Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v2.4.0.8
Consolidated Balance Sheets (USD $)
Dec. 31, 2013
Dec. 31, 2012
Current assets    
Cash $ 2,572,685 $ 363
Accounts receivable, net of allowance for doubtful accounts of $65,975 and $44,700, respectively 280,667 414,671
Other current assets 140,114 30,009
Total current assets 2,993,466 445,043
Goodwill 3,108,964 2,259,624
Intangible assets, net 935,316 444,112
Other assets 63,944 201,228
TOTAL ASSETS 7,101,690 3,350,007
Current liabilities    
Accounts payable 543,647 514,949
Accrued interest 16,943 321,368
Accrued and deferred personnel compensation 191,041 299,534
Deferred revenue - related party    35,262
Deferred revenue and customer deposits 136,523 181,731
Convertible notes payable, net of discount    2,857,669
Notes payable 20,000 171,984
Derivative liabilities 106,176 3,074,504
Other current liabilities 36,372 250,144
Earn-out payable 34,755 2,032,881
Total current liabilities 1,085,458 9,740,026
Non-current liabilities 24,245   
Earn-out payable 24,245   
Total non-current liabilities 24,245   
Total liabilities 1,109,703 9,740,026
Stockholders' equity (deficit)    
Common stock, $0.001 par value; 50,000,000 shares authorized;16,319,878 and 3,869,688 shares issued and outstanding 16,320 3,870
Equity payable 108,170   
Additional paid-in capital 54,452,697 25,432,280
Accumulated deficit (48,585,200) (31,826,169)
Total stockholders' equity (deficit) 5,991,987 (6,390,019)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 7,101,690 $ 3,350,007