Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v2.4.0.6
Consolidated Balance Sheets (USD $)
Dec. 31, 2012
Dec. 31, 2011
Current assets    
Cash $ 363 $ 396
Accounts receivable, net of allowance for doubtful accounts of $44,700 and $18,050, respectively 414,671 243,846
Other current assets 30,009 15,924
Total current assets 445,043 260,166
Equipment, net 14,111 25,316
Goodwill 2,259,624 3,002,070
Intangible assets, net 444,112 1,116,506
Other assets 187,117 197,046
TOTAL ASSETS 3,350,007 4,601,104
Current liabilities    
Accounts payable 514,949 842,777
Accrued interest 321,368 130,426
Accrued and deferred personnel compensation 299,534 237,691
Deferred revenue - related party 35,262 200,000
Deferred revenue and customer deposits 181,731 126,525
Convertible notes payable, net of discount 2,857,669 1,002,730
Notes payable, net of discount 171,984 736,270
Cash payment obligation, net of discount    86,714
Derivative liabilities 3,074,504 1,573,859
Other current liabilities 250,144 245,227
Earn-out payable 2,032,881   
Total current liabilities 9,740,026 5,182,219
Non-current liabilities    
Long term accounts payable    125,846
Earn-out payable    2,658,238
Total non-current liabilities    2,784,084
Total liabilities 9,740,026 7,966,303
Stockholders' equity (deficit)    
Common stock, $0.001 par value; 150,000,000 shares authorized; 23,218,117 and 22,754,308 shares issued and outstanding 23,218 22,754
Additional paid-in capital 25,412,932 21,099,289
Accumulated deficit (31,826,169) (24,487,242)
Total stockholders' equity (deficit) (6,390,019) (3,365,199)
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) $ 3,350,007 $ 4,601,104