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, 2012
Mar. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (615,000) $ (1,923,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of intangible assets 3,000 7,000
Stock compensation expense for options and warrants issued to employees and non-employees 143,000 44,000
Issuance of shares for services    97,000
Amortization of debt discounts 29,000 83,000
Change in value of warrant and derivative liabilities 145,000 (103,000)
Changes in operating assets and liabilities:    
Other assets (120,000) (12,000)
Accounts payable and accrued expenses 115,000 1,660,000
Net cash used in operating activities (192,000) (147,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the exercise of options and warrants      
Proceeds of short-term borrowings 220,000 94,000
Net cash provided by financing activities 220,000 94,000
NET DECREASE IN CASH AND CASH EQUIVALENTS 28,000 (53,000)
CASH AND CASH EQUIVALENTS - Beginning of period 92,000 54,000
CASH AND CASH EQUIVALENTS - End of period $ 120,000 $ 1,000