Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v2.4.0.6
Consolidated Balance Sheets (USD $)
Dec. 31, 2011
Dec. 31, 2010
Current assets    
Cash $ 396 $ 373,439
Accounts receivable, net of allowance for doubtful accounts of $18,050 and $0, respectively 243,846 49,215
Other current assets 15,924 68,030
Total current assets 260,166 490,684
Equipment, net 25,316 1,609
Goodwill 3,002,070 0
Intangible assets, net 1,116,506 0
Other assets 197,046 46,317
TOTAL ASSETS 4,601,104 538,610
Current liabilities    
Accounts payable 842,777 151,943
Accrued interest 130,426 37,901
Accrued and deferred personnel compensation 237,691 119,641
Deferred revenue - related party 200,000 0
Deferred revenue and customer deposits 126,525 233,318
Convertible notes payable, net of discount 1,002,730 731,172
Notes payable, net of discount 736,270 71,984
Cash payment obligation, net of discount 86,714 0
Derivative liabilities 1,573,859 334,478
Other current liabilities 245,227 69,142
Total current liabilities 5,182,219 1,749,579
Non-current liabilities    
Settlement payable 125,846 0
Earn-out payable 2,658,238 0
Total non-current liabilities 2,784,084 0
Total liabilities 7,966,303 1,749,579
Stockholders' equity (deficit)    
Common stock, $0.001 par value; 150,000,000 shares authorized; 22,754,308 and 17,700,000 shares issued and outstanding as of December 31, 2011 and December 31, 2010, respectively 22,754 17,700
Additional paid-in capital 21,099,289 6,945,584
Accumulated deficit (24,487,242) (8,174,253)
Total stockholders' equity (deficit) (3,365,199) (1,210,969)
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) $ 4,601,104 $ 538,610