XML 44 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (Unaudited) (USD $)
9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Operating activities:    
Net income/ (loss) $ (27,695,244) $ 2,555,662
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 1,584,864 485,323
Depreciation 3,471,282 1,976,031
Inventory provision    150,271
Amortization Expense 10,529,684 5,958,831
Change in fair value of warrant liability (197,128)   
Loss on extinguishment of debt 3,708,537 11,385,468
Gain on sale or disposal of assets (281,693) (188,208)
Gain on acquisition bargain purchase    (40,332,333)
Changes in assets and liabilities:    
Accounts receivable (704,442) 2,607,319
Inventory (674,574) (167,115)
Prepaid expenses 148,647 179,584
Other current assets and other assets (332,288) 189,619
Accounts payable (3,230,690) 2,164,091
Accrued interest expense and fees, net of payments 8,493,926 941,767
Other liabilities (906,709) (384,941)
Net cash used in operating activities (6,085,828) (12,478,631)
Investing activities:    
Capital expenditures (428,833) (1,289,881)
Proceeds from the sale of assets 1,174,575 1,121,830
Acquisition of Cilion    (16,500,000)
Net cash provided/(used in) investing activities 745,742 (16,668,051)
Financing activities:    
Proceeds from borrowing under secured debt facilities 4,800,000 35,447,865
Repayments of borrowing under secured debt facilities    (8,962,259)
Proceeds from borrowings under unsecured and subdebt term notes and working capital lines of credit 4,029,594 5,625,275
Repayments of borrowings under unsecured and subdebt notes and working capital facility (3,616,063) (3,216,448)
Issuance of Common stock through Equity offering and Warrant exercises 1,082,735   
Net cash provided by financing activities 6,296,266 28,894,433
Effect of exchange rate changes on cash and cash equivalents (133,349) 80,450
Net cash and cash equivalents increase (decrease) for period 822,831 (171,799)
Cash and cash equivalents at beginning of period 290,603 249,466
Cash and cash equivalents at end of period 1,113,434 77,667
Supplemental disclosures of cash flow information, cash paid:    
Interest payments 2,067,920 2,090,096
Interest payments to related party    155,612
Income taxes expense 5,600 3,200
Supplemental disclosures of cash flow information, non-cash transactions:    
Issuance of warrants to subordinated debt holders 1,127,120   
Payment of principal, fees and interest by issuance of stock 3,210,604 14,542,162
Issuance of shares to related party for repayment of line of credit 821,946   
Issuance of warrants to non-employees to secure procurement and working capital agreement 335,617   
Other asset transferred to related party 170,000   
Warrant liability transferred to equity upon exercise 1,006,648   
Issuance of shares for acquisition    15,600,000
Beneficial conversion discount on related party debt    289,658
Seller note payable at fair value    $ 3,583,714