XML 20 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Loss $ (1,219,364) $ (946,537)
Depreciation 34,019 32,514
Warrants issued as debt issuance fees 12,274   
Common stock issued for services 6,993 1,458
Amortization of prepaid expenses paid in common stock 27,401 4,696
Gain on debt settlement, net (28,195) (33,602)
Compensation expense related to grant of stock options 415,841 20,880
Change in fair value of embedded conversion option liability (306,340) (331,136)
Amortization of debt issue costs 30,480   
Amortization of debt discount 350,265 251,458
Accounts receivable 1,368,561 (47,925)
Prepaid expenses and other current assets (30,783) (27,751)
Costs in excess of billings on uncompleted contracts    (7,916)
Costs and estimated earnings in excess of billings on uncompleted contracts (31,253) (197,003)
Deposits (6,250) 239
Accounts Payable (899,700) 14,253
Accounts Payable - related party (109,145) (7,512)
Accrued expenses 107,138 115,520
Accrued rent 4,709 4,709
Sales tax payable (5,438)   
Billings in excess of costs on uncompleted contracts (102,921)   
Billings in excess of costs and estimated earnings on uncompleted contracts    (5,801)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (381,708) (1,159,456)
Purchase of equipment (4,213)   
NET CASH USED IN INVESTING ACTIVITIES (4,213)   
Proceeds from Sale of Common Stock 1,050,000 1,717,251
Payments of offering costs related to sale of common stock (84,000) (254,515)
NET CASH PROVIDED BY FINANCING ACTIVITIES 966,000 1,462,736
NET INCREASE IN CASH 580,079 303,280
CASH AT BEGINNING OF PERIOD 468,776 64,074
CASH AT END OF PERIOD 1,048,855 367,354
Cash paid for interest 6,134 5,112
Cash paid for income tax 1,071 1,635
Convertible debt converted to shares of common stock 1,000,000   
Convertible accrued interest converted to common stock 47,836   
Common stock issued for debt settlement 29,000 120,613
Common stock issued as interest settlement    17,384
Embedded conversion option liability recorded as debt discount    $ 18,480