Quarterly report pursuant to Section 13 or 15(d)

Consolidated Condensed Balance Sheets

v2.4.0.6
Consolidated Condensed Balance Sheets (USD $)
Sep. 30, 2012
Dec. 31, 2011
CURRENT ASSETS    
Cash and cash equivalents $ 50,289 $ 222,775
Accounts receivable, net of allowances of $0 at September 30, 2012 and $9,600 at December 31, 2011 294,945 269,237
Inventories 905,653 1,069,013
Prepaid income taxes 7,381 4,739
Prepaid expenses and other current assets 510,446 143,591
Total current assets 1,768,714 1,709,355
PROPERTY AND EQUIPMENT, NET 43,257 89,171
OTHER ASSETS    
Deposits 6,472 6,472
Intangible assets, net 97,288 133,762
TOTAL ASSETS 1,915,731 1,938,760
CURRENT LIABILITIES    
Accounts payable 1,186,547 890,676
Accrued employee compensation 131,380 180,437
Accrued professional fees and other 295,442 247,738
Deferred revenue 27,084 36,669
Promissory note 161,022 150,000
Short-term loans 356,127   
Convertible debt, net of unamortized discount of $0 at September 30, 2012 and $17,088 as of December 31, 2011    394,912
Make-whole dividend liability 217,638   
Warrant derivative liability 267,566 436,553
Total current liabilities 2,642,806 2,336,985
LONG TERM LIABILITIES    
Deferred revenue 3,764 10,111
TOTAL LIABILITIES 2,646,570 2,347,096
COMMITMENTS AND CONTINGENCIES (Note 4)      
STOCKHOLDERS' DEFICIT    
Common stock, $.01 par value; 20,000,000 shares authorized; 11,189,612 shares issued and outstanding on September 30, 2012 and 6,723,993 shares issued and outstanding on December 31, 2011 111,896 67,240
Warrants to acquire preferred stock and common stock 2,932,137 2,203,101
Additional paid-in capital 15,741,825 13,823,875
Accumulated deficit (19,517,904) (16,503,440)
Total stockholders' deficit (730,839) (408,336)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT 1,915,731 1,938,760
Series C convertible preferred stock
    
STOCKHOLDERS' DEFICIT    
Convertible Preferred Stock    881
Series D convertible preferred stock
    
STOCKHOLDERS' DEFICIT    
Convertible Preferred Stock 3 7
Series E convertible preferred stock
    
STOCKHOLDERS' DEFICIT    
Convertible Preferred Stock 3   
Series G convertible preferred stock
    
STOCKHOLDERS' DEFICIT    
Convertible Preferred Stock $ 1,201