Quarterly report pursuant to sections 13 or 15(d)

Balance Sheets

v2.4.0.6
Balance Sheets (USD $)
Jun. 30, 2012
Dec. 31, 2011
Current Assets    
Cash and cash equivalents $ 207,148 $ 200,128
Accounts receivable - trade, net of allowance for doubtful accounts of $39,223 and $20,865, respectively 950,266 843,328
Miscellaneous receivables 56,008 112,513
Prepaid expenses 71,908 57,650
Inventory 243,915 217,162
Related party note receivable, current portion 18,023 17,491
Total Current Assets 1,547,268 1,448,272
Property and Equipment, net 34,084 42,637
Other Assets    
Intellectual property and intangible assets, net 19,325,416 20,111,763
Related party note receivable, net of current portion 381,300 374,449
Goodwill 1,091,000 1,091,000
Other 72,784 47,290
Total Other Assets 20,870,500 21,624,502
TOTAL ASSETS 22,451,852 23,115,411
Current Liabilities    
Accounts payable 310,594 274,576
Accrued expenses and taxes 401,623 358,860
Deferred revenue 422,459 336,048
Notes payable - related party    469
Notes payable - current portion 2,071,080 1,835,240
Total Current Liabilities 3,205,756 2,805,193
Long-Term Debt    
Notes payable, net of debt discount and net of current portion 18,992,698 20,035,366
TOTAL LIABILITIES 22,198,454 22,840,559
STOCKHOLDERS EQUITY    
Common stock, 65,000,000 shares, $.001 par value common stock authorized; 38,310,591 (37,508,091 - 2011) shares issued and outstanding 38,311 37,507
Additional paid in capital 2,002,757 1,915,311
Stock warrants 513,181 513,181
Stock subscription receivable (3,916) (3,916)
Accumulated deficit (2,296,935) (2,187,231)
TOTAL STOCKHOLDERS EQUITY 253,398 274,852
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY $ 22,451,852 $ 23,115,411