|
|
|
September
30,
|
|
|
December
31,
|
|
|
ASSETS
|
|
2008
|
|
|
2007
|
|
|
|
|
(Unaudited)
|
|
|
(1)
|
|
|
Current
Assets:
|
|
|
|
|
|
|
|
|
Cash
|
|
$ |
527,826 |
|
|
$ |
951,317 |
|
|
Accounts
receivable, net of allowance for bad debt of $4,504 and $3,037
at
|
|
|
|
|
|
|
|
|
|
September
30, 2008 and December 31, 2007, respectively
|
|
|
120,442 |
|
|
|
50,499 |
|
|
Prepaid
expenses
|
|
|
44,350 |
|
|
|
5,487 |
|
|
Domain
name rights
|
|
|
12,603 |
|
|
|
162,740 |
|
|
Deferred
tax asset
|
|
|
75,523 |
|
|
|
80,026 |
|
|
Total
current assets
|
|
|
780,744 |
|
|
|
1,250,069 |
|
|
|
|
|
|
|
|
|
|
|
|
Website
development costs, net of accumulated amortization of $317,220
and
|
|
|
|
|
|
|
|
|
|
$210,411
at September 30, 2008 and December 31, 2007, respectively
|
|
|
167,024 |
|
|
|
226,483 |
|
|
|
|
|
|
|
|
|
|
|
|
Fixed
assets, net of accumulated depreciation of $21,499 and $10,689
at
|
|
|
|
|
|
|
|
|
|
September
30, 2008 and December 31, 2007, respectively
|
|
|
22,700 |
|
|
|
21,380 |
|
|
Other
assets
|
|
|
17,460 |
|
|
|
- |
|
|
Goodwill
|
|
|
685,547 |
|
|
|
580,547 |
|
|
Total
assets
|
|
$ |
1,673,475 |
|
|
$ |
2,078,479 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
payable and accrued expenses
|
|
$ |
333,759 |
|
|
$ |
214,578 |
|
|
Payable
to former member
|
|
|
15,012 |
|
|
|
36,315 |
|
|
Convertible
notes payable and accrued interest, net of debt discount of
$164,433
|
|
|
369,984 |
|
|
|
- |
|
|
Deferred
revenues- short-term
|
|
|
689,348 |
|
|
|
550,992 |
|
|
Deferred
tax liability
|
|
|
75,523 |
|
|
|
80,026 |
|
|
Total
current liabilities
|
|
|
1,483,626 |
|
|
|
881,911 |
|
|
|
|
|
|
|
|
|
|
|
|
Deferred
revenue- long-term
|
|
|
66,601 |
|
|
|
90,307 |
|
|
Total
liabilities
|
|
|
1,550,227 |
|
|
|
972,218 |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
|
|
|
|
|
|
Preferred
stock, $0.001 par value, 2,000,000 shares authorized:
|
|
|
|
|
|
|
|
|
|
Series
A, 54,000 issued and outstanding at September 30, 2008
and
|
|
|
|
|
|
|
|
|
|
December
31, 2007, respectively
|
|
|
728,567 |
|
|
|
728,567 |
|
|
Series
B, 118,875 issued and outstanding at September 30, 2008
and
|
|
|
|
|
|
|
|
|
|
December
31, 2007, respectively
|
|
|
3,644,563 |
|
|
|
3,644,563 |
|
|
Common
stock; $.001 par value; 100,000,000 shares authorized;
|
|
|
|
|
|
|
|
|
|
26,811,627
shares issued and outstanding at September 30, 2008,
and
|
|
|
|
|
|
|
|
|
|
21,779,294
shares issued and outstanding at December 31, 2007
|
|
|
26,811 |
|
|
|
21,779 |
|
|
Additional
paid-in capital
|
|
|
5,985,649 |
|
|
|
2,418,062 |
|
|
Accumulated
deficit
|
|
|
(10,262,342 |
) |
|
|
(5,706,710 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total
stockholders’ equity
|
|
|
123,248 |
|
|
|
1,106,261 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and stockholders’ equity
|
|
$ |
1,673,475 |
|
|
$ |
2,078,479 |
|
|
|