Annual report pursuant to Section 13 and 15(d)

BALANCE SHEETS

v2.4.0.6
BALANCE SHEETS (USD $)
Dec. 31, 2011
Dec. 31, 2010
ASSETS    
Cash and cash equivalents $ 1,280,926 $ 1,968,077
Accounts receivable, net 2,889,658 771,814
Prepaid expenses 787,290 570,948
Note receivable, current 6,668 6,438
Total current assets 4,964,542 3,317,277
Fixed assets, net of accumulated depreciation and amortization of $264,837 and $582,854 40,440 35,705
Note receivable, long-term 4,287 10,955
Other assets 6,281 6,281
Total assets 5,015,550 3,370,218
LIABILITIES & STOCKHOLDERS' EQUITY    
Accounts payable 998,160 76,509
Deferred revenue 939,783 652,591
Commissions payable 679,498 446,759
Accrued payroll and related liabilities 247,885 245,518
Other accrued liabilities 107,235 68,759
Taxes payable 2,800   
Total current liabilities 2,975,361 1,490,136
Stockholders' equity:    
Common stock, $0.01 par value, 30,000,000 shares authorized, 12,839,376 issued, 11,196,760 outstanding as of December 31, 2011 and 2010 128,393 128,393
Additional paid-in capital 14,574,128 14,567,422
Accumulated deficit (11,732,121) (11,885,522)
Treasury stock, 1,642,616 shares at cost at December 31, 2011 and 2010 (930,211) (930,211)
Total stockholders' equity 2,040,189 1,880,082
Total liabilities and stockholders' equity $ 5,015,550 $ 3,370,218