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Quarterly report pursuant to sections 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

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Condensed Consolidated Balance Sheets (Unaudited) (USD $)
Jun. 30, 2012
Dec. 31, 2011
Assets    
Cash and cash equivalents $ 265,570 $ 766,602
Restricted cash 105,932 0
Accounts receivable, net of allowance of $61,500 and $47,595, respectively 1,094,448 847,234
Accounts receivable, secured - related party 0 772,793
Note receivable from officer, secured - related party 0 150,000
Prepaid expenses and other current assets 116,561 103,478
Total current assets 1,582,511 2,640,107
Property and equipment, net 112,201 129,944
Intangible assets, net 1,372,524 1,236,996
Debt issuance costs, net 180,908 0
Accounts receivable, secured-related party, net of allowance of $309,117 and $0, respectively 463,676 0
Other assets 6,559 6,559
Total assets 3,718,379 4,013,606
Liabilities and Stockholders' Equity (Deficiency)    
Accounts payable 1,634,995 1,094,029
Accrued expenses 687,240 167,528
Deferred revenue 932,366 835,694
Convertible notes payable, current portion (includes $300,000 to related parties) 2,055,825 0
Notes payable, current portion 0 6,383
Loan payable to stockholder 491 0
Deferred rent, current portion 5,274 4,291
Total current liabilities 5,316,191 2,107,925
Line of credit 222,703 233,215
Loans payable (includes $50,000 to related parties) 0 200,000
Convertible notes payable (includes $50,000 to related parties) 200,000 0
Notes payable 0 8,768
Deferred rent 18,146 21,274
Total liabilities 5,757,040 2,571,182
Commitments and contingencies 0 0
Temporary equity:    
Series A preferred stock, $0.001 par value; 850,500 shares designated, none and 850,395 shares issued and outstanding, respectively 0 809,900
Series D preferred stock, $0.001 par value; 3,700,000 shares designated, none and 1,176,750 shares issued and outstanding, respectively (liquidation value of $1,176,750) 0 1,109,268
Series E preferred stock, $0.001 par value; 2,000,000 shares designated, none and 1,700,000 shares issued and outstanding, respectively (liquidation value of $1,700,000) 0 1,550,817
Total temporary equity 0 3,469,985
Stockholders' equity:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized 0 0
Series C preferred stock, $0.001 par value; 11,411,400 shares designated, none and 11,307,450 shares issued and outstanding, respectively (liquidation value of $11,307) 0 11,307
Series B preferred stock, $0.001 par value; 368,421 shares designated, none and 368,411 shares issued and outstanding, respectively 0 368
Common stock, $0.001 par value; 120,000,000 shares authorized, 35,275,204 and 11,837,930 issued and outstanding, respectively 35,295 11,838
Additional paid-in capital 6,845,754 3,275,296
Accumulated deficit (8,919,710) (5,326,370)
Total stockholders' equity (2,038,661) (2,027,561)
Total liabilities and stockholders' equity $ 3,718,379 $ 4,013,606