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 $)
 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
NET LOSS $ (618,352) $ (93,967)
Depreciation and amortization 1,461 851
Amortization of debt discount 18,052  
Stock based compensation 114,332  
Common stock issued in settlement of interest 11,820   
Accounts receivable (406,179) (529,144)
Prepaid expenses 2,523 (3,496)
Accounts payable and accrued expenses (60,480) 493,082
Due to Factor (120,000)   
Deferred revenue 259,562   
Net cash used in operating activities (797,261) (132,674)
Acquisition and cancelation of treasury shares (75,000)  
Purchase of equipment    (3,496)
Payment of long term deposit   (1,788)
Net cash used in investing activities (75,000) (5,284)
Cash Overdraft    4,781
Net proceeds from notes payable 106,326  
Net proceeds from notes payable, related party   126,049
Net proceeds from lender advances 810,000  
Net repayments of notes payable, related party (36,077)  
Net cash provided by financing activities 880,249 130,830
Net increase (decrease) in cash 7,988 (7,128)
Cash, beginning of the period 1,657 7,128
Cash, end of period 9,645   
Interest paid      
Taxes paid      
Common stock issued in settlement of convertible notes payable $ 37,100