Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v2.4.0.6
Consolidated Statements of Cash Flows (Unaudited) (USD $)
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Cash Flows from Operating Activities:    
Net loss $ (550,861) $ (401,475)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 170,248 176,293
Noncash interest expense 8,219 0
Stock based compensation 25,284 15,980
Amortization of debt discount 0 76,671
Deferred compensation 9,705 11,930
Changes in Assets and Liabilities:    
Accounts receivable (10,064) (29,991)
Prepaid expenses 23,744 (6,443)
Other assets (13,746) 2,145
Accounts payable & accrued expenses (142,050) (338,298)
Deferred revenue 32,026 142,307
Deferred rent (1,454) (908)
Due to related party 0 4,500
Net Cash Used in Operating Activities (448,949) (347,289)
Cash Flows from Investing Activities:    
Capital expenditures (12,146) 0
Net Cash Used in Investing Activities (12,146) 0
Cash Flows from Financing Activities:    
Proceeds from the issuance of common stock 0 1,500,000
Proceeds from issuance of convertible debt 500,000 0
Repayments of capital lease obligations (18,740) (85,806)
Repayments of loan obligations (10,641) (35,807)
Net Cash Provided by Financing Activities 470,619 1,378,387
Increase in Cash and Cash Equivalents 9,524 1,031,098
Cash and Cash Equivalents, Beginning of Period 168,490 50,395
Cash and Cash Equivalents, End of Period 178,014 1,081,493
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 28,559 12,130
Cash paid for income taxes 0 0
Noncash Investing and Financing Activities:    
Accrual of preferred stock dividend $ 12,500 $ 12,500