XML 40 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Cash received from customers and grants $ 7,035,382 $ 6,220,808
Cash paid to suppliers and employees (7,687,516) (6,164,372)
Interest received 1,830 1,337
Interest paid 0 (335)
Net cash (used in) provided by operating activities (650,304) 57,438
Acquisition of and deposits on fixed assets (66,789) (207,507)
Net cash (used in) investing activities (66,789) (207,507)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from option exercises 153,834 17,955
Expenses from sale of common stock 0 (87,517)
Payment of loan obligation 0 (133,483)
Net cash provided by (used in) financing activities 153,834 (203,045)
(DECREASE) IN CASH AND CASH EQUIVALENTS (563,259) (353,114)
Cash and cash equivalents - beginning of the period 9,650,275 2,951,859
Cash and cash equivalents - end of the period 9,087,016 2,598,745
RECONCILIATION OF NET (LOSS) INCOME TO NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES:    
Net (Loss) Income (224,739) 317,123
Adjustments:    
Depreciation and amortization 172,702 140,759
Deferred taxes (142,896) 153,387
(Recovery of) doubtful accounts 0 (34,000)
Share based compensation 70,430 138,379
Changes in assets and liabilities:    
Accounts receivable 1,222,309 (423,345)
Inventories (415,877) (113,418)
Prepaid expenses and other current assets (19,439) (7,185)
Deposits and other assets (271,773) 0
Accounts payable and accrued liabilities (1,041,021) (114,262)
Net cash (used in) provided by operating activities (650,304) 57,438
Supplemental disclosures for non-cash investing and financing activities:    
Deposits on manufacturing equipment transferred to fixed assets $ 16,410 $ 208,134