Quarterly report pursuant to sections 13 or 15(d)

BALANCE SHEETS

v2.3.0.15
BALANCE SHEETS (USD $)
Sep. 30, 2011
Dec. 31, 2010
Current Assets    
Cash and cash equivalents $ 120,900 $ 444,434
Accounts receivable - trade, net 321,772 311,961
Miscellaneous receivables 60,396 15,790
Prepaid expenses 37,581 24,940
Inventory 177,815 175,372
Note receivable - related party - current portion 17,232 16,475
Total Current Assets 735,696 988,972
Property and Equipment, net 50,712 44,101
Other Assets    
Intellectual property, net 114,545 119,831
Intangible assets, net 327,580 346,790
Note receivable - related party - net of current portion 368,591 403,975
Products leased and held for lease, net 38,769  
Other 15,396 18,113
Total Other Assets 864,881 888,709
TOTAL ASSETS 1,651,289 1,921,782
Current Liabilities    
Accounts payable 181,269 195,899
Accrued expenses and taxes 297,930 108,103
Accrued interest - related party   25,973
Deferred revenue 217,681 220,867
Notes payable - related party 2,813 107,850
Note payable - current portion 25,068 81,058
Total Current Liabilities 724,761 739,750
Long-Term Debt    
Note payable, net of current portion 1,129,590 1,148,448
TOTAL LIABILITIES 1,854,351 1,888,198
STOCKHOLDERS' EQUITY    
Common stock, 65,000,000 shares, $.001 par value common stock authorized; 35,508,091 shares issued and outstanding (2010 - 34,974,758) 35,507 34,974
Additional paid in capital 1,429,311 1,252,393
Stock warrants 513,181 470,632
Stock subscription receivable (3,916) (10,520)
Accumulated deficit (2,177,145) (1,713,895)
TOTAL STOCKHOLDERS' EQUITY (203,062) 33,584
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,651,289 $ 1,921,782