Quarterly report pursuant to Section 13 or 15(d)

Balance Sheets (Unaudited)

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Balance Sheets (Unaudited) (USD $)
Jun. 30, 2012
Dec. 31, 2011
ASSETS    
Cash and cash equivalents $ 2,269,024 $ 1,280,926
Accounts receivable, net 1,057,125 2,889,658
Prepaid expenses 446,273 787,290
Note receivable - employees, current 16,808 6,668
Total current assets 3,789,230 4,964,542
Fixed assets, net 39,037 40,440
Note receivable - employee, long-term 865 4,287
Other assets 6,281 6,281
Total assets 3,835,413 5,015,550
LIABILITIES & STOCKHOLDERS' EQUITY    
Accounts payable 206,263 998,160
Commissions payable 782,424 679,498
Deferred revenue 442,899 939,783
Accrued payroll and related liabilities 274,584 247,885
Other accrued liabilities 56,447 107,235
Income taxes payable 0 2,800
Total current liabilities 1,762,617 2,975,361
Stockholders' equity:    
Common stock, $0.01 par value, 30,000,000 shares authorized, 12,844,376 and 12,839,376 shares issued, 11,201,760 and 11,196,760 shares outstanding as of June 30, 2012 and December 31, 2011, respectively 128,443 128,393
Additional paid-in capital 14,577,791 14,574,128
Accumulated deficit (11,703,227) (11,732,121)
Treasury stock, 1,642,616 shares at cost (930,211) (930,211)
Total stockholders' equity 2,072,796 2,040,189
Total liabilities and stockholders' equity $ 3,835,413 $ 5,015,550