|
CONSOLIDATED BALANCE SHEETS (USD $)
|
Mar. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
| Current assets: |
|
|
|
| Cash and cash equivalents |
$ 479,344 |
$ 577,238 |
$ 766,602 |
| Restricted cash |
265,131 |
264,992 |
|
| Accounts receivable, net of allowance of $57,535, $35,535 and $47,595, respectively |
327,015 |
239,671 |
215,099 |
| Accounts receivable, secured - related party |
|
|
772,793 |
| Note receivable from officer, secured - related party |
|
|
150,000 |
| Prepaid expenses |
157,583 |
192,533 |
103,268 |
| Net assets from discontinued operations (Note 1) |
183,747 |
393,214 |
632,135 |
| Other current assets |
|
69,000 |
210 |
| Total current assets |
1,412,820 |
1,736,648 |
2,640,107 |
| Property and equipment: |
|
|
|
| Call center equipment |
121,313 |
121,313 |
121,313 |
| Computer and office equipment |
61,037 |
45,718 |
38,577 |
| Furniture and fixtures |
32,914 |
11,336 |
|
| Library (online) |
100,000 |
100,000 |
100,000 |
| Software |
1,491,035 |
1,388,824 |
927,455 |
| Vehicle |
|
|
39,736 |
| Total property and equipment, gross |
1,806,299 |
1,667,191 |
1,227,081 |
| Less accumulated depreciation and amortization |
541,216 |
455,871 |
229,972 |
| Total property and equipment, net |
1,265,083 |
1,211,320 |
997,109 |
| Courseware, net |
218,559 |
253,571 |
369,831 |
| Accounts receivable, secured - related party, net of allowance of $502,315 and $0, respectively |
270,478 |
270,478 |
|
| Other assets |
25,181 |
25,181 |
6,559 |
| Total assets |
3,192,121 |
3,497,198 |
4,013,606 |
| Current liabilities: |
|
|
|
| Accounts payable |
258,409 |
215,796 |
414,147 |
| Accrued expenses |
97,380 |
75,912 |
128,303 |
| Deferred revenue |
1,142,195 |
1,036,540 |
835,694 |
| Convertible notes payable, current portion (includes $50,000 to related parties) |
200,000 |
|
|
| Notes payable, current portion |
|
|
6,383 |
| Loan payable to stockholder |
491 |
491 |
|
| Deferred rent, current portion |
7,844 |
6,257 |
4,291 |
| Net liabilities from discontinued operations (Note 1) |
125,132 |
226,430 |
719,107 |
| Other current liabilities |
|
69,000 |
|
| Total current liabilities |
1,831,451 |
1,630,426 |
2,107,925 |
| Line of credit |
250,250 |
250,000 |
233,215 |
| Loans payable (includes $50,000 to related parties) |
|
|
200,000 |
| Convertible notes payable (includes $650,000 to related parties) |
600,000 |
800,000 |
|
| Notes payable |
|
|
8,768 |
| Deferred rent |
20,319 |
15,017 |
21,274 |
| Total liabilities |
2,702,020 |
2,695,443 |
2,571,182 |
| Commitments and contingencies - See Note 10 |
|
|
|
| Temporary equity: |
|
|
|
| Series A preferred stock, $0.001 par value; 850,500 shares designated, none and 850,395 shares issued and outstanding, respectively |
|
|
809,900 |
| Series D preferred stock, $0.001 par value; 3,700,000 shares designated, none and 1,176,750 shares issued and outstanding, respectively (liquidation value of $1,176,750) |
|
|
1,109,268 |
| Series E preferred stock, $0.001 par value; 2,000,000 shares designated, none and 1,700,000 shares issued and outstanding, respectively (liquidation value of $1,700,000) |
|
|
1,550,817 |
| Total temporary equity |
|
|
3,469,985 |
| Stockholders? equity (deficiency): |
|
|
|
| Preferred stock, $0.001 par value; 10,000,000 shares authorized |
|
|
|
| Series C preferred stock, $0.001 par value; 11,411,400 shares designated, none and 11,307,450 shares issued and outstanding, respectively (liquidation value of $11,307) |
|
|
11,307 |
| Series B preferred stock, $0.001 par value; 368,421 shares designated, none and 368,411 shares issued and outstanding, respectively |
|
|
368 |
| Common stock, $0.001 par value; 120,000,000 shares authorized, 55,243,719 issued and 55,043,719 outstanding at December 31, 2012 and 11,837,930 issued and outstanding at December 31, 2011 |
56,858 |
55,244 |
11,838 |
| Additional paid-in capital |
12,789,218 |
12,153,615 |
3,275,296 |
| Treasury stock (200,000 shares) |
(70,000) |
(70,000) |
|
| Accumulated deficit |
(12,285,975) |
(11,337,104) |
(5,326,370) |
| Total stockholders' equity (deficiency) |
490,101 |
801,755 |
(2,027,561) |
| Total liabilities and stockholders' equity (deficiency) |
$ 3,192,121 |
$ 3,497,198 |
$ 4,013,606 |