Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v2.3.0.15
Consolidated Balance Sheets (USD $)
Sep. 30, 2011
Dec. 31, 2010
Current Assets:    
Cash and cash equivalents $ 127,454 $ 50,395
Accounts receivable (less allowance for doubtful accounts of $35,000 in 2011 and $17,000 in 2010) 335,026 387,697
Deferred Compensation 17,562 17,562
Prepaid Expenses and other current assets 207,642 63,215
Total Current Assets 687,684 518,869
Property and Equipment:    
Property and equipment 2,583,332 2,031,771
Less—Accumulated depreciation (1,556,140) (1,200,448)
Net Property and Equipment 1,027,192 831,323
Other Assets:    
Goodwill 2,201,828 2,201,828
Deferred compensation 8,386 44,176
Other assets 12,059 18,652
Intangible Assets, net 1,008,637 1,169,404
Employee loan 23,451 23,000
Total Other Assets 3,254,361 3,457,060
Total Assets 4,969,237 4,807,252
Current Liabilities:    
Accounts payable and accrued expenses 1,180,356 1,070,036
Credit line payable 100,292 99,970
Due to related party 66,218 52,718
Dividend Payable 150,000 125,000
Deferred revenue 673,782 461,724
Leases payable 481,628 325,934
Loans payable 138,678 122,251
Contingent consideration in SafeData acquisition 0 805,087
Total Current Liabilities 2,790,954 3,062,720
Deferred rental obligation 22,795 26,064
Due to officer 614,628 614,628
Loan payable long term 35,543 151,491
Leases payable long term 308,665 115,533
Convertible debt 36,620 18,928
Convertible debt – related parties 439,459 227,138
Total Long Term Liabilities 1,457,710 1,153,782
Total Liabilities 4,248,664 4,216,502
Commitments and contingencies 0 0
Stockholders’ Equity:    
Preferred Stock, $.001 par value; 10,000,000 shares authorized; 1,401,786 shares issued and outstanding in each period 1,402 1,402
Common stock, par value $0.001; 250,000,000 shares authorized; 22,572,410 and 17,127,541 shares issued and outstanding, respectively 22,572 17,861
Additional paid in capital 9,011,552 7,313,844
Accumulated deficit (8,314,953) (6,742,357)
Total Stockholders' Equity 720,573 590,750
Total Liabilities and Stockholders' Equity $ 4,969,237 $ 4,807,252