2013 Q1 Form 10-Q Financial Statement

#000119312513213296 Filed on May 10, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $929.0K $669.0K
YoY Change 38.86% -57.84%
Cost Of Revenue $1.847M $76.00K
YoY Change 2330.26% -91.67%
Gross Profit -$922.0K $669.0K
YoY Change -237.82% 14.95%
Gross Profit Margin -99.25% 100.0%
Selling, General & Admin $3.830M $3.993M
YoY Change -4.08% 37.39%
% of Gross Profit 596.84%
Research & Development $1.413M $1.177M
YoY Change 20.05% 6.95%
% of Gross Profit 175.93%
Depreciation & Amortization $21.00K $98.00K
YoY Change -78.57% -60.06%
% of Gross Profit 14.65%
Operating Expenses $5.239M $4.417M
YoY Change 18.61% 10.24%
Operating Profit -$6.161M -$3.712M
YoY Change 65.98% 8.39%
Interest Expense -$231.0K $173.5K
YoY Change -233.14% 56.47%
% of Operating Profit
Other Income/Expense, Net -$789.0K $45.00K
YoY Change -1853.33% 227.61%
Pretax Income -$6.950M -$3.700M
YoY Change 87.84% 8.5%
Income Tax
% Of Pretax Income
Net Earnings -$8.673M -$4.713M
YoY Change 84.02% 38.17%
Net Earnings / Revenue -933.58% -704.48%
Basic Earnings Per Share
Diluted Earnings Per Share -$78.82M -$58.88M
COMMON SHARES
Basic Shares Outstanding 30.34M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.10M $21.53M
YoY Change -34.51% 111.49%
Cash & Equivalents $14.10M $21.53M
Short-Term Investments
Other Short-Term Assets $980.0K $400.0K
YoY Change 145.0% -20.0%
Inventory $303.1K
Prepaid Expenses
Receivables $499.0K $891.9K
Other Receivables $0.00 $0.00
Total Short-Term Assets $15.58M $23.13M
YoY Change -32.62% 102.51%
LONG-TERM ASSETS
Property, Plant & Equipment $615.0K $4.316M
YoY Change -85.75% -17.8%
Goodwill $1.130M
YoY Change
Intangibles $2.844M
YoY Change
Long-Term Investments
YoY Change
Other Assets $98.00K $460.4K
YoY Change -78.71% 58.75%
Total Long-Term Assets $1.045M $8.750M
YoY Change -88.06% 6.97%
TOTAL ASSETS
Total Short-Term Assets $15.58M $23.13M
Total Long-Term Assets $1.045M $8.750M
Total Assets $16.63M $31.88M
YoY Change -47.84% 62.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.850M $740.0K
YoY Change 150.0% -47.52%
Accrued Expenses $3.734M $2.462M
YoY Change 51.65% 262.09%
Deferred Revenue
YoY Change
Short-Term Debt $1.410M $4.000M
YoY Change -64.75% 1718.18%
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $10.17M $9.893M
YoY Change 2.79% 289.49%
LONG-TERM LIABILITIES
Long-Term Debt $3.390M $20.00K
YoY Change 16850.0% -99.51%
Other Long-Term Liabilities $218.0K $97.83K
YoY Change 122.84% -88.62%
Total Long-Term Liabilities $218.0K $97.83K
YoY Change 122.84% -98.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.17M $9.893M
Total Long-Term Liabilities $218.0K $97.83K
Total Liabilities $17.24M $11.70M
YoY Change 47.3% 56.23%
SHAREHOLDERS EQUITY
Retained Earnings -$259.8M -$224.1M
YoY Change 15.95%
Common Stock $258.5M $244.2M
YoY Change 5.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$609.0K $20.17M
YoY Change
Total Liabilities & Shareholders Equity $16.63M $31.88M
YoY Change -47.84% 62.64%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income -$8.673M -$4.713M
YoY Change 84.02% 38.17%
Depreciation, Depletion And Amortization $21.00K $98.00K
YoY Change -78.57% -60.06%
Cash From Operating Activities -$6.770M -$5.159M
YoY Change 31.22% 112.03%
INVESTING ACTIVITIES
Capital Expenditures $37.00K $20.00K
YoY Change 85.0% 151.64%
Acquisitions
YoY Change
Other Investing Activities $4.870M -$260.0K
YoY Change -1973.08%
Cash From Investing Activities $4.830M -$280.0K
YoY Change -1824.81% 3423.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $791.0K $19.49M
YoY Change -95.94% 699.76%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 790.0K 19.53M
YoY Change -95.96% 462.82%
NET CHANGE
Cash From Operating Activities -6.770M -5.159M
Cash From Investing Activities 4.830M -280.0K
Cash From Financing Activities 790.0K 19.53M
Net Change In Cash -1.150M 14.09M
YoY Change -108.16% 1269.16%
FREE CASH FLOW
Cash From Operating Activities -$6.770M -$5.159M
Capital Expenditures $37.00K $20.00K
Free Cash Flow -$6.807M -$5.179M
YoY Change 31.42% 112.15%

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CY2013Q1 us-gaap Net Cash Provided By Used In Discontinued Operations
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CY2013Q1 us-gaap Increase Decrease In Other Operating Liabilities
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CY2013Q1 dei Document Type
DocumentType
10-Q
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CY2013Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2013Q1 us-gaap Contracts Revenue
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CY2013Q1 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
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CY2013Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
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P9Y2M12D
CY2013Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
21000
CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
441000
CY2013Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.44
CY2013Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2013Q1 us-gaap Other Noncash Income Expense
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4000
CY2013Q1 us-gaap Sales Revenue Goods Net
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105000
CY2013Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-416000
CY2013Q1 us-gaap Proceeds From Issuance Of Common Stock
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CY2013Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y2M12D
CY2013Q1 us-gaap Other Nonoperating Income Expense
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CY2013Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
3.58
CY2013Q1 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
291000
CY2013Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
3657000
CY2013Q1 us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
100000
CY2013Q1 us-gaap Operating Expenses
OperatingExpenses
5259000
CY2013Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-231000
CY2013Q1 us-gaap Cost Of Services
CostOfServices
1847000
CY2013Q1 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.23
CY2013Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.29
CY2013Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
37000
CY2013Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
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CY2013Q1 us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
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38000
CY2013Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3846000
CY2013Q1 us-gaap Disposal Group Including Discontinued Operation Revenue
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157000
CY2013Q1 us-gaap Proceeds From Sale Of Productive Assets
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3600000
CY2013Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
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-0.06
CY2013Q1 us-gaap Accretion Expense Including Asset Retirement Obligations
AccretionExpenseIncludingAssetRetirementObligations
68000
CY2013Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
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CY2013Q1 us-gaap Accretion Expense
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CY2013Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
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CY2013Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
133000
CY2013Q1 us-gaap Disposal Group Including Discontinued Operation Operating Expense
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416000
CY2013Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 Segment
CY2013Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
791000
CY2013Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1413000
CY2013Q1 us-gaap Increase Decrease In Accrued Salaries
IncreaseDecreaseInAccruedSalaries
113000
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
541500 shares
CY2013Q1 us-gaap Rental Income Nonoperating
RentalIncomeNonoperating
90000
CY2013Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
25000
CY2013Q1 us-gaap Sales Revenue Net
SalesRevenueNet
1019000
CY2013Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-164000
CY2013Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
78000
CY2013Q1 us-gaap Licenses Revenue
LicensesRevenue
32000
CY2013Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y2M12D
CY2013Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
71000
CY2013Q1 us-gaap Depreciation
Depreciation
20000
CY2013Q1 us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
-285000
CY2013Q1 us-gaap Gross Profit
GrossProfit
-899000
CY2013Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
791000
CY2013Q1 us-gaap Proceeds From Sale Of Buildings
ProceedsFromSaleOfBuildings
4100000
CY2013Q1 us-gaap Interest Paid
InterestPaid
73000
CY2013Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
3329000
CY2013Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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30178265 shares
CY2013Q1 us-gaap Debtor Reorganization Items Write Off Of Deferred Financing Costs And Debt Discounts
DebtorReorganizationItemsWriteOffOfDeferredFinancingCostsAndDebtDiscounts
10000
CY2013Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
100000
CY2013Q1 us-gaap Net Income Loss
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-8673000
CY2013Q1 us-gaap Nonoperating Income Expense
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-789000
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
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CY2013Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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126000
CY2013Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
173000
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.54
CY2013Q1 us-gaap Adjustments To Additional Paid In Capital Convertible Debt With Conversion Feature
AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature
30000
CY2013Q1 apri Gain Loss On Sale Of Assets
GainLossOnSaleOfAssets
-1429000
CY2012Q1 us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
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-3667000
CY2012Q1 us-gaap Net Cash Provided By Used In Discontinued Operations
NetCashProvidedByUsedInDiscontinuedOperations
-924000
CY2012Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
51000
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-3712000
CY2012Q1 us-gaap Sales Revenue Goods Net
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110000
CY2012Q1 us-gaap Increase Decrease In Accounts Payable
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CY2012Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
19489000
CY2012Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5000
CY2012Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
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CY2012Q1 us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
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-260000
CY2012Q1 us-gaap Comprehensive Income Net Of Tax
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CY2012Q1 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
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CY2012Q1 us-gaap Depreciation Depletion And Amortization
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98000
CY2012Q1 us-gaap Share Based Compensation
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535000
CY2012Q1 us-gaap Business Acquisitions Pro Forma Revenue
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781000
CY2012Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2012Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.20
CY2012Q1 us-gaap Proceeds From Stock Options Exercised
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10000
CY2012Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
-0.05
CY2012Q1 us-gaap Increase Decrease In Deferred Revenue
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177000
CY2012Q1 us-gaap Accretion Expense
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99000
CY2012Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
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CY2012Q1 us-gaap Disposal Group Including Discontinued Operation Operating Expense
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1046000
CY2012Q1 us-gaap Payments To Acquire Property Plant And Equipment
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20000
CY2012Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
14094000
CY2012Q1 us-gaap Weighted Average Basic Shares Outstanding Pro Forma
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24013386 shares
CY2012Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3240000
CY2012Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
90000
CY2012Q1 us-gaap Sales Revenue Net
SalesRevenueNet
781000
CY2012Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
871000
CY2012Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
35000
CY2012Q1 us-gaap Licenses Revenue
LicensesRevenue
671000
CY2012Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1177000
CY2012Q1 us-gaap Increase Decrease In Accrued Salaries
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CY2012Q1 us-gaap Rental Income Nonoperating
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111000
CY2012Q1 us-gaap Operating Expenses
OperatingExpenses
4417000
CY2012Q1 us-gaap Interest Income Expense Nonoperating Net
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CY2012Q1 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
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CY2012Q1 us-gaap Cost Of Goods Sold
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76000
CY2012Q1 us-gaap Depreciation
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100000
CY2012Q1 us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
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CY2012Q1 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
42000
CY2012Q1 us-gaap Gross Profit
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705000
CY2012Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
19534000
CY2012Q1 us-gaap Interest Paid
InterestPaid
74000
CY2012Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
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CY2012Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24013386 shares
CY2012Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
100000
CY2012Q1 us-gaap Net Income Loss
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CY2012Q1 us-gaap Nonoperating Income Expense
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45000
CY2012Q1 us-gaap Increase Decrease In Accrued Liabilities
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55000
CY2012Q1 apri Business Acquisitions Pro Forma Income Loss From Discontinued Operations Net Of Tax
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-1046000
CY2012Q1 apri Business Acquisition Pro Forma Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
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CY2012Q1 apri Business Acquisition Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax Per Share Basic And Diluted
BusinessAcquisitionProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTaxPerShareBasicAndDiluted
-0.15

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