Financials

v2.4.0.6
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Mar. 31, 2013
Dec. 31, 2012
ASSETS    
Cash $ 190,757 $ 249,116
Restricted cash 40,000 40,000
Accounts receivable 110,339 53,295
Other receivable 26,716 33,335
Prepaid expenses 88,694 116,120
Total current assets 456,506 491,866
Property and equipment, net 76,444 79,337
Other assets:    
Security deposits 3,701 3,701
Intangibles, net 4,325,092 4,538,477
Total other assets 4,328,793 4,542,178
Total assets 4,861,743 5,113,381
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 1,638,510 1,399,087
Accrued expenses 131,326 189,623
Accrued management fees 118,750 0
Notes payable, current maturities 1,278,500 1,078,500
Convertible bridge notes, net 1,182,256 812,363
Liability for stock to be issued 150,000 0
Total current liabilities 4,499,342 3,479,573
Total liabilities 4,499,342 3,479,573
Commitments and contingencies      
Stockholders' equity:    
Common stock, $0.01 par value, 150,000,000 shares authorized issued and outstanding 86,255,814 and 85,755,814 at March 31, 2013 and December 31, 2012, respectively 862,558 857,558
Additional paid in capital 18,194,133 16,726,140
Accumulated deficit (18,694,290) (15,949,890)
Total stockholders' equity 362,401 1,633,808
Total liabilities and stockholders' equity $ 4,861,743 $ 5,113,381
v2.4.0.6
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Revenues:    
Advertising revenue $ 122,859 $ 66,794
Total revenue 122,859 66,794
Operating Expenses:    
Selling and marketing 88,229 40,726
Salaries 492,007 376,408
Rent 42,025 41,000
Accounting, legal, SEC filing fees 133,683 315,891
Consulting 155,835 70,825
Equity-based compensation 1,378,548 217,546
Management fees 0 100,000
Transaction costs 0 2,924,592
Other general and administrative 129,275 247,764
Depreciation and amortization 228,141 210,546
Total operating expenses 2,647,743 4,545,298
Other income (expenses):    
Interest income 22 3,226
Interest expense (219,538) (20,922)
Other income (expense), net 0 3,268
Total other income (expenses) (219,516) (14,428)
Loss from operations (2,744,400) (4,492,932)
Preferred return expense 0 14,265
Net loss before income taxes (2,744,400) (4,507,197)
Provision for income taxes 0 0
Net loss $ (2,744,400) $ (4,507,197)
Net loss per share-basic and diluted (in dollars per share) $ (0.03) $ (0.27)
Weighted average common shares outstanding, basic and diluted (in shares) 86,255,814 16,836,810
v2.4.0.6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Cash flows from Operating activities:    
Net loss $ (2,744,400) $ (4,507,197)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 228,141 210,546
Equity-based compensation 1,378,548 217,546
Transaction costs 0 2,924,592
Preferred return expense 0 14,265
Amortization of discount on zero coupon note payable 0 12,268
Amortization of warrants related to bridge notes payable 170,123 0
Change in fair value of warrant derivative liability 0 (62,334)
(Increase) decrease in:    
Accounts receivable, net (57,044) 12,267
Other receivable 6,619 0
Prepaid expenses 21,641 142,992
Increase (decrease) in:    
Accounts payable 240,103 (22,899)
Accrued management fees 0 100,000
Accrued expenses (58,297) 13,818
Deferred officer salary 118,750 0
Net cash used in Operating activities (695,816) (944,136)
Cash Flows from Investing activities    
Development of intangible assets (12,543) 0
Net cash used in Investing activities (12,543) 0
Cash Flows from Financing activities    
Proceeds from private placement, net 0 2,641,292
Proceeds received for stock to be issued 150,000 0
Proceeds from loans and short-term advances 500,000 0
Proceeds from reverse merger transaction (predecessor cash) 0 1,543,255
Net cash provided by Financing activities 650,000 4,184,547
Net increase (decrease) in cash (58,359) 3,240,411
Cash, beginning of period 249,116 347,284
Cash, end of period 190,757 3,587,695
Supplemental cash flow information    
Income taxes paid 0 0
Cash paid for interest 3,750 2,500
Conversion of accrued management fees to note payable 0 512,500
Reclassification of cumulative preferred return as part of reverse acquisition 0 134,753
Reclassification of warrant derivative liability to equity as part of reverse acquisition $ 0 $ 149,311
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