Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
NET LOSS $ (417,635) $ (216,260)
Depreciation and amortization 974 624
Amortization of debt discount 18,052  
Stock based compensation 114,200  
Common stock issued in settlement of interest 11,820  
Accounts receivable (406,836) (353,444)
Prepaid expenses (1,673) (38,982)
Accounts payable and accrued expenses (128,975) 344,170
Due to Factor (80,000)  
Deferred revenue 274,685 120,629
Net cash used in operating activities 615,388 (143,263)
Acquisition and cancelation of treasury shares (75,000)  
Payment of long term deposit   (1,788)
Net cash used in investing activities (75,000) (1,788)
Net proceeds from notes payable 161,325  
Net proceeds from notes payable, related party   146,987
Net proceeds from lender advances 725,000  
Net repayments of notes payable, related party (32,703)  
Net cash provided by financing activities 853,622 146,987
Net increase (decrease) in cash 163,234 1,936
Cash, beginning of the period 1,657 7,128
Cash, end of period 164,891 9,064
Interest paid      
Taxes paid