Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

v2.4.0.6
Consolidated Balance Sheets (USD $)
Mar. 31, 2012
Dec. 31, 2011
Current Assets:    
Cash and cash equivalents $ 178,014 $ 168,490
Accounts receivable (less allowance for doubtful accounts of $48,000 in 2012 and $48,000 in 2011) 304,370 294,305
Deferred Compensation 31,729 37,041
Prepaid expense 194,931 218,675
Total Current Assets 709,044 718,511
Property and Equipment:    
Property and equipment 3,036,448 3,024,302
Less—Accumulated depreciation (1,797,143) (1,680,484)
Net Property and Equipment 1,239,305 1,343,818
Other Assets:    
Goodwill 2,201,828 2,201,828
Deferred compensation 22,223 26,614
Other assets 36,536 23,792
Deferred Financing Fees 32,766 38,132
Intangible Assets, net 901,459 955,048
Employee loan 1,000 0
Total Other Assets 3,195,812 3,245,414
Total Assets 5,144,161 5,307,743
Current Liabilities:    
Accounts payable and accrued expenses 1,033,526 1,171,856
Credit line payable 100,292 100,292
Due to related party 129,252 124,752
Dividend Payable 175,000 162,500
Deferred revenue 673,407 641,381
Leases payable 563,555 499,326
Loans payable 129,428 128,182
Liability to be settled in stock 172,000 172,000
Total Current Liabilities 2,976,460 3,000,289
Deferred rental obligation 19,887 21,341
Due to officer 624,818 624,818
Loan payable long term 0 11,887
Leases payable long term 426,659 509,628
Total Long Term Liabilities 1,571,364 1,167,674
Total Liabilities 4,547,824 4,167,963
Commitments and contingencies 0 0
Stockholders’ Equity:    
Preferred Stock, $.001 par value; 10,000,000 shares authorized; 1,401,786 issued and outstanding in each period 1,402 1,402
Common stock, par value $0.001; 250,000,000 shares authorized; 29,056,622 and 28,912,712 shares issued and outstanding, respectively 29,056 28,913
Additional paid in capital 10,725,245 10,705,470
Accumulated deficit (10,159,366) (9,596,005)
Total Stockholders' Equity 596,337 1,139,780
Total Liabilities and Stockholders' Equity $ 5,144,161 $ 5,307,743