Annual report pursuant to section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2011
Dec. 31, 2010
Current assets:    
Cash and cash equivalents $ 233,722 $ 104,344
Accounts receivable, net 881,217 489,280
Inventories 11,617 15,285
Prepaid expenses and other current assets 198,852 189,718
Total current assets 1,325,408 798,627
Property, plant and equipment, net 137,948 156,621
Deposits and other assets 57,921 65,866
Total assets 1,521,277 1,021,114
Current liabilities:    
Accounts payable and accrued expenses 1,260,045 1,096,201
Accrued interest 7,675 660,501
Due to related parties 6,335 1,293,341
Convertible debentures payable   1,319,000
Derivative liability   1,177,845
Convertible promissory note – related party, net of discount of $4,250 46,750  
Capital leases 64,367 55,565
Notes payable to related parties 20,000 45,000
Deferred revenue 1,015,750 486,019
Total current liabilities 2,420,922 6,133,472
Commitments and Contingencies 0 0
Common stock:    
Additional paid-in capital 9,326,572 7,845,651
Accumulated deficit (10,296,756) (12,913,304)
Total SilverSun stockholders' deficit (946,851) (5,067,181)
Non-controlling interest in SWK Technologies, Inc. 47,206 (45,177)
Total stockholders' deficit (899,645) (5,112,358)
Total liabilities and stockholders' deficit 1,521,277 1,021,114
Preferred Stock [Member]
   
Stockholders' deficit:    
Preferred stock, value 0 0
Series A Preferred Stock [Member]
   
Stockholders' deficit:    
Preferred stock, value 22,886  
Series B Preferred Stock [Member]
   
Stockholders' deficit:    
Preferred stock, value 1  
Common Class A [Member]
   
Common stock:    
Common stock, value 446 472
Common Class B [Member]
   
Common stock:    
Common stock, value $ 0 $ 0