Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v2.4.0.6
Condensed Consolidated Balance Sheets (USD $)
Mar. 31, 2012
Dec. 31, 2011
ASSETS    
Cash and cash equivalents $ 537,738 $ 961,091
Restricted cash on deposit 91,000 91,000
Accounts receivable, net 842,814 1,306,011
Inventories 876,011 322,210
Prepaid expenses 45,364 157,665
Total current assets 2,392,927 2,837,977
Property and equipment, net 3,770 11,953
Goodwill 8,570,446 8,570,446
Intangible assets, net 1,681,557 1,741,977
Deposits 34,238 34,238
Total other assets 10,286,241 10,346,661
Total Assets 12,682,938 13,196,591
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Accounts payable 1,343,808 1,248,386
Accrued liabilities and expenses 2,270,080 2,176,208
Notes payable – current 64,156 111,405
Deferred revenues 38,023 55,529
Customer deposits 47,141 21,364
Total current liabilities 3,763,208 3,612,892
Long-term liabilities:    
Deferred lease liability 124,860 118,636
Notes payable – long term 876,261 853,795
Total long-term liabilities 1,001,121 972,431
15,000,000 shares authorized, par value $.001 per share      
Total redeemable preferred stock 2,558,704 2,367,951
Commitments and contingencies      
Common stock, par value $.001 per share; 190,000,000 shares authorized;104,515,075 and 104,349,507 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively 104,517 104,352
Additional paid-in-capital 124,328,408 124,483,161
Accumulated deficit (119,073,020) (118,344,196)
Total stockholders’ equity 5,359,905 6,243,317
Total Liabilities and Stockholders’ Equity 12,682,938 13,196,591
Series A Preferred Stock [Member]
    
Long-term liabilities:    
Preferred stock issued value 929,350 892,995
Series B Preferred Stock [Member]
    
Long-term liabilities:    
Preferred stock issued value $ 1,629,354 $ 1,474,956