Quarterly report pursuant to sections 13 or 15(d)

Balance Sheets

v2.4.0.6
Balance Sheets (USD $)
Mar. 31, 2012
Dec. 31, 2011
Current Assets    
Cash and cash equivalents $ 151,410 $ 200,128
Accounts receivable - trade, net 900,339 843,328
Miscellaneous receivables 6,947 112,513
Prepaid expenses 85,854 57,650
Inventory 235,506 217,162
Note receivable - related party - current portion 17,755 17,491
Total Current Assets 1,397,811 1,448,272
Property and Equipment, net 38,371 42,637
Other Assets    
Intellectual property, net 15,672,472 15,999,052
Intangible assets, net 4,046,118 4,112,711
Note receivable - related party - net of current portion 380,245 374,449
Goodwill 1,091,000 1,091,000
Other 33,750 47,290
Total Other Assets 21,223,585 21,624,502
TOTAL ASSETS 22,659,766 23,115,411
Current Liabilities    
Accounts payable 307,045 274,576
Accrued expenses and taxes 314,981 358,860
Deferred revenue 385,170 336,048
Notes payable - related party 0 469
Notes payable - current portion 1,952,211 1,835,240
Total Current Liabilities 2,959,407 2,805,193
Long-Term Debt    
Notes payable, net of debt discount and net of current portion 19,516,475 20,035,366
TOTAL LIABILITIES 22,475,882 22,840,559
STOCKHOLDERS EQUITY    
Common stock, 65,000,000 shares, $.001 par value common stock authorized; 38,310,591 shares issued and outstanding (37,508,091 - 2010) 38,310 37,507
Additional paid in capital 1,994,757 1,915,311
Stock warrants 513,181 513,181
Stock subscription receivable (3,916) (3,916)
Accumulated deficit (2,358,448) (2,187,231)
TOTAL STOCKHOLDERS EQUITY 183,884 274,852
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY $ 22,659,766 $ 23,115,411