92,584
Warrants issued for services   135,207     
Share-based compensation    283,199 450,264 560,880
Interest accretion in related party note payable    15,781 34,585 91,219
Shares issued for consulting services    184,000 328,500 365,500
Change in fair value of warrants    (411,421) (2,121,288) 1,935,256
Accrued interest income - related party (5,961)    (10,440) (10,440)
Accrued registration penalty       75,000 156,000
Change in derivative liability   (209,351)     
Loss on extinguishment of debt   2,950,513     
Accrued interest-related party 2,321 (1,070) 33 33
Write-down of investments        522,100
Changes in operating assets and liabilities:        
Accounts receivable (5,830) (1,064,334) (61,183) (164,587)
Deposits towards inventory purchases   (2,134,298)     
Inventories, net (46,188) (1,484,532) 7,151 45,081
Deferred production costs      (19,413)  
Prepaid expenses and other current assets (65,170) (348,227) (42,733) 18,800
Accounts payable 66,441 983,836 129,122 266,392
Deferred revenue 86,450 (20,402) 13,550 (2,202)
Accrued interest - related party 2,321 (1,070) 33 33
Accrued expenses and other current liabilities 61,050 300,489 22,247 47,276
Net cash used in operating activities (408,388) (6,842,815) (2,400,081) (3,032,698)
Cash flows from investing activities:        
Investments (90,000)    (582,100) (582,100)
Deposit on asset acquisition   (57,000)     
Reverse recapitalization transaction       (320,000) (320,000)
Advance to related party (135,000)       
Additions to property, plant and equipment (30,884) (92,517) (77,907) (85,955)
Net cash used in investing activities (255,884) (149,517) (980,007) (988,055)
Cash flows from financing activities:        
Proceeds from issuance of convertible debt 687,500 2,550,000      
Costs associated with convertible debt (105,750) (342,586)      
Proceeds of notes payable 50,000 82,694 27,295 27,293
Deferred offering costs        (63,500)
Repayment of notes payable    (44,346) (58,721) (67,579)
Repayment of loans from related parties        (513)
Loans from related parties 107,513    (513)   
Proceeds from private placement of common stock    13,670,000 3,825,000 4,475,000
Costs associated with private placement    (1,861,647) (349,437) (389,437)
Net cash provided by financing activities 739,263 14,054,115 3,443,624 3,981,264
Net increase in cash and cash equivalents 74,991 7,061,783 63,536 (39,489)
Cash and cash equivalents - beginning of period    35,502 74,991 74,991
Cash and cash equivalents - end of period 74,991 7,097,285 138,527 35,502
Supplemental disclosures of cash flow information        
Interest paid in cash    9,507 93,884 96,841
Taxes paid in cash            
Common shares issued towards settlement of notes payable    107,000 687,500 687,000
Common shares issued in payment of related party receivables       151,400 151,400
Shares issued on acquisition deposit    500,000      
Warrants issued with debt      2,182,732   
Cashless exercise of placement agent warrants    3,594,435      
Deferred offering costs    63,500      
Beneficial conversion feature on note payable    243,711    107,000
Settlement of derivative liabilities    13,323      
Warrant liabilities    27,647,425 2,182,732 2,182,732
Common shares issued in conversion of notes payable    $ 4,980,763