Quarterly report pursuant to sections 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

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Condensed Consolidated Balance Sheets (Unaudited) (USD $)
Sep. 30, 2012
Dec. 31, 2011
Assets    
Cash and cash equivalents $ 2,477,356 $ 766,602
Accounts receivable, net of allowance of $99,580 and $47,595, respectively 726,063 847,234
Accounts receivable, secured - related party 0 772,793
Note receivable from officer, secured - related party 0 150,000
Prepaid expenses and other current assets 80,682 103,478
Other current assets 20,927 0
Total current assets 3,305,028 2,640,107
Restricted cash 264,832 0
Property and equipment, net 104,762 129,944
Intangible assets, net 1,388,531 1,236,996
Accounts receivable, secured-related party, net of allowance of $502,315 and $0, respectively 270,478 0
Other assets 6,559 6,559
Total assets 5,340,190 4,013,606
Liabilities and Stockholders' Equity (Deficiency)    
Accounts payable 1,435,595 1,094,029
Accrued expenses 973,500 167,528
Deferred revenue 1,107,274 835,694
Convertible notes payable, current portion - related parties 600,000 0
Notes payable, current portion 22,000 6,383
Loan payable to stockholder 491 0
Deferred rent, current portion 5,766 4,291
Total current liabilities 4,144,626 2,107,925
Line of credit 215,754 233,215
Loans payable (includes $50,000 to related parties) 0 200,000
Convertible notes payable (includes $50,000 to related parties) 200,000 0
Notes payable 0 8,768
Deferred rent 16,582 21,274
Total liabilities 4,576,962 2,571,182
Commitments and contingencies - See note 7      
Temporary equity:    
Series A preferred stock, $0.001 par value; 850,500 shares designated, none and 850,395 shares issued and outstanding, respectively 0 809,900
Series D preferred stock, $0.001 par value; 3,700,000 shares designated, none and 1,176,750 shares issued and outstanding, respectively (liquidation value of $1,176,750) 0 1,109,268
Series E preferred stock, $0.001 par value; 2,000,000 shares designated, none and 1,700,000 shares issued and outstanding, respectively (liquidation value of $1,700,000) 0 1,550,817
Total temporary equity 0 3,469,985
Stockholders' equity:    
Series C preferred stock, $0.001 par value; 11,411,400 shares designated, none and 11,307,450 shares issued and outstanding, respectively (liquidation value of $11,307) 0 11,307
Series B preferred stock, $0.001 par value; 368,421 shares designated, none and 368,411 shares issued and outstanding, respectively 0 368
Common stock, $0.001 par value; 120,000,000 shares authorized, 35,275,204 and 11,837,930 issued and outstanding, respectively 53,165 11,838
Additional paid-in capital 11,212,809 3,275,296
Accumulated deficit (10,502,746) (5,326,370)
Total stockholders' equity 763,228 (2,027,561)
Total liabilities and stockholders' equity $ 5,340,190 $ 4,013,606