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Current report filing

Consolidated Statements of Cash Flows (USD $)

v2.4.0.6
Consolidated Statements of Cash Flows (USD $) (USD $)
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:    
Net loss $ (2,135,573) $ (465,014)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Provision for bad debts 21,200 23,379
Depreciation and amoritization 264,082 338,803
Issuance of convertible notes in exchange for services rendered 22,000 0
Changes in operating assets and liabilities, net of effects of acquisition:    
Accounts receivable 196,229 (339,313)
Accounts receivable, secured - related party 7,376 9,176
Prepaid expenses and other current assets (97,684) 821
Accounts payable 780,703 105,793
Accrued expenses (98,588) 84,802
Deferred rent (2,324) (358)
Deferred revenue (54,510) 516,992
Settlement payable 0 (169,403)
Net cash (used in) provided by operating activities (1,097,089) 105,678
Cash flows from investing activities:    
Cash acquired as part of merger 3,200   
Purchases of property and equipment (133,431)   
Purchases of intangible assets (981,546) (189,905)
Advances to officer in exchange for promissory note (388,210)   
Proceeds received from officer loan repayments 238,210   
Net cash provided by (used in) investing activities (1,261,777) (189,905)
Cash flows from financing activities:    
Proceeds from (repayments on) line of credit, net (10,284) 6,753
Principal payments on notes payable (30,871) (25,399)
Proceeds from sale of common stock    250,500
Proceeds received from issuance of convertible notes 328,000   
Proceeds from issuance of Series A, D and E preferred stock 3,469,985   
Disbursements for stockholder rescissions (165,000)   
Disbursements to purchase treasury shares (761,200)   
Net cash provided by financing activities 2,830,630 231,854
Net (decrease) increase in cash and cash equivalents 471,764 147,627
Cash and cash equivalents at beginning of period 294,838 147,211
Cash and cash equivalents at end of period 766,602 294,838
Supplemental disclosure of cash flow information:    
Cash paid for interest 34,804 15,773
Cash paid for income taxes      
Supplemental disclosure of non-cash investing and financing activities:    
Conversion of convertible notes to Series B preferred shares $ 350,000