Quarterly report pursuant to sections 13 or 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash Flows from Operating Activities:    
Net loss $ (13,532,848) $ (7,239,978)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 144,320 210,556
Amortization of intangibles 2,443,934 193,070
Amortization of debt discount and debt issuance costs   68,976
Amortization of deferred rent   (24,552)
Impairment charge   3,397,212
Gain on bargain purchase of business (742,750)  
Gain on debt restructuring   (1,048,308)
Interest expense forgiven on debt restructuring   140,667
Stock-based compensation 753,512 44,313
Change in fair value of embedded derivative 6,990,353  
Loss on disposal of property and equipment   6,062
Increase in inventory reserve and inventory write downs   629,004
(Increase) decrease in:    
Trade accounts receivable, net (1,756,613) (30,166)
Inventories (32,064) 1,011,366
Prepaid expense   (27,141)
Other assets (208,916) 25,959
Increase (decrease) in:    
Accounts payable, accrued liabilities and related party payable 654,999 (178,950)
Accrued compensation and benefits 249,789 (115,466)
Customer deposits (1,174,023)  
Deferred revenue 996,110  
Other liabilities   206
Net cash used in operating activities (5,214,197) (2,937,170)
Cash Flows from Investing Activities:    
Purchase of property and equipment (65,140) (19,599)
Patent and trademark costs   (83,076)
Proceeds from the sale of property and equipment   7,685
Net cash used in investing activities (8,637,959) (94,990)
Cash Flows from Financing Activities:    
Proceeds from issuance of common stock , net of issuance costs 4,947,791 5,195,225
Proceeds from restructure of convertible promissory notes   (880,000)
Proceeds from employee stock option exercises 265,012  
Net cash provided by financing activities 15,180,629 4,315,225
Net increase in Cash and Cash Equivalents 1,328,473 1,283,065
Cash and Cash Equivalents, beginning of period 4,434,292 3,014,656
Cash and Cash Equivalents, end of period 5,762,765 4,297,721
Non-cash investing and financing activities:    
Accrual of dividends on preferred stock 951,389  
Relume Technologies Inc
    
Cash Flows from Investing Activities:    
Acquisition, net of cash acquired (4,224,183)  
Seesmart Technologies Incorporated
    
Cash Flows from Investing Activities:    
Acquisition, net of cash acquired (3,848,636)  
Elite LED Solutions Incorporated
    
Cash Flows from Investing Activities:    
Acquisition, net of cash acquired (500,000)  
Series E Convertible Redeemable Preferred Stock
    
Cash Flows from Financing Activities:    
Proceeds from issuance of Convertible Preferred Stock, net of issuance costs 4,967,826  
Series F Convertible Redeemable Preferred Stock
    
Cash Flows from Financing Activities:    
Proceeds from issuance of Convertible Preferred Stock, net of issuance costs 5,000,000  
Series D Preferred Stock
    
Non-cash investing and financing activities:    
Common stock issued for acquisitions 62,730  
Conversion of Series D Preferred Stock 1,006,402  
Common Stock
    
Non-cash investing and financing activities:    
Common stock issued for acquisitions $ 8,618,719