Quarterly report pursuant to sections 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

v2.4.0.6
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)
Jun. 30, 2012
Dec. 31, 2011
Current assets:    
Cash and cash equivalents $ 176,996 $ 233,722
Accounts receivable, net of allowance of $41,000 and $41,000 1,289,275 881,217
Prepaid expenses and other current assets 65,255 115,024
Total current assets 1,531,526 1,229,963
Property and equipment, net of accumulated depreciation of $639,000 and $593,000 165,686 137,948
Intangible assets, net 893,404 95,445
Deposits and other assets 36,619 57,921
Total assets 2,627,235 1,521,277
Current liabilities:    
Line of credit 579,824  
Accounts payable and accrued expenses 1,177,019 1,260,045
Accrued interest 12,868 7,675
Due to related parties 5,383 6,335
Capital lease obligations 63,790 64,367
Deferred revenue 1,516,938 1,015,750
Notes payable to related party 20,000 20,000
Convertible promissory note – related party, net of discount of $-0- and $4,250 7,054 46,750
Total current liabilities 3,382,876 2,420,922
Commitments and contingencies 0 0
Stockholders’ deficit:    
Preferred stock, value   22,886
Additional paid-in capital 10,571,656 9,326,572
Accumulated deficit (11,338,978) (10,296,756)
Total SilverSun stockholders’ deficit (755,641) (946,851)
Non-controlling interest in SWK Technologies, Inc.   47,206
Total stockholders’ deficit (755,641) (899,645)
Total liabilities and stockholders’ deficit 2,627,235 1,521,277
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 1
Common Class A [Member]
   
Stockholders’ deficit:    
Common stock, value 11,680 446
Common Class B [Member]
   
Stockholders’ deficit:    
Common stock, value $ 0 $ 0