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 $ 1,053,573 $ 396
Accounts receivable, net of allowance for doubtful accounts of $86,729 and $18,050, respectively 274,906 243,846
Other current assets 726,983 15,924
Total current assets 2,055,462 260,166
Equipment, net 21,100 25,316
Goodwill 3,002,070 3,002,070
Intangible assets, net 828,508 1,116,506
Other assets 50,177 197,046
TOTAL ASSETS 5,957,317 4,601,104
Current liabilities    
Accounts payable 653,160 842,777
Accrued interest 76,375 130,426
Accrued and deferred personnel compensation 214,865 237,691
Deferred revenue - related party 116,000 200,000
Deferred revenue and customer deposits 123,914 126,525
Convertible notes payable, net of discount 2,569,778 1,002,730
Notes payable, net of discount 217,225 736,270
Cash payment obligation, net of discount    86,714
Derivative liabilities 2,910,776 1,573,859
Other current liabilities 699,350 245,227
Earn-out payable 2,581,456   
Total current liabilities 10,162,899 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 10,162,899 7,966,303
Stockholders' equity (deficit)    
Common stock, $0.001 par value; 150,000,000 shares authorized; 23,214,749 and 22,754,308 shares issued and outstanding as of June 30, 2012 and December 31, 2011, respectively 23,214 22,754
Common stock liability      
Additional paid-in capital 22,942,231 21,099,289
Accumulated deficit (27,171,027) (24,487,242)
Total stockholders' equity (deficit) (4,205,582) (3,365,199)
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) $ 5,957,317 $ 4,601,104