MIT Holding, Inc. - FORM 10-K - XML - IDEA: XBRL DOCUMENT - April 19, 2012

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
OPERATING ACTIVITIES    
Net income (loss) $ (1,329,763) $ 78,832
Income from discontinued operations (400,000)   
Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities:    
Income from revaluation of equity-based financial instruments with characteristics of liabilities at fair values 46,836 (96,375)
Depreciation and amortization 33,330 42,996
Issuance of common stock for services 1,165,641 12,400
Provision for doubtful accounts 306,000 84,000
Changes in operating assets and liabilities:    
Accounts receivable (419,097) 7,540
Inventories 81,458 (19,140)
Prepaid expenses and other current assets 75,314 (20,000)
Employee advances 4,238 (3,842)
Accounts payable and accrued expenses 435,581 292,287
Net cash provided by (used for ) operating activities (462) 378,698
INVESTING ACTIVITIES    
Capital expenditures (20,898) (10,285)
Net cash used for investing activities (20,898) (10,285)
FINANCING ACTIVITIES    
Proceeds from debt      
Repayment of debt (103,691) (304,389)
Net cash used for financing activities (103,691) (304,389)
NET   INCREASE (DECREASE) IN CASH (125,051) 64,024
CASH BALANCE BEGINNING OF PERIOD 177,620 113,596
CASH BALANCE END OF PERIOD 52,569 177,620
Supplemental Disclosures:    
Interest paid 269,245 332,671
Taxes paid      
Non-cash Investing and Financing Activities:    
Fair value of note receivable for purchasers of discontinued operations received on September 20,2011 400,000  
Conversion of Accounts Payable to Fixed Rate Term Note due to Cardinal Health   305,729
Conversion of Convertible Preferred Stock to Common Stock   8,000
Increase in note payable to Globank Corp. on December 31, 2010 in exchange for:    
Satisfaction of accrued interest payable    322,727
Satisfaction of Renewal Fee (charged to debt discounts)    160,000
Satisfaction of attorney fees (charged to prepaid expenses)    5,000
Amount due from lender received January 24, 2011    50,000
Total    537,727
Common stock subject to mandatory redemption issuable to Globank Corp. pursuant to December 31, 2011 loan modification (charged to debt discounts)    $ 250,000

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