Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v2.4.0.6
Consolidated Balance Sheets (USD $)
Mar. 31, 2013
Dec. 31, 2012
Current assets    
Cash $ 44,182 $ 363
Accounts receivable, net of allowance for doubtful accounts of $33,102 and $44,700, respectively 211,278 414,671
Acquisition deposit 195,630   
Other current assets 89,234 30,009
Total current assets 540,324 445,043
Equipment, net 12,255 14,111
Goodwill 2,259,624 2,259,624
Intangible assets, net 412,155 444,112
Other assets 33,800 187,117
TOTAL ASSETS 3,258,158 3,350,007
Current liabilities    
Accounts payable 608,114 514,949
Accrued interest 429,399 321,368
Accrued and deferred personnel compensation 274,929 299,534
Deferred revenue - related party 35,262 35,262
Deferred revenue and customer deposits 187,054 181,731
Convertible notes payable, net of discount 4,237,633 2,857,669
Notes payable 171,984 171,984
Derivative liabilities 4,194,373 3,074,504
Other current liabilities 112,246 250,144
Earn-out payable    2,032,881
Total current liabilities 10,250,994 9,740,026
Stockholders' equity (deficit)    
Common stock, $0.001 par value; 150,000,000 shares authorized; 23,218,117 and 23,218,117 shares issued and outstanding as of March 31, 2013 and December 31, 2012, respectively 23,218 23,218
Common stock payable 1,711,490   
Additional paid-in capital 25,521,840 25,412,932
Accumulated deficit (34,249,384) (31,826,169)
Total stockholders' equity (deficit) (6,992,836) (6,390,019)
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) $ 3,258,158 $ 3,350,007