Quarterly report pursuant to sections 13 or 15(d)

Condensed Consolidated Balance Sheets

v2.4.0.6
Condensed Consolidated Balance Sheets (USD $)
Jun. 30, 2012
Dec. 31, 2011
ASSETS    
Cash and cash equivalents $ 798,167 $ 3,047
Accounts receivable, net of allowance for doubtful accounts of approximately $276,000 and $245,000, respectively 1,499,313 2,400,427
Prepaid expenses and other current assets 529,970 388,343
Total current assets 2,827,450 2,791,817
Property and equipment, net 781,927 831,402
Security deposits 437,141 437,141
Restricted cash 302,681 299,536
Intangible assets, net 107,474 165,578
Other assets 32,901 31,494
Total other assets 880,197 933,749
TOTAL ASSETS 4,489,574 4,556,968
LIABILITIES AND STOCKHOLDERS' DEFICIT    
Promissory notes payable - non-related parties 468,966 292,039
Promissory notes payable - related parties 4,898,364 4,922,364
Escrow payable 775,000   
Accounts payable and accrued expenses 9,164,031 9,448,981
Current liabilities from discontinued operations 96,345 97,835
Total current liabilities 15,402,706 14,761,219
Other long-term liabilities 327,732 380,243
Stockholders' deficit:    
Preferred stock, $0.01 par value, 10,000,000 shares authorized, 5,045 shares issued and outstanding 50 50
Common stock, $0.01 par value, 300,000,000 shares authorized, 166,432,351 and 153,711,350 shares issued and outstanding 1,664,322 1,537,113
Capital in excess of par value 138,562,459 137,325,467
Accumulated deficit (151,467,695) (149,447,124)
Total stockholders' deficit (11,240,864) (10,584,494)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 4,489,574 $ 4,556,968