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 and cash equivalents $ 72,756 $ 168,490
Accounts receivable (less allowance for doubtful accounts of $26,801 in 2012 and $48,000 in 2011) 201,483 294,306
Deferred Compensation 17,562 37,041
Prepaid Expenses and other current assets 184,752 218,675
Total Current Assets 476,553 718,512
Property and Equipment:    
Property and equipment 3,851,104 3,024,302
Less - Accumulated depreciation (2,189,024) (1,680,484)
Net Property and Equipment 1,662,080 1,343,818
Other Assets:    
Goodwill 2,201,828 2,201,828
Deferred compensation 9,052 26,614
Other assets 65,923 61,923
Intangible Assets, net 903,761 955,048
Total Other Assets 3,180,564 3,245,413
Total Assets 5,319,197 5,307,743
Current Liabilities:    
Accounts payable and accrued expenses 1,214,580 1,343,855
Credit line payable 100,292 100,292
Due to related party 162,804 124,753
Dividend Payable 212,500 162,500
Deferred revenue 722,658 641,381
Leases payable 715,095 499,325
Loans payable 47,312 128,182
Contingent consideration in Message Logic acquisition 365,519   
Total Current Liabilities 3,540,760 3,000,288
Deferred rental obligation 14,403 21,341
Due to officer 758,320 624,818
Loan payable long term    11,887
Leases payable long term 382,572 509,628
Convertible debt - Related party 500,000   
Total Long Term Liabilities 1,655,295 1,167,674
Total Liabilities 5,196,055 4,167,962
Commitments and contingencies      
Stockholders' Equity:    
Preferred Stock, $.001 par value; 10,000,000 shares authorized; 1,401,786 shares issued and outstanding in each period 1,402 1,402
Common stock, par value $0.001; 250,000,000 shares authorized; 33,165,915 and 28,912,712 shares issued and outstanding, respectively 33,166 28,913
Additional paid in capital 12,042,623 10,705,470
Accumulated deficit (11,954,049) (9,596,004)
Total Stockholders' Equity 123,142 1,139,781
Total Liabilities and Stockholders' Equity $ 5,319,197 $ 5,307,743