XML 45 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
CASH FLOW FROM OPERATING ACTIVITIES:    
Net loss $ (870,409) $ (249,921)
Adjustments to reconcile net loss to cash (used in) provided by operating activities:    
Allowance for doubtful accounts   193,000
Depreciation 11,600 15,887
Amortization    
Intangible assets 5,635 5,635
Deferred costs 6,730  
Share-based compensation 40,017 38,109
Change in assets and liabilities:    
Accounts receivable trade 464,536 138,316
Factor 231,279 (13,898)
Inventory (2,339) 1,710
Prepaid expenses and other (12,508) 16,309
Accounts payable (499,792) (31,046)
Accrued liabilities (187,698) (17,888)
Deferred revenue (132,811) (85,619)
Net cash (used in) provided by operating activities (945,760) 10,594
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (13,849)  
Net cash used for investing activities (13,849)  
CASH FLOW FROM FINANCING ACTIVITIES:    
Issuance of common stock 902,693  
Repayment of note payable – related party (321,428)  
Proceeds from issuance of note payable 497,307  
Costs to issue common stock (46,176)  
Financing costs for note payable (57,203)  
Net cash provided by financing activities 975,193  
NET INCREASE IN CASH AND CASH EQUIVALENTS 15,584 10,594
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 83,989 43,437
CASH AND CASH EQUIVALENTS, END OF PERIOD 99,573 54,031
Cash paid for:    
Interest $ 51,494