Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v2.4.0.6
Consolidated Balance Sheets (USD $)
Sep. 30, 2012
Dec. 31, 2011
Current Assets:    
Cash and cash equivalents $ 183,982 $ 168,490
Accounts receivable (less allowance for doubtful accounts of $58,000 2012 and $48,000 in 2011) 359,901 294,306
Deferred compensation 21,104 37,041
Deferred financing fees 57,088 38,132
Prepaid expense 213,463 218,675
Total Current Assets 835,538 756,644
Property and Equipment:    
Property and equipment 3,433,426 3,024,302
Less—Accumulated depreciation (2,041,248) (1,680,484)
Net Property and Equipment 1,392,178 1,343,818
Other Assets:    
Goodwill 2,201,828 2,201,828
Deferred compensation 13,442 26,614
Other assets 19,154 23,791
Intangible Assets, net 794,280 955,048
Employee loan 4,823   
Total Other Assets 3,033,527 3,207,281
Total Assets 5,261,243 5,307,743
Current Liabilities:    
Accounts payable and accrued expenses 1,088,662 1,171,856
Credit line payable 100,292 100,292
Due to related party 138,253 124,752
Dividend payable 200,000 162,500
Deferred revenue 651,786 641,381
Leases payable 684,593 499,325
Loans payable 94,022 128,182
Liabilities to be settled in stock 155,000 172,000
Total Current Liabilities 3,112,608 3,000,288
Deferred rental obligation 16,419 21,341
Due to officer 753,196 624,818
Loan payable long term    11,887
Convertible debt 500,000  
Leases payable long term 480,929 509,628
Total Long Term Liabilities 1,750,544 1,167,674
Total Liabilities 4,863,152 4,167,962
Commitments and contingencies      
Stockholders’ Equity    
Preferred Stock, $0.001 par value; 10,000,000 shares authorized; 1,401,786 issued and outstanding in each period 1,402 1,402
Common stock, par value $0.001; 250,000,000 shares authorized; 32,439,681 and 28,912,712 shares issued and outstanding as of September 30, 2012 and December 31, 2011, respectively 32,440 28,913
Additional paid in capital 11,706,549 10,705,470
Accumulated deficit (11,342,300) (9,596,004)
Total Stockholders' Equity 398,091 1,139,781
Total Liabilities and Stockholders' Equity $ 5,261,243 $ 5,307,743