Annual report pursuant to section 13 and 15(d)

Balance Sheets

v2.4.0.6
Balance Sheets (USD $)
Dec. 31, 2011
Dec. 31, 2010
Statement of Financial Position [Abstract]    
Cash and cash equivalents $ 200,128 $ 444,434
Accounts receivables - trade, net 843,328 311,961
Miscellaneous receivables 112,513 15,790
Prepaid expenses 57,650 24,940
Inventory 217,162 175,372
Note receivable - related party, current portion 17,491 16,475
Total Current Assets 1,448,272 988,972
Property and Equipment, net 42,637 44,101
Intellectual property, net 15,999,052 119,831
Intangible assets, net 4,112,711 346,790
Goodwill 1,091,000 0
Note receivable - related party, net of current portion 374,449 403,975
Other 47,290 18,113
Total Other Assets 21,624,502 888,709
Total Assets 23,115,411 1,921,782
Accounts payable 274,576 195,899
Accrued expenses 358,860 108,103
Accrued interest - related party 0 25,973
Deferred revenue 336,048 220,867
Notes payable - related party 469 107,850
Notes payable, current portion 1,835,240 81,058
Total Current Liabilities 2,805,193 739,750
Notes payable, net of debt discount, net of current portion 20,035,366 1,148,448
Total Liabilities 22,840,559 1,888,198
Preferred stock, 10,000,000 shares, $.001 par value preferred stock authorized; 0 shares issued and outstanding 0 0
Common stock, 65,000,000 shares authorized; 37,508,091 shares issued and outstanding (2010 - 34,974,758) 37,507 34,974
Additional paid-in capital 1,915,311 1,252,393
Stock warrants 513,181 470,632
Stock subscription receivable (3,916) (10,520)
Accumulated deficit (2,187,231) (1,713,895)
Total Stockholders Equity 274,852 33,584
Total Liabilities and Stockholders Equity $ 23,115,411 $ 1,921,782