Consolidated Balance Sheets
December 31, 2008 and 2007
26
2008
2007
A
ssets
C
urrent assets
C C
a
sh and cash equivalents
$ 9,175,712
$ 27,521,625
A A
c
counts receivable
559,788
485,590
Inventory
1,696,252
765,107
P P
r
epaid expenses
796,453
283,028
T
otal current assets
12,228,205
29,055,350
P
roperty and equipment, net of accumulated depreciation
1,254,571
1,329,563
T
otal assets
$ 13,482,776
$ 30,384,913
L
iabilities and Shareholders´ Equity
C
urrent liabilities
A A
c
counts payable
$ 741,659
$ 974,952
A A
c
crued liabilities
935,797
2,830,017
Deferred revenue
1,198,992
1,605,666
C C
u
rrent installments of obligation under a capital lease
20,339
18,462
L L
ia
bility for warrants
618
997,930
T
otal current liabilities
2,897,405
6,427,027
C
apital lease obligation, excluding current installments
16,601
36,940
T
otal liabilities
2,914,006
6,463,967
Shareholders´ equity
C C
o
mmon stock, $0.001 par, authorised and issued and outstanding 22 million
22,000
22,000
A A
d
ditional paid-in capital
59,874,782
55,818,617
R R
e
tained deficit
(49,323,817
)
(31,919,006
)
Treasury stock of 321,937 (2007: 79,120) common stock $0.001 par
(4,195
)
(665
)
T
otal shareholders´ equity
10,568,770
23,920,946
T
otal liabilities and shareholders´ equity
$ 13,482,776
$ 30,384,913
See accompanying notes to consolidated financial statements.
