Consolidated Balance Sheets
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December 31, 2010 |
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December 31, 2009 |
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Wizzard Statement of Financial Position |
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CURRENT ASSETS: |
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Cash |
267,206 |
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757,894 |
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Accounts receivable |
501,893 |
[1] |
543,838 |
[1] |
Prepaid expenses |
43,713 |
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32,103 |
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Total current assets |
812,812 |
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1,333,835 |
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PROPERTY AND EQUIPMENT, net |
78,933 |
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129,249 |
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GOODWILL |
20,459,669 |
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20,459,669 |
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DEFINITE LIFE INTANGIBLE ASSETS, net |
0 |
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78,387 |
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OTHER ASSETS |
3,582 |
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3,582 |
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Total assets |
21,354,996 |
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22,004,722 |
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CURRENT LIABILITIES: |
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Accounts payable |
681,698 |
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578,742 |
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Accrued expenses |
298,268 |
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176,530 |
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Notes payable - current portion |
1,000,000 |
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1,000,000 |
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Convertible Debt |
159,671 |
[2] |
831,679 |
[3] |
Deferred revenue |
7,883 |
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1,517 |
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Total current liabilities |
2,147,520 |
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2,588,468 |
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NOTES PAYABLE, less current portion |
0 |
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0 |
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Total liabilities |
2,147,520 |
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2,588,468 |
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STOCKHOLDERS' EQUITY |
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Preferred stock |
4 |
[4] |
4 |
[5] |
Common stock |
69,873 |
[6] |
56,465 |
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Additional paid-in capital |
79,414,119 |
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75,525,846 |
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Accumulated deficit |
(60,276,520) |
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(56,166,061) |
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Total stockholders' equity |
19,207,476 |
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19,416,254 |
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Total liabilities and stockholders' equity |
21,354,996 |
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22,004,722 |
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[1] net of $34,200 allowance
[2] net of discount of $5,329
[3] net of discount of $154,420
[4] $.001 par value, 10,000,000 shares authorized, 4,000 Series A cumulative, convertible, contingently redeemable shares issued and outstanding with liquidation preferences.
[5] $.001 par value, 10,000,000 shares authorized, 4,182 Series A cumulative, convertible, contingently redeemable shares issued and outstanding with liquidation preferences.
[6] $.001 par value, 100,000,000 shares authorized, 69,873,112 shares issued and outstanding, respectively
[7] $.001 par value, 100,000,000 shares authorized, 56,465,322 shares issued and outstanding, respectively
See accompanying notes to these unaudited consolidated financial statements.
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