v2.4.0.8
Condensed Consolidated Statements of Operations (USD $)
3 Months Ended 6 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Sales, net* $ 11,659,707 [1] $ 10,317,737 [1] $ 22,078,324 [1] $ 20,037,164 [1]
Cost of sales* 7,475,352 [1] 6,594,889 [1] 13,975,505 [1] 12,881,664 [1]
Provision for obsolete inventory 0 100,000 0 100,000
Gross profit 4,184,355 3,622,848 8,102,819 7,055,500
Selling expense 2,933,150 2,770,866 5,828,533 5,393,858
General and administrative expense 1,244,459 1,159,606 2,510,064 2,488,206
Depreciation and amortization 214,638 229,857 427,762 460,939
Loss from operations (207,892) (537,481) (663,540) (1,287,503)
Other expense (174) (16) (174) (16)
Loss from equity investment in non-consolidated affiliate (17,956) (11,075) (24,077) (10,727)
Foreign exchange loss (171,863) (218,113) (111,523) (22,172)
Interest expense, net (268,480) (136,816) (497,299) (247,837)
Net change in fair value of warrant liability (3,519,164) 162,607 (3,966,415) 71,279
Income tax benefit 37,038 37,038 74,076 74,076
Net loss (4,148,491) (703,856) (5,188,952) (1,422,900)
Net income attributable to noncontrolling interests (278,044) (197,440) (530,416) (307,897)
Net loss attributable to controlling interests (4,426,535) (901,296) (5,719,368) (1,730,797)
Dividend to preferred shareholders (187,978) (184,199) (377,910) (364,150)
Net loss attributable to common shareholders $ (4,614,513) $ (1,085,495) $ (6,097,278) $ (2,094,947)
Net loss per common share, basic and diluted, attributable to common shareholders (in dollars per share) $ (0.04) $ (0.01) $ (0.06) $ (0.02)
Weighted average shares used in computation, basic and diluted, attributable to common shareholders (in shares) 110,459,802 108,491,137 109,944,744 108,441,966
[1] Sales, net and Cost of sales include excise taxes of $1,588,959 and $1,532,880 for the three months ended September 30, 2013 and 2012, respectively, and $3,013,179 and $2,914,421 for the six months ended September 30, 2013 and 2012, respectively.