Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v2.4.0.6
Consolidated Balance Sheets (USD $)
Dec. 31, 2011
Dec. 31, 2010
ASSETS    
Cash and cash equivalents $ 961,091 $ 136,030
Restricted cash on deposit 91,000  
Accounts receivable, net 1,306,011 799,185
Inventories 322,210 599,402
Prepaid expenses 157,665 163,327
Total current assets 2,837,977 1,697,944
Property and equipment, net 11,953 43,329
Deferred financing costs, net   56,732
Goodwill 8,570,446 11,670,446
Intangible assets, net 1,741,977 1,983,657
Deposits 34,238 34,238
Total other assets 10,346,661 13,745,073
Total Assets 13,196,591 15,486,346
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Accounts payable 1,248,386 2,402,950
Accrued liabilities and expenses 2,176,208 1,890,951
Notes payable – current 111,405 47,536
Notes payable– related party   25,114
Convertible debentures, net of debt discounts of $134,625   1,471,398
Derivative liability – current   619,698
Deferred revenues 55,529 51,265
Customer deposits 21,364 99,770
Total current liabilities 3,612,892 6,608,682
Derivative liability – long term   1,282,077
Deferred lease liability 118,636 82,802
Notes payable – long term 853,795 252,464
Total long-term liabilities 972,431 1,617,343
Total redeemable preferred stock 2,367,951 1,543,846
Commitments and contingencies      
Common stock, par value $.001 per share; 190,000,000 shares authorized; 104,349,507 and 101,258,725 shares issued and outstanding at December 31, 2011 and December 31, 2010, respectively 104,352 101,261
Additional paid-in-capital 124,483,161 122,057,171
Accumulated deficit (118,344,196) (116,441,957)
Total stockholders’ equity 6,243,317 5,716,475
Total Liabilities and Stockholders’ Equity 13,196,591 15,486,346
Redeemable Preferred Stock [Member]
    
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Redeemable preferred stock      
Series A Preferred Stock [Member]
    
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Redeemable preferred stock 892,995 890,475
Series B Preferred Stock [Member]
    
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Redeemable preferred stock $ 1,474,956 $ 653,371