Quarterly report pursuant to sections 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash flows from operating activities:    
Net income (loss) $ 177,715 $ (1,042,222)
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 48,374 45,452
Amortization of intangibles 97,829 6,300
Amortization of debt discount 0 4,250
Share-based compensation 8,808 1,127,450
Common stock issued for services 0 5,000
Stock warrants issued in exchange for services 28,528 9,830
Changes in assets and liabilities:    
Accounts receivable 271,063 (408,058)
Prepaid expenses and other current assets (68,777) 49,769
Deposits and other assets (1,068) 21,302
Accounts payable and accrued expenses (587,023) (83,978)
Accrued interest 421 5,193
Deferred revenue 311,010 201,554
Net cash provided by (used in) operating activities 286,880 (58,158)
Cash flows from investing activities:    
Acquisition of intangible assets 0 (62,661)
Acquisition of new business 0 (441,964)
Purchase of property and equipment (29,179) (53,734)
Net cash used in investing activities (29,179) (558,359)
Cash flows from financing activities:    
Proceeds from line of credit 0 579,824
Repayment of bank line of credit (178,633) 0
Principal payments under capital leases obligations (25,978) (20,033)
Net cash (used in) provided by financing activities (204,611) 559,791
Net increase (decrease) in cash and cash equivalents 53,090 (56,726)
Cash and cash equivalents – beginning of period 4,483 233,722
Cash and cash equivalents – end of period 57,573 176,996
Cash paid during period for:    
Interest expense 29,730 29,490
Income taxes $ 0 $ 0