Quarterly report pursuant to sections 13 or 15(d)

Statements of Cash Flows

v2.4.0.6
Statements of Cash Flows (USD $)
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Cash Flows from Operating Activities:    
Net loss for the period $ (171,218) $ (66,135)
Adjustments to Reconcile Net Loss to Net Cash Provided By (Used in) Operating Activities:    
Depreciation expense 4,265 4,191
Amortization expense 406,714 8,165
Provision for bad debts 15,000 9,000
Share-based compensation 80,250 4,000
Amortization of debt discount 52,158 0
Changes in Assets and Liabilities    
Increase in accounts receivable (72,011) (20,404)
Decrease in miscellaneous receivable 105,566 673
Increase in prepaid expenses (28,203) (10,957)
Increase in Inventory (18,344) (19,387)
Increase (Decrease) in accounts payable 32,469 (53,727)
Increase (Decrease) in accrued expenses and taxes (43,879) 53,125
Increase in accrued interest - related party 0 2,357
Increase in deferred revenue 49,122 4,228
Net Cash Provided By (Used in) Operating Activities 411,889 (84,871)
Cash Flows from Investing Activities:    
Acquisition of property and equipment 0 (5,680)
Increase in note receivable (6,060) 0
Increase in other assets 0 906
Payments received on note receivable 0 3,707
Net Cash Provided By (Used in) Investing Activities (6,060) (1,067)
Cash Flows from Financing Activities:    
Principal payments on notes payable - related party (469) (65,783)
Collection of stock subscription receivable 0 3,058
Principal payments on note payable (454,078) (27,264)
Proceeds from issuance of common stock 0 200,000
Net Cash Used in Financing Activities (454,547) 110,011
Net Increase (Decrease) in Cash and Cash Equivalents (48,718) 24,073
Cash and Cash Equivalents - Beginning of Period 200,128 444,434
Cash and Cash Equivalents - End of Period 151,410 468,507
Supplemental Cash Flow Information:    
Cash paid for interest 111,748 21,505
Cash paid for income taxes $ 0 $ 0