Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEET

v2.4.0.6
CONDENSED CONSOLIDATED BALANCE SHEET (USD $)
Mar. 31, 2012
Dec. 31, 2011
CURRENT ASSETS:    
Cash $ 132,447 $ 225,696
Deferred Finance Costs 9,438 13,722
Prepaid Expenses 38,852 10,412
Total Current Assets 180,737 249,830
PROPERTY AND EQUIPMENT, NET 65,613 83,546
OTHER ASSETS:    
Definite-life intangible Assets, net 6,959 7,201
Deferred Finance Costs 40,350 0
Deposits 123,762 122,917
Total Other Assets 130,722 130,118
Total Assets 417,429 463,494
CURRENT LIABILITIES:    
Accounts Payable 655,476 660,663
Current portion, long term debt 0 7,682
Customer deposits 27,837 27,837
Loan Payable - Other 57,000 0
Obligation to issue common stock and warrants 312,764 307,664
Convertible Debenture Payable, less Discount of $1,888 and $875 at March 31, 2012 and December 31, 2011 153,212 84,226
Derivative Liability 642,121 528,566
Deferred Rent 83,885 96,347
Accrued Liabilities 121,271 75,349
Total Current Liabilities 2,053,565 1,788,334
LONG TERM LIABILITIES:    
Convertible Debenture Payable, less Discount of $797,465 and $577,106 at March 31, 2012 and December 31, 2011 565,035 423,393
Deferred revenue, noncurrent 235,000 235,000
Deferred rent 18,045 48,264
Total Long term Liabilities 818,080 706,657
TOTAL LIABILITIES 2,871,646 2,494,991
COMMITMENTS AND CONTINGENCIES      
STOCKHOLDERS' DEFICIT:    
Common stock, $.001 par value, 150,000,000 shares authorized 100,036,350 and 100,036,350 issued and outstanding at March 31, 2012 and December 31, 2011 100,036 100,036
Additional Paid-In Capital 27,766,279 27,130,276
Accumulated deficit (30,320,532) (29,261,809)
Total Stockholders' Deficit (2,454,217) (2,031,497)
Total Liabilities and Stockholders' Deficit $ 417,429 $ 463,494