Annual report pursuant to section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2012
Dec. 31, 2011
Current Assets:    
Cash and cash equivalents $ 4,434,292 $ 3,014,656
Trade accounts receivable, less allowance for doubtful accounts of $56,931 and $52,912 1,306,600 564,474
Inventories 2,576,453 2,977,047
Other assets 390,977 92,108
Total current assets 8,708,322 6,648,285
Property and equipment:    
Machinery and equipment 272,100 1,283,693
Furniture and fixtures 126,414 643,339
Computers and software 172,471 798,257
Leasehold improvements 129,756 553,832
Property and equipment 700,741 3,279,121
Accumulated depreciation and amortization (381,237) (2,536,144)
Net property and equipment 319,504 742,977
Goodwill 11,456,593 1,988,920
Intangible assets, less accumulated amortization of $873,045 and $879,490 12,052,876 2,543,969
Other assets, net 30,391 23,857
Total assets 32,567,686 11,948,008
Current Liabilities:    
Accounts payable 2,631,164 825,100
Accrued liabilities 865,995 245,890
Accrued compensation and benefits 219,117 206,803
Related party payable 8,237 18,151
Deferred revenue 29,626  
Customer deposits 1,397,736  
Seesmart purchase price obligations 3,240,595  
Seesmart notes payable obligations 3,421,592  
Current portion of deferred rent   25,882
Total current liabilities 11,814,062 1,321,826
Deferred revenue - noncurrent 57,642  
Convertible promissory notes to related parties, net of debt discount   2,314,854
Total liabilities 11,871,704 3,636,680
Commitments and contingencies      
Stockholders' Equity:    
Common stock, $.001 par value, 120,000,000 and 30,000,000 shares authorized, 70,213,480 and 16,452,738 issued and outstanding 70,214 16,453
Additional paid-in capital 60,035,719 50,007,362
Accumulated deficit (50,289,966) (41,712,487)
Total stockholders' equity 20,695,982 8,311,328
Total liabilities and stockholders' equity 32,567,686 11,948,008
Series C Convertible Preferred Stock
    
Stockholders' Equity:    
Preferred stock 9,936,326  
Series B Convertible Preferred Stock
    
Stockholders' Equity:    
Preferred stock 17  
Series D Convertible Preferred Stock
    
Stockholders' Equity:    
Preferred stock $ 943,672