|
CONSOLIDATED BALANCE SHEETS (USD $)
|
Sep. 30, 2012
|
Dec. 31, 2011
|
| Current Assets: |
|
|
| Cash and cash equivalents |
$ 502,596 |
$ 1,650,634 |
| Accounts receivable, net of allowance for doubtful accounts of $22,200 and $22,200, respectively |
402,884 |
548,338 |
| Other current assets |
339,902 |
233,984 |
| Note receivable – current portion |
75,000 |
75,000 |
| Total Current Assets |
1,320,382 |
2,507,956 |
| Property and Equipment – at cost, net of accumulated depreciation and amortization |
7,054,097 |
7,299,125 |
| Other Assets: |
|
|
| Goodwill |
5,921,890 |
5,921,890 |
| Intangible assets, net |
1,281,101 |
1,392,351 |
| Note receivable, net |
84,404 |
163,290 |
| Other non-current assets |
358,106 |
315,004 |
| Total Other Assets |
7,645,501 |
7,792,535 |
| TOTAL ASSETS |
16,019,980 |
17,599,616 |
| Current Liabilities: |
|
|
| Long term debt, current portion |
519,691 |
525,939 |
| Trade accounts payable |
221,712 |
250,893 |
| Accrued expenses |
1,067,687 |
1,046,904 |
| Total Current Liabilities |
1,809,090 |
1,823,736 |
| Long-term Liabilities: |
|
|
| Long term debt, net of current portion |
2,891,917 |
3,268,643 |
| Other liabilities, related party |
172,992 |
130,224 |
| Total Long-term Liabilities |
3,064,909 |
3,398,867 |
| Total Liabilities |
4,873,999 |
5,222,603 |
| Stockholders' Equity: |
|
|
| Common stock, $0.001 par value, (authorized 40,000,000 shares, issued 18,817,406 shares and 18,817,406 shares, respectively, outstanding 17,399,727 shares and 17,337,901 shares, respectively) |
18,818 |
18,818 |
| Additional paid-in-capital |
31,357,657 |
31,310,859 |
| Treasury stock – 1,417,679 and 1,479,505 shares, at cost |
(1,350,831) |
(1,409,566) |
| Accumulated deficit |
(18,879,663) |
(17,543,098) |
| Total Stockholders' Equity |
11,145,981 |
12,377,013 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ 16,019,980 |
$ 17,599,616 |