Quarterly report pursuant to sections 13 or 15(d)

BALANCE SHEETS

v2.3.0.15
BALANCE SHEETS (USD $)
Jun. 30, 2011
Dec. 31, 2010
Current Assets    
Cash and cash equivalents $ 174,729 $ 444,434
Accounts receivable - trade, net 277,555 311,961
Miscellaneous receivables 100,673 15,790
Prepaid expenses 69,356 24,940
Inventory 197,653 175,372
Note receivable - related party - current portion 16,976 16,475
Total Current Assets 836,942 988,972
Property and Equipment, net 44,596 44,101
Other Assets    
Intellectual property, net 116,307 119,831
Intangible assets, net 333,984 346,790
Note receivable - related party - net of current portion 396,003 403,975
Products leased and held for lease, net 12,872  
Other 16,300 18,113
Total Other Assets 875,466 888,709
TOTAL ASSETS 1,757,004 1,921,782
Current Liabilities    
Accounts payable 189,010 195,899
Accrued expenses and taxes 166,039 108,103
Accrued interest - related party   25,973
Deferred revenue 212,793 220,867
Notes payable - related party 4,962 107,850
Note payable - current portion 39,098 81,058
Total Current Liabilities 611,902 739,750
Long-Term Debt    
Note payable, net of current portion 1,135,918 1,148,448
TOTAL LIABILITIES 1,747,820 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 1,421,311 1,252,393
Stock warrants 513,181 470,632
Stock subscription receivable (4,404) (10,520)
Accumulated deficit (1,956,411) (1,713,895)
TOTAL STOCKHOLDERS' EQUITY 9,184 33,584
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,757,004 $ 1,921,782