Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) (USD $)
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income/(loss) $ 468,000 $ (615,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of intangible assets 0 3,000
Stock compensation expense for options and warrants issued to employees and non-employees 175,000 143,000
Non-cash interest expense 139,000 0
Amortization of debt discounts 294,000 29,000
Change in value of warrant and derivative liabilities (1,360,000) 145,000
Changes in operating assets and liabilities:    
Other assets (15,000) (12,000)
Accounts payable and accrued expenses 161,000 115,000
Net cash used in operating activities (138,000) (192,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of note payable (34,000) 0
Proceeds of short-term borrowings 35,000 220,000
Net cash provided by financing activities 1,000 220,000
Minority Interest 14,000 0
NET DECREASE IN CASH AND CASH EQUIVALENTS (123,000) 28,000
CASH AND CASH EQUIVALENTS - Beginning of period 123,000 92,000
CASH AND CASH EQUIVALENTS - End of period $ 0 $ 120,000