MEDIA SCIENCES INTERNATIONAL INC

CIK:0001024022|SEC Filings

Comprehensive Income (Loss)	3 Months Ended
Comprehensive Income (Loss)	Mar. 31, 2012
Comprehensive Income (Loss) [Abstract]
Comprehensive Income (Loss)	NOTE 7 – COMPREHENSIVE INCOME (LOSS) During the three and nine months ended March 31, 2012, comprehensive loss was $244,000 and $1,400,000. During the three months ended March 31, 2011, comprehensive loss was $5,000. During the nine months ended March 31, 2011, comprehensive income was $1,545,000.

Condensed Consolidated Statements Of Cash Flows (USD $)	9 Months Ended
Condensed Consolidated Statements Of Cash Flows (USD $)	Mar. 31, 2012	Mar. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$ (1,384,973)	$ 1,522,872
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization	6,842	332,239
Stock-based compensation expense		353,013
Deferred income taxes	23,290	(1,149,630)
Provision for inventory obsolescence reserves		37,707
Recoveries of returns and doubtful accounts allowance		(32,486)
Amortization of debt discount on convertible debt		141,853
Gain on sale of toner business		(2,869,440)
Loss on sale of fixed assets	39,925
Changes in operating assets and liabilities:
Accounts receivable	126,604	1,309,936
Inventories		179,244
Income taxes	(7,714)	55,980
Prepaid expenses and other current assets	52,160	61,579
Accounts payable	(96,381)	(893,734)
Accrued compensation and benefits	(7,763)	(478,336)
Accrued severance		502,610
Other accrued expenses and current liabilities	(1,018,030)	144,729
Accrued product warranty costs	(45,940)	(226,946)
Deferred rent liability		(23,157)
Deferred revenue		(20,097)
Net cash used in operating activities	(2,311,980)	(1,052,064)
CASH FLOWS FROM INVESTING ACTIVITIES
Decrease (increase) in restricted cash	1,003,839	(1,100,136)
Purchases of property and equipment		(237,498)
Proceeds from disposition of property and equipment	68,598
Proceeds from sale of operating toner business		11,042,500
Net cash provided by investing activities	1,072,437	9,704,866
CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in restricted cash	55,532
Bank credit line repayments, net		(840,863)
Bank term loan repayments		(1,500,000)
Net cash provided by (used in) financing activities	55,532	(2,340,863)
Effect of exchange rate changes on cash and cash equivalents	(16,127)	(1,204)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(1,200,138)	6,310,735
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	4,112,542	317,611
CASH AND CASH EQUIVALENTS, END OF PERIOD	2,912,404	6,628,346
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid	223	83,680
Income taxes paid (refunded)	$ 12,214	$ (44,500)

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2012	Jun. 30, 2011
ASSETS
Cash and cash equivalents	$ 2,912,404	$ 4,112,542
Restricted cash held in escrow account		1,059,371
Prepaid taxes	7,714
Deferred tax assets		23,290
Prepaid expenses and other current assets	13,284	79,230
Assets held for sale		87,079
Assets of discontinued operations	13,786	126,604
Total Current Assets	2,947,188	5,488,116
PROPERTY AND EQUIPMENT, NET		28,285
OTHER ASSETS	7,000	7,000
TOTAL ASSETS	2,954,188	5,523,401
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	44,091	140,472
Accrued compensation and benefits	17,755	25,518
Leases payable		536,756
Other accrued expenses and current liabilities	13,154	263,070
Liabilities of discontinued operations	108,073	386,250
Total Current Liabilities	183,073	1,352,066
TOTAL LIABILITIES	183,073	1,352,066
SHAREHOLDERS' EQUITY:
Preferred Stock, $.001 par value Authorized 5,000,000 shares; none issued	0	0
Common Stock, $.001 par value 25,000,000 shares authorized; 13,647,376 shares issued and outstanding, as of March 31, 2012 and June 30, 2011, respectively	13,647	13,647
Additional paid-in capital	8,387,136	8,387,136
Accumulated other comprehensive income	14,417	29,664
Accumulated deficit	(5,644,085)	(4,259,112)
Total Shareholders' Equity	2,771,115	4,171,335
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 2,954,188	$ 5,523,401