Quarterly report pursuant to sections 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

v2.4.0.6
Condensed Consolidated Balance Sheets (Unaudited) (USD $)
Mar. 31, 2013
Dec. 31, 2012
Current assets:    
Cash and cash equivalents $ 419,390 $ 543,214
Accounts receivable, net of allowance for doubtful accounts of approximately $495,000 and $514,000, respectively 4,225,142 2,924,302
Inventory 507,949 341,118
Prepaid expenses and other current assets 655,559 1,001,449
Total current assets 5,808,040 4,810,083
Property and equipment, net 2,349,326 2,406,944
Other assets:    
Security deposits 576,768 439,741
Restricted cash 1,026,326 1,026,326
Goodwill 2,406,269 2,406,269
Intangible assets, net 14,842,792 15,396,117
Other assets 530,071 582,947
Total other assets 19,382,226 19,851,400
TOTAL ASSETS 27,539,592 27,068,427
Current liabilities:    
Notes payable - non-related parties 405,137 208,333
Notes payable - related parties 696,429 639,286
Equipment financing obligations 136,281 136,392
Escrow payable      
Accounts payable and accrued expenses 11,671,386 10,579,496
Related party payable 1,127,550 1,159,573
Current liabilities from discontinued operations 55,000 55,000
Total current liabilities 14,091,783 12,778,080
Long-term liabilities:    
Notes payable - non-related parties, net of discount 14,396,108 14,475,747
Notes payable - related parties 4,281,422 4,492,136
Equipment financing obligations 72,247 102,071
Derivative liability 1,199,250 1,066,000
Other long-term liabilities 232,310 266,132
Total liabilities 34,273,120 33,180,166
Commitments and contingencies      
Stockholders' deficit:    
Preferred stock, $0.01 par value, 10,000,000 shares authorized, 11,907 shares issued and outstanding 119 119
Common stock, $0.01 par value, 550,000,000 shares authorized, 190,849,192 and 178,250,533 shares issued and outstanding 1,908,491 1,782,504
Capital in excess of par value 147,608,509 146,760,005
Accumulated deficit (156,250,647) (154,654,367)
Total stockholders' deficit (6,733,528) (6,111,739)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 27,539,592 $ 27,068,427