Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

v3.3.1.900
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Current Assets:    
Cash and cash equivalents $ 67,045 $ 110,448
Accounts receivable (less allowance for doubtful accounts of $15,000 in 2015 and $15,000 in 2014) 118,619 114,556
Prepaid expenses and other current assets 231,443 118,768
Total Current Assets 417,107 343,772
Property and Equipment:    
Property and equipment 3,375,958 3,889,799
Less - Accumulated depreciation (3,064,492) (3,188,418)
Net Property and Equipment 311,466 701,381
Other Assets:    
Goodwill 2,201,828 2,201,828
Employee loans 85,800 76,100
Other assets 6,060 5,610
Intangible assets, net 350,433 449,276
Investment in joint venture - at equity 20,117 15,699
Total Other Assets 2,664,238 2,748,513
Total Assets 3,392,811 3,793,666
Current Liabilities:    
Accounts payable and accrued expenses 1,051,349 741,397
Revolving credit facility $ 99,292 100,292
Due to related party 245,601
Dividend payable $ 513,073 417,060
Deferred revenue 436,563 470,267
Leases payable 241,983 $ 220,544
Note payable - Enterprise Bank 350,000
Convertible debt - related parties, net of discount 901,924 $ 700,000
Total Current Liabilities 3,594,184 2,895,161
Deferred rental obligation $ 1,251 598
Due to officer $ 1,065,762
Note Payable - related party $ 12,000
Leases payable long-term $ 346,583 $ 568,959
Note payable - Enterprise Bank $ 350,000
Convertible debt - related parties $ 1,189,439
Total Long-Term Liabilities 1,549,273 $ 1,985,319
Total Liabilities $ 5,143,457 $ 4,880,480
Commitments and contingencies
Stockholders' (Deficit):    
Common stock, par value $0.001; 250,000,000 shares authorized; 36,588,240 shares issued and outstanding in each period $ 36,588 $ 36,588
Additional paid in capital 12,805,332 12,678,811
Accumulated deficit (14,593,968) (13,803,615)
Total Stockholders' (Deficit) Equity (1,750,646) (1,086,814)
Total Liabilities and Stockholders' (Deficit) 3,392,811 3,793,666
Series A Preferred Stock [Member]    
Stockholders' (Deficit):    
Preferred stock, Series A par value $.001; 10,000,000 shares authorized; 1,401,786 shares issued and outstanding in each period $ 1,402 $ 1,402