v2.4.0.6
Condensed Consolidated Statements of Cash Flows (USD $)
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash Flows From Operating Activities    
Net loss $ (3,244,012) $ (4,900,559)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 109,726 109,432
Loss on sale of fixed assets 0 5,837
Stock-based compensation 117,550 [1] 996,395 [1]
Cancellation of shares pursuant to settlement agreement 0 (57,000)
Loss on extinguishment 531,436 0
Amortization of debt discount 7,915 433,333
Amortization of deferred financing costs 29,726 0
Deferred rent (22,212) 158,842
Changes in operating assets and liabilities:    
Accounts receivable, net 361,998 (573,910)
Prepaid expenses and other current assets 48,529 29,895
Deposits and other assets 0 (33,715)
Accounts payable 280,188 503,014
Accounts payable - related parties 55,503 16,910
Accrued expenses 307,649 75,692
Accrued interest 64,118 0
Accrued interest - related parties (11,634) 625
Deferred revenues 31,068 (47,335)
Total Adjustments 1,911,560 1,618,015
Net Cash Used in Operating Activities (1,332,452) (3,282,544)
Cash Flows From Investing Activities    
Acquisition of property and equipment (2,370) (216,813)
Acquisition of intangible assets (6,376) (61,217)
Net Cash Used in Investing Activities (8,746) (278,030)
Cash Flows From Financing Activities    
Proceeds from issuance of common stock and warrants, net 129,999 [2] 1,466,977 [2]
Proceeds from convertible notes payable - related parties 1,462,960 0
Proceeds from convertible notes payable 0 580,000
Proceeds from Bridge Units 0 500,000
Deferred financing costs (378,390) (61,843)
Due to factor, net 271,688 733,187
Payment of capital lease obligations 0 (3,237)
Net Cash Provided by Financing Activities 1,486,257 3,215,084
Net Increase (Decrease) In Cash 145,059 (345,490)
Cash - Beginning 16,799 613,443
Cash - Ending 161,858 267,953
Non-cash operating and financing activities:    
Issuance of accrued equity 10,583 1,560,030
Equity issuable (3,600) 0
Cancellation of shares 0 (57,000)
Conversion of notes payable and accrued interest into equity 779,736 0
Warrants issued in connection with issuance of notes payable 189,961 0
Shares issued in satisfaction of accounts payable 130,000 0
Convertible notes and warrants issued in satisfaction of amounts due to factor $ 684,000 $ 0
[1] Includes accrued issuable equity of $(54,150) and $68,750 for the six months ended June 30, 2013 and 2012, respectively.
[2] Gross proceeds of $150,000 and $1,653,611, less issuance costs of $20,001 and $186,634 for the six months ended June 30, 2013 and 2012, respectively.