|
CONDENSED BALANCE SHEETS (USD $)
|
Sep. 30, 2012
|
Dec. 31, 2011
|
| Current assets: |
|
|
| Cash and cash equivalents |
$ 1,221,894 |
$ 54,582 |
| Accounts receivable, net |
3,422,260 |
2,876,848 |
| Prepaid expenses |
342,976 |
99,083 |
| Debt issuance costs |
83,686 |
|
| Total current assets |
5,070,816 |
3,030,513 |
| Non-current portion of accounts receivable, net of allowance for doubtful accounts of $21,972 and $40,000 at September 30, 2012 and December 31, 2011, respectively |
3,539,972 |
2,954,269 |
| Intangible assets |
219,700 |
|
| Debt issuance costs |
|
167,386 |
| Note receivable from a related party |
|
163,703 |
| Other assets |
6,417 |
|
| Total assets |
8,836,905 |
6,315,871 |
| Current liabilities: |
|
|
| Accounts payable and accrued liabilities |
431,973 |
923,665 |
| Due to related parties |
363,895 |
1,330,899 |
| Current portion of notes payable and long-term debt |
356,706 |
|
| Total current liabilities |
1,152,574 |
2,254,564 |
| Notes payable and long-term debt, net of discount |
1,304,026 |
314,280 |
| Total liabilities |
2,456,600 |
2,568,844 |
| Stockholders' equity: |
|
|
| Common stock: $0.001 par value, 50,000,000 shares authorized; 18,365,882 and 17,088,396 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively |
18,366 |
17,088 |
| Additional paid-in capital |
18,750,267 |
16,318,083 |
| Accumulated deficit |
(12,388,328) |
(12,588,144) |
| Total stockholders' equity |
6,380,305 |
3,747,027 |
| Total liabilities and stockholders' equity |
$ 8,836,905 |
$ 6,315,871 |