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 and cash equivalents $ 87,675 $ 72,756
Accounts receivable (less allowance for doubtful accounts of $15,000 in 2013 and $26,801 in 2012) 258,567 201,483
Prepaid compensation 9,052 17,562
Prepaid expenses and other current assets 171,584 184,752
Total Current Assets 526,878 476,553
Property and Equipment:    
Property and equipment 3,859,528 3,851,104
Less-Accumulated depreciation (2,728,547) (2,189,024)
Net Property and Equipment 1,130,981 1,662,080
Other Assets:    
Goodwill 2,201,828 2,201,828
Deferred compensation    9,052
Other assets 49,338 65,923
Intangible Assets, net 658,769 903,761
Investment in unconsolidated subsidiarires - at equity      
Total Other Assets 2,909,935 3,180,564
Total Assets 4,567,794 5,319,197
Current Liabilities:    
Accounts payable and accrued expenses 984,866 1,214,580
Revolving credit facility 100,292 100,292
Due to related party 207,848 162,804
Dividend payable 330,811 212,500
Deferred revenue 703,941 722,658
Leases payable 736,636 715,095
Loans payable 47,312 47,312
Convertible debt - related parties, net of discount 186,215   
Contingent collateral obligation 356,204 365,519
Total Current Liabilities 3,654,125 3,540,760
Deferred rental obligation 5,187 14,403
Due to officer 801,875 758,320
Leases payable long term 86,180 382,572
Convertible debt - related parties 500,000 500,000
Total Long Term Liabilities 1,393,242 1,655,295
Total Liabilities 5,047,367 5,196,055
Commitments and contingencies      
Stockholders' (Deficit):    
Preferred stock, Series A par value $.001; 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; 36,125,845 and 33,165,915 shares issued and outstanding, respectively 36,126 33,166
Additional paid in capital 12,540,018 12,042,623
Accumulated deficit (13,057,119) (11,954,049)
Total Stockholders' (Deficit) Equity (479,573) 123,142
Total Liabilities and Stockholders' (Deficit) $ 4,567,794 $ 5,319,197