Annual report pursuant to section 13 and 15(d)

Balance Sheets

v2.4.0.8
Balance Sheets (USD $)
Dec. 31, 2012
Dec. 31, 2011
Current Assets:    
Cash and cash equivalents $ 1,620,005 $ 145,478
Accounts receivable 445,432 401,580
Inventory 899,702 968,818
Cost of deferred product revenue 47,639  
Prepaid expenses and other current assets 63,234 19,773
Total current assets 3,076,012 1,535,649
Property and equipment, net 1,287,115 1,218,830
Software license inventory 1,137,500  
Deferred financing costs 24,219 214,469
Other assets 26,900 61,481
Total assets 5,551,746 3,030,429
Current liabilities:    
Accounts payable 1,961,195 4,037,168
Accrued compensation 278,124 1,011,413
Accrued interest   971,733
Other accrued liabilities 1,177,142 2,015,046
Derivative liability 2,129,091  
Related party deferred license revenue 650,000 2,600,000
Deferred product revenue 112,725  
Convertible notes payable, net of unamortized discount of $117,405   3,953,595
Total current liabilities 6,308,277 14,588,955
Related party deferred revenue   1,396,374
Related party accrued interest   799,102
Other accrued liabilities 574,722 209,143
Related party convertible notes payable, net of unamortized discount of $0 and $432,706 at December 31, 2012 and 2011, respectively 4,338,601 4,377,294
Convertible notes payable, net of unamortized discount discount of $0 and $316,610 at December 31, 2012 and 2011, respectively 2,000,000 3,308,390
Junior secured notes payable, net of unamortized discount of $2,804,451 and $2,805,686 at December 31, 2012 and December 31, 2011, respectively 195,549 194,314
Total liabilities 13,417,149 24,873,572
Commitments and contingencies (Notes 5, 8, 10 and 11)      
Stockholders' deficit:    
Series A convertible preferred stock; $.01 par value; 8,000,000 shares authorized, 7,965,000 shares issued and outstanding at December 31, 2011   7,965,000
Common stock, $.01 par value; at December 31, 2012, 100,000,000, 48,418,830 and 48,093,000 shares authorized, issued, and outstanding, respectively; at December 31, 2011, 70,000,000 16,410,820, and 16,084,990 shares authorized, issued, and outstanding, respectively 484,187 164,108
Additional paid-in capital 58,995,972 31,495,593
Treasury stock, at cost, 325,830 common shares (1,679,234) (1,679,234)
Accumulated deficit (65,666,328) (59,788,610)
Total stockholders' deficit (7,865,403) (21,843,143)
Total liabilities and stockholders' deficit $ 5,551,746 $ 3,030,429