Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v2.4.0.8
Consolidated Statements of Cash Flows (Unaudited) (USD $)
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash Flows from Operating Activities:    
Net loss $ (479,413) $ (1,340,449)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 396,914 356,443
Amortization of debt discount 5,950   
Non cash interest expense 24,795 20,685
Net loss attributable to joint venture 2,243   
Deferred compensation    19,408
Allowance for doubtful accounts 3,199 10,000
Stock based compensation 116,251 169,016
Changes in Assets and Liabilities:    
Accounts receivable (53,223) (9,848)
Other assets 1,948 817
Prepaid expenses and other current assets 105,071 (12,836)
Employee Loan (13,300)   
Accounts payable and accrued expenses 117,096 249,665
Deferred revenue (112,265) (17,490)
Deferred rent (4,030) (2,907)
Due to related party 23,241   
Net Cash Provided by (Used in) Operating Activities 134,477 (557,496)
Cash Flows from Investing Activities:    
Capital expenditures (167,655) (68,769)
Investment in joint venture (15,800)   
Net Cash Used in Investing Activities (183,455) (68,769)
Cash Flows from Financing Activities:    
Issuance of convertible debt 100,000 500,000
Repayments of capital lease obligations (89,154)   
Repayments of loan obligations    (81,228)
Advances from credit line    (33,555)
Repayment of contingent consideration (3,105)   
Advances from shareholder 43,685 115,274
Net Cash Provided by Financing Activities 51,426 500,491
Increase (Decrease) in Cash and Cash Equivalents 2,448 (125,774)
Cash and Cash Equivalents, Beginning of Period 72,756 168,490
Cash and Cash Equivalents, End of Period 75,204 42,716
Cash paid for interest 4,559 2,007
Cash paid for income taxes      
Non cash investing and financing activities:    
Accrual of preferred stock dividend 25,000 25,000
Warrants issued with convertible debt $ 17,851