Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v2.4.0.6
Consolidated Balance Sheets (USD $)
Jun. 30, 2012
Dec. 31, 2011
Current Assets:    
Cash and cash equivalents $ 42,716 $ 168,490
Accounts receivable (less allowance for doubtful accounts of $58,000 in 2012 and $48,000 in 2011) 294,154 294,306
Deferred compensation 23,218 37,041
Prepaid expense 231,511 218,675
Total Current Assets 591,599 718,512
Property and Equipment:    
Property and equipment 3,352,830 3,024,302
Less—Accumulated depreciation (1,929,748) (1,680,484)
Net Property and Equipment 1,423,082 1,343,818
Other Assets:    
Goodwill 2,201,828 2,201,828
Deferred compensation 21,031 26,614
Other assets 18,546 23,791
Deferred Financing Fees 27,401 38,132
Intangible Assets, net 847,869 955,048
Employee loan 4,426   
Total Other Assets 3,121,101 3,245,413
Total Assets 5,135,782 5,307,743
Current Liabilities:    
Accounts payable and accrued expenses 1,161,544 1,171,855
Credit line payable 100,292 100,292
Due to related party 133,753 124,752
Dividend payable 187,500 162,500
Deferred revenue 623,891 641,381
Leases payable 674,523 499,325
Loans payable 106,514 128,182
Liabilities to be settled in stock 155,000 172,000
Total Current Liabilities 3,143,017 3,000,288
Deferred rental obligation 18,433 21,341
Due to officer 740,091 624,818
Loan payable long term    11,887
Convertible debt 500,000  
Leases payable long term 512,962 509,628
Total Long Term Liabilities 1,771,486 1,167,674
Total Liabilities 4,914,503 4,167,962
Commitments and contingencies      
Stockholders’ Equity    
Preferred Stock, $.001 par value; 10,000,000 shares authorized; 1,401,786 issued and outstanding in each period 1,402 1,402
Common stock, par value $0.001; 250,000,000 shares authorized; 29,056,622 and 28,912,712 shares issued and outstanding, respectively 29,056 28,913
Additional paid in capital 11,152,275 10,705,470
Accumulated deficit (10,961,454) (9,596,004)
Total Stockholders' Equity 221,279 1,139,781
Total Liabilities and Stockholders' Equity $ 5,135,782 $ 5,307,743