Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

 v2.3.0.11
Consolidated Balance Sheets (USD $)
Jun. 30, 2011
Dec. 31, 2010
Current Assets:    
Cash and cash equivalents $ 505,283 $ 50,395
Accounts receivable (less allowance for doubtfulaccounts of $24,500 in 2011 and $17,000 in 2010 360,244 387,697
Deferred Compensation 17,562 17,562
Prepaid Expenses and other current assets 203,889 63,215
Total Current Assets 1,086,978 518,869
Property and Equipment:    
Property and equipment 2,474,818 2,031,771
Less—Accumulated depreciation (1,454,437) (1,200,448)
Net Property and Equipment 1,020,381 831,323
Other Assets:    
Goodwill 2,201,828 2,201,828
Deferred compensation 20,316 44,176
Other assets 17,180 18,652
Intangible Assets, net 1,062,226 1,169,404
Employee loan 23,871 23,000
Total Other Assets 3,325,421 3,457,060
Total Assets 5,432,780 4,807,252
Current Liabilities:    
Accounts payable and accrued expenses 1,017,619 1,070,036
Credit line payable 100,292 99,970
Due to related party 61,718 52,718
Dividend Payable 137,500 125,000
Deferred revenue 692,057 461,724
Leases payable 356,523 325,934
Loans payable 137,300 122,251
Contingent consideration in SafeData acquisition 322,982 805,087
Total Current Liabilities 2,825,991 3,062,720
Deferred rental obligation 24,248 26,064
Due to officer 614,628 614,628
Loan payable long term 70,734 151,491
Leases payable long term 335,879 115,533
Convertible debt 30,723 18,928
Convertible debt – related parties 368,685 227,138
Total Long Term Liabilities 1,444,897 1,153,782
Total Liabilities 4,270,888 4,216,502
Commitments and contingencies 0 0
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; 22,010,506 and 17,127,541 shares issued and outstanding, respectively 22,010 17,861
Additional paid in capital 8,841,653 7,313,844
Accumulated deficit (7,703,173) (6,742,357)
Total Stockholders' Equity 1,161,892 590,750
Total Liabilities and Stockholders' Equity $ 5,432,780 $ 4,807,252