General form of registration statement for all companies including face-amount certificate companies

Consolidated Statements of Cash Flows

v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Statement Of Cash Flows [Abstract]    
Net loss $ (2,803,647) $ (1,798,981)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 694,393 412,976
Amortization of debt discount 753,934 166,121
Non cash interest expense 167,925 0
Loss on extinguishment of debt 142,926 0
Loss on settlement of liabilities 8,975 0
Deferred compensation 19,333 68,050
Impairment of intangible asset 0 126,130
Deferred financing fees 4,368 0
Allowance for doubtful accounts 31,000 (9,742)
Stock based compensation 78,836 439,420
Gain on settlement of contingent consideration (176,496) 0
Changes in Assets and Liabilities:    
Accounts receivable 62,391 (91,101)
Other assets (5,138) 3,608
Prepaid expenses and other current assets (155,460) (6,229)
Employee Loan 23,000 0
Accounts payable and accrued expenses 459,233 768,825
Deferred revenue 179,657 (117,048)
Deferred rent (4,723) (2,577)
Due to related party 0 18,000
Net Cash Used in Operating Activities (519,493) (22,548)
Cash Flows from Investing Activities:    
Cash paid for equipment 0 0
Capital expenditures (96,575) (36,246)
Acquisition of SafeData, LLC net assets 0 (1,229,954)
Net Cash Used in Investing Activities (96,575) (1,266,200)
Cash Flows from Financing Activities:    
Proceeds from the issuance of common stock 1,755,000 300,000
Issuance of convertible debt 0 1,000,000
Repayments of capital lease obligations (328,470) (224,620)
Repayments of loan obligations (133,673) 0
Advances from (payments on) credit line 322 0
Payment of preferred dividend (12,500) 0
Repayment of contingent consideration (546,516) 0
Advances from shareholder 0 235,603
Net Cash Provided by Financing Activities 734,163 1,310,983
Increase in Cash and Cash Equivalents 118,095 22,235
Cash and Cash Equivalents, Beginning of Year 50,395 28,160
Cash and Cash Equivalents, End of Year 168,490 50,395
Cash paid for interest 76,571 24,906
Cash paid for income taxes 0 0
Non cash investing and financing activities:    
Accrual of preferred stock dividend 50,000 50,000
Warrants issued with convertible debt 0 920,056
Stock issued in connection with acquisition of SafeData, LLC 150,000 850,000
Fixed assets acquired under capital leases 895,957 0
Stock issued for settlement of payables 255,000 0
Stock issued for financing fees 42,500 0
Stock issued for deferred compensation 21,250 0
Stock issued in settlement of convertible debt 1,000,000 0
Stock issued for accrued interest $ 129,166 $ 0