|
|
|
September
30,
|
|
|
December
31,
|
|
|
ASSETS
|
|
2009
|
|
|
2008
|
|
|
|
|
(Unaudited)
|
|
|
(1) |
|
|
Current
Assets:
|
|
|
|
|
|
|
|
|
Cash
|
|
$ |
156,465 |
|
|
$ |
252,921 |
|
|
Accounts
receivable, net of allowance for bad debt of $11,780 and $6,857
at
|
|
|
|
|
|
|
September
30, 2009 and December 31, 2008, respectively
|
|
|
139,758 |
|
|
|
177,752 |
|
|
Prepaid
expenses and other assets
|
|
|
27,147 |
|
|
|
30,224 |
|
|
Domain
name rights
|
|
|
1,712 |
|
|
|
20,411 |
|
|
Deferred
tax asset
|
|
|
38,549 |
|
|
|
56,030 |
|
|
Total
current assets
|
|
|
363,631 |
|
|
|
537,338 |
|
|
|
|
|
|
|
|
|
|
|
|
Website
development costs, net of accumulated amortization of $250,477
and
|
|
|
|
|
|
|
$206,410
at September 30, 2009 and December 31, 2008, respectively
|
|
|
96,373 |
|
|
|
140,075 |
|
|
|
|
|
|
|
|
|
|
|
|
Fixed
assets, net of accumulated depreciation of $35,465 and $24,436
at
|
|
|
|
|
|
|
|
|
|
September
30, 2009 and December 31, 2008, respectively
|
|
|
9,649 |
|
|
|
17,527 |
|
|
|
|
|
|
|
|
|
|
|
|
Deferred
financing fees
|
|
|
52,412 |
|
|
|
- |
|
|
Goodwill
|
|
|
90,000 |
|
|
|
685,547 |
|
|
Total
assets
|
|
$ |
612,065 |
|
|
$ |
1,380,487 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' DEFICIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
payable and accrued expenses
|
|
$ |
343,586 |
|
|
$ |
442,565 |
|
|
Deferred
revenues- short-term
|
|
|
403,493 |
|
|
|
580,920 |
|
|
Deferred
tax liability
|
|
|
38,549 |
|
|
|
56,030 |
|
|
Total
current liabilities
|
|
|
785,628 |
|
|
|
1,079,515 |
|
|
|
|
|
|
|
|
|
|
|
|
Convertible
notes payable and accrued interest, net of debt discount of
$347,439
|
|
|
|
|
|
|
and
$156,852 at September 30, 2009 and December 31, 2008,
respectively
|
|
|
830,348 |
|
|
|
375,787 |
|
|
Deferred
revenue- long-term
|
|
|
118,172 |
|
|
|
86,110 |
|
|
Total
liabilities
|
|
|
1,734,148 |
|
|
|
1,541,412 |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Deficit:
|
|
|
|
|
|
|
|
|
|
Preferred
stock, $0.001 par value, 2,000,000 shares authorized:
|
|
|
|
|
|
|
|
|
|
Series
A, 54,000 issued and outstanding at September 30, 2009 and
December 31, 2008, respectively
|
|
|
728,567 |
|
|
|
728,567 |
|
|
Series
B, 112,125 issued and outstanding at September 30, 2009 and December 31,
2008, respectively
|
|
|
3,565,813 |
|
|
|
3,644,563 |
|
|
Common
stock; $.001 par value; 100,000,000 shares authorized;
|
|
|
|
|
|
|
|
|
|
28,737,607
and 27,184,854 shares issued and outstanding
|
|
|
|
|
|
|
|
|
|
at
September 30, 2009 and December 31, 2008, respectively
|
|
|
29,238 |
|
|
|
27,185 |
|
|
Additional
paid-in capital
|
|
|
7,573,578 |
|
|
|
6,552,272 |
|
|
Treasury
stock
|
|
|
(50,000 |
) |
|
|
- |
|
|
Accumulated
deficit
|
|
|
(12,969,279 |
) |
|
|
(11,113,512 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total
stockholders’ deficit
|
|
|
(1,122,083 |
) |
|
|
(160,925 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and stockholders’ deficit
|
|
$ |
612,065 |
|
|
$ |
1,380,487 |
|
|
|