Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations

v2.4.0.6
Consolidated Statements of Operations (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Revenues        
Revenues $ 1,006,262 $ 842,885 $ 3,028,866 $ 1,536,630
Cost of revenues 307,061 311,717 1,007,288 570,605
Gross margin 699,201 531,168 2,021,578 966,025
Operating expenses        
General & administrative 637,113 961,136 2,354,369 2,152,977
Sales & marketing 406,815 240,722 1,135,934 514,185
Engineering, research, & development 155,365 174,802 448,446 499,120
Depreciation & amortization 130,579 191,783 431,962 318,560
Total operating expenses 1,329,872 1,568,443 4,370,711 3,484,842
Loss from operations (630,671) (1,037,275) (2,349,133) (2,518,817)
Other income/(expense)        
Interest income 252    2,821   
Interest expense, net (1,781,125) (133,055) (3,019,625) (376,548)
Change in fair market value of derivative liabilities 213,089 (401,710) 407,079 (986,216)
Loss on sale of asset       (164)   
Loss on adjustment in contingent consideration (157,943)    (81,161)   
Total other income/(expense) (1,725,727) (534,765) (2,691,050) (1,362,764)
Loss before income taxes (2,356,398) (1,572,040) (5,040,183) (3,881,581)
Income tax expense    1,600    1,562
Net loss $ (2,356,398) $ (1,573,640) $ (5,040,183) $ (3,883,143)
Net loss per share - basic and diluted $ (0.10) $ (0.07) $ (0.22) $ (0.19)
Weighted average number of shares during the period - basic and diluted 23,215,481 22,048,802 23,019,643 20,381,533