Annual report pursuant to section 13 and 15(d)

16. Supplemental Disclosure of Cash Flow Information

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16. Supplemental Disclosure of Cash Flow Information
12 Months Ended
Dec. 31, 2012
Supplemental Cash Flow Elements [Abstract]  
16. Supplemental Disclosure of Cash Flow Information

Supplemental cash flow information for the years ended December 31, 2012 and 2011 is as follows:

 

 

            2012 2011
Supplemental disclosure of cash flow information:        
Cash paid for interest          $      355,887  $        121,566
Supplemental schedule of non-cash investing and financing activities:    
Conversion of notes payable - related parties and accrued expenses     
  to common stock          $      160,000  $        388,809
Conversion of notes payable - non related parties to common stock  $                -     $        300,000
Transfer of restricted cash for satisfaction of security deposit    $                -     $        240,391
Transfer of restricted cash in satisfaction of accounts payable    $      274,048  $                  -   
Non-cash financing of security deposit        $                -     $        188,000
Transfer from escrow payable to common stock      $                -     $          80,000
Equipment financing obligation        $      232,066  $                  -   
Conversion of notes payable - related parties and accrued expenses     
  to preferred stock          $      834,000  $                  -   
Preferred stock converted into common stock      $                -     $     2,500,000

 

The following table represents cash paid, common stock issued and liabilities assumed for the acquisition of NBS (see note 4):

Fair value of assets acquired  $               22,858,244
Cash paid                    (17,750,000)
Debt issued                         (600,000)
Common stock issued                    (1,250,000)
Liabilities assumed  $                 3,258,244